Future platforms have now been developed to maximize technology utilization. The use of blockchain is one of the purposes of the latest technology as a solution for every digital transaction. Blockchain is based on technology that allows information to be managed in a decentralized manner.
Each block/data set is arranged chronologically on a blockchain, which means that all history can be traced. Every network activity is checked and added to the blockchain. A decentralized network manages blockchain. This network consists of independent computers, also called nodes (miners), which are synchronized with each other and excessively store the entire history of the block.
In this way, the failure of each computer has no visible effect due to the redundant history stored on the network node. The security system on blockchain technology is also guaranteed. Bitcoin cryptocurrency is well-known, for example, using blockchain technology. The success of Bitcoin drives more and more platforms built on blockchain technology. The use of this technology has been able to provide convenience and security in transactions.
Mycro developed a platform for work above blockchain technology. It helps everyone to be able to connect to the work needed. Previously frequent problems are usually related to late payments. Finding people who fit the job criteria is also not easy.
Mycro is presented with a concept that makes it easy for job seekers and employers to meet so that they can interact in real time. Job seekers can provide information about their expertise and field of work. On the other hand, the employer can offer a detailed description of the type of work and specification of the workers needed.
The exchange will be carried out using cryptocurrency. MYO tokens will be a legitimate exchange tool that applies to the ecosystem. Everyone can get it through token sales events. When the job is confirmed complete, MYO will enter the worker’s wallet. That will facilitate all the payment in the ecosystem instantly. This system will make no pending payments, so everyone can get comfort when using the platform.
How is the Smart Contract Used on Mycro?
The use of blockchain technology certainly requires the use of smart contracts. It is a service show that is translated into code. The contract will be made by the transactions carried out related to the terms agreed upon by contract. Contracting parties can rely on implementing arrangements without the need for intermediaries.
Only the most essential information needed for implementing the logic of the contract stored in the smart contract. Other data, such as images, descriptions, etc., which are indeed required to ensure optimal use for users but not to execute smart contracts are stored off-chain in either the central database or in distributed systems.
Protocols, such as IPFS, allow non-distributed open data storage that is distributed with the option of referring this data from smart contracts via crypto hasp. This not only ensures integrity but also allows all changes to the information stored outside the chain to be tracked. All arrangements will be stored in blocks in blockchain technology. Security is also ensured by limiting access rights.
The Mycro Protocol with Blockchain Technology to P2P Transaction
The Mycro application shows how blockchain technology can be used to efficiently overcome the main challenges of trust, security, and high costs for a central platform in the economy. However, the performance economy is not the only industry that faces this challenge. This problem can always be found where transactions occur between individuals.
It has been shown that trust and security are the most important factors when deciding to use or oppose a transaction, especially in the case of transactions that are not purely digital but require personal meetings during implementation. The user’s reputation, mostly created by reciprocal evaluation on a single platform, is very superior in terms of security and self-confidence with the opposite developed.
With the Mycro protocol, Mycro’s goal is to implement a decentralized and independent social proof protocol based on Ethereum, which allows other applications to apply it in order to create more trust and security, with low transaction costs, for P2P transactions that occur in both online and offline worlds, opening up the enormous potential of sharing economics.
The Mycro Token Design That Use in The Ecosystem
Mycro tokens are used to give power to the Mycro ecosystem. It is a tool to achieve deeper involvement from the community of signatories, partners, and broader contributors who will be the primary beneficiaries of ecosystem growth. The Token will be issued as an ERC20 token that matches the public blockchain Ethereum. Tokens are classified as utility tokens.
Mycro tokens are used and transferred in the Mycro ecosystem and the Mycro mobile app. Tokens can also be circulated outside the network and outside the circle of people listed in it. Every transaction that occurs in the ecosystem will involve MYO Tokens. Jumla tokens that are sold at token sales events are also limited. This was done to be able to maintain liquidity from the use of tokens.
Burning tokens is also possible to maintain liquidity. Token combustion is the process of permanently removing tokens from circulation, reducing total supply. This will create scarcity in the inventory of tokens. All tokens burns are recorded as transactions on the blockchain, meaning that they are 100% transparent and anyone can verify that the Token has been destroyed.
Mycro plans to steadily burn tokens through the use of smart contract functions known as fuel functions. From each transaction of each prize pool, the percentage of MYO tokens will be burned up to 50,000,000 MYO finally destroyed, which represents 50% of the total MYO ever issued (100,000,000 MYO). High activity in the ecosystem automatically leads to a reduction in the supply of tokens.
Organizing Sales of MYO Tokens
Sales of MYO tokens are carried out in several stages. It consists of Private Sale and public sale. In the Private Sale of 11,000,000 Mycro Tokens (MYO) were provided to strategic partners and buyers tokens with the long term for value project. That only spends a few percents of the total tokens sold.
At the Public Sale, the number of tokens sold is 40,000,000 Mycro Tokens (MYO). It will be divided into four different stages. All unsold tokens will be burned at the end of the token sale. All amounts in this section are presented without tax, such as VAT. The price we publish on the website will be relevant for any sale.
The total Token is 100,000,000 which will be divided into several distributions including IEO Sale, Private Sale, Ecosystem fund, reward pool, company reserve, team & founders, bonus & advisors, and bounty programs. From the sale of tokens, it will be distributed for several things such as marketing, development technology & payroll, banking & crypto, and legal, consulting & administration.
The Use Of KYC Concept
Know your customer (KYC) is a system used for mandatory identification checks for customers to prevent money laundering. The purpose of KYC use is to combat money laundering, criminal activity, white collar crime, and terrorism, minimum international standards for identifying new customers have been made. Every token buyer must go through the KYC process before buying Mycro tokens, besides registering on the Mycro dashboard.
The system is also equipped with IDnow service providers who will check the token buyer identity documents through the mobile application. This process is straightforward and requires only a few moments, so it does not disturb the convenience of the transaction.