As individuals, we all are quite aware of how MLM businesses take place. After the digitization waves, smart contract-based MLM platforms came into existence. They have conquered the market and are sure to become a billion-dollar business in the next few years.
Many entrepreneurs and organizations are already on the verge of launching their own MLM business platforms. So, I thought of sharing some insights about developing a robust MLM platform. In this blog, let us discuss the ways to develop a Million money MLM clone for initiating your MLM business.
What is a smart contract-based MLM business, and how does it work?
MLM stands for Multilevel Marketing, also referred to as the pyramid model. Some companies used to follow this strategy to encourage the existing distributors to recruit some new distributors. However, these newly recruited distributors get their commissions from their recruits’ sales.
In the digitization era, almost all businesses have entered the digital arena. The MLM businesses started taking a new digital phase. In digital platforms, people used to refer their friends and known people to join the platforms.
The smart contract-based MLMs are decentralized platforms on the blockchain-powered smart contracts built on various blockchain platforms like Ethereum, TRON, etc. These platforms eliminate the risk of security as it is completely decentralized and does not involve any third parties. They also guarantee high ROI on minimum investments.
How can you start your MLM platform with a Million Money clone script?
The Million Money clone is an alternative to the standard Million Money MLM platform. Developing your own MLM platform right from scratch is a tedious process and involves a lot of time. There are also ready-made smart contract Ethereum based cloned scripts that will help you start your business in no time.
This decentralized MLM platform is completely transparent and secure for the users to participate in the platform. However, the platform will work on the business model of referral programs where people will join through referrals. With a well-developed Million Money clone script, you can develop your Ethereum smart contract-based MLM platform by blockchain technology.
How does a Million Money MLM clone work?
In a Million Money MLM clone, all the transactions are built and they are carried via smart contracts, written on the Ethereum blockchain network. The investors or the users of the platform can also earn their money based on two plans- Compensation plans and reward programs.
Coming to the working model of the platform, initially, a user will join the platform. The users will earn their membership by paying a certain amount of fee to the Million Money clone. They can earn their profits by convincing his friends or people from his known circle to join the platform. Whenever a new member joins the platform under his referral, he will earn his commission.
The smart contract-based MLM platforms built on blockchain technology helps to overcome the challenges like lack of trust and immutability. The decentralized platform also makes it very transparent for the users to take complete control over the platform. They do not need any third parties to be involved in any of the transaction processes.
What are the significant features to include in your Million Money MLM clone?
The Million Money MLM clone you develop for your MLM business should have the following features,
Decentralization
The smart contract-based MLM platform should be entirely decentralized for the users. They should also have complete control over their invested funds.
Smart contract
Employing smart contracts to your platform will eliminate the need for having a centralized authority to handle the functions. Moreover, it will automate the whole process and increase operational efficiency.
P2P transactions
The smart contract-backed blockchain should enable automated fund transfers where P2P transactions can happen swiftly within the MLM systems.
Crypto wallets
The Million Money clone should have a crypto wallet embedded in it for the users. This will also enable them to trade flawlessly.
Hack-proof
The blockchain-backed platform should stay competitive and secure for the people to use them. This also minimizes the chances of someone hacking your platform.
Transparency
The blockchain will store all its data in the distributed public ledger. This will also allow all the users to have direct access to all the information, and it is completely transparent.
Immutability
While developing your MLM platform, ensure to provide a maximum immutability level so that even the business owner can change the service processes.
API integration
Moreover, the platform should allow third-party APIs to integrate without any hassle for improved functionality and enhanced performance.
Wrapping up,
Smart contract-based MLM businesses ensure high security and also complete control over the activities of the platform. This is the reason why individuals invest in these platforms to earn more money. Entrepreneurs and start-ups can aim to launch their Million Money MLM clone to earn high revenue. If you are really interested in this crypto-based MLM business, you can approach blockchain developers to develop your MLM platforms.
