Token Economics

Draft v0.2

Summary

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.

Token Topology

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 application. 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.

Credit Earning

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.

Selling Data

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.

Token Swap

The Main Technology dual-economy consists of Main Credits (Mc) which are earned by various actions in the platform and MAIN token which is the native cryptocurrency on the platform.

User earned Mc can be converted to MAIN based on the free-market value of MAIN. Mc itself does not have value – its earning are fixed based on actions performed within the application. MAIN is designed to be a utility token, its primary purpose is to enable the transfer of credits between accounts or to purchase additional credits.

Platform Revenue

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.

Customer PII

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.

Token Transfers

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.

Inflationary

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.

Token Burn

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.

Staking

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.

LP 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.

Direct Staking

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.

Token Sale

MAIN shall only be made available for purchase through its token sale or on the secondary exchange market.

Main Technologies will create 1,000,000,000 (1 billion) total MAIN of which 500,000,000 (500 million) tokens will be allocated for the token sale based on the following structure:

Sale Round
Max Tokens Sold
Selling Price
Private sale
100,000,000
USD 500,000
Public
400,000,000
USD 12,000,000
Totals
500,000,000 MAIN
USD 12,500,000

Bonding Curve

Tokens issued in each of the private sale and public sale rounds will be sold against a bonding curve. The bonding curve will automatically increase the price of each token sold based on the total volume of tokens sold. For example, if 300 million total tokens have been sold, the current selling price of MAIN shall be USD 0.03.

The bonding curve incentivizes early participation by offering up tokens to the first purchasers at the lowest possible price. The token sale is capped at 500M total tokens sold. The pre-sale round will end once the maximum of 100M tokens have been sold or otherwise at the discretion of the team. The public sale round will end upon the sale of 400M tokens or after an elapsed timeframe as to be determined by the project. Any unsold tokens will be allocated to the Reserve & Growth fund.

Tokens purchased in the token sale cannot be sold until a secondary market becomes available.

The maximum full diluted valuation at the conclusion of the token sale is USD 50,000,000. The price at the DEX listing shall be at the last sale price recorded in the public sale round, not to exceed USD 0.05.

Tokens created by the contract will be distributed based on the following:

Private-Sale 1
10%
100,000,000 MAIN
Public Sale
40%
400,000,000 MAIN
Team
25%
250,000,000 MAIN
Staking Reserve
15%
150,000,000 MAIN
Vesting
● See below
Vesting
● See below
Vesting
● 12 mo. lockup
● Equal installments over 18 mo. thereafter
Vesting
● Released based on actual distributions
Reserve & Growth
● 10% Growth
100,000,000 MAIN
Vesting
● 1 month lock up
● Equal installments over 12 mo. thereafter

Vesting Schedule

The token unlock schedule for both the pre-sale and public sale rounds are based on a time- based vesting schedule in which a token buyer can unlock their tokens at any point in time from the DEX listing onward. However, full vesting only occurs after 6 months have elapsed for public sale buyers and 12 months for pre-sale buyers. Should a token buyer unlock their tokens at any point prior to the full vesting duration, they will only be able to claim a portion of their purchased tokens based on the timeframe elapsed (see chart below).

For example, a pre-sale token buyer that chooses to unlock their tokens at 6 months, will only be partially vested against the below schedule and thus will receive 60% of their total token balance at the time. The remaining difference in tokens shall be forfeited and burned. Rather than a monthly vesting and unlock, this method locks all tokens until they are claimed. For those that are willing and able to vest beyond their full vesting timeframe, they are rewarded with extra tokens as a bonus. For example, a public token buyer who waits 9 months before unlocking and claiming their tokens, will be rewarded with 120% of their original purchase consideration.

Use of Proceeds

Contributions received from the token sale will be used according to the above breakdown. These percentages are subject to change at any moment and provided as an approximation.