In our Merchant token review, we took extra care to thoroughly understand the business nature of merchant tokens, their unique use case, and to present to you, a formidable and unbiased review.
The entire 33 page white paper of merchant token has been linked here, since that contains a little technicalities, we have taken the privilege to break down what merchant token truly does.
What is the HIPS merchant blockchain
HIPS Merchant Blockchain built on Hyperledger is the native blockchain for HMP and Merchant Coin(MEO), optimized for real-time Merchant transactionscreated for Payment Service Providers (PSP) and EFTPOS devices with full support for backward compatible financial protocolslike ISO8583enabling crypto payments in standard terminal messages, using the existingterminal, and card schemeinfrastructures3for crypto payments in Hips Merchant Blockchain.https://merchanttoken.org/?ref=7AH19295Q
What is Merchant Token | Merchant token review
Merchant token is a decentralized finance token that enables point of sale (POS) terminal payments (similar to the POS systems that exist with traditional payment infrastructure i.e credit cards), while providing an avenue for dispute resolutions between merchants and buyers, something that is unavailable with the current crypto-payment options available.
What is the Merchant Protocol
The HIPS merchant protocol is an ethereum smart contract that is built to manage the transactions between the buyer and the merchant.
The merchant protocol is a smart contract that does the following;
- Accepts payment
- Routes the payment into escrow
- Releases funds if no dispute is raised by buyer within a given time frame.
What Problem is Merchant Token Trying to Solve?
Merchant token in simple terms want to regulate crypto payment transactions between buyers and sellers. With current traditional payments, when you send a cryptocurrency to a seller, you are at the mercy of that seller or merchant.
If the merchant decides not to honor their side of the deal, you have absolutely zero options available at your disposal to get your funds back.
Merchant token is solving that problem by doing the following;
- Using smart contracts to initiate escrow system
- Using smart smart contracts to initiate dispute resolution
The end product being a thoroughly transparent financial system that is based on the blockchain. However, there are issues with this approach.
Merchant token Review | Red flags
In our merchant token review, we came across some sad items that we would like to point out.
Merchant token in our humble opinion goes against the very fabric of crypto-payments. The sort of control they aim to provide, while noble could be abused, it is that same control that various central banks across the globe use, i.e creating a system that ultimately doesn’t favor the citizens to begin with.
It is for this very control and unwaranted government access into the private individuals wealth and privacy that bitcoin and other crypto-currency’s were created.
Creators of Merchant Token
Merchant token was created by the HIPS Payment Group, a payment service provider with years of experience providing payment gateway options for businesses.
There would be a total of 100,000,000 Merchant tokens to be ever created.
Merchant Token Review | Why do we need it
Merchant Protocol & MTO
Introduces consumer protection from traditional payments like credit card etc. into the blockchain.
This would drive global penetration and acceptance of cryptocurrencies especially the Merchant token
Automatic dispute management based on merchant reputation, would help reduce fraud to some extent, although we are doubtful if it can eliminate fraud entirely.
Introduces the new Community Dispute Management (CDM) concept allowing token holders to increase token holdings by performing work.
Native blockchain for Hips Merchant Protocol and Merchant Coin (MEO) built on Hyperledger
All ERC20 merchant tokens you purchase via this seed round would be converted to the native tokens when the HIPS merchant blockchain goes live.
You get real time merchant transactions with extremely low fees.
Merchant Token Partnerships
Merchant Token through it’s founding company HIPS has partnered strategically with lots of businesses to make sure there are acceptable use cases for it’s tokens from start.
This is likely to increase the value of the tokens.
Merchant Token Review | Conclusion
We believe the idea behind merchant token are laudable, as such we would recommend them to you, in addition to the top 3 online investment platforms available at this time that can make you extra money.
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