[ANN] [ICO] MMRS - Money transfer and cash withdrawal on blockchain

[shchand]

When ico start and end?

There are such terms of our ICO :
Pre Sale
7 days
6.11 - 12.11

1 Round
14 days
13.11 - 26.11

2 Round
20 days
27.11 - 17.12

3 Round
45 days
18.12 - 31.01.2018

[1714874409]

1714874409

[1714874409]

1714874409

[1714874409]

1714874409

[shchand]

The maximum cap - 50 million? It would be better to raise funds gradually taking into account the goals that have been achieved so far. What about your motivation? Will it remain so large?

Yes you are right. The Total Goal: $ 50M! We are raising funds gradually during few ICO rounds. More details about terms of raising funds and motivation please look in our White Paper or at the official ICO site.
https://bank4you.io/index.html
https://bank4you.io/docs/Bank4YOU_MMRS_WP_EN.pdf

[Bank4YOU_Group]

https://icoscoring.com/project/5a0b5a14734d1d08bf70a54a/ - Rating from ICOscoring. Scores are good!

[Vaerros]

Hi,
I have been reading this thread for some time, would like to clarify few points.
1. There are two tokens mentioned - BFY and MMR. What is there interconnection and what are we going to get during ICO?
2. Money remittance means easy withdrawal. How can I cash out the money sent by someone to me? Through bank, ATM, agent?
3. Shall be there app only or some sort of web-platform to perform financial operations?

[shchand]

Hi,
I have been reading this thread for some time, would like to clarify few points.
1. There are two tokens mentioned - BFY and MMR. What is there interconnection and what are we going to get during ICO?
2. Money remittance means easy withdrawal. How can I cash out the money sent by someone to me? Through bank, ATM, agent?
3. Shall be there app only or some sort of web-platform to perform financial operations?

Thank you for your questions.
 Indeed, there are two tokens.
Each user of Bank4YOU’s mobile wallet has an account where tokens can be stored in different local currencies as well as in the BFY token. Users can use available tokens for money remittances, to exchange them for other tokens, or can exchange them for local fiat currencies through an agent system or use as payment for goods and services.
The Bank4YOU Group (BFY) ICO token on the Ethereum platform will be implemented for those keen on long-term profit from system activities. The BFY token will allow profit on transactions and through other financial operations in the system. Besides, the BFY token holder will be allowed to purchase MMR tokens on discounted price, which means cheaper services on cross-border transfers.
The company has also created its own crypto currency, the ‘MMR’ token, which underpins its Blockchain system for mobile money transfers. Remittances will be executed via mutual agreements between customers and partners regardless of their respective locations.
The token, called Mobile Money Remittance or MMR, payment capability enables payment with fiat money stored on Bank 4YOU Group’s account at mobile network operators with deposits mainly in US dollars. The MMR token is issued once fiat money is placed and can be freely converted into several means of payment in various countries: fiat currencies, mobile money, airtime minutes depending user needs and
local market specifics.
 

[Vaerros]

The BFY token will allow profit on transactions and through other financial operations in the system. Besides, the BFY token holder will be allowed to purchase MMR tokens on discounted price, which means cheaper services on cross-border transfers.

It is not clear what will be the mechanism for having profit, and furthermore what is that discounted price? How big will be discount and can it be accumulated, maybe?

[shchand]

The BFY token will allow profit on transactions and through other financial operations in the system. Besides, the BFY token holder will be allowed to purchase MMR tokens on discounted price, which means cheaper services on cross-border transfers.

It is not clear what will be the mechanism for having profit, and furthermore what is that discounted price? How big will be discount and can it be accumulated, maybe?

MMR token purchase in return for tokens of BFY is possible on the floating rate, but with a fixed 2.5 per cent discount. This provides BFY holders with exclusive access to the system of cross-border money transfers. In order the participants got profit from the functioning of money transfer system, a special fund is formed by one per cent of all MMR token transfers’ amount inside the system. These means are then distributed
among all token holders of the system (both MMR, and BFY). Thus the system rewards the users for supporting it. The dividend payout will be received quarterly (on condition that the payment amount excesses a commission amount necessary for making a payment). Thus, a purchase of a system tokens constitutes a passive income.
MMR token holders will be paid by automatic accrued payment system. Availability of audit trail of a private Blockchain in public ethereum/Bitcoin Blockchain will provide for a transparent and fair accrued dividend scheme .

[sartredd]

Is there any kind of incentives for inviting other people to the project? Will it be one time incentive payment or bonus?
Is it okay to keep bonuses and then use them at once but in a large amount?

[shchand]

Is there any kind of incentives for inviting other people to the project? Will it be one time incentive payment or bonus?
Is it okay to keep bonuses and then use them at once but in a large amount?

We have referral programme, it  works by means of distribution of a referral code and provides fixed remuneration at a rate of 40 BFY. The main condition should be followed such as there should be BFY tokens purchased during the ICO campaign on the user's account. The one who sent and the one who activated the referral BFY code will receive bonus at a rate of 20 BFY each and referral tokens will be granted after the end of ICO only to those who made an investment and will be sent to the user's Bank4YOU wallet.

As for the bonuses, her we go.
In case if one wishes to purchase BFY via fiat money, there’ll be provided an additional 5% bonus. These currencies are accepted during the ICO: BTC, ETH, GBP, USD, EUR.
Special Packages have been designed for those purchasing 5000 tokens (Standard Package) and 15000 tokens (Premium Package). Corporate card and Premium card respectively will become our gifts to devoted investors.
bonuses are also distributed during ICO:
Pre-sale: +20% bonus
1st round: +15% bonus
2nd round: +10% bonus
However, third round won't offer any bonuses.

[aalavandan]

Hello. I have a question about loans that users can receive from the company, too? Is that really so? How would you identify the borrower and confirm the identity? Will taking a loan from you help a person later since that would be kinda credit history already?

[shchand]

Hello. I have a question about loans that users can receive from the company, too? Is that really so? How would you identify the borrower and confirm the identity? Will taking a loan from you help a person later since that would be kinda credit history already?

Yes, that's true. We understand importance of the correct identification and will do the following.
To provide customers with accurate lending mechanism it is offered to transfer the mechanism of credit history on Blockchain. In order to avoid disclosure of private data no personal user’s information will be stored in the Blockchain, just the biometric information protected by cryptographic means. The user will voluntarily provide it in order to receive lending assets or access transaction history connected with the
digital identity of the real person. The benefit of the system is knowing it is impossible to obtain any information on the transaction history of a specific person without possessing their biometric data, thus protecting users against any malefactors. It is indeed very difficult to counterfeit biological identifiers. There is a plan to create a Blockchain that would store the crypto currency loan credit history of those who voluntarily provide this information. Bank4YOU Group’s aliated agents/ partnering organizations will be able to make records on Blockchain. In other words, an initiation of the smart contract in which the next information will be specified.

[aalavandan]

Hello. I have a question about loans that users can receive from the company, too? Is that really so? How would you identify the borrower and confirm the identity? Will taking a loan from you help a person later since that would be kinda credit history already?

Yes, that's true. We understand importance of the correct identification and will do the following.
To provide customers with accurate lending mechanism it is offered to transfer the mechanism of credit history on Blockchain. In order to avoid disclosure of private data no personal user’s information will be stored in the Blockchain, just the biometric information protected by cryptographic means. The user will voluntarily provide it in order to receive lending assets or access transaction history connected with the
digital identity of the real person. The benefit of the system is knowing it is impossible to obtain any information on the transaction history of a specific person without possessing their biometric data, thus protecting users against any malefactors. It is indeed very difficult to counterfeit biological identifiers. There is a plan to create a Blockchain that would store the crypto currency loan credit history of those who voluntarily provide this information. Bank4YOU Group’s aliated agents/ partnering organizations will be able to make records on Blockchain. In other words, an initiation of the smart contract in which the next information will be specified.

Does that mean proposed blockchain will keep such information like fingerprints? Personally, I am not sure if that would be enough because we all know fingerprints can be made up. What exactly is that biometric data you are talking about?
And what else will be included in the smart contracts along with biometric data? Whom will it be available?

[shchand]

Hello. I have a question about loans that users can receive from the company, too? Is that really so? How would you identify the borrower and confirm the identity? Will taking a loan from you help a person later since that would be kinda credit history already?

Yes, that's true. We understand importance of the correct identification and will do the following.
To provide customers with accurate lending mechanism it is offered to transfer the mechanism of credit history on Blockchain. In order to avoid disclosure of private data no personal user’s information will be stored in the Blockchain, just the biometric information protected by cryptographic means. The user will voluntarily provide it in order to receive lending assets or access transaction history connected with the
digital identity of the real person. The benefit of the system is knowing it is impossible to obtain any information on the transaction history of a specific person without possessing their biometric data, thus protecting users against any malefactors. It is indeed very difficult to counterfeit biological identifiers. There is a plan to create a Blockchain that would store the crypto currency loan credit history of those who voluntarily provide this information. Bank4YOU Group’s aliated agents/ partnering organizations will be able to make records on Blockchain. In other words, an initiation of the smart contract in which the next information will be specified.

Does that mean proposed blockchain will keep such information like fingerprints? Personally, I am not sure if that would be enough because we all know fingerprints can be made up. What exactly is that biometric data you are talking about?
And what else will be included in the smart contracts along with biometric data? Whom will it be available?

Smart contracts will have the following information about borrower:
- Amount of loan
- Address of creditor
- Credit interest rates
- Series of loan charges
- Unique biometric indicator of borrower

The smart contract checks whether payments are made fully and in time to the creditor. If payments are made according to stipulated conditions, the borrower's credit score is automatically raised or in the opposite case it is reduced. In case the borrower attempts to apply for new credit, they would be refused. Provided biometric data allows to unambiguously identify the person’s credit history, the reverse procedure is impossible. Credit history cannot be associated with a person due to the realization of unique biometric
identifier.

The unique biometric identifier consists of a person’s scanned eye retina and scanned fingerprints. These indicators allow for quick and reliable identification of each person in the world. This feature does not require provision of any passport data as it is subject to just minor mistakes. The only problem lies in the compatibility with the existing standards of know your customer procedure.

[mahamuda]

I didn't really get it, the application for new loan will be refused in what case? Or at all? Did you mean that one loan will be applicable only? Can I do both, use your system for loan and the same time send borrowed amount through your system to other user for remittance?

[shchand]

I didn't really get it, the application for new loan will be refused in what case? Or at all? Did you mean that one loan will be applicable only? Can I do both, use your system for loan and the same time send borrowed amount through your system to other user for remittance?

The new application will be declined if smart contract contains information about improper loan installment payments by person.
Surely, you can do both, to take loan and send it to someone else. Moreover, you can withdraw the amount borrowed by your own self, too.

[sartredd]

Throughout the paper and website it is mentioned that your system is mobile. How to know which mobile operators you are working with worldwide?

[shchand]

Throughout the paper and website it is mentioned that your system is mobile. How to know which mobile operators you are working with worldwide?

Mobile means that we work with mobile operators, that is correct. One of the biggest concerns for most people travelling to another country for extended periods is how to obtain access to banking services without the need to be a resident of that country. Bank4You Group makes it really easy for visitors to make in-country as well as cross-border payments, without the need for proof of residency or a local bank account. Its secure money transfer is based on use of state-of-the-art mobile app.
Our partners are Orange, Teletalk, Telenor, Airtel, Nar, Singtel, Veon, Bakcell, Bangalink, Robi. We also always are open to new partnership, therefore range of operators we work will be growing.

[xanadue]

Morning, guys.
I wonder if you have an escrow? Basically, how do you protect very vulnerable information applicants for your service put in? I mean will it be safe for us to send and withdraw money?

[shchand]

Morning, guys.
I wonder if you have an escrow? Basically, how do you protect very vulnerable information applicants for your service put in? I mean will it be safe for us to send and withdraw money?

Hello, no, we do not need escrow.
To protect precious and vulnerable information, we will use blockchain based smart contracts, so that will be safe enough. We have been dealing with financial safety long enough.
To provide customers with accurate lending mechanism it is offered to transfer the mechanism of credit history on Blockchain. In order to avoid disclosure of private data no personal user’s information will be stored in the Blockchain, just the biometric information protected by cryptographic means. The user will voluntarily provide it in order to receive lending assets or access transaction history connected with the
digital identity of the real person. The benefit of the system is knowing it is impossible to obtain any information on the transaction history of a specific person without possessing their biometric data, thus protecting users against any malefactors. It is indeed very difficult to counterfeit biological identifiers.

[iqbalnr]

I read it and I am interested in the token system MMRS which is shared with the local currency of the countries of the user country of the system, which enables fast, reliable and inexpensive shipping of state and continental lids