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Good day dear visitors of cryptoknows website. We live in a time of real technological and financial revolution. The development of cryptocurrency and blockchain technology in particular no one took into account a few years ago, but now everything has changed. Every day there are many different, completely different, and most importantly necessary projects thanks to blockchain technology. We have already covered numerous ICOs of truly revolutionary projects. Including financial and banking systems based on blockchain, various decentralized secure messengers, but the project we would like to tell you about today is almost the quintessence of all the possibilities of blockchain technology and cryptocurrency, namely the ModulTrade ecosystem, which will lay the foundation for the creation of a system for global trade. Read more about the project later in the article.
ModulTrade is a decentralized ecosystem supporting smart contracts based on ethereum blockchain to simplify commodity-economic relations between members of small and medium-sized businesses, as well as this type of transactions will increase reliability, clarity and transparency of transactions.
Problems of the current trading system and the solution offered by the ModulTrade ecosystem
SMEs face many barriers and business volume constraints due to their relatively small size. Globally, experts estimate that approximately 56% of SME trade finance requests are rejected, compared to only 7% for multinational corporations.
ModulTrade addresses the needs of MSMEs by addressing the main barriers to entering international markets:
- Lack of credibility.
- High costs of market entry.
- Complexity of operations associated with international trading.
Solution offered by MVE
The main goal of ModulTrade is to remove the key barriers that prevent companies from entering international trade markets, as well as:
- bringing together on one platform a wide range of services for all stages of B2B international trade transactions
- helping MSMEs to connect, transact and execute transactions in international markets efficiently and on the basis of trust
- introducing MTRc (ModulTrade token) as an effective value discovery tool in the ModulTrade ecosystem.
MVE will also act as an innovative global platform that will facilitate members’ access to third-party service providers in the following areas closely related to international trade:
- Trade finance
- Taxation and accounting
- Customs clearance
MVE will be the place where new technological developments for international trade can be effectively applied, of which the most obvious are: ● The ModulTrade platform’s supply tracking system● Digital Additive Manufacturing (DTAM)● Internet of Things-based solutions for factoring operations.
How does the ModulTrade platform work?
Using blockchain-based smart contract technology, ModulTrade will build an ecosystem for international trade, i.e. a digital network structure that is real-time, global, digital and cost-effective, with features to support other fintech solutions developed by third parties. This solution will enable SMEs to increase their revenues while reducing transaction costs in international trade. Within this framework, MTRc (the cryptocurrency within the system, discussed later) will be used as a key for users to connect to the global trading network and to conduct transactions in the ModulTrade ecosystem.
MVE plans to connect participants in the system through four main components:
1. A multilateral platform built on blockchain-based smart contracts (MTP): Used to replicate bank-based trade finance instruments (letters of credit and bank guarantees) and to offer MVE participants these services in a trusted and cost-effective manner, while offering them other services such as logistics and insurance2. International trade-related services platform: used to facilitate trade transactions through third-party service providers (e.g. payments, logistics, financing, taxation, accounting)3. Trade and reputation network: used to facilitate MVE participants’ monetary transactions by putting their reputational capital at the service of the MVE participants, which is derived from the company’s business reputation within the ecosystem4. Trading platforms: used to find reliable counterparties around the world and to optimize the selection of goods and prices
How smart contract technology works in the MVE ecosystem
Buyer and seller agree on a transaction and start a smart contract in MTP2.
MTP blocks funds in the buyer’s account to guarantee payment at the time of delivery of the goodsa. The MTP instructs the bank to block funds in the buyer’s account/credit card ORb. MTP reserves funds in cryptocurrency inside the smart contract
3. The seller sends the goods through a logistics company and provides a tracking number to track the location of the goods
4. When the buyer receives the goods (the location of the goods is automatically determined by the address provided in the smart contract), the MTP instructs to make payment to the seller.
Pros for ModulTrade participants
For participants in a trade transaction:
- A trusted model for B2B (Business to business) trade interactions simplifies transactions and reduces costs
- MTRc currency is the tool for determining value.
- Financing of any transaction is carried out with the help of MTRc tokens
- Existing reputation system that allows users to collaborate with each other, based on reputation metrics
- ModulTrade is a worldwide, global marketplace where every businessman can find the right counterparty and price for his service
Trade Service Providers:
The platform acts as a global platform where services are produced directly to consumers, excluding intermediaries.
Developers of software for trading:
- The ability to create software solutions for trading based on the functionality of the MTRc currency
- MVE platform will help to reduce the huge number of intermediaries, allowing partners to work directly with each other, as well as MVE will reduce transaction costs incurred by various economic agents.
- Searching for partners and service providers through the unified ModulTrade platform is also simplified and gives more opportunities to negotiate.
About the project token and ICO
The project token is an ERC-20 standard token and is built on the ether blockchain. ERC-20 standard token based on Ethereum blockchain is compatible with any Ethereum wallets, which gives a huge choice of cryptocurrency exchanges. Token name: MTRcToken value: 1MTRc = 1ETH/700, which is roughly $1, 5$ for 1 MTRcNumber of tokens: 100, 000, 000 MTRc
Pre-ICO took place from October 3 to November 27, 2017ICO took place from November 28, 2017 to January 27, 2018
Will distribute tokens within the system as follows:Creating the ecosystem – 32%Selling – 30%Product development – 20%Command – 15%Consulting – 3%
The emergence of this kind of project was inevitable. Thanks to blockchain technology, smart contracts and the Mtrk token, the project becomes as secure as possible and every member of the transaction can be sure that everything will be done at the highest level and everyone will get what is due to him. Millions of small and medium-sized entrepreneurs will flood the Multitrade ecosystem and use it, developing not only their business, but the entire economic component of our planet. Looking at the ratings of ICO analytical portals, it is safe to say that MVE will flourish and token holders will make large fortunes from it.
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