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Author Topic: Project Review: Monarch Universal Crypto Wallet  (Read 1041 times)

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Project Review: Monarch Universal Crypto Wallet
« on: June 20, 2018, 05:49:27 PM »
Monarch: A Universal Crypto Wallet Ecosystem

The Monarch project bills itself as a “Total fiat-crypto exchange with a wallet and merchant plugin that offers recurring payments for monthly bills, on a proprietary blockchain with tokens continuously backed by silver.”

Sounds like a lot! Essentially, Monarch is one of several new projects competing to overcome existing barriers to widespread cryptocurrency adoption. These barriers are well-known: buying and selling digital currency - and then trying to cash out into fiat currency - is not simple and still requires a degree of technical knowledge. The crypto space poses a variety of risks in regards to the management of private keys and seed phrases, which can be easily lost or stolen. Finally, there is the possibility of financial losses related to market volatility and crypto asset devaluation.

How will Monarch overcome these barriers?

Ease of Adoption

The project will develop an easy to understand interface that allows users to add bank account information and exchange crypto assets with fiat currency from within the Monarch platform. Users will be able to buy or sell digital currency and transfer fiat currency back into their bank account. Monarch also has software (patent pending) that allows users to make recurring transactions and bill payments for online services (e.g. Netflix, Amazon), mortgages, car payments, phone bills, etc. The platform will also save addresses that users frequently transact with, just like PayPal or Venmo. To facilitate the use of crypto to buy goods and services, Monarch’s merchant plug-in will integrate any eCommerce Content Management System (WordPress, Wix, Squarespace, etc.), allowing businesses to accept cryptocurrency as one-time or subscription payments.

Eliminating Security Risks

Monarch has two central security-related features. First, each user will have a cold wallet to which they will own the private keys. This will enable them to take advantage of hard-forks and use Ethereum-based tokens, while also maximizing security. Hot wallets will enable users to set recurring payments and for subscription based products or services. Second, the Monarch platform will have a password generation tool that will electronically store passwords, manage 2FA codes, cold storage wallet interfaces, cryptocurrency balances, private keys, and traditional fiat payments.

Buffering Market Volatility

To address market volatility the project plans to back their tokens with silver. Ten percent of the Monarch Security Token (MST) supply will be backed by silver, initially paid for by the proceeds from the token sale. Thereafter, ten percent of transaction fees in the ecosystem will be used to continuously buy physical silver until one ounce of silver backs each security token, ensuring that one day, with proper adoption, MST tokens will be fully backed by silver. Thus, buffering market volatility and crypto asset devaluation.

A Two-Token Structure

Monarch uses two tokens: The Monarch Security Token (MST) and the Monarch Utility Token (MT). The MST token allows holders to benefit from dividends. Fifty percent of Monarch Hot Wallet transaction fees will be distributed proportionally to MTS holders in the form of MT tokens. The MT token is also used as a transactional medium within the ecosystem to optimize the fee structure and payment remediation. Users will earn “cash back” for using MT to buy goods and services. While peer-to-peer MT transactions will be free, merchants who use Monarch Payment products (e.g. eCommerce Plugins for WordPress or Shopify) will pay 50% lower fees per transaction.

A Third Token?

During the token sale, Monarch is issuing a third type of token called Monarch Promo Token. Users will be eligible to earn Monarch Promo Tokens by using the Monarch App (soon to be available in the Apple Store) or helping to promote the project. The Promo tokens will be swapped 1-to-1 for Monarch Utility Tokens after the token generation event.

Resources

Website: https://monarchtoken.io/
Explainer video:


Read this article on Linkedin: https://www.linkedin.com/pulse/monarch-universal-crypto-wallet-ecosystem-mina-down/

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Project Review: Monarch Universal Crypto Wallet
« on: June 20, 2018, 05:49:27 PM »

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