Review on Maya Preferred 223 by Benaiah A. Akinlade
MAPR: An ERC23 token putting ERC20 on its heels
Maya Preferred 223 also known as MAPR which was co-founded by James Dahlke is an ERC 23 token that was built on the Ethereum Classic blockchain platform. It was launched by U. K. Financial Ltd. MAPR is a stablecoin whose unit is worth around USD 34,000. This financial worth of assets is in gold and silver. It is most likely to be the first crypto to be accepted as a means of exchange by merchants and retail stores.
The charges associated with transactions with Maya is very minute compared with fees charged by Visa, Mastercard, and Western Union. The token currently trades on 5 active markets.
The main reason for the introduction of ERC 23 tokens which was introduced in March 2018, is because of the issues with ERC 20 tokens such as heavy network traffic and high transaction or gas fees. It has better security features compared to ERC20. These features puts ERC23 tokens in the pole position to replace ERC20 tokens
.
Pros
- It is backed by the stability of the price of gold and silver
- Being an ERC23 token makes it a suitable choice because of its low fees and fast transaction speeds
- It is designed to compete with fiat currency service companies like MasterCard and Visa
- Its value is projected to surpass bitcoin
- Being a stablecoin makes it relatively less volatile
- It provides a healthy competition and rivalry for Ethereum blockchain
Cons
- It still trades on few active markets
- It has not gained enough popularity
