What is MoxyOne?
MoxyOne is an Australian company. It is the first of its kind in the cryptocurrency industry, providing a debit card white label solution for companies that issue cryptocurrencies or tokens. They give them the opportunity to incorporate within their ecosystems, a reliable financial infrastructure that gives their token holders an opportunity to utilize or spend their tokens.
MoxyOne is also providing its own users with a debit card, virtual debit card (online shopping) and a wallet which means users will be able to make purchases at “real-world” merchants worldwide. SPEND token holders will have the opportunity to utilize the MoxyOne infrastructure with many benefits such as a rewards system and negligible fees.
Let us now look at the utility of the token and its features.
The SPEND token is a utility token build on the Ethereum platform. The token implements the ERC20 interface and extended to also include features from the ERC23 spec.
SPEND tokens are essentially utility based assets, used as transaction fees within the MoxyOne infrastructure. This would mean tokens are in circulation and they will be used in the real world, making it an asset with real-world value for its owners.
The token is meant to be spent, not just held or traded at exchanges. MoxyOne is offering a white label solution, and they hope more tokens (including SPEND) will be used, advancing the cryptocurrency economy which essentially will help it to achieve mainstream adoption.
But why do we need MoxyOne, there are plenty of other alternatives?
TenX and Monaco are the big names in the debit card space and they are also considered to be the biggest competitors. However, MoxyOne is not only providing debit cards to our users, but they are building an infrastructure that can provide a debit card white label solution for other ICO companies to utilize.
Another important feature of MoxyOne is that they are using the ‘Just In Time Funding’ protocol which means users’ debit cards/wallets will not have to be pre-loaded prior to use. Cryptocurrencies will instantly convert to fiat at the point of sale, without any extra input required by the user. The wallet/debit card itself will have zero balance at all times and will only be charged when making a transaction.
MoxyOne is revolutionary and solves a major issue.
They are solving the issue of underutilized tokens in the cryptocurrency industry. There are thousands of companies with no reliable financial infrastructure. There is no way for token holders to actually use their tokens for their intended purpose. The cryptocurrency economy is currently only limited to trading, and they hope that by providing an infrastructure, that can be used by any company, will enable more tokens to be used. They are using both blockchain assets and off-chain solutions (Raiden Network) to allow cryptocurrencies to be converted to fiat instantly, at the point of sale. They will use blockchain solutions such as DDoS protection to secure the infrastructure and Raiden Network’s micro-payments channel to allow for instant transactions to occur. This would ensure top-notch security and speed, respectively.
So who is behind this project and do they have any mentionable partnerships?
They have officially partnered with Social -- A Decentralized Social Networking Platform -- to provide its users with a debit card for use within the Social platform. The founder of Social, Jade Mulholland, will also function as the Business & Technical Advisor.
They are also currently in talks with other ICO companies / Liquidity Providers who have expressed their interest in partnering with them.
Alright, so how far are they in the process of developing the project, and what challenges are they facing?
On February 4th, the development team released a dashboard prototype demo and later in Q2 they expect to enable Debit Card spending with Eth. In Q3 the MoxyOne app will be released and they will enable Debit Card spending with SPEND and SCL (Social) as well. You can read more about the very detailed roadmap on their website.
But, it is not all rainbows and unicorns, they are facing some challenges as well. The biggest challenge that they are facing, as a global white label solution provider, is the multi-national laws. Compliance is of the utmost priority to the MoxyOne team to make sure, that they protect not just themselves, but also their users and partners. They will also need liquidity providers based around the world, and there are local and international laws that they must be aware of.
What will MoxyOne use the raised money for?
Their Smart contract is set to only create (mint) coins/tokens as it accepts ETH. Therefore, there will be no unsold coins remaining after the token sale has been finalized and the total supply will be calculated by the amount that is sold during the pre-sale and crowd sale. However, there is a hard cap of 50.000.000 SPEND.
The tokens will be distributed as seen below.
All reserved tokens for MoxyOne, marketing and partnerships will be locked for transfer by smart contract. The 10% held by the MoxyOne team will be locked for six months, and 10% of the total released per month afterwards. The tokens held for marketing and partnerships will be released at 10% per month, starting from the end of the token sale.
As seen below, 55% of the raised funds will be spent on development. 15% on marketing, 15% on support and team expansion, 10% on legals and 5% on technology improvements.
The Pre-sale has already begun and they are offering very lucrative bonuses
The pre-sale started February 8th and it will end March 10th.
The bonuses will be volume-based during presale:
1 ETH = 40%, 1400 SPEND per 1 ETH
30 ETH = 45%, 1450 SPEND per 1 ETH
100 ETH = 50%, 1500 SPEND per 1 ETH
500 ETH = 55%, 1550 SPEND per 1 ETH
1000 ETH = 60%, 1600 SPEND per 1 ETH
2500 ETH = 65%, 1650 SPEND per 1 ETH
The main token-sale will take place from March 14th to April 14th.
The bonuses will be time-based during the main token-sale.
First 24 hours = 40%, 1400 SPEND per 1 ETH.
Week 1 = 12.5%, 1250 SPEND per 1 ETH
Week 2 = 11.5%, 1150 SPEND per 1 ETH
Week 3 = 10%, 1100 SPEND per 1 ETH
There are no bonuses offered after the week 3 bonus end, and the base rate of 1000 SPEND per 1 ETH will be the rate until the end of the token sale.
Let us sum up
MoxyOne is combining the best of both worlds by combining fiat and cryptocurrencies. They are solving a major issue, but they have challenges they need to overcome. One of them being Liquidity Providers. So far, MoxyOne is the only LP, and because the market has to be liquid, they will need more LPs in order to keep the trading costs low. Another one being competition. This is a very competitive space, and not everyone will succeed. However, if they can overcome these challenges, this could very well be one that does succeed.
Shailen also made a video about MoxyOne. WATCH BELOW
This is not professional financial advice. The above references an opinion and is for information purposes only. It is very important to do your own due diligence before investing. However, this is a very competitive space