Uses
The MyBit Token (MYB) incorporates a combination of locking (temporarily reducing circulating supply), and burning (reducing total supply in perpetuity). This is done by giving the tokens usability across a variety of fields.
Uses include:
- 1.(Burning) Acting as Network fuel - similar to gas for Ethereum. Users must spend (burn) MYB in order to use dApps and services powered by MyBit. For example on MyBit Go, users must burn an amount of MYB each time they invest in an asset. On MyBit Trust, Will, and Dropzone, users must burn an amount of MYB (currently 250 but highly likely to change) each time they use the service.
- 2.(Locking) Asset Collateral - As previously discussed, on MyBit Go asset managers place a portion of the assets value as collateral (similar to insurance) in MYB. They can be withdrawn over time in increments as the asset generates revenue or if the asset manager is fired, the balance is burnt.
- 3.(Locking) Voting - We believe that every person should be entitled to an equal vote and no one should be able to purchase votes. At the same time those with more money often should have a slightly larger say. So we implemented a voting system where anyone with 1 MYB can vote, even if someone has 1 million MYB they still, by default, only get 1 vote. However, they can receive a multiplier if they lock 100,000 MYB and the multiplier is adjusted based on how long they lock for (this is still a work in progress but we predict it will be in periods of 3, 6, 12, 24, and 36). By using locking period as the multiplying factor (locking more than 100,000 has no impact) it gives slightly more voting power to those with more "skin in the game" who also are dedicated to the MyBit Project's long term growth.
Last modified 3yr ago