Added to the ICO, in a video published by Mavrodi, it is said that the new MMM cryptocurrency will "revolutionize the MLM (multi-level-marketing) industry globally.
Pre-ICO token or "Mavro" (the name of the MMM token/cryptocurrency) will kick off on 21 January 2018 with the full ICO going live on 15 March 2018. The aim, according to MMM, is to address the current problem with the MLM marketplace which has to do with payment processing, trustworthiness, and integrity.
"The MAVRO project is the solution to this problem. With the advantages in a peer-to-peer network include security from outside influence such as governments and regulatory agencies. Furthermore, a peer-to-peer network establishes trust among users which can lead to greater transparency for both payment provides but also the actors within a MLM system," reads a statement from MMM explaining their ICO.
Unlike previous versions of the MMM Ponzi scheme which were running in over 110 countries around the world, the ICO is being marketed by the Russian organisation as a "Multi Level Marketing (MLM) Payment Solution Powered by and for The Blockchain." Notably also, at least according to the MMM ICO Whitepaper, the MAVRO token sale and platform will be targeted for use by any MLM organizations.
"MAVRO V2.0 Project will create a payment solution platform for Multi-Level Marketing (MLM) companies. The platform will be the first in the world to cater to existing and new MLM firms throughout the world. The MAVRO project will be the first decentralized and absolutely transparent MLM system based upon blockchain technology and powered by the Ethereum blockchain. This will be accomplished through the exchanging of the token and the development of a decentralized application platform, which connects the gap between blockchain technological innovations into the booming MLM industry."
MLM Market Analysis. | MMM ICO Whitepaper
This is not the first time that MMM has ventured into the cryptocurrency world. In 2017 the MMM Ponzi scheme announced that it accepts Bitcoin and was also able to pay out in the cryptocurrency too. This led to many attributing the rise of Bitcoin in Afrika to MMM's popularity.
MMM, which is short for Mavrodi Mundial Moneybox, was founded as a financial services company by Sergei Mavrodi and others in 1989 in Russia. In 1994 the company was shut down and Mavrodi and his accomplices arrested for various financial crimes in Russia. The company was later re-opened and relaunched upon Mavrodi's release from prison as a "Social Financial Network", a Ponzi scheme in other words. It gained popularity in Afrika, notably in South Africa and Nigeria where it promised participants guaranteed returns of 30% per month on any amount of money they contributed within the MMM Ponzi scheme. As would be expected, MMM collapsed several times in both Nigeria and South Africa and in the process people lost money.
For the ICO, MMM says it will be accepting both Bitcoin and Ethereum for its token sale. The MAVRO ICO all sounds well intentioned and well thought out considering it aims to "help" the MLM industry until you consider that MMM has been running a Ponzi scheme for a while now which has seen millions of people's money "frozen" and never recovered.
To borrow Sergei Mavrodi's words, the financial apocalypse is inevitable.