Million Token today announced the forming of the Million Token Foundation. This milestone is a major move for the Million Token community on its mission to establish itself as a long-term store-of-value social token.
Social tokens will disrupt industries
The CEO of RealVision and former Goldman Sachs executive Raoul Pal went on The Defiant podcast in July 2021 discussing this emerging sector in cryptocurrency. He commented on how he “took some macro bets in the future of where this is all going including communities and social tokens”. According to Pal, in the near future businesses will be focussing their efforts on communities.
They will be driving their own value systems through social tokens, and benefit from the network effects of those systems. He used Disney as an example in that podcast to demonstrate how cryptocurrency can disrupt that business and give them more direct relationships with their fans and community.
“Let’s say you are Disney, how many fans does Disney have?… A billion people, maybe two, maybe three?”
“That token becomes the currency of the Disney world. You build a whole economy around Disney. If the community becomes more valuable… culture becomes an asset you can invest in.”
Raul Pal also pointed out that the social tokens industry will move from a billion-dollar business to a trillion-dollar business over the next five or ten years.
Built for community, strengthened by community
Million Token is a decentralized fixed supply digital currency launched in early July 2021 by Patrick Shyu, commonly known as TechLead. In the two weeks that followed the launch, an energetic community rapidly formed around it, and it quickly evolved into a successful social token overseen by The Million Token Foundation. Since the formation of the foundation, TechLead has become an advisor and investor in Million Token.
The foundation was created with the following goals in mind:
- Community support is provided through development and advocacy.
- Oversee the incoming and outgoing financial transactions from the community wallet.
- Adoption and collaboration within the community.
- A roadmap and governance dedicated to the growth of Million Token.
“Million Token caught everyone by surprise and I’m excited to see there will be a team dedicated to the community’s safety and strategic growth,” says Carlos A. Vazquez, Lead Lion at Million Token. “With the current speed of growth, this was the next logical step.”
This news comes in the wake of many recent initiatives and accomplishments of the community and this foundation, including:
- Community wallet for anyone to contribute to, for development and marketing
- Community Discord Ideas/Suggestion Box process, approved ideas are tracked on a public Trello board
- Successful NFT campaigns and community artist promotions
- Automated eCommerce solution for allowing businesses to accept Million Token
- Available on 8 exchanges (2 centralized and 6 decentralized exchanges)
- Within 2 weeks, achieving a 240 million market cap
- Less than 2 months, reaching more than 18000 holders
- Available on Binance Smart Chain through a BSC network integration
- Partnership with AnySwap
- Successfully passed a Certik audit
“Our single most valuable asset is the Million community.” – TechLead. To learn more about The Million Token Foundation, visit the website.
About Million Token
The Million Token is a decentralized ERC-20 smart contract on the Ethereum blockchain validated by millions of computers worldwide. The total supply of tokens available on the Million platform is precisely one million tokens.
There is no method to generate more tokens because the technology does not allow it. All available tokens are currently in circulation, no mining is needed, and is eco-friendly compared to other limited supply cryptocurrencies (for example, Bitcoin).
The Million Token is a deflationary token by nature, and it began with a peg of 1.00 USDC per token, with its value increasing over time as scarcity rises.
The token may be used as both a store of value and a transaction method, and it can also be transferred in fractional amounts, allowing it to be used for microtransactions. The microtransactions can be done up to 18 decimals.
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