We pay transaction fees to businesses, we don’t charge them. We address cryptocurrency adoption issues by introducing commerce-disruptive incentivized payment solutions to accelerate the mainstream adoption of cryptocurrency and smart contracts. Minerva is the world’s first reverse merchant processor.
ABSTRACT
MINERVA (OWL) is a platform and cryptocurrency which provides an additional revenue stream to merchants accepting its token as a method of payment. We seek to demonstrate less violent short-term fluctuations through Proof-of-Transaction and introduce incentivized payment solutions to accelerate the mainstream adoption of cryptocurrency and smart contracts. MINERVA SOLVES AN IMMEDIATE PROBLEM WITH AN IMMEDIATE USE CASE: INTEGRATING WITH A $20 MILLION ANNUAL REVENUE PLATFORM WITH OVER 10 MILLION USERS .
TECHNOLOGY
Minerva is presently an ERC20 token and smart contract system built on the Ethereum blockchain. Following this standard, Minerva tokens are easily transferable between users and platforms using ERC20-compatible wallets, and can be smoothly integrated into exchanges.
SERVICE AND APPLICATION LAYER
Certain OWL tokens will be held and issued to businesses to serve as “signing bonuses” subjected to a slow-time-release algorithm and distributed on a first-come, first-served basis at 5% of the bonus vault until a point where the vault becomes nearly exhausted and a 5% signing bonus is fiscally inconsequential.
This is in addition to bonus Minerva OWL tokens issued to partnered businesses via Proof-ofTransaction at a variable rate designed to ease inflation and combat violent price swings. With this model, OWL tokens can be exchanged for services on Minerva-approved platforms and then sold back on the market by partenered businesses, thereby creating the added monetary value. OWL tokens cannot be generated by any other method.
This fundamental revenue-generating aspect of Minerva allows approved and integrated businesses to increase their revenue immediately upon implementation, and grants more flexibility in partenered platforms to reward customers with discounts.
PLATFORM INCENTIVES
Minerva provides a generous reward system for businesses that accept it as payment. Upon receiving Minerva OWL tokens, each business is issued a bonus that resembles a credit card’s “cash back” incentive. When Minerva OWL tokens are received from their customers, they are automatically liquidated. 1. Instant liquidity via API from Minerva-relevant trading exchanges 2. The elimination of chargebacks and exchange fees 3. Additional protection from violent short-term price fluctuation 4. Reverse transaction fees. We pay them, not the other way around
RISK MITIGATION
The founder of Ethereum, Vitalik Buterin, has said, “There would then be multiple separate classes of cryptoassets: stable assets for trading, speculative assets for investment, and Bitcoin itself may well serve as a unique Schelling point for a universal fallback asset, similar to the current and historical functioning of gold.” While Bitcoin itself is not the unique Schelling point, our aim is for OWL to become a comparatively stable cryptocurrency which allows businesses to benefit by simply accepting it as a method of payment. The reward system is designed so Minerva OWL tokens enter the economy at variable rates, making efforts to ensure that demand does not cause short-term violent price swings. As is evident below with our first and immediate use case, we will be integrating with a large company at launch, and future businesses requesting integration will require vetting with a rigorous security-forward process, including anti-money-laundering and anti-fraud audits. Speculation, exchange scams, drug markets and the common negative publicity of cryptocurrencies will all have little-to-no impact on our partnered platforms. Minerva tokens have utility beyond speculative value as they represent an applicable purpose of value between platforms and customers, as well as agents, contractors, vendors, content creators and more
USER BENEFITS
When customers pay using the Minerva OWL token, businesses have more flexibility to offer them discounts. This is because, rather than paying transaction fees, Minerva platforms are paid bonus OWL tokens at the time of each approved transaction. Users are able to purchase OWL tokens from any exchange or market where they are traded, transfer them to one of many ERC20-compatible wallets and spend them on Minervaintegrated platforms.
The first business to integrate into the Minerva economy is a live-streaming service with $20MM in revenue and over 10 million users. We will show a clean and concise before-and-after revenue impact of integrating with Minerva. At this time, Minerva has been advised to temporarily withhold the name of our first partnered business. We aim to integrate across a wide spectrum of large niche and mainstream businesses spanning several industries by recruiting platforms into the Minerva Smart Money Alliance (MSMA) Minerva will allow content creators to receive payments and exchange funds indiscriminately while enabling the business to provide more value to both customers and content creators alike.
BASIC INFORMATION
Early adopter participation takes place through a crowdsale dashboard accessible via Minerva.com. 75,000,000 of 100,000,000 total initial Minerva OWL tokens will be distributed in two crowdsales. A pre-sale is followed by a primary Minerva crowdsale, and each are accessible to parties outside of the United States. The crowdsales will be held in an auction format in that all distributed Minerva will be priced by the amount of contributions received, and then distributed accordingly. 25,000,000 Minerva will be excluded from the crowdsales which is described below in the “Reserve Minerva” section. After the initial 100,000,000 OWL tokens are created, new token creation, apart from bonuses associated with platform utility, will be halted permanently. Within 1 year (365 days) of the crowdsale, an announcement will be made regarding any potential 1:1 token exchanges relating to any proposed private blockchain migration
PRE-SALE
We will be holding a token pre-sale and it is likely to be privately held.
PRIMARY FINAL CROWDSALE
After the token pre-sale, the primary and final crowdsale will take place.
RESERVE MINERVA
At the end of the crowdsales the founding team will receive a 10% allocation of OWL tokens, subject to a twelve-month (12-month) holding period. These tokens will serve as a long-term performance incentive for the founding team. An additional 10% will be allocated for long-term operating costs, 2.5% will be allocated for partnerships and another 2.5% for the bug bounty program. All Minerva OWL token transfers will be restricted for two (2) months after the crowdsale ends
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