MITx Token Economics
By: Morpheus Labs Team
Tags: Tokenomics, Community, Blockchain, Bpaas, Mitx

1) Platform Subscriptions

For customers to use the platform, they will be directed to pay in either USD/SGD via traditional payment methods or opt to pay directly in MITx tokens. In both scenarios, MITx tokens will be bought from the open-market, whether the customer already owns MITx tokens or not, as described in the previous section on Treasury Partners.

For customers, to use the platform, they have two options when it comes to payment:

a. Market Determined

b. Contract Determined

For the trading/blockchain savvy customer, they can opt to purchase tokens directly off appointed treasury partners for efficiency or for themselves on the open-market. We anticipate this class of customer to be in the minority.

The more likely scenario will be customers that choose to pay their subscription fees in USD and interact with our built-in smart contract mechanism which pegs the fiat amount paid to the current MITx exchange rate with our treasure partners. Once activated, the corresponding MITx amount will be locked. Please note that this mechanism is currently being built, in the interim we will manually purchase the fiat equivalent amount of MITx from our treasury partners.

Upon expiry of the subscription period, the tokens will be unlocked.

2) AppLibrary

The AppLibrary is an open marketplace where enterprise, startups and individual developers can develop and publish applications that will be usable by businesses and their customers globally.

Morpheus Labs will charge a commission on fees imposed by the publisher. These include application or component download fees, one-time in-app purchases and recurring application subscriptions.

Again, the MITx token will be used as a discount token for application publishers and application users. Application publishers will be required to hold MITx as a security deposit and they will be incentivized to hold MITx tokens in order to be eligible for discounts on the commissions payable. Application users are also incentivized by holding MITx tokens when downloading applications.

In addition, referencing back to our Proof of Alliance article, Application users holding specified amount of MITx tokens will be entitled to provide app reviews and get involved in an AppLibrary revenue share scheme. We will be releasing more information on the revenue share scheme as well as more creative PoA implementations going forward. So, stay tuned for that!

3) Blockchain Protocol Partners

Our blockchain providers are vital to the success of Morpheus Labs. They provide the blockchain infrastructure and protocols that allows us to serve as a gateway for businesses to implement blockchain technology. As outlined in our revenue model, protocol partners will be required to pay a listing fee which is payable only in MITx. We will also continue to develop deeper partnerships with our protocol vendors which may include building developer communities, research collaboration and community outreach, among other initiatives.

MITx tokens will also be used as ‘gas payments’ for the underlying protocol. This feature is in development and will be applied to blockchains that feature ‘gas’ as a transfer mechanism.

4) Community ‘Nodes’

While token circulation within the platform is imperative, ensuring adequate usage of the token outside the platform will also greatly enhance the utility of MITx. As such, we have developed the concept of community ‘nodes’. Avid supporters of Morpheus Labs, be they developers, marketing experts or community managers can set up a ‘node’ tasked with hosting meetups, drumming up support and engaging with other blockchain enthusiasts on behalf of Morpheus Labs.

Partners will be required to ‘stake’ a specific amount of MITx for as long a they are running their community within their city. Partners will be eligible for MITx rewards based on performance in community building, both in the digital world and by hosting real world meetups and events.

We will be releasing a more detailed blog post soon with the exact requirements and application form.

5) Product Council

The product council will be a closed group of community members comprising of developers and non-developers, tasked with assisting and engaging with the Morpheus Labs development team as new updates are released. They will be tasked with assisting in the debugging process, providing feedback and suggestions on new features. Top developers may also be part of the DApp listing approval process on the AppLibrary, depending on their skillset.

Members of the product council will be required to hold an amount of tokens for as long as they are part of the group. We will be releasing a more detailed blog post soon with the exact requirements and application form.