Review on Melecoin by Benaiah A. Akinlade
MELECOIN: Exploiting the stability of Gold as its foundation
MELECOIN (MELECOIN Token System) is a UAE fintech corporation. It is a blockchain technology that specialises in e-commerce, banking, and investments. Their main forte is dealing e-currency, which can provide solutions in the area of e-commerce, smart investments, and banking services in order to bridge the gap between e-transactions and fiat transactions linked to the blockchain.
MELECOIN aims to be involved in establishing different projects in various areas of decentralization, like sale of goods and services, games, tourism, and fields related to the Blockchain Technology.
The MELECOIN company developed the MELECOIN Gold Crypto Debit Card. This was achieved by combining physical gold, blockchain technology token and debit card digitally
. The MELECOIN Debit Card is the first cooperative digital currency. This is so because when you use your card for a purchase all the other members get 5% of the transaction fee. This is distributed equally among members. The 5% is paid in form of physical gold into other members’ accounts. Thus, the more you and other members use your cards, the more gold is distributed. Weekly, the member with the highest spending is rewarded with 31.3 grams of gold.
MELECOIN currency will be used in a range of promising projects that will improve the currency value in the market to entice investors to invest in the currency. Some of the blockchain related platforms include:.
1. E-Commerce Platform
2. Bank Platform
3. Real Estate Platform
4. Games Platform
5. Mining Platform
6. Loyalty Program Platform
The MELECOIN token MELC is an ERC20 token of the Ethereum blockchain. It trades at USD 0.511098.
The Roadmap of this project is well detailed and I’m impressed with the fact that most of the goals on the roadmap have be met. This shows a high level of seriousness from the development team and the proposal on the second map of the roadmap will be released In the first quarter of 2022
.
Pros
- The currency is traded on several platforms on the web or mobile devices.
- The platform provides the means of Fiat/Gold/Crypto exchange
- The token and Debit cards are acceptable as forms of payment
- There is an impressive reward system for using the Debit card
- MELECOIN Token can be stored in an internet wallet or stored in a cold ledger wallet
- You can redeem your token at any time
- The Token is protected from economic and financial vulnerabilities because it is backed by the stability of physical gold
- You can convert your physical gold into any global currency based on the current price of gold
Cons
- Does not trade on many exchanges
- Does not pair with many cryptocurrencies
- Trading value of MELECOIN token is still low
