MCF Chain, a decentralized public blockchain platform designed for value-exchange and asset-exchange among authentic businesses, allowing businesses to benefit from a shared customer base thus improving the welfare of businesses by means of a shared economy, and our cryptocurrency is called MCF.
To be more specific and in a language readable for a non-technical business audience, our MCF project wants to be able to assist businesses with innovative asset tokenizing using blockchain technology. We can help in the following aspects:
· Providing a turnkey solution for SMEs to issue tokens, manage their tokens and allow their token holders to exchange on the MCF blockchain without the need to go through any third-party centralized exchange, thus eliminating undesirable listing costs, avoiding considerable transaction costs and complicated market value management costs for businesses while they bravely embrace the opportunity of using blockchain technology to grow their businesses.
· Providing a low-cost solution for businesses to tokenize their customer loyalty point programs (including vouchers) and benefit from a shared platform where customers can use different point tokens to exchange for a variety of products or services from other businesses in the platform.
Below are key functions of the MCF Blockchain:
· Account Setup and Management
· Wallet and payment transactions for MCF coin.
· Asset Management including issuing tokens, one-key airdrops, locking etc.
· Messages
· Tokens can be bought or sold using the MCF Native coin thus effectively enabling users to exchange one token for another
· Group Management
· Blockchain Explorer
Here are some important specifications about our MCF Chain.
· MCF is positioned as a blockchain platform designed for value-exchange and asset-exchange among authentic businesses.
· In terms of the consensus mechanism, MCF uses PoA (Proof of Account). The advantage of Proof of Account is that much like PoS it doesn’t need high energy costs or expensive specialized hardware but also as it doesn’t require “staking” there is more incentive to “spend” than to “hoard” (meaning that it should lead to more economic activity). It may start as being centralized looking like DPoS, but over time as child minting accounts are created, it will become far more decentralized. In this PoA implementation the initial genesis minting accounts will be limited to one hundred. Genesis accounts are distributed among early investors, strategic resources contributors for MCF ecosystem, founding developers and founding business members, who together have contributed to the development and launch of this project. The MCF project has not performed any ICO nor accepted any other type of funding other than donations before the product launch. Donations collected will be used to support the development team’s work for the longer term and for the founders to continuously improve the MCF family team.
MCF Chain rewards minting accounts if they run a node that is accessible to the network. They can mint with standard computing hardware. They are encouraged to remain on line continuously to obtain MCF through minting blocks. The total amount of MCF is capped at 100,000,000. 10% will be insta-mined to be used for marketing and operation purposes for establishing the project. Most of that will be used for initial client acquisition, which will be a very important potential shared customer base to assist SMEs to benefit from using and participating in our blockchain. 90% of the total MCF coin will be created by block minting.
Minting Stage 1:
Initial Minting Accounts: 100
Initial Minting Reward: 160MCF per block
Blocks per day: 1440
Each initial minting account can create 50 child minting accounts only after they have minted 2500 blocks (on average that should take around 200 days).
Minting Stage 2:
At block 288,001, which occurs approximately 200 days after minting has commenced, the reward will be reduced to 20MCF per block. Each child minting account can create its own 50 grandchild minting accounts after it has minted 25 blocks.
Minting Stage 3:
At block 1065601, which occurs approximately 740 days after minting has commenced, the second reduction of reward will occur. The reward will be reduced to 4MCF per block and remains.
MCF Chain charges 3000MCF from businesses each time they issue a token and charges 0.001% per transaction. This will subject to change based on a voting mechanism in the blockchain. All the fees will be randomly rewarded to minting accounts. Thus although the minting reward will shrink dramatically, revenues coming from usage of the platform will continue to benefit all minting accounts.
· MCF Chain implements “Turing complete smart contracts” with Automated Transactions (AT). This technology has already been used to support crowd-funding and atomic cross-chain transfers.
· In terms of programming languages used, MCF is mostly written in Java (back-end) and Javascript (front-end).
· MCF chain’s block time is generally 60 seconds per block and the block size is at most 10MB. TPS is estimated to be around 1,000 for the initial stage but scalability plans have been made for a “layer two” approach that will be developed in the future depending demand.
Our testnet was established on December 17th, 2018 and we plan to launch our mainnet around May 15th 2019. We will launch a blockchain explorer website and a mobile app in Chinese language around the same time.
To briefly sum up, MCF aims to be a more decentralized public blockchain supporting token exchange thus allowing real businesses to be able to exchange value and enhance their business via joining a shared economy. MCF is born and designed to serve businesses, especially SMEs to improve their welfare and value.
The mainnet was launched June 2019.
