MerchantCoin to capture 5% of Visa-accepting merchants.
By Alberto Mata
According to their whitepaper published earlier this month, MerchantCoin estimates that it’s efforts will garner 5% of Visa accepting merchants to also accept bitcoin.
“Merchant coin envisions a world where “Bitcoin is routinely accepted in payment for goods and services; Bitcoin lending, borrowing and investing is routine; Bitcoin’s standing and liquidity is equal to any other currency; Bitcoin is a household word. The XMC token was created to make this happen.”
MerchantCoin launched it’s crowdsale at Coin Agenda in Las Vegas, Nevada in early October. 500 million total MerchanCoin tokens or, XMC were created using the MasterCoin platform. 147 million of XMC are considered the Founder Block, and 100 Million of those will be offered in a pre-sale intended to raise funds for development of the MerchantCoin ecosystem and infrastructure that includes MerchantCoin Decentralized Marketplace, MerchantWallet, and MerchantCoin Gateway. The 47 million XMC that remain in the Founder Block are unaccounted for in the whitepaper.
MerchantCoin rewards the community for transacting in cryptocurrencies while using the MerchantWallet. The 353 Million XMC remaining from the total are algorithmically administered as rewards based on the Proof-of-Commerce algorithm. If the reward criteria is met, both the merchant and the consumer will receive an amount of XMC in their MerchantWallet. According to the whitepaper, the reward criteria are Adoption and Transaction. Adoption is when a merchant receives BTC to their MerchantWallet. Transaction is when a consumer sends BTC to a merchant who is equipped with a MerchantWallet. This consumer must also have a MerchantWallet that enables them to receive XMC.
According to the MerchantCoin whitepaper, more metadata can be added to MerchantCoin transactions than Bitcoin transactions. The metadata gathered is anonymous, only linked to the user by a digital ID, and stored on MaidSafe. The data can be analyzed and correlated then leveraged for building smart and personalized services like personal health data storage, digital dating, and industry benchmark data mining.
Photo Source: MerchantCoin Online