Deconstructing the Mycro Token
A few months ago, Mycro had the pleasure of releasing its whitepaper for all to see.
As the months have gone by, we’ve had a healthy uptake of people reading our whitepaper, but we feel it is essential to do what we can to bring it to as many people as possible. Especially people considering to participate in the token-sale should have a full understanding of Mycro and what it offers.
We put a lot of thought and effort in the whitepaper and want to convince people on the future success of Mycro based on strong fundamentals instead of running a short-sighted hype game.
We know People are busy trying to balance their time with their money, so before the platform even launches we want to ensure we provide all relevant info about the Mycro project in an easily consumable way.
Valuing our dear readerships time, we will publish a section of our whitepaper every week, which makes taking it all in much easier.
First up, the Mycro token
As with any project built on the blockchain, there is a token attached to it, and Mycro is no different. The token symbol will be MYO, and there will be 100,000,000 of them in total. MYO will be a utility token and is an essential element of the platform. MYO is an preminted erc-20 token, operating on the Ethereum Blockchain. It can therefore not be obtained through mining.
With mining out of the equation, there are five ways to obtain MYO;
- via the ICO (Initial Coin Offering)
- a reward pool (for receiving favourable Ratings on the platform)
- during the bounty Campaign (Details to come soon)
- directly from Mycro (should there be inadequate market liquidity, Mycro optionally can sell small amounts at the current market price)
- buying MYO on exchanges
The ICO is separated into two parts; a private sale (26% token allocation) and the main sale (40% token allocation). 12% of the token pool will be allocated to the reward pool for users, and this will be periodically topped up via the usage of tokens on the platform. 5% of the token pool will be allocated to the bounty program, which is currently being finalized!
Regardless where MYO are obtained from though, the Mycro application will come packaged with a wallet, allowing for convenient and safe storage of MYO Tokens. As we mentioned before, MYO is a utility token, and the usecases are as follows; job shopping, currency, rewards and referrals. Let’s leave the first one for a moment and cover the other three, which are relatively self-explanatory.
MYO will act as a currency to pay for work brokered through the Mycro app. (although, availability of official permits will affect usage of this in specific areas). Rewards and referrals both draw from the reward pool; rewards are handed out for positive ratings. The higher the rating, the bigger the reward pool share, to incentivise fair treatment by both parties. Also users will be rewarded for referring and advertising the platform to others.
Finally, that leaves us with job shopping. Applicants will be able to apply for jobs that are
relevant to their skills. However, it is likely that many people will be applying for the same
job. With this in mind, jobbers will be able to use their MYO to boost their position on the job
provider’s list of applicants. The higher they are, the more likely they are to be selected to
complete the task.
So there we have it, everything one needs to know about the upcoming usecases of Mycro token.