MerchantCoin today announced their “private pre-sale of its software in XMC Founders Block tokens that can be exchanged for bitcoin and the top 25 altcoins based on overall market cap”
“MerchantCoin is the first self sustaining, marketing centric crypto-currency that incentivizes consumers, advocates and businesses to acquire and use bitcoin.”
Bitcoin Networks, being decentralised and trustless, offer a variety of interesting applications. Those such as Storj and RibbitMe offer 21st Century solutions to 20th Century industries. Storj applies peer to peer protocols and Blockchain technology to the cloud storage market, encrypting and decentralising data. Participants in the decentralisation are rewarded with StorjCoin X. Ribbit.Me addresses the Loyalty Rewards Industry, rewarding participants in ribbit rewards. We recently reported on RibbitRewards.
Both of these solutions apply Bitcoin to well established industries ripe for innovation. MerchantCoin, partnered with MasterCoin, is a network that aims to increase the adoption and use of bitcoins. The reward for participants, or fuel for the network, is xmc. By introducing merchants to the MerchantCoin network you can earn XMC. They’re calling this ‘Proof of Commerce’. A catchy title.
“The MerchantCoin solution provides a faster, cheaper, easier and smarter method for merchants to transact business within its ecosystem. The mWallet enables each merchant to accept bitcoin, but also to buy and sell bitcoin and many other of the top 25 market cap altcoins. As a result, the MerchantCoin solution provides every merchant with an immediate onramp to the digital currency marketplace.”
Viral advertising is the bigfoot of the advertising world. Its elusive, no one knows where its going to appear next, but we all know its out there. MerchantCoin is aiming to leverage the power of the community by incentivising them to promote bitcoin. Get everyone talking about it, and the viral part is taken care of.
“MerchantCoin’s Social Media Mining Program empowers advocates to earn immediate (XMC) tokens by encouraging their friends, family members and business associates to share MerchantCoin’s exciting news through Social Media. (XMC) tokens can be earned by sharing MerchantCoin updates on Facebook, re-tweeting, joining our Google+ group and educating the public about MerchantCoin at bitcoin meet ups”
If nothing else this is a perfect example of a network based on Bitcoin that may or may not survive. Their success and failure will be directly related to the quality of the idea behind it, and its uptake. This is the future of Bitcoin. Networks that rise and fall. The incredible pace of development propels them forward, or swallows them whole. Where will MerchantCoin be in twelve months? Who knows, but if you like the idea you’ll use it. If theres enough like minded people out there, it may be huge. But then again, if its successful everyone will be using bitcoin. Where will that leave MerchantCoin?
Any positive move to promote bitcoin acceptance is welcomed by the community. MerchantCoin is in no way an investment, putting hard earned cash into any Cryptocurrency project in it’s infancy is risky. If you would like to support the project the website has details.