Tokenomics
Last updated
Last updated
The myBID Token ($MBID)
The $MBID token facilitates payment within the myBID’s ecosystem. It is a utility token that enables users to carry out credentialing operations and services. It provides an incentive to holders to join the ecosystem, maintain updated data and grant access to third party verifiers. It provides verifiers a simple method to pay for access to the myBID ecosystems services and offer incentives to holders to disclose their information. The token is minted as an SPL token on the Solana blockchain, giving it access to all existing security, trading, exchange, and distribution features provided within the Solana ecosystem. With predefined rules on its creation and utility life cycle, $MBID balances the interests of Holders, Issuers, Verifiers, and Investors. It will be tradable on decentralised exchanges on the Solana blockchain and centralised exchanges.
Key Token Functions:
Payment for verification services
Payment for credential issuance
Payment for API usage / calls
Incentive to join the ecosystem
Incentive to keep information updated
A small fraction of the tokens minted is allocated to the myBID Treasury. Those tokens are intended to support:
Covering gas fees of integrated L1 blockchain (Solana)
Providing protocol liquidity
Roadmap realisation and system development
Venture funding for use case development
The Treasury is operated by the company's executive leadership under the governance of its board of directors. Its actions will be publicly recorded on the Solana blockchain, which is not controlled by the company, staff, or any other related parties.
The tokens initially allocated to the Treasury will be locked-up and vest over a period of 5 years.
