Using the transparency and cost-effectiveness of the blockchain, Minerva is building a platform that can potentially transform business. Merchants will be able to use the OWL token to receive payments, thereby bypassing traditional payment processors that charge high fees and instead be rewarded for doing so.
As a platform that will reward merchants who accept its native token, OWL, Minerva is the world’s first reverse payment processor. Merchants will be rewarded with OWL for accepting it from consumers. By contrast, traditional payment processors charge between one and five percent for each transaction, which is often passed on to consumers in the form of higher prices. By eliminating this cost and adding a new revenue stream, merchants will be encouraged to pass some of the savings onto consumers in the form of discounts or loyalty programs. The benefits to both businesses and consumers will create a self-reinforcing cycle that will legitimize OWL as a means of exchange.
To stabilize the price of the OWL token to make it more palatable for businesses to accept, since a token that loses value soon after it is accepted as payment is a potential liability for merchants, the supply of OWL will increase as its price rises. This increase in supply, capped at 10 percent, will occur by rewarding merchants with newly-minted OWL for accepting it as a form of payment. Conversely, users will be incentivized to lock away their tokens in a smart contract for a bonus reward when the price of OWL decreases, thus reducing the circulating supply. The stability in the price of OWL will make users see it as a more viable cryptocurrency than competing ones that have no mechanisms for stabilizing their price.
The Minerva crowdsale is slated to begin in the middle of 2018, and has a hard cap of $10,000,000. No more than 100,000,000 OWL will be minted. Of all cryptocurrencies in existence, Minerva is unique for adjusting its supply according to the price swings in the market to stabilize its price. Cryptocurrency enthusiasts interested in a cryptocurrency that benefits users by decreasing its price volatily and that offers reverse transaction fees may want to look further into this innovative project.
*I am receiving OWL tokens for the grwoth of the community.
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