Modern Finance Chain (MFChain) | ICO Review


Introduction – What is Modern Finance Chain (MFChain)?

MFChain is a blockchain-based e-commerce solution which has been developed to allow consumers to purchase goods and services from their favorite merchants using any cryptocurrency. This is expected to be accomplished through strategic partnerships with merchants and payment processors, and will be delivered on a collaborative platform to be built by developers and which will feature multiple languages and several smart contracts.

The backbone of this project is the MF Mainnet, a platform which will do the following:

a) Permit developers to build enterprise level private blockchains,
b) Allow atomic swap cross-chain transactions,
c) Allow for multi-blockchain integration,
d) Possess a digital identity system for verification of users.

MF Mainnet is being powered to provide a transactional platform that will enable users to exploit the privacy and security of blockchain technology, and use it as a medium of exchange and not as a speculative or investment vehicle.

The core team behind MF Chain is made up of PhD holders in Mathematics, cryptographers, cyber security experts and expert-level blockchain developers.

The Problem

There are still some problems in today’s e-commerce space, which is why solutions like MF Chain are highly relevant today.

a) Inclusivity Issues

Credit and debit cards have been the mainstay of cashless payments for decades. The advent of the internet saw the addition of digital wallets such as PayPal as alternative methods of payment. PayPal eventually grew to have up to 217 million users. However, the growth in e-commerce in the first of the new Millennium can best be described as skewed. While e-commerce blossomed in the West, people in Africa, Latin America and other far-flung areas of the world were effectively locked out. Credit cards were hardly available in these areas and where they could be found, e-commerce sites blacklisted IP addresses and did not permit card payments from these countries. PayPal also had discriminatory policies, blocking whole countries from being able to use its platform. In some other countries, PayPal only awarded a “send-only” status, effectively discouraging merchants from emerging in these areas.

b) Cost

The use of modern e-commerce payment systems come with a cost. Payment processors apply charges on transactions for processing payments on behalf of merchants. These costs are invariably passed on to the consumer. At 1.5% to 3.5% per transaction, excluding payment gateway or processing fees, these costs meant that additional financial burden would be placed on small businesses who opted to sell their stuff online.

c) Chargebacks and Fraud

Credit/debit card fraud quickly became the greatest albatross confronting the e-commerce ecosystem. This was partly the reason why PayPal applied blanket bans on entire countries using its payment systems. This did not stop hackers and identity thieves from doing their thing; stealing card details and making unauthorized payments and purchases.
Additionally, chargeback fraud assumed humongous proportions. It was estimated in 2016 that revenue loss from regular and fraudulent chargebacks reached $6.7bn.

These problems have persisted despite technological advances in cybersecurity. So what are the options in terms of a solution to these issues?

The Solution

The Modern Finance Chain (MF Chain) happens to be one of the blockchain-based solutions aiming to provide a safe, secure and inclusive environment for e-commerce to thrive and grow. MF Chain is going to provide a platform that will allow consumers from all over the world to buy products and services from merchants at any global location, using a payment system which will be very cheap and cost-effective. This platform will also provide a reward system for both merchants and consumers, as an incentive to encourage them to use the platform.

What does MFChain bring to the table as its unique selling proposition?

  • Powered by the blockchain technology where transactions are fully confirmed by several parties, thus virtually eliminating the risk of fraud.
  • Inclusivity, as the blockchain technology can be used globally thus allowing anyone, anywhere in the world to participate.
  • Cross-platform blockchain integrations would encourage the use of other cryptocurrencies such as Bitcoin, Neo, Litecoin and Ethereum on the MF Chain network.
  • Reduction in operating costs for merchants and very negligible cost of usage for consumers.
  • A reward system which actually encourages and compensates users of the platform.
  • Security of transactions, as a digital system of verification of users will be incorporated into the platform.
  • A database of merchants will be compiled using a unique system of registration and verification, thus ensuring that only genuine providers of goods and services will ever be allowed on the platform.
  • Provisions of a mobile app which will transform any hand-held mobile device into a fully-functional Point-of-Sale (PoS) terminal, with all the main features of MF Chain included.

Pros – What are the pros of the MFChain project?

  1. It provides a reward based system for e-commerce transactions.
  2. The MF Chain project can potentially capture large sections of the unbanked population in several countries into the e-commerce net.
  3. The solution can drastically reduce e-commerce fraud and fraudulent chargebacks.
  4. It is hosted on the blockchain network, with facilities for digital identification of users and security.
  5. MF Chain will drive down the cost of e-commerce transactions.

Investing in MFChain: Cons

There are some negatives with this project.

  1. There are several competing projects in the market.
  2. It is unclear if the MFX tokens will be listed in existing exchanges.
  3. The company would have to do a very aggressive drive to recruit merchants and attract consumers onto its platform.

ICO Details

Modern Finance Chain plans to sell its tokens in an ICO-presale as well as the main ICO, generating a projected 2,500 – 33,000 ETH at these times. To participate in these events, interested users would need to be whitelisted. Whitelisting involves filling online form and performing KYC, after which the ETH wallet which would be used to pay for the MF Chain tokens would be verified. Two whitelist stages are envisaged to allow for late registrations. Identity Mind has been contracted by MF Chain to run all intending participants through global financial blacklists maintained by the Office of Financial Assets and Control (OFAC), PEP, EU and PSFI lists. There will be geographical restrictions depending on which countries are on these blacklists (e.g. North Korea).

The ICO presale will hold from May 6 – 25, 2018, while the ICO proper will hold from May 26 – June 5, 2018.

Total soft cap is 2,500 ETH tokens, while the hard cap is 33,000 ETH tokens. In the sales, the MF Chain token, to be known as MFX tokens, will be sold. Presale token price will see 1 ETH able to purchase 10,150 MFX. During the ICO, 1 ETH will be able to purchase 8,500 MFX tokens. The minimum and maximum contributions have been set at 5 ETH and 200 ETH.

Bonuses will be awarded, with purchase > or = 10 ETH fetching a 10% bonus. Purchases worth 25 ETH and above will get a 15% bonus, while a purchase of 50ETH and above will fetch a 20% bonus.

Unsold tokens will be burnt, and any ETH locked in escrow if soft cap is not achieved will be held there until the owners request a refund. After the ICO, MF Chain will have access to 50% of raised funds to enable further development of the project. These funds will therefore not be locked in escrow. Of the remaining 50% of ETH tokens that will be locked in escrow, 20% will remain frozen until the payment system is deployed, and the remaining 30% will be unlocked after the release of MF Mainnet.

Proposed Allocations of the MFX Tokens

Supply is capped at 521,000,000 MFX, while maximum MFX token supply in circulation will be 306,000,000.

– Only 57% of these tokens will be sold during the presale and main ICO.
– 1% will be airdropped
– 15% will be reserved for the reward program
– 8% will be reserved for advisors and developers.
– 19% will remain locked for project development.

Future Plans

MF Chain has proposed a set of milestones to guide its advancement and deployment in the market between 2018 and 2019. The process will commence in the 2nd quarter of 2018 with the release of the beta version of the Modern Finance Chain payment solution and the formation of partnerships with payment processors across the world.

Following the beta release would come the release of the full version of the MF Chain Payment Solution in the 3rd quarter of 2018. At the same time, the rewards system and the registration/verification of 250 merchants on the platform would be carried out. Q4 2018 would see the release of the whitepaper for the MF Mainnet framework.

2019 would kick off with addition of 5000+ merchants on MF Chain, as well as deployment of the MF Testnet. In the 2nd quarter, the MF Mainnet would be fully deployed, and the live token listing of MFM tokens on the MFX (the exchange on which MF Chain tokens would be traded) would be done. Consumers would also have the opportunity to participate in the MFF token airdrop, getting their hands on free tokens for use.

For more information, or to view the company’s whitepaper, visit or visit the following links:

– Telegram:
– Twitter:
– Facebook:
– Github:


Please enter your comment!
Please enter your name here

Share post:




More like this

Discover the Most Secure Crypto Wallet for Safe Trading

A crypto wallet, also known as a digital wallet,...

Discover the Best Cold Storage for Crypto

When it comes to securing your valuable digital assets,...

Explore the Best DeFi Wallet App for Crypto Transactions

DeFi wallets are essential for secure and efficient crypto...

Discover the Easiest Crypto Wallet for Secure Digital Assets

Cryptocurrency wallets play a crucial role in safeguarding and...