L2 Dedicated for Music, using $MMT and $STREAM
Dear MeMusic Supporters!
It’s been a very busy month at MeMusic. We have been working hard on a additional product introduction for the ecosystem. MeMusic’s native L2 that utilizes $STREAM and $MMT.
MeMusic Native L2
As we have been preparing the implementation of Artist Tokens, we have felt a strong necessity for a dedicated blockchain tailored for the needs of AudioFi. Users need a seamless user experience with low latency and transaction costs. While there are other blockchains available, with the example of Xai , a dedicated blockchain for music-related web3 projects is a necessity that has not yet been resolved in the market.
$STREAM as a gas fee
Considering that $MMT is a token with finite supply, the native gas token for our native layer will be the $STREAM token. This will be an additional utility and deflationary mechanism for our reward token — $STREAM.
$MMT to drive $STREAM emissions
$STREAM emissions is designed to utilize $MMT as the main powerhouse. While there will be a dedicated portion of emissions to listeners, creators, or validators, the majority of $STREAM emissions will require $MMT staked. By locking $MMT, users will mine $STREAM. Considering that there will be natural demand for $STREAM as it is needed for Bubbles or Gas, we believe $MMT will naturally follow to support the demand.
Station Nodes — contribute as a Server Node
For those that have wondered why Station Nodes are named as nodes, here’s why! Once our testnet kicks off, users will be able to understand the hardware requirements to operate a validator and reap the benefits of contributing to the blockchain. However, as the hardware requirement was not a prerequisite for purchasing a Station Node, the hardware requirement will be optional!
What’s next? When CEX?
We have been in talks with different centralized exchanges to add exposure for the token and varied trading experiences. As $MMT is already listed on two exchanges that are highly ranked in CoinMarketCap, we are ensuring to add another cryptocurrency exchange that shares the same or better level of reputation or liquidity. Please stay tuned for the next listing announcement.
Additional Development Updates?
Join our discord server by clicking here! Starting in April, you will receive frequent bi-weekly updates to MeMusic’s native blockchain development on a dedicated Discord channel.
