Frequently Asked Questions
The Morpheus.Network was designed in consultation with some of the world’s largest shipping, customs & banking firms to create a full-service, global, automated, supply chain platform with an integrated cryptocurrency payment system utilizing blockchain technology.
The World Bank has defined supply chain inefficiencies as the #1 world problem to solve in order to stimulate economic growth. To be successful in global trade, every firm needs to run efficiently. Smart Contract technology allows steps within a company’s supply chain to be automated thus maximizing its efficiency. To complete a transaction properly, the objectives within a Smart Contract need to be triggered with precise accuracy when it comes to international customs compliance and in a timely fashion. The Morpheus Network allows globally transacting companies to take advantage of a Smart Contract structure for their supply chain. Additionally, the real rate currency conversions and automated international payments further enables the Morpheus Network to automate virtually any supply chain!
The Morpheus Network can be used by virtually anyone. A wallet is created for you when you complete your registration on the easily operated platform. Any purchase can be made by a buyer, from a small transfer within the Morpheus Network, to a complicated Smart Contract setup involving an international money transfer involving currency conversions and exportation documentation.
Merchants, manufacturers and exporters can register on the network for greater global exposure, along with all the added benefits of using the Morpheus Network over a traditional bank wire transfer (preferred conversion rates, drastically reduced transaction fees, added security of the network, over 30% of proceeds back to Morpheus token holders, ease of distribution of shipping documentation and more).
Our team possesses expertise in the proper and specific fields, from a functional perspective, to make the Morpheus.Network run as smoothly and safely as possible. This includes team proficiency in importing and exporting (shipping and compliance), web and blockchain security, banking platforms, tax accounting and Smart Contract law. Please read more about our team here.
We don’t believe any one company should own or control the blockchain supply chain. We believe in interoperability and partnerships over competition.
One of the most exciting properties of Morpheus.Network is the ability to connect disparate ecosystems – and competitors – onto a common platform. However, there are privacy and confidentiality concerns as companies using a single blockchain would be sharing sensitive data around trading partners, shipping patterns and volumes which can become available to competitors through their participation in the network.
Morpheus.Network builds on innovative zk-snark technology. This enables the confirmation of every transaction of physical goods in the chain of custody, so that a connected record of provenance can be maintained, without any of the players upstream or downstream of the transaction having access to information not related to that specific transaction.
Document records are stored encrypted in off-chain containers and can be accessed only by authorized participants; this can be all participants or only those that need a particular portion of the data. Document ownership and access can be anonymous yet securely identified between partners who require verification. In short, it can be widely shared and protected at the same time.
One feature of blockchains is data immutability; once data has been written to a blockchain no one, not even a system administrator, can change it. This benefits the Morpheus Network users by creating a secure audit trail of all documents and transactions to ensure compliance with local regulations.
Morpheus.Network is a solution with the power to meet the industry’s security and privacy requirements and serve as a backbone for an open supply chain network with full data privacy built on a decentralized blockchain infrastructure.
Related FAQ: How is Morpheus Network Secure?
Morpheus Network utilizes a Permissioned Blockchain which provides a hybrid between the ‘lower-trust’ model of Public blockchains and the ‘single highly-trusted entity’ model of Private blockchains. The Morpheus Network Permissioned Blockchain maintains the privacy of user’s data, without consolidating power with a single organization.
A trusted Morpheus Network Consortium will be established to control access to the blockchain and will play a role in maintaining the blockchain in a decentralized manner.
Document records on the blockchain can be accessed only by authorized participants; this can be all participants or only those that need a particular portion of the data. Document ownership and access can be anonymous yet securely identified between partners who require verification. In short, it can be widely shared and protected at the same time.
Documents are stored in an off-chain container which allow Morpheus Network Smart Contracts to harness the full power of the blockchain’s capabilities while protecting private data. This ensures the correct balance of privacy and transparency. One feature of blockchains is data immutability; once data has been written to a blockchain no one, not even a system administrator, can change it. This benefits the Morpheus Network users by creating a secure audit trail of all documents and transactions to ensure compliance with local regulations.
Noam Eppel, one of our founding team members, has a specialty in information security, having run a successful security company for 5 years. He has taught web security at a college in Toronto and created an online security course used by companies across North America. He has also provided security consulting services on behalf of leading technical companies including IBM.
Additionally, to help secure funds raised during the pre-sale and ICO periods, all funds will be converted to Ethereum and stored in a multi-signature wallet. A multisig wallet is a technique that requires multiple people to approve of the release or transfer of funds. The multisig wallet keys will be held by founders of the Morpheus Network team as well as members of the advisory board from companies including Deloitte LLP, TD Canada Trust and Toronto General & Western Hospital Foundation.
Related FAQ: How does Morpheus Network maintain data confidentiality?
The key to the Morpheus Network’s speed is blockchain technology. The network allows peer to peer transactions in a single step, as opposed to involving a centralized banking system, slowing down any transaction dramatically, as well as increasing total cost due to banking fees and non-optimal currency conversion rates. The Morpheus Network solves these issues with the banking system, converting funds with real world rates using the power of the blockchain technology, and incorporating only a single, small Morpheus Network fee of 1%. Funds can be kept in the Morpheus Network, or, using the platform’s integration with SWIFT, deposited directly into a receiver’s bank account in their local currency in over 200 countries.
The token sale is open to everyone except residents of North Korea, Syria, Iran, Sudan, Bangladesh, Bolivia, Kyrgyzstan, Canada, United States & China. Verification of country of residence will be required to participate. Our KYC partner is Sumsub.com. Every contributor will received an email with KYC instructions shortly after a contribution is made.
The team at the Morpheus.Network excited to launch our long-awaited presale — with a primary goal of optimizing the $15 trillion dollar global trade industry using blockchain! Our supply chain management platform and integrated cryptocurrency payment system will reduce bank fees and provide ultimate security in the transaction of agreements and contracts. Take a look at our article on Medium for a step-by-step guide: Guide to Buying MORPH Tokens!
Artificial intelligence (AI) is utilized in a supply chain by gathering vast amounts of logistical data off of the blockchain. These findings allow container shipping ports to be planned and routed in advance and as necessary based on global traffic, port delays, weather as well as many other factors and sources of data. AI is also being used to prepare compliance documentation for an import, generated by the Morpheus Network, by more accurately estimating port arrival times.
MORPH, the primary currency for the Morpheus.Network, can be kept as a part of your cryptocurrency portfolio (a.k.a., HODL), and for transactions within our automated supply chain platform. Storing MORPH requires an Ethereum ERC-20 compatible wallet. Take a look at our article on Medium for a step-by-step guide: How to Create a Wallet for MORPH Tokens!
72,000,000 MORPH tokens to contributors (36 million USD – tokens unlocked)
9,650,000 MORPH tokens for bounty & bonuses (tokens unlocked)
12,000,000 MORPH tokens to founding team (tokens locked for 18 months)
3,000,000 MORPH tokens for advisory team (tokens locked for 6 months)
3,350,000 MORPH tokens for strategic partners (tokens locked for 6 months)
3,600,000 MORPH tokens to contributors (1.8 million USD – tokens unlocked)
12,000,000 MORPH tokens to founding team (tokens locked for 18 months)
3,000,000 MORPH tokens for advisory team (tokens locked for 6 months)
3,350,000 MORPH tokens for strategic partners (tokens locked for 6 months)
Distribution of MORPH Tokens will take place 28 days after the end of the token sale. You will be able to receive your purchased MORPH Tokens to any ERC20 compatible Ethereum wallet.
In the event there are any unsold tokens after the token sale pool, all of those tokens will be burned.
Ethereum and other tokens are determined by the financial derivative of the USD value using the Coinmarketcap.com API. This information is updated every 5 minutes.
We accept and recommend contributions in Ethereum. However, we have integrated with Shapeshift so we accept a large number of alternative tokens (For example: Neo, Bitcoin, Litecoin, Dash, EOS, Ripple, etc.)
The minimum contributions per investor for the presale is 0.1 ETH. The maximum contributions per investor for the first 24 hours of the presale is 360 ETH. After the first 24 hours, the maximum contribution is 540 ETH per 24 hours.
You can take advantage of the Morpheus platform to automate your own company’s supply chain regardless of your supplier’s use of the platform. All the blockchain advantages also apply such as an immutable ledger of your company’s shipping info, payment history etc. With our SWIFT integrated payment system, you can send funds from whatever currency you use directly into the bank account of your supplier.
All the benefits of the platform will incentivize your suppliers to automate their own supply chain while saving money. We’re also working with some amazing customs brokers, freight forwarders and shipping companies to increase the rate of adoption. Ultimately suppliers and distributors would use the Morpheus Network to be a part of an automated global trade ecosystem.
Morpheus is designed to track imports, exports and location of shipments in real-time facilitated by the blockchain. No matter which objective is being completed, the Morpheus.Network will be able to use the Smart Contract to keep track of the whereabouts of any shipment anywhere in the world. Extra tracking capabilities can be implemented such as Waltonchain barcode scans when certain shipping points are reached.
The Morpheus Token (MORPH) powers the Morpheus Network.
The token is a “value” based utility. The Network’s Microsoft Dynamics 365 ERP system is integrated with SWIFT for direct international payments.
The Morpheus Tokens can be attained converting from virtually any fiat currency, or over 74 different cryptocurrencies directly through the platform and our Shapeshift integration. The tokens give users access to the Morpheus Network. A crucial objective in a Smart Contract of any global supply chain are international payments. The Morpheus Token’s value is based on the real time financial derivative of the currency needed to complete a payment as a Smart Contract’s objective. Our integration with SWIFT allows us to send payments directly into the bank account of over 1600 banks globally in the specific currency required (fiat or cryptocurrency) by the Smart Contract.
Smart Contract technology allows steps within a company’s supply chain to be automated thus maximizing its efficiency. Automated objectives include contract generation (and storage and “permissioned” sharing), shipping and customs documentation generation (and storage and “permissioned” sharing), automated real-rate currency conversion, international payments , as well as layering in other technologies (tracking systems, ERP systems, bar code scans) to automate virtually any supply chain!
When the hard cap is reached, we will no longer accept any more contributions. All the Morpheus.Network tokens have been distributed, so additional transactions will be returned to the senders.
Additionally, any unsold tokens will be burned / disposed. This means that no additional Morpheus.Network tokens will ever be created or distributed after Token Sale concludes.
Implementation of the Morpheus Network is overviewed by Donna Stoppard who is also a Project Manager and Piloter for TD Canada Trust. Donna is advising the Morpheus Team with the most advanced and rigorous platform testing prior to live activation. Here is a breakdown of the platform testing and eventual wide release:
STAGE 1 – Sample testing – Templates for IMPORT/EXPORT companies –
SIT = system integration testing – typically the first type of testing and is completed in a “lower” environment. It’s ensuring the blockchain code and Morpheus Network platform will be integrated to create an end user friendly interface. At this testing stage, the platform is not live, but simply verifies that the technology built (code, logic etc.) is functioning as expected.
BAT = business acceptance testing – completed after SIT is complete and all the SIT defects that have been identified during SIT are fixed. BAT is for the Business. SIT tests the technology (eg. logic behind the scenes), and BAT tests the business related specifications (eg. checking that mandatory fields have an asterisk, and that proper error messages appear if a mandatory field is left blank.) BAT is also completed in the “lower environment”.
STAGE 2 – Performance testing – Simulated real-world transactions
PCOE = Performance testing – completed in a production environment. PCOE tests the performance of the Morpheus Network. What can cause the system to crash? What can bog the speed of the network? Each factor will be taken into account during the PCOE testing phase. Complicated Smart Contract transactions will be simulated and accomplished.
PAT = production acceptance testing – this is the final stage of testing that is completed and is done in a production environment, but the network would still inactive during this testing phase. Testing is completed to ensure there are no defects when promoting the code from a lower level to a production environment and the performance and expectations for all test case are as expected. After the PAT testing is completed, the Morpheus Network will be activated!
STAGE 3 – Limited Network Release – Real-world transactions
We currently have import & export companies to test the network in 4 countries (USA, China, Canada and Mexico). The next step is testing integration to the EU, South America, Russia and to the rest world.
STAGE 4 – Full global network activation
STAGE 5 – Continued growth and scaling management
The Morpheus executive team and developers are based primarily in Canada, Taiwan and India with the company registered in Seychelles. Our team and advisors are distributed around the globe in countries including United States, Russia, Japan, Philippines, Singapore and Belarus.
Yes they can. The Morpheus Network allows fiat currencies to be deposited directly into bank accounts similarly to how a bank wire transfer would be received, but skipping the banking fees and avoiding the loss due to conversion. A merchant can also withdraw funds from their Morpheus Network wallet, converted to their local currency and deposit directly in their bank account.
Of course! You can not only use the token for its value based utility but also use the token to access to the automation platform through the newly lowered fee structure. This will also accelerate getting the utility token listed on exchanges, as well.
We recommend using the Morpheus.Network for all the steps of your transaction and Smart Contract. We provide the highest level of security using buyer’s local fiat currency to be deposited into the seller’s bank account to over 1600 banks worldwide with our SWIFT integration.
That being said, each part of the transaction can be segregated (e.g. using only the payment processing, or the digitization of documents, aspects of the network) allowing the Morpheus.Network to accept or send payments from, or to, any Ethereum based wallet or directly into a bank account based on the Smart Contract criteria. In addition, other blockchain technologies (such as Walton, Sia, Filecoin, Ripple) can also be implemented into a Smart Contract as their own objective. This allows tremendous versatility when using the Morpheus.Network.
Whenever a transaction is completed, the exporter (or seller) and the importer (or buyer) will automatically leave feedback based on the Smart Contract details. The length of time of manufacturing by an exporter or any delays completion of any of the Smart Contract objectives will all be recorded on the blockchain in the dated details of any particular transaction.
This info will be added permanently to the blockchain and will refer back to the individual seller or buyer involved and to the specific transaction the rating refers to. Thus, the rating system cannot be influenced by any factors aside from statistics of a completed Smart Contract. Furthermore, since the Morpheus Network is not a sales marketplace in itself, no matter if the seller and buyer interact using Alibaba, Amazon, eBay, Chinaexporter.com or directly without an online marketplace, rating system remains with the Morpheus Network client based on the actual payment and full Smart Contract details.
All the ratings will be encrypted on the blockchain to the highest level of security for privacy reasons, but fully available to Morpheus Network perspective buyers and sellers.
This system also incorporates claims for disputes that may arise in a particular transaction. If a solution cannot be reached for any given dispute, an independent arbitrator will be appointed to form a fair and unbiased resolution.
Using the power of blockchain technology, shipping documentation (bill of lading, commercial invoices, packing lists, insurance documents, etc.) will be digitized and shared securely and conveniently between the exporter, the receiving importer and any freight forwarders and customs brokers who have been given access in the permission settings. The layering of Storj, a blockchain data storage technology, is where any original documentation with specific notation or markings will be stored and accessed through a corresponding encrypted hash on the Morpheus.Network blockchain as a part of a Smart Contract. These digital documents will all link to the original work contract and payment. Once a document is added to the blockchain, it cannot be altered, which is the key component in digitizing original documents, revolutionizing the import/export industry.
No more courier services required to send documents around the world. No more delays due to late or lost documentation. This is a major disruptive technology in the import and export industry.
The Morpheus Network aims to make importing and exporting effortless from your very first transaction.
We offer full templated shipping and customs documentation. Your Smart Contract transaction will be arranged creating your company’s own templated documentation. These templates will be used for all future shipments in that same lane, with the variable being the specific container/bill of lading numbers pertaining to the shipment at hand. All this information will be permanently and immutably stored in the Morpheus Network.
Tutorials can be arranged in any language. 99.9% of your time dealing with a new supplier using the Morpheus Network will be taken up arranging your Smart Contract for your supply chain. We would assist in setting up the shipping and customs documentation as well as providing you local customs brokers and shipping agents who can use the Morpheus Network with the permission settings you establish.
Using the power of Smart Contracts, all your transactions, in any currency, to anywhere in the world, will be AUTOMATED with the completion of your Smart Contract objectives. Complex importing and exporting made effortless.
Morpheus.Network was designed in consultation with some of the world’s largest shipping, customs & banking firms to create a full-service, global, automated, supply chain platform with an integrated cryptocurrency payment system utilizing blockchain technology.