MTO Brings Decentralised Consumer Protection to the Blockchain

Merchant Token was one of the most acclaimed ICO’s in the year 2021. By the end of the ICO, it had raised over 60 million dollars from investors to actualize the project.

There was, and still is, the aura of great confidence from those who invested in the project. Merchant Token aims to solve a major problem that was plainly evident to those who have tried to use cryptocurrency for business transactions. 

Simply put, there is no consumer protection when it comes to using blockchain technologies. When a transaction or set of transactions are completed, it’s irreversible and in the case of fraudulent activities or any issues that might arise afterwards, there is no third party to intervene. This is something that is available when using modern centralized methods of payment. The most common example being the credit/debit card, where a consumer is protected from fraudulent transactions. 

This simple problem in the cryptospace has led to the slow adoption from potential customers who would have gladly chosen cryptocurrencies to pay for goods and services.

Presently, several companies have stepped into the gap to simplify crypto transfers and transactions. However, this has also resulted in the onset of centralized platforms, and has takes us back to the past and sort of defeats the actual purpose of why cryptocurrency was invented in the first place. One of the main purposes of crypto is to eliminate the middleman; Centralized platforms go against the ethos of cryptocurrency, which was designed to operate in a trusted environment and remove the need for a third party. 

With this in mind and in a bid to bring about a solution to the problem, HIPS created Merchant Token. The governing token that is optimized for real time merchant transactions and consumer protection during crypto transactions, and still allows consumers to use different cryptocurrencies for payments. Users are also to be rewarded for solving disputes between parties participating in trades.

This idea was developed by the HIPS Payment Group, a group strategically and uniquely placed to have created such a project since it has over 20 years of experience in the payment industry. HIPS is a fully regulated and partnership driven company. It offers payment gateways and payment platforms for businesses that want to offer their customers’ payment terminals or online payment services. The company focus is on payments, infrastructures, acquisition, issuing, licensing PCI certification, hardware and software so that the merchants can focus on their customers and sales. 

Development of the MTO blockchain code started immediately after the ICO and the launch of the minimum viable product (MVP) http://merchanttoken.io/home just seven months afterwards was a sign of the hard work and dedication. The code can be verified on the HIPS GitHub repository https://github.com/hipspay. Those who are interested in testing it can do so by requesting to test MTO’s using this link https://form.jotform.com/220015732151036

The coding has since continued; with the Alpha stage just about to be released. In addition, due to the demand by the community, a bridge to the BNB Smart Chain (BSC) is being developed and will greatly reduce the gas fees. Which is a complaint that was common among those who were buying MTO’s via Uniswap. 

This bridge is expected to attract more buyers due to the low gas fees. All of these will be released to coincide with a new website and a new roadmap that is expected to be released soon. 

To any person interested in investing in a real use case token with potential, Merchant Token is a promising gem. It is still in its infant stage, the price is low and this would be the perfect time to buy. So far, MTO has been listed on three centralized exchanges which areBitrue, Whitebit and Hotbit. A fourth listing on a second tier centralized exchange is on schedule and this is expected to have an impact on the volume, price action and adoption.

Merchant Token has a very limited supply of only 92.5 Million tokens, and this is a project that currently has great potential to change the decentralized finance (DEFI) sector. As of the time of writing this article, it has no competitors and its use case potential is very huge since it aims to serve millions and millions of consumers. The completion of this project will enable the use of point of sale (POS) terminals on blockchains and will bring consumer protection to crypto payments.

For more information about this revolutionary project, check the website. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.