MoneyToken is a Blockchain-based Financial Ecosystem focused on cryptocurrency-backed lending and crypto assets leveraging.
The main idea of MoneyToken revolves around the idea that our innovative economic model allows you to hold onto your cryptocurrency and spend cash at the same time.
Money Token is a project that seeks to provide crypto-backed loans to those who have crypto assets. With money token there will be no need to sell off your cryptocurrencies in fiat currencies because the money you need will be made available to you in no time.
Money Lending Model
The list of the advantages of this model versus traditional banking or pawnbrokers’ schemes:
All transactions and loans are recorded and executed by the Ethereal-based contract. Deposits are kept in a wallet, protected by multiple signatures.
To access the wallet, 3 out of 4 signatures are required. The first is one of them belongs to the borrower, the second is the lender, and the other two belong to the foundation.
This guarantees no part, even MoneyToken platform can not access the fund without the help of others. That way, there is no risk that one of the parts will steal money or cheat someone.
Such assurances can not be made by most regular and orthodox platforms where users must trust their platform owners with money and their transactions.
Safeguards
For full control over funds and collateral, MoneyToken will also include a decentralized exchange of their services. Users will be able to purchase electronic money at their option with fiat money and also swap loans with a currency they need.
Exchange
In addition, the exchange will be used to liquidate the collateral automatically in the event of mortgage currency devaluation to avoid any significant losses.
As with many other projects, MoneyToken is based around a platform for which adoption is essential. So far we haven’t seen anything exciting from the MoneyToken Project. The marketing is lackluster and the project is relatively unknown.
Overall, the MoneyToken project is quite behind its competition. In order to get on par with similar projects like SALT, they’d have to invest quite a lot in both development and marketing.
