Meet The Token That Disrupted Twitter
(a developing story)
The Million Token has been a hot topic lately amongst cryptocurrency enthusiasts, critics, and even famous Youtubers. But what exactly is the buzz about this token? Let’s dive in.
In a nutshell, the million token is a decentralized digital currency for millionaires, by millionaires. A digital money, in simple terms. It can be used to purchase anything online, send money to your family and friends, collect artworks, NFTs, and much more. The core formula of million token is its fixed supply. There are only 1million tokens in existence, with an option to divide each token like a pie, up to 18 decimal places. Now, its not the first of its kind, in fact in the past, we used gold, and then due to the weight carrying actual gold, paperbills were born, or bank notes, which evolved to become cash, check and credit cards. With the advent of Green Technology, cryptocurrencies like Million Token were invented, and, much like its predecessors Ethereum and Bitcoin, Million Token was created to answer two of the fundamental problems of todays cryptocurrencies; stability and inflation.
On stability. Million token was invented by Patrick Shyu, a Japanese–American computer-animation artist, software developer, ex-Google ex-Facebook techlead, who now owns a huge youtube channel named, TechLead.
He has claimed to put in 1,000,000 dollars of his own money to create value per million token, to back it up, much like how a central bank backs up paper bills with its gold reserves, in reference to his vision of creating a stablecoin, a type of crypto that is pegged in value to exactly a minimum of 1 US dollar.
Much of the criticisms in Patrick’s reputation stemmed from his sarcasm-based character that he often portrays in YouTube. Many enthusiasts and newcomers came to criticize the fact that he mentioned about putting $1,000,000 worth of his own money, in a way that misled many newcomers (or people not new to his style of exaggerated content) to believe that the initial supply was indeed, $1,000,000.
However, tokenomists (token economists) know that ladderization is the most efficient way to create, and sustain a market asset that is both new and indestructible (such as digital artwork tokens called NFTs.
What is ladderization?
Ladderization refers to the ladderized distribution of capital. It means, that instead of putting in the entire funds all at once, the capital is slowly distributed in pools over a period of time, usually 1–3 months, following the initial launch.
Now, if you are new to crypto, these terms might overwhelm you, but if it helps, ladderization is very similar in structure to dollar-cost-averaging, which you should definitely Google, but simply put, Dollar Cost Averaging is the act of slowly spending (and spreading) an investment money over a period of time, in an effort to buy the lowest prices possible.
Most tokens are launched though some form of ladderization, whether it is a monthly, or weekly basis. The idea is, taking less risk while ensuring that the market does not collapse, using the initial profits to supplement the newer supply of tokens for the next batch.
Many YouTuber critics don’t understand this, and instead, have chosen to use a heavy label against Patrick Shyu’s reputation — calling him a liar. This is primarily because Patrick has not stated anything about ladderization, nor has he implied the use of it. Instead, in the first video launch that he made, it plainly stated he was using his own money to start the token supply.
As of today, there have already been multiple instances of twitter wars being inflicted on Patrick Shyu, and some have even tried to dig his past life, create fake screenshots, as well as tamper with whatever he said by taking things out of context.
This is a developing story and I might write newer articles when new stuff comes out so stay tuned. Follow me on medium and subscribe to my animation channel on YouTube Blurb City.
If you wanna know more about Social Tokenomics, watch my animation video:
