It is a binary matrix scheme, where the network of people will consist of bitcoin or cryptocurrency investors, and they will join the scheme with the goal of getting profit by referring more number of people to join the network. Here no real life products or services are sold. In some exceptional cases, cryptocurrency investors are called to join the scheme, to invest on a newly created crypto token, and they will get paid with commission for holding more number of references and tokens. Since cryptocurrencies are known as E-currencies, or digital currencies or virtual currencies. there is no possibility for Cryptocurrency MLM to be done offline. Generally the network will be very huge and count may vary, from thousand to million or billion, because there is always a high demand for cryptocurrencies.
A Cryptocurrency MLM platform is a website, where all the crypto MLM activities can be done. This is the front end or the gateway for cryptocurrency investors to signup, join, participate, execute binary matrix transactions, receive commissions, monitor the ongoing cycle and to get any official announcement from the admin of the MLM Platform.
A cryptocurrency MLM Software is an application that can handle or automate the mlm transactions on a Crytpto MLM Platform. It has been coded to execute particular functionalities by comparing on the cases written in the code and executed inside the MLM Scheme.
The need for cryptocurrency MLM software is, in general cryptocurrency MLM networks are very large to handle So to reduce the risk and complexities a Crypto MLM Software is essential to manage the entire MLM scheme.
It is a development process where a cryptocurrency MLM Website or platform will be developed with the given requirements from the client. The platform will be integrated with the cryptocurrency MLM Software, MLM API’s and It can be enriched with better UI/UX.
It is a custom Cryptocurrency MLM Software development process whereas the software can be integrated with a cryptocurrency MLM platform. The software can be customized or re-engineered even after the deployment. The commission charge, Joining fee, handling the binary matrices and everything related to the crypto MLM will be under the governance of the cryptocurrency MLM software.
To avoid all the scams in cryptocurrency MLM it should be decentralized and the entire system should be tamper proof under an immutable protocol. If a Cryptocurrency MLM wants to be decentralized and immutable then it should run on a blockchain platform by underlying the automated digital contract system known as” smart contracts “
Advantage of Smart Contract In MLM Businesses
Once deployed the system protocols can’t be changed in life time.
Joining fee, transactions, payment, position allocation in a matrix and everything will be handled by smart contract alone. So the admin has no control over the entire scheme.
Smart contracts keep records in blockchain, and the blockchain technology exists forever, so there are no chances for data loss.
Reduces the scam tatio, since the system becomes an decentralized blockchain ecosystem under smart contract.
The system can’t be hacked from inside or outside entities.
Instant payment possible.
Everyone gets profits, the loss ratio is too low.
.9 The Crypto MLM scheme will be easy to access for joining.
So now you got an idea, why cryptocurrency MLM should be made with Smart contracts, Right? Okay, why prefer ethereum smart contracts. Let’s see
The concept of smart contract came to limelight, only after the invention of ethereum. So, we can say ethereum is the father of modern smart contracts. Apart from this there are some technical elements which makes ethereum smart contracts more specific and much preferable than other blockchain smart contracts.
For developers it is easy to code and implement.
Ethereum Virtual Machine Has all the library files to create customized smart contracts
Helps to create reliable smart contracts
Provides better and fast performance than any other blockchain smart contracts.
Refer more : The Benefits of the Ethereum Blockchain
To start a cryptocurrency MLM, you should have a proper plan, requirements and resources to execute the plan. The business plan, and the requirements should be declared by you. To execute the plan, at bitdeal we can provide all the resources for platform designing and development, Smart contract development, QA testing of the platform, Smart contract auditing, and to deploy the project on time. Apart from this at bitdeal we are providing ready made clone packages of currently popular ethereum smart contracts. Which doesn't require much time and effort to make it live.
We have popular smart contract MLM Clone Scripts
- Requirement Analysis
- Scope Declaration
- Resource Allocation
- MLM Platform UI/UX Design
- Smart Contract Architecture Design
- MLM Platform Development
- Smart Contract Development
- MLM Platform Testing
- Smart Contract Auditing
- Bug Fixing & Deployment
Originally Published at : Cryptocurrency MLM Software Development With Smart Contract