Web3 Profile
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Web3 Profile

MTRL (Material) Token: The Gateway to Profile’s Most Lucrative Features

The team here at Tuum Tech created Profile to be an easy-to-use and accessible decentralized digital identity (DID) for the Elastos, Tuum Technologies, and broader communities within the blockchain space. As we’ve continued to test it throughout its beta phase, it’s turning out to function exactly how we envisioned it.

Now, we’re taking things to the next level with the introduction of MTRL (Material), a brand new Web3 token that’s set to go live within the coming weeks in December 2021. The token will provide immense value to Profile and DIDs, adding an extra layer of security and trust to our quickly growing ecosystem.

To better understand how the token works, let’s walk through a brief overview of what MTRL is and how you can benefit as a holder.

What is MTRL?

MTRL is the utility token that goes hand-in-hand with DIDs on Web3, which can be leveraged to further interact with our decentralized platforms and enable access to lucrative features. It is an ERC-20 token that runs on the Ethereum blockchain, however, the goal is to bridge the token to additional blockchain networks for use in a variety of ways. For example, to start, Elastos will be able to leverage its powerful DID service capabilities.

Every MTRL token ultimately allows users to leverage ownership of their own identities — it acts as the mechanism that brings users together on Web3 platforms, inspiring communities to form and congregate to create a more inclusive and decentralized ecosystem.

Let’s learn more about the features that are made available through holding the token.

Verification & Reputation System

The MTRL token provides users with access to a wide array of features on Web3, acting as the gateway to various communities, in addition to a financial mechanism for earning rewards. We’ve revamped the verification process through increased authenticity with MTRL, setting a new standard in the blockchain industry — alongside this is a reputation system where holding the token eliminates the barrier to entry based on certain parameters, establishing greater trustworthiness amongst community members.

Unlocking the Door to Communities

As an example, within Profile, holding a certain amount of MTRL tokens will provide users with access to exclusive spaces and communities — this includes the ability to access NFT collection spaces on Profile, which you can read more about here. This will allow them to engage and communicate with other individuals, further growing their network and connections.

Moreover, MTRL provides an alternative means of access to exclusive communities. NFT spaces require holding a certain non-fungible asset within a collection to enter — by holding a pre-set amount of MTRL, you can enter particular spaces without necessarily needing to hold the NFT itself. Therefore, MTRL can be deemed a replacement for less-established NFT spaces.

Staking & Governance

Users can also become liquidity providers by staking MTRL within pools, helping power and run the underlying network — in return, they can earn additional MTRL tokens as a reward.

MTRL also acts as a governance mechanism where holders can vote and a method in which others can become a part of spaces and communities at a cost — holding a predetermined amount of MTRL gives you the ability to access these benefits. This ultimately creates self-sustaining decentralized communities while establishing an ecosystem with perks such as treasuries, revenue streams, and more.

Conclusion

All in all, MTRL makes the Web3 ecosystem more seamless and easy to use, expanding upon the utility of decentralized platforms and elevating each holders’ credibility. It will serve as the glue that holds these ecosystems together, disseminating the critical aspects of decentralization across the spectrum.

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