📔[MYCE White Paper]2. The project overview of the MYCE -1📔
< CONTENTS >
01 PROJECT BACKGROUND
02 PROJECT OVERVIEW
03 TECHNICAL OVERVIEW
04 TOKEN DISTRIBUTION
05 PROJECT RODE MAP
02 PROJECT OVERVIEW
“Bloom” is a cloud-based portal service platform created to revitalize the sluggish offline market. The Bloom platform began with the aim of sharing meeting information and establishing a trading platform. Buyers and sellers participating in the platform sharing economy market can purchase and sell their goods and services on one platform (e.g., first birthday parties, alumni, family anniversaries, birthday parties, etc.), and event organizers will work together to form more diverse and larger event events and connect them to more buyers.
“Bloom” connects people who supply events, such as searching, generating, and managing events, and connects virtual space to the real world through such transactions, and MYCE tokens will be used as key currency on the Bloom platform so that users in the platform can trade directly with each other on the platform.
This means that it can be purchased in the same form as real currency in real life, can be used to invest in other values in virtual reality, and can be compatible with other expanded mainnet platforms. This allows users to experience new life commerce services beyond the traditional trading methods that existed in the traditional market.
‘Bloom’ has the following advantages.
ㆍAs a platform equipped with a MYCE token payment system and an escrow payment system, MYCE tokens can be exchanged for utility tokens (BOUT) paid to users as well as traded on exchanges where tokens are listed.
ㆍIt provides customer big data analysis services to event organizers (sellers) to provide overall sales management analysis solutions for product sales/attendance/ad traffic and stable profit management.
ㆍLike Meta Research Engine, anyone can easily search for the information they want within the Bloom platform, and even feed on intelligent recommendations.
ㆍBy providing membership services that apply to both buyers and sellers, they can experience differentiated service planning, acquisition and marketing solutions of more rewards, and completely different experiences.
“Bloom” platform aims to help everyone enjoy various gatherings anytime, anywhere by providing spacebased on-demand services. In terms of quantitative and qualitative space constraints, we will focus on consumer convenience and provide verified content and services by providing various event information, thereby increasing consumer satisfaction.
Based on a new market that has not been attempted in Korea, “Bloom” aims to transform the life commerce market based on organized and stable digital governance, setting the target market as a target market for integrating each ecosystem in which countless companies are intertwined.
- The formation of Digital Governance
Since the current network authority belongs to a company that provides services, users are not receiving sufficient benefits from the network. Therefore, unlike existing networks, we should be able to create a network structure that represents our interests without anyone’s intervention.
However, to create a network structure that directly represents our interests, decision-making among network members becomes especially important. This is because each member will express various opinions, such as for whom, how, and how much. Therefore, setting the direction of the network of members of various purposes, that is, the process of each member representing their interests and consulting with each other at the same time, will be an especially important and complex process.
Governance is a big concept that means this process and is the most fundamental operating principle, so blockchain governance is the most key factor in the development of blockchain, which can exert influence in all directions.
[Two key elements of MYCE project’s blockchain governance]
1. Incentive : Utility Token (BOUT)
All user groups in the blockchain system move for individual incentives (reward). Each group has the right to propose changes in their favor to the platform over time, which can lead to changes in compensation structure, monetary policy, or power balance, leading users to actively participate in governance as consensus entities.
2. Coordination mechanism
It is unlikely that all user groups will always agree on incentives, the ability to consult around the common interests of each group becomes especially important to change the incentive structure. In this process, a specific group (leader group) is encouraged to lead consultations better than other groups, such that consumers control the subject of governance.
The value of the MYCE project is not in the chain of blockchain data, but in social consensus with the community surrounding the chain. It is the role of governance to maintain a community and value tokens accordingly.
In the case of Bitcoin and Ethereum, changes to the system are proposed to the community in the form of improvement proposals called Bitcoin Improvement Proposal (BIP) and Ethereum Improvement Proposal (EIP), respectively. Voting on improvement proposals is underway and changes are finally applied, and it can be a problem that these decision-making rights are ‘centralized’ to a small number of developers or miners.
Based on this, the MYCE project designed the basic BM of the concept.
Key feature of the MYCE project is a token payment system consisting of myce tokens based on erc-20, utility tokens based on sidechain, and nft fragments.