MAIN is the cryptographic token on the Main Technologies platform that serves as a link between Main Credits (Mc) earned on the application and the secondary market of MAIN that powers its ecosystem. In order to maximize its functional value to the widest audience, MAIN is available as an ERC-20 token.
Main Technologies is powered by a novel ecosystem consisting of credits called Main Credits (Mc) and an ERC-20 token called MAIN.
The dual economy ecosystem is designed to simplify onboarding and use by a broad range of users, especially those that may not be familiar with a free-market, cryptocurrency ecosystem.
Main Credits (Mc) are used internally within the app and can be earned by performing various actions within the platform. Mc can be converted to MAIN and traded on the secondary market. While Mc is fixed in value, MAIN can increase or decrease in price based on the demand for Mc.
Business customers of Main Technologies that pay in fiat will help the Mc economy through token burning. Below we learn about the various mechanism within the token economy.
Users on the platform can begin earning Mc right away simply by setting their profile up and creating their Main Name on the platform.
Users can also upload their social media data to earn Mc. The value of the data in Mc is dependent on how comprehensive the upload is – for example, Google enables export of data via its “Takeout” service which offers a more comprehensive package of reliable data. Another option provided by Main Technologies is to enable sign-in and permission granting by the User to their various social networks such as Facebook or Twitter.
Main Technologies takes into account the age and activity on the social media account to determine the relevancy of the data. New social media accounts under 90 days old will not receive Mc credits.
As Users invest their time to build up their profile information they can monetize this by selling it interested corporate entities and enterprise partners.
Main Technologies will be responsible for building the partner network and finding potential data buyers. Some degree of vetting will occur to ensure that data is being sold to qualified buyers.
In doing so, the User is not responsible for finding their own data buyers, and companies are less likely to deal with “one off” single-individual purchase arrangements. Rather, companies can approach Main Technologies to purchase in bulk.
Because Main Technologies incentivizes users to build their profile to be as comprehensive as possible using multiple validated data sources such as social media, and physical government issued IDs, we expect that our user data is one of the most comprehensive of its type. Thus we expect companies to pay top dollar for our customer’s data.
Users will earn credits for each new company they opt-in to share their data with, and they can choose which data they share. Companies can also specify which data they need and decide, at a minimum, which data is required for credit payout.
Main Technologies does not store any customer data and therefore each data request will be fetched from a user’s device. We expect that users will earn the majority of their Mc in this manner.
Main Technologies earns revenue in two primary ways:
A) Receiving a fee for customer data sold on the platform – Main Technologies is paid in fiat or MAIN token, but pays out in Main Credits (Mc) – meaning it pays out in a no-cost credit system that is infinitely mintable
B) ID Attestation and SSI services – Main Technologies is paid by corporate and higher education clients to create digital identities on behalf of their users. These digital identities can be used in place of physical cards on both corporate and college campuses, reducing the cost of equipment and loss, while enabling their employees and students the ability to manage their data from their device
Main Technologies encourages the use of MAIN by businesses wherever USD or fiat is supported in its purchase flow. For example, MAIN can be used to purchase customer data instead of fiat. To incentivize its use, businesses are given a 10% discount for all purchases made with it.
As Main Technologies continue to gain traction in the market, it intends to expand its business use cases and revenue opportunities.
Users on the platform can make use of Main Technologies ecosystem to convert physical ID information to attested digital identity information. As Main Technologies continues to expand its reach it intends to forge new business relationships with customers such as banks, exchanges, and other financial institutions where KYC and AML is required to be performed.
Users can enjoy the convenience and simplicity of performing rapid KYC and AML by directly permissioning their Main Technologies profile with each financial services provider. This negates the need for each institution to possess its own copy of the data, instead it can simply recall or request this data as needed from the customer.
Such is the future of SSI, as ‘honey pot’ attacks are less likely to be common when all customer PII is stored under the safekeeping on a decentralized network of users.
Users pay a small fee in Mc to have their physical IDs attested by the platform. This can be done digitally by taking a photo of or scanning the IDs. Main Technologies will use proprietary technologies or outsource ID verification to a third party.
User who do not have the requisite amount of Mc in their account balance can purchase MAIN tokens and convert these to Mc.
Through the Main Access Identity Network (M.A.I.N.) users can perform verified payment transactions between one or more known parties. This assures that both the sender and recipient are verified, with each transactions varying in the level of verification necessary, for example users can require pre-verification of KYC and AML prior to transacting with others or can simply require a full name and email address. Businesses can pay contractors, individuals can pay service providers and professionals can receive payments by clients instantaneously without a banking intermediary while still retaining the benefits of knowing who the other party is. Transactions that occur on M.A.I.N. are costless for parties and settle instantly.
As MAIN is also a blockchain token, it can be transacted between parties directly without the use of the M.A.I.N. app, in which case the transactions requires payment of any smart contract execution fees, blockchain GAS fees and requires the standard length of time to confirm a transaction. Parties will not enjoy the benefits of transacting with known entities.
Mc created by Main Technologies and issued to participants represents an inflationary component of the MAIN technology ecosystem. Since Mc can be converted to MAIN, freely minted Mc can reduce its conversion value to MAIN.
To counter Mc inflationary economics, Main Technologies implements a token burning mechanism designed to reduce the supply of MAIN (deflationary). As Main Technology earns revenue from its customers a percentage of that income will be used to buyback tokens in the open market and destroy them.
Post token sale, MAIN is expected to be available on decentralized exchanges, however no new MAIN tokens will be created. New MAIN can be redeemed exclusively through token staking. Main Technologies provides two methods of staking, LP Staking and Direct Staking.
MAIN can be earned when participants add liquidity to Main Technologies’ DEX liquidity pool. Main Technologies will create a staking contract that is activated when LP shares generated from liquidity providers are deposited into the MAIN staking contract. MAIN is paid into the staking pool and earned by LP miners based on their pro-rata share in the staking pool.
Staking is designed to reward participants who lock their MAIN tokens while providing much needed liquidity do the DEX pool. In return they are given MAIN from the staking reserve. The staking reserve is a finite and exhaustible resource which is expected to incentivize early participants and reduce the circulating supply.
MAIN can also be earned by directly staking MAIN tokens into the token staking pool. Direct staking accomplishes the act of locking MAIN and thereby preventing it from being sold, however direct staking does not add to liquidity. Direct staking, however, has the potential to reduce exposure and risks to participants, such as impermanent loss, changes in ratio of supplied liquidity, as well as the market risk of holding two tokens.