A New Blockchain Financial System – MIGO
As the core behind the Internet 3.0 era, blockchain technology has been increasingly accepted by mainstream institutions. The global economy has slowed down on its growth, but the digital economy is still ushering in exponential growth, with a number of digital currencies such as Bitcoin entering a new bull market.
The new bull market is not just about the growth of assets and value. Digital assets have formed a new financial model through the immutable and decentralized nature of blockchain. Right now, how to truly combine blockchain technology with physical commerce has become an important question to ponder, so as to ensure the success and authenticity of the new financial model.
A New Financial System
The advent of smart contracts has become a historic moment for the implementation of blockchain technology. Rules cannot be changed after being formulated; pre-determined terms and conditions are automatically executed, bringing in the potential of true decentralization. DeFi has swept the world by storm, and Uniswap has proven the power of a new “revolution” within a short period of time. A real use-case of decentralized blockchain technology has materialized, and MIGO, the successor to the next DeFi miracle, continues its mission to revolutionize the financial market.
MIGO is a cross-chain financial platform that can create the technical infrastructure for decentralized financial systems using blockchain technology and smart contracts. As a new product combining DeFi and NFT, it is mainly used to confirm the rights of financial certificates and increase the utility of NFTs.
MIGO’s NFT mainchain is based on the Ethereum ERC721 protocol. Different from the ERC20 protocol that led the upsurge of fungible token issuance, the essence of the ERC721 protocol is to formulate standard interfaces and optimize ownership transfers and the circulation of non-fungible tokens, and is partially compatible with the ERC20 protocol to avoid the isolation of assets on the chain. In addition, the ERC1155 protocol is also a widely used NFT standard.
A New Token Ecosystem
To motivate MIGO community builders and participants, and to realize the spontaneous growth of the platform, MIGO has issued a token native to its ecosystem — MIGO, for exclusive usage on the MIGO platform. MIGO is a token based on the ERC-20 standard. Its total supply is 210 billion tokens, with the entirety to be mined by community users.
MIGO tokens will act as the ‘fuel’ powering the entire MIGO platform, and will circulate on the platform as a means of payment. Applications include, but are not limited to, digital currency transactions, e-commerce payments, virtual game payment transactions, etc.
The community can propose, and vote on, important proposals that will influence the future of the platform, allowing holders to participate in the decision-making of the platform. All MIGO holders have the same voting rights, and each MIGO token carries the same weight.
Investors can directly participate in various digital currency asset investments with MIGO tokens as the settlement unit; they can stake MIGO tokens to earn dividends and use MIGO tokens to purchase third-party services, to name two examples.
MIGO tokens are also the core tool for the community DAO to govern the entire platform, and MIGO token holders have the right to vote in the governance decisions of the platform. Major decisions between the platform, users and upstream cooperative merchants are determined by the platform’s DAO organization members. These members will be rewarded with MIGO tokens for their participation in decision making, as the platform looks for a win-win way to share the benefits of the platform with MIGO token holders. For upstream merchants selling on the platform, a certain amount of MIGO tokens must be pledged as a credit guarantee. If a merchant’s product or service is found to be substandard or even fraudulent, the MIGO tokens pledged by the merchant will be confiscated as a disciplinary measure.
Under the new economic system, MIGO has turned Satoshi Nakamoto’s “utopian” vision into reality through the integration of DeFi and NFT; this is made possible with the help of global platform HDAO, which prides itself as a decentralized financial services platform with DAO mechanics. As a financial platform, MIGO will definitely complete Bitcoin’s unfinished blockchain vision of building an inclusive decentralized economy.