Have You Heard of MYCE Citizens?
In celebration of today’s release of the MYCE Whitepaper, we wanted to discuss a philosophical question: What makes a Masternode project special?
One special aspect of a Masternode project is the trustless contract between a Masternode holder and the blockchain. An individual does not need to sign any paperwork to be compensated for running a Masternode, they simply need to run the Masternode. This is a stark difference from crypto mining, where the incentive is not a contract but rather a promise or bet that the coin will yield a value greater than the cost of mining it. But, what we are beginning to see in many new Masternode projects is that, rather than being viewed as a contract for service, some high ROI coins are being accumulated by speculators, who are betting they can get new coins and dump them before they lose their value. That gives Masternode projects a bad rap.
MYCE argues that there is something else that makes a Masternode project special other than direct compensation that can just be dumped — The value of the Masternode itself, as if the Masternode were a ticket to an exclusive club.
In most cases, Masternode investors are unknown to one another unless they self-identify at some point. However, just because they are unknown, does not mean that they don’t have a shared interest in the success of the project, its mission, and the the team standing behind it. In other words, Masternode investors trust the network, even know the system itself is trustless (individuals do not need to know or trust each other for the system to work). It is this strange combination of the trust and the trustless that MYCE believes in.
The trust is the part that binds the community, while the trustless is the part that keeps everyone honest, allows anybody to take part, and makes easy entry or exit possible. Masternode investors arrive by chance and stay by choice.
We may not know their names, but a core value of the MYCE team is that our Mastenode investors are so fundamental to our success that we built our entire decentralized governance system around them. And those who will choose to participate are called Citizens.
It is our vision that MYCE Citizens will be among the first participants in a blockchain project with a truly decentralized governance system. All that will be required to become a citizen is to own and setup a Masternode, and to register it anonymously and securely with a MYCE bot. This MYCE bot will issue a unique ID and password that will allow Citizens to vote on projects that the team will undertake, how payment will be taken, and how profits will be shared equitably among the group.
For MYCE, the power of a blockchain network is only as strong as the mystery individuals who are a part of it.
