Allow me to reintroduce myself
We are excited to celebrate the official re-launch of My-Chance, the world’s first globally accessible, 100% non-custodial, Prize Bond protocol.
My-Chance is an innovative decentralised application with a mission to maximise the potential and impact of both saving and owning art in its code. An increasing number of people are enjoying the benefits of saving with decentralised finance. Now My-Chance further complements existing DeFi mechanisms by bringing entertainment value through gamification and collectable art to the sector. In honour of this significant milestone, the team behind the DSE (decentralised social enterprise) will host a series of giveaways on Twitter for a duration of 5 days which showcase the art of this accomplishment.
My-Chance is a trifecta of non-custodial saving, gamification and collectable compositions that enhance the concept and operation of a Prize Bond system. The no-loss lottery protocol gives its collective of users repeated automatic entry to regular prize draws and the ability to support social and environmental causes, without cost outside of network transaction fees, while they save.
How it works
- Members deposit digital assets and create a Prize Bond NFT for each deposit made which is sent directly to the creators wallet. The Prize Bond NFT serves many functions, including securing the deposit made to create it as only the bonds owner can withdraw the underlying deposit attributed to it.
- Each NFT upon creation contains a unique data packet, this data includes its principal value, its unique identifier and information about the art that has been attributed to it. Some of this information is added to a database for the randomised prize allocation process. A Prize Bond NFT is comparable to a digital lottery ticket whose number of lottery entries is relative to the value of the savings deposit it secures.
- Strength in numbers. The collectivised savings deposits of bondholders earn interest on Aave. Aave is the leading non-custodial liquidity provider in DeFi (decentralised finance). Once a week interest accrued by the collective is distributed to Prize Bond holders by lottery with additional draws held at the end of each quarter. Each Prize Bond NFT participates in all lotteries of its kind for the duration of its existence.
- A portion of the interest generated is designated for directly supporting social and environmental causes.
Prize Bond owners can redeem the underlying value of a bond at any time by burning it. When this transaction is executed the software infrastructure sends the deposit made during the bonds creation transaction to the wallet of the bond owner. The social lottery process is fully automated and implemented using Chainlink VRF, which guarantees secure, provably fair, verifiable draws. The entire process is 100% non-custodial operating through the integration of smart contract infrastructure.
Taking part
Prize Bonds are available in stable currency units such as 10 DAI.e, 10 USDT, 10 USDC or any multiple thereof. They can also be created for digital smart assets like AVAX or LINK, currently in units of 1 or any multiple thereof.
Prize Bonds participate in all lotteries of their type, meaning that stable currency bonds participate together in the same lotteries, while LINK bonds have their separate lotteries, and the same applies to AVAX bonds. And the best part? Once you’ve created a Prize Bond, it participates in all lotteries of its type automatically for the duration of its existence, without any further action required on your part other than to claim a prize.
Creating a Prize Bond is like acquiring a multitude of lottery entries while you save. The number of entries a bond holds grows proportionally to the value of savings deposited upon its creation. For stable assets, a value of 10 gains 10 entries, 20 gains 20 entries, and so on. For AVAX and LINK lotteries, a value of 1 is equal to 10 entries, 2 is equal to 20 entries, and so forth. This means that the more you save, the greater your chances of winning.
And if you ever need to redeem your initial deposit, you can do so by burning your Prize Bonds at any time to receive 100% of your investment.
In short, My-Chance social lotteries offer a unique way to save and potentially win big. By creating Prize Bonds through savings deposits, you can participate in multiple lotteries with just one investment. So why not join the collective today and see where your savings can take you?
About the Art
Recognizing that the potential of their enhanced Prize Bond system extended beyond just technical efficacy, the team behind My-Chance (Mycelium Network) worked tirelessly to improve the aesthetic qualities of the protocol. After deploying the architecture for the protocol in July of last year, they set their sights on enhancing both the user experience and the ownership experience of the protocol. This involved redesigning both the protocol’s user interface and integrating art into the Prize Bond NFTs.
Drawing inspiration from computing pioneers like Tommy Flowers, My-Chance developed a decentralized protocol that is highly efficient and progressive. In deciding on a theme for the art of the first collection of Prize Bond NFTs, it was fitting to acknowledge some of those who paved the way for the protocol’s development. The underlying vision behind these compositions is to celebrate humanity’s accomplishments as a network of interconnected people and events.
The first collection of compositions ‘Ready, Set, Go’ pays homage to some of the individuals and technological achievements that coalesced and enabled our modern world to exist as it does. By creating an experience that is visually engaging and empowering in its message, My-Chance aims to instil a sense of pride and personal investment in those who participate in the Prize Bond system.
Principal Value
One of the distinguishing features of My-Chance NFTs is their principal value. While other collections have a price floor that can decline to zero, those minted with My-Chance have a price foundation. To create a Prize Bond NFT, a savings deposit is made which is coupled to the NFT. While the bond may appreciate in value as a collectable asset, its creator or current owner will always be able to redeem its original stake. At any point in time, the owner of a Prize Bond NFT can burn the NFT and receive the deposit made in its creation transaction. This principle value brings a new concept to the digital art world, art pieces which possess a value that is both objective and subjective.
Through their efforts, Mycelium Network has achieved their goal of creating a non-custodial Prize Bond system that is not only highly efficient but also aesthetically pleasing and engaging for users. Building on the legacy of computing pioneers and pushing the boundaries of what is possible, My-Chance redefines what a Prize Bond system or piece of art can be. The protocol stands as a testament to the power of innovation and the potential for new technologies to transform the way we interact with the world around us.
Looking forward
Our roadmap includes the addition of new collections that are engaging visualisations of development education. Over and above that, work will continue on refining the protocol. Other development plans include extension projects which actualise an ethos which holds Web3 as a tool which can provide secondary benefits for its users through sustaining civil and environmental life.
While building upon this proven concept of NFT utility in other forms the team is focused on the integration of protocol governance. This will enable collective participation in key decisions, such as the selection of additional causes to support and the implementation of new prize distribution models.
Why decentralisation?
My-Chance and other non-custodial applications, also known as decentralised applications, offer a plethora of benefits that make them an appealing option for various infrastructures, networks, or platforms. These applications provide enhanced security as users have full control over their data and funds. Without the need for a third-party custodian the risk of misappropriation is removed and there is a reduction in the potential for hacks and thefts.
Additionally, they can offer greater privacy, as users can engage with infrastructure without revealing personal information. Furthermore, non-custodial applications built on the Eco-friendly Avalanche network allow for public verification of transactions and smart contract code, providing a greater clarity of platform operation. These benefits make non-custodial applications the superior choice for systems that prioritise efficiency, security, privacy, and transparency.
What Is a Non-Fungible Token (NFT)?
Non-fungible tokens (NFTs) are data packets that have been tokenized via a secure decentralised public network such as Avalanche. They are assigned unique identification codes and metadata that distinguish them from other tokens.
They may represent many things, collectible art has garnered most attention to date and they have firmly begun adoption within the music and entertainment industry. While still in their infancy their core strengths include immutability, forgery resistance, excellent verifiability, time durability, and public transparency. As a result, NFTs possess an unprecedented set of properties that enable us to create new approaches to solving previously unresolved problems.
Owing to their unique digital characteristics they cannot be copied, substituted, or subdivided. Ownership and provenance are recorded in the public network record on which they were created providing unassailable proof of their authenticity and proprietary rights.
DSE (Decentralised Social Enterprise)
DSE as it relates to Web 3 is a model which achieves and promotes positive impact through leveraging secure decentralised networks and their associated infrastructure. Typical social enterprise models task themselves with addressing social problems such as poverty, inequality, or environmental degradation, and exercising sustainable and responsible business practices. Rather than focus on profits such projects aim to generate resources to achieve their stated aims and to grow and further their influence.
Self-sustainability is a key characteristic of social enterprises and is essential to the ability to uphold the pursuit of social and environmental goals. Unlike traditional non-profit organisations, which rely on external funding sources such as grants and donations, social enterprises fund themselves through the provision of goods and services. This allows them to be independent and ensures their long-term viability. The benefits of this model include increased autonomy, flexibility, and scalability.
Non-custodial protocols implementing this model can be developed and administered using a structure similar to that of a DAO (decentralised autonomous organisation), where decisions are made in a democratic manner. This enables a diverse range of constituents to build a collective and have a say in the direction of a project ensuring that it aligns with their needs and values.
