MRPH is the fuel of Morpheus.Network’s automation platform. It allows Ethereum-based Smart Contracts to be used as predetermined, automated work contracts, shipping & customs documents, and automated international payments. Tokens can be used as a value based utility (as cash), or to pay for transaction fees. In essence, MRPH tokens power the necessary components to optimize global trade.
Why do I need MRPH tokens?
When using Morpheus.Network’s process automation functions, every step in the supply chain represents an event that is conditionally triggered. The backbone for our event triggers are “automated workflows” or smart contracts – conditionally executable coded actions like payments, data transfers etc. – deployed on a Blockchain layer. A Blockchain backend was chosen to guarantee immutable data, enable data exchange functions between parties and build a trustworthy data notarization layer for deployment of AI, ML or RPA algorithms.
This is where the MRPH token comes into play. In a Blockchain network, the notarization services for data and transactions as a well as the execution of automated workflows are paid with a fee in the form of tokens. The MRPH token is the fuel of Morpheus.Network’s automation platform. It allows predetermined events to be executed as smart contracts (currently on the Ethereum network), like creating shipping & customs documents or eliciting international payments. Tokens can be used as a value-based utility (i.e. cash), or to pay transaction fees for data notarization and transmission.
What is the purpose of MRPH tokens?
The MRPH tokens are the currency that is used to cover the associated costs with operating the platform for data storage, notarization and exchange. From a user standpoint, MRPH tokens are used to “pay” for two key functions of the platform:
Firstly, automating processes, that had to be done manually before, thereby saving time and money.
Secondly, notarizing all transactions/datasets in an immutable ledger for all parties to create a single source of truth and converting information into a common machine-readable data format.
In our pursuit to provide a unified communication layer between different systems and blockchain protocols, Morpheus.Network provides an abstraction layer that brings multiple platforms into one place. In that context, the MRPH token acts as a “binding glue” for data exchange between different systems and networks.
Furthermore, our Software Development Kit or “SDK” allows our clients to create custom-built modules for the Morpheus.Network Module Marketplace. In other words, our clients will be able to monetize the development efforts they put into creating new modules for the platform by leveraging the SDK (software development kit), enabling them to offer their modules to other Morpheus.Network clients.
When utilized by enterprises globally, the completion of these customized modules will also be validated by the blockchain by employing the MRPH utility token.
What Blockchain architecture is used for the MRPH token?
The MRPH token is an ERC-20 token, operated on the Ethereum mainnet. Ethereum was chosen based on its native ability to process smart contracts and the fact that it is one of the most secure and widely recognized decentralized networks. Ethereum Smart Contracts are applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference. Morpheus.Network is a proud member of the Enterprise Ethereum Alliance (EEA), the world’s largest open source blockchain initiative. Another benefit is that any Ethereum wallet can accept the Morpheus.Network token (MRPH), including Myetherwallet, Ledger Nano Units, and more. Thus, the network provides a high degree of flexibility and interoperability.
It is important to note that our platform is a middleware solution that provides interoperability with different networks. We do not want to create a vendor lock-in into only one network as we realize that Supply Chains are highly diverse regarding functionality, privacy and scalability requirements. To cater to the diverse requirements, we allow our users to define which portions of their processes are populated in public or private networks and provide them with the option to use different blockchain networks. Current integrations include Ethereum, Hyperledger, Binance, EOS, Litecoin with more to come.
Ethereum is an open-source, public, blockchain-based distributed, Turing-complete computing platform which can run Smart Contracts. Smart Contracts are applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.
Morpheus.Network is a proud member of the Enterprise Ethereum Alliance (EEA), the world’s largest open source blockchain initiative. This enables collaboration with industry leaders using Ethereum-based enterprise technology, best practices, open standards, and open-source reference architectures.