Million is a decentralised digital currency having a fixed quantity of 1,000,000 tokens and a minimum value of 1.00 $USDC, giving it a market cap of more than 1,000,000 $USDC. An ex-Google and ex-Facebook tech lead with over 1,000,000 YouTube subscribers developed Million Token.
Value of Million
Million’s value can rise above its original peg-value of 1.00 $USDC as it becomes more well-known and often used. For instance, the fair market value of a million is one dollar (USD) if one thousand people each desire one million. The market capitalization of Million rises to 2 million $USDC if 2000 persons each desire 1000 Millions, boosting the fair market value of Million to 2.00 $USDC. The cost of a million may eventually rise to 10 million, 100 million, or even increase.
One million tokens total are fixed in the supply of Million. No new ones can ever be produced (guaranteed by code). Million has a natural tendency to deflate. Million starts off with a peg of $1 USDC per token, and when more tokens become available, their value rises. The benefit for Million holders is limitless. As Million has a fixed supply instead of the typical stablecoins (pegged to 1 Token = 1 $USDC), its maximum value is unconstrained. Million could possibly increase in value to as much as 10 million or 100 million as it grows in popularity and circulation. The moon is the boundary.
Million may be used as both a store of value and a medium of exchange as it is a decentralised currency protected by millions of machines all over the world on the Ethereum blockchain. It is particularly suitable as a store of value with unlimited upside due to its distinctive limited supply. Million can be used for microtransactions because it can be exchanged in fractional amounts (up to 18 decimals). The ex-google/ex-facebook techlead who developed Million Toke has more than 1 million users. Million is used and accepted as a type of digital currency by more and more individuals, and its use and acceptance are growing quickly due to word of mouth. Popularity increases Million’s worth.
Million Token
Patrick Shyu, also known as TechLead, decentralised fixed supply digital currency introduced in early July 2021. A vibrant community soon grew up around it in the two weeks that followed the debut, and it quickly developed into a prosperous social token managed by The Million Token Foundation. TechLead has joined Million Token as an investor and advisor since the foundation’s creation.
The Million Token is a decentralised ERC-20 smart contract that is verified by millions of computers around the world on the Ethereum blockchain. On the Million platform, there are exactly one million tokens in circulation.
More tokens cannot be created because the technology does not support it. No mining is required, all tokens are currently in circulation, and compared to other cryptocurrencies with a restricted supply, it is more environmentally friendly (for example, Bitcoin). The Million Token is a deflationary token by nature, and its value rose over time as scarcity rose. It started with a peg of 1 USDC per token.
The token can be used for microtransactions because it can be transferred in fractional amounts and be utilised as both a store of value and a transaction method. Up to 18 decimals can be used in the microtransactions.
A stablecoin and conventional cryptocurrency features are combined in Million Token, an Ethereum-based cryptocurrency. Assuming a pegged $1 value for each Million token, the market cap at launch was $1 million (MM). The maximum number of stablecoin assets usually changes to preserve the $1 peg, however the MM token’s smart contract has a permanent hard cap built in. This indicates that it is cryptographically safe and that no new coins can be produced.
Trade of Million
On the open market, millions of tokens are traded, offering anyone the chance to buy tokens. When it first launched, the Million Token (MM) had a $1 value. Theoretically, though, one MM token has the potential to be worth more due to supply and demand and token scarcity through market dynamics and tokenomics.
Million refers to more than just the notion that all cryptocurrency investors will become millionaires. The project’s name, Million Token, alludes to the $1 million market cap that represented the launch-day base price of the tokens.
A hard cap of one million Million tokens (MM) that can ever be in circulation is confirmed by the smart contract for Million Token and is guaranteed by code. The Etherscan block explorer can confirm that all one million tokens are now in use. The base price of each token is $1, but as demand rises, the value of each MM Token also rises.
Because it was created with Ethereum-based code that runs through Ethereum nodes and is verified by Ethereum nodes, the Million Token protocol is just as secure as the Ethereum blockchain. The project’s smart contract is open-source, allowing millions of users and nodes all over the world to access and validate it. Moreover, Million tokens (MM) can be easily utilised on the Ethereum blockchain as a medium of exchange or for small transactions.
Verdict
With a maximum quantity of one million tokens ever issued, the Million token (MM) is a deflationary asset. Moreover, the MM token may be divided into 18 decimals, making it easier to conduct microtransactions when the token’s value rises. The token’s value in Million Token is determined by supply and demand in a free market. TechLead described the project as “an interesting social experiment” in the YouTube debut video. One Million Token (MM) has a fixed value of $1, although the price may rise in response to demand.