MenaPay: A new revolution to the MENA Region
Hello, my dear readers!
I would like to write about an interesting project that caught my attention lately. Its name is MenaPay and it will bring revolution to the Middle East and Africa (MENA) Region.
MenaPay is a sophisticated project that is going to create a 100% non-banking system in the area.
For some people that you don't know, Islam is opposed to banking systems and due to this fact any financial tool or product that banks provide, are not used at all or in a significantly low volume. This project is powered fully by the Islamic idea that Banks are not necessary in the world, and by using the blockchain technology they manage to process peer-to-peer transactions and financial products so that people in the Middle East and Africa will not have any problem to use them.
This project tries to achieve something unique. Because of cryptocurrencies' volatility is very difficult to use them in daily transactions and purchase low-cost products. Taking this into account, MenaPay project is going to develop the MenaCash.
MenaCash is fully backed by fiat currencies, leading to the elimination of prices fluctuation and enabling users to make daily transactions without being worried about the value of their money. 1 MenaCash will be always equal to 1 USD as the team claims in their whitepaper. This idea is kind of similar to Tether's with the only difference that MenaCash is going to be used in daily transactions and not only for the ease of trading.
None can deny the fact that price fluctuations in the crypto space and the markets are an obstacle in the adoption of any kind of digital currency for everyday life usage.
This innovative crypto solution is a step forward to accomplish mass adoption of the cryptocurrencies and I truly believe that many more project will be finally influenced by the idea of the MenaPay team. It is high time we took the initiative and make cryptocurrencies the dominant method of payments from the simplest and cheapest item to the most expensive one.
Furthermore, another aspect that it is not similar to any other project is Green Mining. With Green Mining MenaPay tries to solve and overcome another issue that is very sensitive to the world and many people that are opposed to digital currencies try to gain leverage with this.
Mining and the electricity costs harm the environment and raise an obstacle to the mass adoption of cryptocurrencies.
In MenaPay when a transaction between a peer and a merchant is completed, it is rewarded with 1 MenaCash. In this way, the mining feature of MenaCash is friendly to the environment and no electrical power or any other use of energy is needed, making the project an environmentally friendly one.
In my opinion, such projects need to be embraced by the community in the crypto space. It is crucial that every team try to develop projects that are focused on making people's lives easier by making payments with digital currencies.
I hope to see MenaPay in the future a dominant project, used in many regions of the world and not only in the Middle East and Africa. There is a need in every nation around the world to accomplish digitalization and process transactions through blockchain and to establish a safe environment for that that will protect users from prices volatility and instability of any market.
VIsit MenaPay website for more info: https://www.menapay.io/
Reade the onepager: https://www.menapay.io/onepager.pdf
Bounty0x username; logicrypto