Blockchain is a decentralized general ledger. It is a computer network that has an identical copy of the database and changes its status (records) to a common agreement based on pure mathematics. All this means that there is no need for any central server or any entity we trust (e.g. central bank, notaries, banks, Paypal, etc.). The blockchain is the technological basis for all cryptocurrencies, whether Bitcoin, Ethereum, Hyperledger, etc.
An important part of the blockchain is the smart contracts, a piece of code that is stored in the blockchain network (in each participant's database). It basically defines the conditions to which all parties using the contract agreement. Therefore, if the required conditions are met, certain actions are executed. Because the smart contract is stored on all computers on the network, everyone must run it and get the same result. This way users can be sure that the result is correct.
Blockchain and Smart Contracts open many doors to new decentralized businesses and eliminates the need for expensive third parties. Many new companies are now working on this technology, and large companies are testing it in closed networks to collaborate directly with each other without the need for intermediaries. Moreover, another main reasons why cryptocurrencies are more fashionable is because we know that traditional banks, as modern as they want to be, have an old-fashioned culture and mentality. Beyond the typical financial instruments, they have only evolved to provide some online services. Now, with the emergence of DeFi (decentralized finance), a world of financial instruments is opening up, accessible, open and without permissions for anyone with a cell phone or a computer connected to the Internet. It is a movement that takes advantage of decentralized networks to transform old financial products into transparent protocols that work without intermediaries.
For that reason, there is a lot of projects that are starting to use this new technology. However, not all of them are worth it. We have to read well what each project is dedicated to, what is its whitepaper, its qualified advisors, etc. As I said, blockchain technology has gained popularity due to the hype about cryptocurrencies which has shaken many startups to launch their own cryptocurrencies even without convincing fundamentals. This trend has emerged because new entrants have been more agile in adopting emerging technologies compared to incumbents who are hampered by legacy systems. However, this competitiveness and this advantage enjoyed by the new players may be short-lived, as no economies of scale are taken into account.
Moving on, the project I'm going to present you is Magic Balancer (https://magicbalancer.org), a DeFi token that provides rewards to active users via smart contract protocols.
In more detail, Magic Balancer (https://magicbalancer.org) is a deflationary governance token which provides rewards to their active users, while incorporates transactional rewards with liquidity rebalancing features later mentioned.
Magic Balancer protocols are trustless and require no human interaction to keep them running, ensuring not only they are running anytime, but also that the original code cannot change. In my opinion, this is one of the most important features that the platform has, due to is the most common problem of the current DeFi projects that offer staking and farming liquidity pools.
The most valuable thing of the platform is their own token, called MGB token. MGB is designed to be not only a sustainable, a maximization and a valuable token, but also a deflationary governance token with exceptional rewards.
How does it work?
The token has two main functions. On the one hand, 1% of every transaction is distributed to LP providers. On the other hand, a second function is available once an hour and can be called by anyone who holds a minimum of 200 MGB in order to remove 2% of liquidity and split it into ETH and MGB. Then, ETH market buys MGB , and finally, a 95% of total MGB are burned. Other 5% are sent to caller of the function.
In more detail, their mechanic ensures that it's proper uniswap price is constanly increasing due to the platform has the ability to remove a portion of the liquidity MGB/ETH, buying more MGB with the ETH corresponding part, and burning the entire of the remaining MGB. Rebalancing the uni MGB/ETH pair and raising the value of MGB against ETH.
Moreover, as said before, the platform charges a 1% transaction fee and distributes it to token holders in order to give a compensation of early users. The percentage of fees generated user earned is calculated by the total of MGB that user hold among other users, generating a higher yield than would otherwise be possible.
It is to say that the platform are launched on both, Ethereum and Binance Smart Chain networks in order to get the token accessible for anyone instead of current high gas fees of ETH. The platforms will run paralely, thus, it could experiment different MGB prices.
MGB token will be governed by the communty and will be achieved thorugh MGB voting. The basic steps to make a proposal will be put a draft on the telegram chat, do a survey, publish the porporsal on the corresponding forum, and finally create the governance contract for MGB community voting. Being 3 the maximum period days.
The project gives the opportunity to earn MGB tokens performing some social media tasks and doing simple steps from the bounty program explained into the following Bitcointalk Thread here (BTT_Thread_MGB), where you can access the link in order to see what are the conditions to become an early Rise contributor and start acquiring tokens.
For more information about the project, you can visit and read their WhitePaper available here (MagicBalancer_WP). You can also stay tuned in their official Telegram Channel (https://t.me/magicbalancer). I hope you liked the post and soon I'll send you new ones.
1 MBG = 0.001 ETH or 0.01 BNB
Type: ERC-20 and BEP-20
Total supply: 300,000 MGB/network
- Develop tokenomics
- Develop several features
- Develop token contract, front.end website and dAPP
- Write whitepaper
- Token presale
- Launch of MGB on Uniswap and Pancakeswap
- Marketing campaign
- Bounty campaign
- ETH-BSC bridge
- Secure project partnerships
- Magicswap launch
- Creation of MGB DAO for governance
- Transfer contract ownership to governance contract
- Prepare 2022 roadmap
Social Media Links
Bitcointalk username: adriaparcerisas
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1870482
ETH and BSC wallet: 0x91707502A8DFDC523f7a6f2c218cC9a52777d5ad