MineBee’s Economic Thinking: What is MB and How it Works?
Understanding behavior, Understanding economy. That’s what we stand for.
Token economy is one of the most indispensable factors that make a judgment whether the project will succeed or not. Token economy is originally applied for behavioral psychology motivating people to conduct following certain instructions. Well-constructed token economy leads node (user) to behave with its intentions in order to form healthier blockchain ecosystem. Ultimately, what token economy seeks to do is the network’s expansion through incentives. Giving reasonable incentives and leading people to reach a common goal are important for the project when constructing its token economy.
MineBee’s token economy has fair, transparent, and obvious usages in our network. Moreover, we planned a token allocation that leads users and investors’ specified target behaviors to the better direction.
What is MineBee token?
MineBee generated an Ethereum-based ERC20 token, MB. It is a dual discount and medium of exchange token used for purchasing services and payments for P2P and B2C trades. Total 5 billion tokens were minted with Token Generation Event (TGE).
1.62 billion tokens are allocated for Token Sale. It is divided into three sections depending on the lock-up terms. 30% of token sale amount has no lock-up, another 30% has 3-month lock-up, and the rest 40% is 6-month lock-up. Lock-up term is inevitable to maintain and gradually increase the value of token. Additionally, it helps to prevent the dumping of the coins which substantially give damages on the price regarding ‘price equilibrium.’
14.2% of total tokens are given for MineBee Team and Advisors with minimum 6 months to maximum 1 year lock-up terms, and 23.4% of total MB tokens are allocated for marketing. It will be disbursed on an ad hoc basis, with a slow release curve that will not affect market prices.
Interestingly, 30% of MB tokens are allocated for Burn reserve. This amount is reserved for the certain events which might require more tokens in various cases with in definite lock-up. When the demand is not met within one year of the funding period, two-thirds of burn reserve tokens will be burned (1 billion tokens).
How does MB token works?
As we mentioned above, MB token is a dual discount and medium of exchange token. When users use MB as a payment token for the partners’ premium services, MB token offers users a discount on additional fees. Users will have a strong incentive to acquire and use MB token.
Strong network effects and its snowball effect will increase the demand of MB token. MineBee generally increases mining efficiencies demonstrated by MB Solution. Our proven insights will incentivize miners to purchase partners’ premium services. Gradual increase of user uptake can help MB token reaching to its ultimate goal of value growth in the future.
The mechanics of supply and demand are meant to be expected the rise of interest in MB token, aided by the fact that there will be no additional tokens minted in the future. Also, its limited initial circulation amount can settle the value of token with gradual influx. Discounted access for MineBee services can accelerate interest in not only MB token but overall MineBee ecosystem.
Once MB token is acquired by the community, tokens may be traded, exchanged, locked up or burned over time. MineBee, investors, and users’ goal to expand its value will be met via exchanges or payments for products and services as MB network circulation shows virtuous cycle. Although it is an ideal concept for MB for now, MineBee will definitely try hard to fulfil the general expectation toward us. Stay Tuned!
Learn more about MineBee:
MineBee Website: https://minebee.io
MineBee Whitepaper: https://minebee.io/MineBee-Whitepaper.pdf
MineBee Booklet: https://minebee.io/MineBee-Booklet.pdf
MineBee Announcements Telegram: https://t.me/minebee
MineBee Facebook: https://www.facebook.com/MineBeeOfficial
MineBee Twitter: https://twitter.com/MineBeeOfficial
MineBee Kakaotalk: https://open.kakao.com/o/gdE8nsfb
