Minerva has set out to make cryptocurrencies usable for consumers and businesses, and will approach the problem in two distinct ways: incentivizing businesses and consumers with rewards and maintaining a stable token price.
For partnering with Minerva and accepting OWL tokens from consumers, merchants will automatically be given OWL tokens as a reward. Additionally, every time a consumer pays for goods or services with OWL, the merchant will receive OWL as a reward. The added revenues to merchants will thus encourage them to offer loyalty programs or discounts to OWL token holders, thus reinforcing its use as a digital currency by businesses and consumers. Moreover, as a digital currency with transactions immutably recorded on the blockchain, merchants will not have to worry about chargebacks, or customers claiming they never authorized the charges. To keep the Minerva platform in continuous development, Minerva will take a small percentage of the reverse transaction fees given to merchants.
Currently, merchants are reluctant to accept cryptocurrency due to the risks posed by their price volatility. For instance, if a merchant accepts bitcoin or Ethereum for a product or service, and the price plummets before the cryptocurrency is converted into fiat currency, the merchant is left holding the loss. To counteract volatility, when the price of the token rises, the supply of OWL will increase by offering greater rewards to merchants that accept the token, thereby putting downward pressure on its price.
To bring price stability to the OWL token and make it a viable currency, Minerva has developed the “Minerva Volatility Protocol” (MVP). The MVP, executed using a smart contract, decreases the supply of the token circulating when the price falls by allowing token holders to freeze their tokens for a certain period of time in exchange for bonus rewards that vary according to the price. Token holders are thus incentivized to keep OWL tokens when their price decreases.
Though the platform will initially run on top of the Ethereum blockchain, given its security and ability to execute smart contracts, Minerva will eventually develop its own blockchain for trustless, immutable transactions. Minerva also plans to develop a user-friendly interface for businesses and consumers for viewing transactions and other details.
Minerva will be having its presale and main crowdsale soon, and is currently accepting applications for whitelisting. The hard cap for the main crowdsale is $10,000,000. Investors interested in a potentially disruptive project that aims to create a stable digital currency benefiting businesses and consumers should consider joining Minerva’s crowdsale.
*I am receiving Minerva tokens for the growth of the community.
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