Introduce ‘Seed Airdrop’ and ‘MCC network’ for newcomer
MyCreditChain’s token distribution system was inspired by Charles Eisenstein’s ‘Sacred Economics.’ Eisenstein argues that the transaction was originated from ‘gift.’ According to the author, ‘gift’ is the circulation of surplus and exchange through money is the circulation of depletion. The concept of ‘seed gift’ is drawn to build the surplus circulation of trust by the act of giving gifts.
We have applied the concept of ‘Seed Gift’ to the actual companies for five years and confirmed that trust networks were established. The instance of ‘Seed Gift’ demonstrates that modeling and quantifying to measure future reliability is possible through the analysis of clustering, density, social stratum, breakaway, etc. within the human network.
All participants in MCC network get three seeds every day. The seeds have no value unless they are given to some else
Inspired by Silvio Gesell's 'negative-interest money' theory, MCC adapts token confiscation policy from inactive participants. This policy allows confiscation of a certain percentage of the tokens held by the inactive participants, thereby inducing activities among the participants in the network as well as increasing the value of Tokens held by the active participants.
Silvio Gesell originally intended a form of a "holding" tax. However, in blockchain, it is possible to identify inactive tokens. Therefore, we adopt a policy that identifies the inactive participants and collects a portion of the tokens from them. For example, a participant who are inactive for 1 month will get their 10% of the tokens confiscated. This policy will apply to all MCC participants.
However, it will be applied only to tokens acquired from P2P airdrop(DAD) Tokens bought at exchanges will be exempted from this policy. The collected tokens will be stored in MCC foundation as reserve for P2P Airdrop. It enables to build a self-circulating MCC ecosystem without issuing additional tokens
'MCC network’ ?
MyCreditChain can create credit in a way that is different from the existing credit rating methods. MCC network provides daily airdrop of 10,000 tokens. The airdrop works in the following way. All participants in MCC network get three seeds every day. The seeds have no value unless they are given to some else. We build good relationship with each other by giving gifts.
The seeds are to give and build relationship. The 10,000 tokens are, then, shared among the seed receivers in proportion to all seeds received in the network. Information gathered from airdrop can be used to analyze social connections and dependability between individuals and reputation level in a his/her group. Trust couples and trust unions that share credit among group participants can be formed as well, and even more information can be provided for analysis on behavior patterns with conjunction with offline based data (address book, IoT, location information, etc.).
3 goals of ‘Seed Airdrop’ and ‘MCC network’
The MyCreditChain Seed Airdrops achieves 3 goals
Firstly, users build and expand their personal relationship in MyCreditChain network with gift giving, and MyCreditChain expands exponetially along with it.
Secondly, by tracing the gift circles among the users, interpersonal mapping surrounding each individual is possible. This information reveals the users’ interpersonal connectivities and positions in their personal relationship. In addition to the personal credit information, it become a valuable measure of credibility.
Thirdly, Seeds is a daily voting mechanism. Seeds incentivize users to vote for people they like, trust, care, want to help, or want to get to know. The MyCreditChain network incentivizes good people for being good.
In addition, MyCreditChain confiscates tokens from inactive users. 10% of the inactive MyCreditChain tokens that have been unused for over a month will be returned to the MyCreditChain Foundation to be reused for future Seed airdrops. Confiscation is limited to those tokens provided via airdrop. This policy will foster active participation and limit the token’s role as a storage of value.
Utilizing the massive network effect of Seed Airdrops, MyCreditChain can exponentially gain new users and continue a steady flow of new connections
MyCreditChain not only aims to revolutionize personal credit rating data, but also push blockchain to the next level.
If you have any questions, please feel free to contact us at any time.
▶In-house venture of a company that has been leading the development of Korea’s financial system for 20 years
▶MCC has already been recognized for its business and technological potential with investment of 3 million dollars.
▶Our ongoing ICO is about raising funds to work together with various partners and users from across the world. We also want to combine proven technology and business with the ideas of Blockchain
▶MCC is not just a product or service. It is a platform and solution for various global partners.
▶MCC enables transparent distribution of “People to people” credit information and new value innovation for anyone in the world.