🌟 AMA Recap with Multicoin (MTCN) Founder, Peter Alfred-Adekeye!

7 min readJun 23, 2020

A blockchain e-commerce marketplace where you can spend your tokens on computers, video games, smartphones, cars, TVs luxury goods, and more? That’s what the Multiven Open Marketplace aims to achieve on top of ensuring your privacy as a buyer or a seller.

We had the wonderful opportunity to chat with CEO and Founder of MTCN, Peter Alfred-Adekeye about benefits as a user or seller in the marketplace, how his team plans to tackle common issues in e-commerce and exciting plans moving forward!

Here’s the recap of our AMA yesterday:

Host

Hi everyone, please warmly welcome Peter Alfred-Adekeye, Founder of MTCN and our guest for tonight’s AMA!

Peter @ MTCN

Hi everyone, ni hao, it’s great to be here!

Host

Peter, can you give us a brief introduction to the MTCN project?

Peter @ MTCN

www.MOM.market is the world’s first and most advanced blockchain-based

marketplace. It enables everybody to buy and sell products such as

computers, video games, smartphones, cars, TVs luxury goods and more, on a

peer-to-peer basis, powered solely by Ethereum smart contracts and one

global medium-of-exchange, the Multicoin (MTCN)

Host

Here at BiKi, we’re really excited to bring a blockchain eCommerce marketplace to our users so they can utilize their tokens to purchase products online!

Can you please introduce yourself?

Peter @ MTCN

Sure, my name is Peter Alfred-Adekeye and I am the Founder and Chief Technical Architect of MOM. Prior to founding MOM, I founded Multiven, the world’s only politically-neutral provider of decentralized software maintenance services for all the hardware and blockchain nodes that make up the Internet network.

Prior to Multiven, I was the Technical Leader at Cisco, responsible for maintaining the integrity of IOS, the software that runs 70% of the Internet. I hold a bachelor of science degree with honors in Civil Engineering from the University of Ife in Nigeria and have completed advanced executive education in Leadership at Stanford University in Palo Alto.

Host

Super impressive background! Let’s explore more about what makes MOM different from the traditional e-commerce marketplace.

We hear that MOM is similar to Amazon but users benefit vastly more from using the MOM marketplace. Why is this?

Peter @ MTCN

MOM is technologically superior to Amazon because Amazon is a centralized Internet-based web2 application, while MOM is a decentralized blockchain-based web3 application. This means that unlike Amazon which is a commission-charging intermediary between buyers and sellers, all transactions on MOM are trustless and peer-to-peer with no intermediaries and thus commission-free.

All MOM transactions are powered solely by smart contracts and one global currency, the Multicoin. This means that the cost of products is way cheaper on MOM than on Amazon. Furthermore, merchants on MOM sell to an expanded global customer base that comprises of the millions of crypto-holders worldwide and the 1.7 Billion unbanked consumers globally, all of whom have prior to now, been excluded from online commerce because they have no credit cards. They can all shop on MOM because they can all acquire Multicoins via any computer browser crypto wallet.

Host

Fantastic news! There are quite a few luxury products being sold on MOM, and I understand blockchain technology helps authenticate products with regards to their genuity. Can you tell us more about this?

Peter @ MTCN

Sellers, (as well as buyers) on MOM have to stake refundable Multicoins equivalent to twice the value of their product, in order for their ads to be published. This by itself, (1) eliminates counterfeiting, (2) validates that the product is real, and (3) eliminates spam on the Ethereum Mainnet.

In the event, that either party is dishonest, e.g. seller advertises an iPhone 11 but ships iPhone 7 or buyer receives goods and lies he/she didn’t receive it, the dishonest party’s staked MTCNs will be burned. The fact that they have a lot more to lose by being dishonest, keeps both buyers and sellers honest, and ensures that all products are genuine and authentic.

Host

How easy is it for someone to start a seller account in the marketplace and list their goods? Also, do you plan to have a rating or reviews section for consumers to rate sellers?

Peter @ MTCN

Selling on MOM is super easy as it takes less than 3 minutes to create a merchant store. All that is required is a browser with a Metamask cryptocurrency wallet extension and some Multicoins to stake to validate ads.

Yes, we intend to introduce ratings and reviews in the future as soon as decentralized storage such as IPFS becomes a fully functional reality. We do not have ratings and reviews on MOM today because we want to remain true to the values of Satoshi Nakamoto and not centrally store any user data. And that’s why today, MOM does not collect nor store users browsing history nor any personally identifiable data. MOM does not use cookies either. Instead, it uses local storage within users' browsers to remember things like shopping cart content, favorites, connection status, etc.

Host

If a user has purchased a product in the marketplace but it is delayed or they do not hear any updates from the seller, a common problem in e-commerce, how does the team handle this?

Peter @ MTCN

We are working on a transaction age-out smart contract feature that automatically terminates purchases that are not shipped within 30 days. Buyers will be compensated with 5% of the sellers staked Multicoins as a reward for tying down their Multicoins and a penalty for the seller that didn’t fulfill the transaction.

Host

Something really interesting about MOM is that you can sell new/pre-owned software licenses like Cisco, Microsoft, etc. and shift the ownership of the product to the buyer, can you share more about this unique feature?

Peter @ MTCN

Thanks to Multiven’s decade-long global consumer advocacy which culminated in the August 2014 ruling by the Swiss Competition Commission (https://bit.ly/2yJsiIG), that made all software licenses (operating system and application software) within the European Economic Area (“EEA”) now lawfully transferable to buyers from anywhere in the world, and the new licensee, is no longer have to pay the software manufacturer any money in re-licensing fees. The fact that all transactions on MOM are immutably recorded on the Ethereum blockchain simplifies validation of license ownership by OEMs for post-sales warranty service entitlement for new owners of software licenses and hardware products on MOM.

Also, the fact that software licenses are now legally transferable, means that all the pre-owned technology products you purchase on MOM, are entitled to software updates and warranty support from equipment manufacturers.

Host

Is metamask the only wallet you’d be supporting or will there be future collaborations with other wallet providers or exchanges to directly make purchases?

Peter @ MTCN

We intend to support other cryptocurrency wallets in the near future.

Host

Is the marketplace only available in Europe and do you have plans to expand your services to other parts of the world?

Peter @ MTCN

The MOM application is decentralized and runs on the Ethereum mainnet. This means that it is available to consumers as well as merchants not only in Europe but also in Asia and the rest of the world. Furthermore, MOM is available in Mandarin, Korean, and Japanese.

Host

Awesome, I’m sure the community is excited to do some shopping soon on MOM Marketplace!

Why did you decide to partner with BiKi Exchange?

Peter @ MTCN

As most of the goods on Amazon are made in China, we are partnering with BiKi because of its strong grassroots footprint in China, to market MOM to Chinese manufacturers and local merchants who currently trade on Amazon.

Host

Do you have any juicy updates to share with us? The roadmap ahead, future plans, strategic partnerships?

Peter @ MTCN

As we are headquartered in Paris, France, my personal goal over the next year is to onboard luxury fashion houses such as Louis Vuitton, Chanel, Cartier, Gucci etc., technology firms such as Apple, Huawei and Samsung as well as European auto manufacturers such as Mercedes-Benz, Volkswagen and more, so they create their blockchain stores on MOM.

Host

That’s a lot of big names and we’re excited to see these products listing on the marketplace!

We’ll now open up the session to the community.

Community Question 1

Does MTCN protect privacy? Is it truly anonymous?

Peter @ MTCN

Yes, as stated in one of my responses above, all transactions on MOM with MTCN are pseudo-anonymous, trustless, and peer-to-peer. They are powered solely by smart contracts and as such, no human intermediaries are involved. Furthermore, MOM does not store any user data.

Community Question 2

What is the current number of Metamask users for MTCN?

Peter @ MTCN

According to Etherscan, there are currently 928 holders of MTCN with over 5000 transfers — https://etherscan.io/token/0xf6117cc92d7247f605f11d4c942f0feda3399cb5

Community Question 3

What is the number of tokens issued by MTCN project, what is the currency holding structure?

Peter @ MTCN

The total max supply of MTCN is 2,000,000,000. We cannot create anymore MTCN. Furthermore, sellers pay a $1 listing fee in MTCN for every ad listed. We burn this MTCN which reduces the total supply.

You can see a burn of 1 MTCN here sent to 0X1111111111…. https://etherscan.io/tx/0x5ff4f138d9aa7662c644592bdf23cc3334efda5b7b265674b3d1755f24615cca

Host

Thank you for taking the time out to join us for this AMA, Peter! And, thank you to the community for being here with us!

To view the marketplace and learn more about MTCN, please visit — http://mom.market and chat with the community about MTCN at https://t.me/MultivenOfficialGroup.

Join in on BiKi’s exciting triple reward event and multiply your MTCN! For more information — https://www.biki.cc/en_US/noticeInfo/2793

Psst — there’s a Twitter and Telegram Bounty in one of them starting 24 June, 8am (GMT+8). Questions? Join our friendly CMs on https://t.me/BikiEnglish.

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