A smart contract upgrade and newly integrated masternodes have given MNW fresh bullish momentum, possibly setting the project up for success in 2022.
The global supply chain has become an area of intense focus over the past couple of years and pressures from the pandemic and backlogged ports have led to a massive range of shortages for everyday items.
One protocol that is focusing on optimizing supply chain management and building strength based on data from Cointelegraph Markets Pro is Morpheus.Network (MNW), a supply chain software-as-a-service middleware provider designed to integrate legacy systems with emerging technologies.
According to data from Cointelegraph Markets Pro, market conditions for MNW have been favorable for some time.
The VORTECS™ Score, which is exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points. These include market sentiment, trading volume, recent price movements and Twitter activity.
As shown in the chart above, the VORTECS™ Score for MNW has been elevated in the green zone for the majority of the past week and registered a high of 91 on Jan. 15 as its price began to trend higher with a 26% spike to $1.75.
Here’s a look at three factors backing the building momentum for MNW.
Morepheus upgrades its smart contract
One of the biggest factors affecting the price and momentum for MNW over the past few months have been the smart contract upgrades and token swap processes that were initiated on Oct. 19, 2021.
The https://t.co/VDc7slHmXR MNW Token Is Here! The Swap Has Now Begun!$MRPH -> $MNWhttps://t.co/C7XO9j67cT
— Morpheus.Network (@MNWSupplyChain) October 19, 2021
In the process of upgrading to new enterprise smart contracts for increased security and higher levels of efficiency, a token swap was conducted from the old MRPH token to the new MNW token on a 1:1 basis.
With the new smart contracts in place, programs stored on the blockchain are now able to execute automatically under certain terms or conditions that have been agreed upon by the parties involved, similar to real-world contracts.
These upgrades bring a new level of automation by enabling instantaneous outcomes while also reducing the need for third-party intermediaries.
Introduction of masternodes
Masternodes being integrated into the protocol’s structure was the second development responsible for the bullish outlook of the Morpheus.Network. This led to a more decentralized network while also giving members of the community a chance to contribute to the ecosystem in exchange for rewards.
Introducing MASTERNODES! https://t.co/whZBj2SQhj$MNW
— Morpheus.Network (@MNWSupplyChain) December 22, 2021
The roll-out of masternodes is set to take place during the year-long token swap period that ends on Oct. 19, 2022. The Alpha and Beta testing programs will offer MNW token holders an 18% APR based on the number of tokens they have staked.
The smallest node available to operate requires 1,800 MNW to be locked up. The largest node operators require a commitment of 360,000 MNW in order to validate transactions.
The Morpheus.Network set aside 1.2 MNW in rewards for the alpha and beta testing programs. 12.5% of the funds will go to alpha nodes while the remaining 87.5% will be distributed to beta nodes over the course of 2022.
Related: Altcoin Roundup: Three blockchain protocols taking the supply chain crisis head-on
Investors turn bullish on new partnerships
A third factor that has led to the rising VORTECS™ Score and positive outlook for MNW has been a growing ecosystem of partnerships as well as the growing recognition from the wider supply chain community of what the protocol has accomplished.
In October 2021, Morpheus.Network was chosen to receive the 2021 ISCEA PTAK Award for Supply Chain Excellence at the SCTECH2021 conference. It was also named as a 2021 Enterprise Blockchain Awards finalist.
https://t.co/VDc7slHmXR is a 2021 Enterprise Blockchain Awards finalist! Winners will be announced Tuesday Nov 16 2021 starting at 7PM Eastern, show us your support by registering for the event: https://t.co/3jAmCmKFuG #Blockchain #EBA2021 @blockchainRI $MNW
— Morpheus.Network (@MNWSupplyChain) November 16, 2021
Regarding partnerships, Morpheus.Network has joined forces with the Geometric Energy Corporation and Space-X to contribute to the DOGE-1 mission to the moon. This will allow the protocol to explore new ways to optimize the space supply chain.
More recently, Morpheus.Network also partnered with VIDT Datalink to help bring more transparency and security to the world’s supply chains.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
