MFEV Blockchain Overview: Vision, Strategy and Platform components

MFEV Network is a decentralized blockchain-powered platform and technology stack whose goal is to enable genuine mass adoption of crypto payments and decentralized finance (DeFi).

The Problem

Blockchain technology aims to revolutionize traditional systems by replacing centralized authorities with a decentralized Network that fosters trust among users, even those who have no previous connections. At its core, blockchain seeks to shift from traditional trust mechanisms to a system that enforces integrity through its design.

However, applying blockchain technology in real-world scenarios comes with challenges, notably in transaction speed. Unlike conventional systems such as Visa card payments, which rely on Visa to create and maintain a permanent transaction record, blockchain operates with a "distributed ledger" shared among multiple participants. This ledger provides a permanent and widely accessible record, enhancing transparency and accountability, as anyone with the necessary technology and internet access can verify the system.

Despite its advantages, the decentralized nature of blockchain can result in slower transaction processing. For instance, early blockchains like Bitcoin handle about 5 transactions per second, significantly less than Visa's capacity to process over 1,700 transactions per second.

Addressing these challenges requires tackling the blockchain scalability trilemma. This trilemma illustrates the difficulty of balancing decentralization, security, and scalability, with each factor often necessitating compromises.

What the crypto industry still lacks

However, while we are observing a lot of activity in the crypto space (especially in the crypto asset markets, and the DeFi and NFT sectors), genuine mass adoption of crypto payments and DeFi is still not there.

The currently available products and tools, with their complicated and disparate UX, are mostly geared towards sophisticated crypto users with significant financial means.

How we go about it

Our approach to bringing crypto payments and DeFi to the masses primarily consists of empowering other projects, businesses, organizations and communities to adopt crypto payments and decentralized finance (DeFi).

This is achieved by providing clients with convenient, mobile-first tools for creating and managing token-powered environments, as well as for onboarding users to these environments and enabling interaction.

Platform Components

The MFEV Network has three main components:

1) The MFEV Network. The EVM-compatible public blockchain serves as the decentralized, permissionless backbone of the ecosystem.

2) The mobile-centric open-source technology stack designed to help businesses and developers plug crypto payments into real-world use cases.

3) A set of reference decentralized finance (DeFi) products and tools. The goal of these is to pave the way for the initial adoption of the platform.