When we hear the word cryptocurrency, we immediately think about decentralization, unregulated and scams. Maybe scam isn’t the first thought that comes into your head when you think about cryptocurrencies, but it is always there, stalking you.
You can’t blame yourself for thinking negatively about the crypto market, over the last week, more than 2000 crypto tokens have been developed and released into the market. Many, if not the majority, of these tokens are backed by teams with insufficient credentials. It is difficult to identify scams from the genuine, original tokens.
The initial high returns that were enjoyed by the early investors in the crypto market attracted these scammers, some even created whole pyramid schemes. These schemes took millions of dollars from unsuspecting investors, who were trying to get in on the high returns.
Observing this despicable situation in the crypto market, one can’t help but think that there should be a community, a platform that integrates the 2000 different crypto tokens and makes it easy to detect which of them are scams.
MyToken is absolutely doing that, and a lot more. The decentralized platform, which has only been partially released, has amassed a large user base in its home region of China. It claims to be the most widely used market exchange information application in the country.
MyToken believes that the diversification of the blockchain industry has led to confusion and uncertainty for investors. In 2017 alone and mostly in the second half of the year, more than 500 blockchain related projects were funded through Initial Coin Offerings (ICOs).
The numbers were further inflated by the introduction of Ethereum’s smart contracts. This led to the “Blockchain 2.0” era and greatly reduced the development costs associated with building a blockchain project.
The rapid development, the saturation of the whole market created opportunities but also problems for the individual investors. Some of these problems are:
- Too many tokens
More than 2000 cryptocurrencies are currently being traded by more than 300 different exchanges all over the world. This makes it next to impossible for investors to gather information regarding these projects and differentiate the genuine from the scams.
- Too many exchanges
As mentioned above, over 300 exchanges are operating all over the world. All of them have different strategies and resources. Cryptocurrency exchanges are relatively cheap to set up and provide high returns. Investors are unable to grasp which exchange would be the most suitable for their requirements.
- Not very efficient
Investors crypto assets are distributed over a wide array of different wallets, exchanges and blockchains. This causes confusion and the investors are unable to truly evaluate their crypto portfolios.
These are just some of the main problems that are faced by the crypto investors. Now, let’s see how MyToken aims to resolve these issues.
The following definition of the MyToken application is found in the whitepaper of the MyToken project: “MyToken is an application providing aggregate crypto market information across exchanges. We aim to build a healthy cryptocurrency investing platform and provide investors with the most objective data; information and tools which will help them gain in-depth understanding of the blockchain industry and projects.”
As explained above, the MyToken is in the process of creating a centralized platform for the decentralized blockchain industry. The project is already in working condition and MyToken released the first version of their application in August 2017.
After 20 versions, the application provides the following functionality:
- Transaction data and information from the 300 exchange platforms.
- Price information of almost 2000 different cryptocurrencies with charts.
- Comprehensive background information about projects.
- Real-time evaluation of user’s assets.
- Integrated Twitter feed.
The application also has a cool UI with a black background. MyToken’s application is accessible over Android, IOS, HTML5 and Mac. This means that users can access it from any of their devices. Currently, more than 400,000 users are on the platform, mainly from China.
MyToken does not want to limit itself to only providing quality data to its investors. Along with this functionality, the team is ambitiously working towards releasing a number of other functions. When the development is completed by the end of 2018, MyToken will be able to trade, exchange, provide information and act as a platform for discussing the crypto market.
The following are the projects that MyToken team has highlighted in their updated Whitepaper. They plan on integrating these functions over the course of the next few months.
- Target Advertisements by accurately matching the advertisers and audience in the crypto industry. The app will give users the choice to accept ads or stop seeing them.
- Increase trading by connecting to more cryptocurrency exchanges.
- Connect to more blockchain projects all over the world to create an effective channel for fundraising.
- Share user data and exchange information with cryptocurrency investment service suppliers.
- Create an app store for decentralized applications, called DApp store.
- Create a UGC system to support high quality content on the platform.
Perhaps the most interesting of their goal is the DApp store, which will provide blockchain projects with a platform, where they can share their products.
MyToken’s Latest Business Structure Diagram
MyToken’s team will issue the MT token, which is an ERC-20 token, based on Ethereum’s blockchain. MT will serve as the medium of circulation in the platform and become “the core of the system consensus.”
The MT tokens will be used in all of the functions that were mentioned in the previous section.
In case of targeted advertising, the advertisers will use MT to pay the advertising fees to the MyToken foundation for displaying promotional content on the application. Users will be allowed to select the kind of advertisements that they would like to see, this will ensure privacy and users will have relevant advertisements displayed.
- In case of transactions, MyToken will charge users for the service of each transaction, based on the consumption of network resources. This fee can be deducted in the form of MT tokens.
- In case of connecting with more blockchain projects all over the world. The projects will use the MT token on the MyToken platform for better advertisement and reach to the investors.
- In the case of sharing data with third-party services, they will use MT tokens to buy information from the MyToken platform. They can then provide users with useful information and charge them via MT.
- In the case of high quality content, users will be provided MT in the form of an incentive to create more high-quality content.
The ICO of the MyToken platform started on 18th March 2018. The token distribution is as follows:
Total token supply: 4,000,000,000 MT (400 million);
Hard Cap: 22,000 ETH;
MyToken will eventually destroy 1,000,000,000 MT through their buy-back policy and the remaining 3,000,000,000 MT will remain in circulation.
Advisors and Investors
Spectra Advisory will be the main partner of MyToken in their ICO. The advisory company is a blockchain and cryptocurrency consulting company working under the umbrella of Spectra Ventures and Advisory.
Along with Spectra Advisory, MyToken is backed by a number of different Chinese companies. The most notable of which are as follows:
- Block Asset
- Fenbushi Capital
For more information
Telegram: spectraofficial (get updated info and 200 FREE MTs)
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Source: Crypto Potato