On July 1st, 2021, a renowned software engineer turned YouTube star released his own cryptocurrency project, Million Token. The project incorporates features of traditional volatile cryptocurrency assets alongside stablecoin characteristics, creating a novel kind of deflationary asset. Built on the second-largest blockchain, Ethereum, the Million token (MM) has seen more than a 100x increase in price in just two weeks. But, what is Million Token? How can you buy the Million token (MM)?
In this article, we will explore the background and launch of Million Token. Also, we’ll look at the tokenomics of the MM token and the value propositions it holds. Furthermore, we’ll look at ways to interact with the community and how to invest in the Million token (MM).
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What is Million Token?
Million Token is an Ethereum-based cryptocurrency that combines the advantages of both stablecoin and traditional cryptocurrency features. The market cap at launch was $1 million, equating to a pegged $1 value for each Million token (MM). Unlike stablecoin assets whose maximum supply adjusts to maintain the $1 peg, the MM token has a fixed hard cap ingrained into its smart contract. This means that it is cryptographically secure and there can be no further coins created.
Million tokens are being traded on the free market with opportunities for anyone to invest in the token. The Million token (MM) was launched with a value of $1. However, theoretically, through market dynamics and tokenomics, one MM token has the potential to be worth more due to the supply and demand and scarcity of the token.
“Million” doesn’t just refer to the ideation of all investors becoming crypto millionaires. The project was named Million token as it refers to the $1 million market cap representing the base price of the tokens during launch.
Ethereum Blockchain
Bitcoin introduced blockchain technology in 2009, offering a peer-to-peer digital payments network with unprecedented security, privacy, and transparency. This inspired an exceptionally talented young programmer, Vitalik Buterin, to expand Bitcoin’s utility by building applications on the blockchain.
Rejected by the Bitcoin core development team, Buterin launched the Ethereum Network in 2015. Ethereum currently holds the title for the largest smart contract-enabled blockchain in existence. It is responsible for the origin of decentralized finance (DeFi), revolutionizing the traditional financial industry, and playing host to most of the DeFi platforms available.
Ethereum is open-source, secure, and transparent. Any developer can create any application or token on the Ethereum blockchain. This being said, it is worth bearing in mind that simply creating a token doesn’t instantly create value.
What Makes a Cryptocurrency Valuable?
There are several key features that make a currency valuable. This includes durability (withstanding use over time), divisibility (trading in smaller units than one e.g. 100 cents to one dollar), and fungibility (assets holding the same value and properties regardless of use or location). Furthermore, some form of “proof of work” is often required in addition to the genuine utility of a currency.
To achieve mass adoption, cryptocurrencies need to offer frictionless day-to-day usage with borderless and permissionless attributes. Moreover, a cryptocurrency needs to be an accepted medium of exchange between parties.
In a truly free market, the value of an asset is determined by the ratio of supply and demand. For example, a greater demand with a small supply will increase the value of an asset. However, too much supply with too little demand will decrease the value of an asset. Ultimately, an asset’s value is derived from what people perceive to be its value and how much they’re willing to pay for it. Often, the more scarce the asset, the more people are willing to pay for it.
Million Tokenomics and Features
Now you understand the various value propositions of cryptocurrencies, we are going to explore the variety of features of the Million Token project that are seemingly of value. Moreover, we’ll discuss the Million token (MM) tokenomics and the value potential of this novel scarce asset.
Fixed Limited Supply
The smart contract for Million Token confirms a hard cap of one million Million tokens (MM) that can ever be in circulation, guaranteed by code. All one million tokens are currently in circulation, which can be verified through the Etherscan block explorer. Each token has a base peg of $1, however, as demand increases so too does the value of each MM Token.
Store of Value
With a set guaranteed supply, by proxy assets become deflationary in nature. Million tokens (MM) can be used as a store of value with “unlimited upside potential” as demand increases. Remember, digital assets can be volatile. Although theoretically the market dynamics and Million Token algorithm present unlimited upside potential, as investors and traders take profits, the supply of MM tokens will increase. Therefore downward price action is also to be expected when trading such crypto assets.
Divisible
The Million token (MM) can be used and bought with up to 18 decimal places. This helps increase access to MM tokens being able to sell only partial amounts of a full MM token. Further, such divisibility makes smaller value transactions easier as the value of one MM token increases.
Secure
The Million Token protocol is as secure as the Ethereum blockchain, as it is built using Ethereum-based code operating and being validated through Ethereum nodes. The project’s smart contract is open-source meaning it can be accessed and validated by millions of different users and nodes around the world. Also, Million tokens (MM) can be seamlessly used as a medium of exchange or for microtransactions on the Ethereum blockchain.
Minimum $1 Million Valuation
Through a unique twist of stablecoin and volatile cryptocurrency frameworks, Million Token has a minimum valuation of $1 million. This is because there are one million tokens available each with a peg of $1. However, because the token has a fixed supply, as demand increases so too will the value of one Million token (MM). The project received an initial start-up capital investment of $1 million for the token liquidity pool to confirm the initial value of each MM token.
Million Token Background
Million Token is a decentralized cryptocurrency created by an ex-Facebook/ex-Google tech lead turned entrepreneur turned YouTube star, aptly named “TechLead”. TechLead has extensive experience in software and blockchain development, with 1.11 million subscribers on YouTube at the time of writing. Alongside his YouTube channel, the software engineer brands himself as a “multi-millionaire app entrepreneur” and “digital nomad traveler”.
TechLead released a YouTube video explaining his project, reassuring potential investors of his good intentions and unfavorable outcomes to him should he have created a scam or “rug pull” the funds it generates. TechLead put in $1 million of his own money into the project and is keen to see the project grow and gain usage through legitimate means, preserving his reputation.
Million Token Launch Technicals
In the launch video, TechLead breaks down the technicals for how he created the smart contract for Million Token. TechLead used a framework available through Open Zepplin for writing smart contracts. As these frameworks are open-source and are used and audited frequently, this helps minimize the chances of any bugs within the code. Moreover, as TechLead created Million Token on Ethereum, the contract was written in the native programming language, Solidity.
Once the smart contract was designed, TechLead then used Remix to test and deploy the contract on the Ethereum testnet. At this point, any flaws in the code were ironed out. Following this, the smart contract was deployed onto the Ethereum mainnet, verifiable through Etherscan, where TechLead claimed and verified address ownership. After being deployed, the next step was to add funds to the Uniswap liquidity pool. TechLead believes Uniswap is the best decentralized exchange (DEX) to introduce Million tokens (MM) into circulation. This is likely due to Uniswap being the most popular DEX on Ethereum. Further, Uniswap facilitates the swapping of any ERC-20 token for MM tokens, as many other DEXs or DEX aggregators (such as 1inch Exchange) will use Uniswap as a route for token exchanges.
The millionaire lion-themed website, milliontoken.org, was created using Github pages. This too has an open-source repository to which developers can contribute to. TechLead designed the project to be as decentralized as possible.
Million Token Community
The Million Token community is active across various social media platforms. With a strong presence on Twitter, Discord, Reddit, Telegram, and Instagram, the platform even has a secondary Twitter account dedicated to Million Token memes! You can also find the project on CoinGecko, CoinMarketCap, or using the Etherscan block explorer.
Also, TechLead is an active member of the Million Token community helping to spread brand awareness and increase adoption of the currency. TechLead is on Twitter @Techleadhd, however, his main following is on YouTube, @TechLead. The app entrepreneur posts frequent updates across his social platforms about the activities and price action of Million Token.
How To Buy the MM Token
The MM token is available to buy on the popular Ethereum-based decentralized exchange (DEX), Uniswap. There are currently two trading pairs available directly on the platform. These are MM/ETH and MM/USDC. In the future, MM tokens may become available across other crypto exchanges.
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Million Token Summary
In summary, Million Token is a novel protocol developed by a leading software engineer and YouTuber, TechLead. In his launch video, TechLead said he created the project so we can all become crypto millionaires. Although the Million token (MM) has solid fundamentals and value propositions, this doesn’t necessarily mean it’s making every investor or trader a crypto millionaire.
The Million token (MM) is a deflationary asset with a capped supply of one million tokens ever to be created. Moreover, the MM token is divisible into 18 decimals to facilitate microtransactions as the value of the token increases. Million Token operates on a free market with the token being valued through supply and demand. During the YouTube launch video, TechLead said the project is “an exciting social experiment”. The set value of one Million token (MM) is $1, but this may increase with demand.
Technically speaking, there is unlimited upside potential to the value of MM tokens, with such a limited supply available for global use. However, continuous growth is not sustainable with downward action, and price volatility is also to be expected with the MM token.
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