10 Reasons to hold MIMO
The internet is the most revolutionary technology of the 20th century. First envisioned by scientists such as Nikola Tesla and his “world wireless system”, the current internet’s schematics were only laid down in the early 60s.
The endless toil of pioneering programmers, engineers, and scientists has given rise to the massive information superhighway that has turned the world upside down. However, the “network of networks” was actualized by Tim Berners Lee in 1990.
In its three decades of existence, the internet has brought the linear business model nearly to its knees and replaced it with the platform economy. Massive enterprises such as Amazon, Facebook, Google, and Apple have leveraged the internet and scaled to gigantic proportions.
Meta Platforms is now worth over $561 billion, while Alphabet’s net worth has crossed $1.7 trillion. Apple’s $3 trillion net worth now eclipses the UK’s Gross domestic product (GDP).
The linear business model ran via well-described linear supply chains was the original driver of the global economy. Its inventory and balance sheets built some of the 20th century’s industry titans. Colossal companies such as General Motors, Toyota, ExxonMobil, Ford, Walmart, and General Electric were kings of the global economy.
Networks scale faster
It was unimaginable that technology would move the cheese to network models. First launched in 1962, Walmart has a $378.5 billion net worth. In contrast, Jeff Bezos incorporated Amazon in 1994 and is worth over $1.5 trillion.
The success of the tech giants is proof that the platform business model can scale faster and easier than the linear business model. Platforms scale through their incredible network effects. On top of that, they grow as per the economics of data.
To this end, the platform’s network effect scales as more users join its network. Moreover, these incremental benefits are heightened by the near-zero costs of replicating apps or the services that platform businesses send down their supply chains.
As an illustration, Airbnb could have spent a tidy sum on their desktop and mobile app. It, however, does not cost them much to replicate that app for its user network. Consequently, these platforms have low operations costs compared to, say, a hotel chain.
A hotel chain would need to build a hotel and hire more workers to expand its reach. In contrast, Airbnb only needs to attract new homeowners to its listings and acquire more living space for its 150 million customer base.
The platform advantage eliminates the need for physical assets, human capital expenditure and controls production in expansion. On the other hand, linear business models need employees and physical assets to scale. Networks scale easily and faster than employees and physical assets
Decentralized networks are sustainable
These platforms, however, have a dark side that is adversely affecting their users. The current internet economy has low security and highly imbalanced creator economics. In addition, most of its users are disgruntled due to its highly capitalistic centralized controls.
As an illustration, whistleblower Frances Haugen, a former product manager at Facebook, has testified to Congress that the social media giant favors profit over safety. This is alarming as Facebook rebrands to Meta and begins to build an augmented and virtual reality metaverse.
In late 2021, a Facebook maintenance process caused a server outage that plunged its 3 billion user networks into darkness. The cataclysmic outage was so complex that Facebook engineers had difficulty accessing its servers.
In this same timeframe, a disgruntled hacker released Twitch’s internal data to the public, highlighting the harassment of its content creators. As a result, content creators have accused the video live streaming platform of ‘hate-raids’ and marginalization.
Incidences such as the Cambridge Analytica scandal or the Google+ data exposing hack make it clear that the internet needs a solution to its escalating hot-button challenges. Users have lost faith in the centralized platform economy business model as the race to control private data and build walled gardens escalates.
Fortunately, the internet is evolving. It is embracing a decentralized outlook and re-inventing a new sustainable economic model. Web 3.0 is the third iteration of the internet. Unlike Web 2.0, which is characterized by the centralized platform business economy model, Web 3.0 is the creator’s economy.
Blockchain technology can pool together user assets, computing capacity, devices, and data, and use these network effects for the public good. Therefore, it will build a resilient and more powerful internet that wrestles control of internet resources from the oligopoly of the big tech platform.
Over 59% of the world population today saves their private data on platforms that use it to power lucrative business models. In 1990, only 1% of the world’s population had access to data. By 2030, 90% of the global population will depend on the internet for communication, education, and business needs. In addition, the entire globe will voice their cultural identity, personal connections, social, political, ideological, and welfare via the internet.
Web 3.0 is user-specific. It gives users control of their data and has higher privacy and data security metrics. In addition, it is more equitable and inclusive, leveraging blockchain technology to support digital asset ownership.
Mimo benefits for the Web 3.0 economy
The Mimo Protocol is built on the knowledge that trust and loyalty are vital ingredients to a healthier and sustainable Web 3 ecosystem. Mimo, therefore, has open services that present the user with a value that helps scale its network effects.
The Ethereum blockchain provides Mimo Project user data security and privacy via its smart contracts. Moreover, its economic incentives and cryptographic proofs will keep the internet decentralized and trustworthy.
MIMO is the Mimo Project’s utility and governance token. MIMO gives the Mimo Protocol user access to financial services. It is a decentralized finance platform with yield farming, staking, and liquidity mining services.
On top of that, it gives its liquidity providers with the PAR stablecoin, the sector’s first decentralized stablecoin, that tracks the value of the Euro. As a result, Mimo Protocol users only need to lock crypto assets such as ETH into Mimo Protocol vaults to access PAR.
To earn some MIMO tokens, liquidity providers only need to lend out their PAR on Balancer and earn MIMO tokens. They can then stake MIMO on the Mimo Protocol and acquire Mimo governance rights via vMIMO.
Alternatively, you could buy MIMO tokens on decentralized exchanges like ParaSwap or Balancer. MIMO is also available on centralized exchanges such as HitBTC, Bittrex, Swissborg and Liquid. Buy ETH and swap it for MIMO, then transfer it to your Web 3.0 wallet. MIMO’s maximum supply is 1 billion tokens.
Industry specialists such as Vitalik Buterin says that utility and governance token incentives mechanisms play a vital role in ensuring blockchain network security. Blockchain technology’s incentives mechanism forces all users to play by the rules.
“You can use all of these [cryptographic] tools basically to prove things that happened in the past according to a certain set of rules, “ Vitalik says.
Many blockchain enthusiasts agree that Satoshi Nakamoto’s genius was in the combination of economic incentives and cryptography. Bitcoin mining and block reward systems were vital to expanding its network effect.
Even incentive strategy naysayers such as proof-of-stake (PoS) network Algorand have had to launch a $3 million DeFi incentive program to ensure its network’s full participation, speed, and security. In addition, its liquidity providers will earn ALGO tokens.
A Web 3.0 platform derives its utility from its participants. To this end, a larger Mimo network implies more value for its users. Mimo Protocol, therefore, rewards its users with MIMO to reach critical mass and accelerate platform growth.
Consequently, Mimo Protocol users will derive much from its protocols as more people hold MIMO tokens. There are many reasons why every Web 3.0 user should have MIMO in their wallet. They include;
- Reward in MIMO tokens for participation in increasing the Mimo Protocol network effects.
- Early Mimo Protocol adopters earned and bought MIMO at low prices. The early adopters will, in turn, earn more return on their investment as the Mimo Protocol network undergoes expansion. Mimo is, therefore, one of the top investment vehicles in the new Web 3.0 platform business model.
- As the Mimo Protocol utility increases, MIMO’s use case will scale alongside it. Consequently, its holders could deploy it in various Web 3.0 platforms and applications. Platform interoperability will give MIMO holders access to multiple platforms and secondary markets to invest or trade using MIMO and earn more Web 3 benefits. Right now, MIMO is available in Ethereum, Polygon and Fantom.
- MIMO token holders act as Mimo Protocol’s stockholders. As a result, MIMO holders can sell or buy more platform tokens at their leisure. They do not need online trading accounts or brokers to trade their MIMO. As a result, cryptocurrency trades are near-instant and low cost.
- MIMO is also a governance token. Its holders, therefore, become active participants in Mimo Protocol’s financial success. In addition, MIMO token democratizes innovation and supports their engagement in community governance.
- MIMO token holders provide a first user base for its DeFi services. Consequently, MIMO holders are highly incentivized to use its protocols to ensure that MIMO grows in value. Therefore, the MIMO token unites all parties towards one common goal; the growth of the platform.
- Mimo Protocol has one more ace up its sleeve; the PAR stablecoin. MIMO holders can easily access PAR for real use. They can use PAR in Web 3 and Web 2 payments and help accelerate Mimo Protocol growth.
- In his document “How to Build a Better Internet: 10 Principles for World Leaders Shaping the Future of Web3,” Andreessen Horowitz refers to stablecoins as the Web 3’s basic building blocks. Stablecoins will help internet users access more value from the internet. Therefore, the PAR stablecoin will have more users as the Web 3 economy takes shape, increasing the Mimo Protocols network effect.
- While Andreessen Horowitz recognizes the potential that stablecoins offer to the Web 3 ecosystem, he also vouches for “well-regulated” stablecoins. Fortunately, PAR is a fully decentralized stablecoin. Its value is fully backed by crypto assets in the Mimo Protocol’s vaults. Consequently, while stablecoins such as Tether might undergo regulation, the PAR community governance system will ensure that it upholds the virtues of free internet for all. Furthermore, a decentralized PAR will attract the content creator economy users and maybe even increase MIMO’s values.
- EU Economists believe that the Web 3 economy can give the EU its digital sovereignty. Stablecoins that track the Euro, such as PAR, will support the EU’s digital sovereignty ambition and free the region from the USD hegemony over the traditional financial system. Such benefits will make PAR more attractive to its holders.
Mimo token holders partake in ethics-based community governance, driven by clear goals, and benefit the entire blockchain community. For example, the father of the World Wide Web, Tim Berners Lee, built the internet for public benefit.
He says, “I’ve always believed the web is for everyone. The web has evolved into an engine of inequity and division; swayed by powerful forces who use it for their agendas. Today, I believe we’ve reached a critical tipping point, and that powerful change for the better is possible — and necessary.
To this end, Tim advocates for platforms such as Mimo Protocol that hands power back to the user. Content creators will then have a strong incentive to align their creative process with users’ needs since the Web 3 network will not extract value from them but create opportunities.