As you already know, our team has been working tirelessly to create Benefits and Passive Income for our 1168 Pioneers. That includes:
- Rewards when voting and pooling for projects on Midas Foundation
- Masternode program
- Free Trading for low MAS locking level
We would like to take this opportunity to share with you our future plan for Pioneers after The First Purge on 05/11 (The Purge will be conducted annually):
The Locking Requirement for Free Trading will gradually increase overtime with the growth of traders coming to Vinex Network. However, for Pioneers, this requirement will be always lower than ordinary traders.
In future, a portion of Operating Income of Midas Protocol will start to be shared to 1168 Midas Pioneers when we hit 50K of MAS holders (based on the number of wallet that has MAS). According to the law, we are not allowed to share profit to all holders if not we would fall to Security Token category (Collective Investment Scheme). Yet, when we hit 50K holders, the number of Pioneers are only 2%. Moreover, this profit sharing will be paid out not equally but based on 2 factors:
a. Higher Midas Power, higher reward received (E.g. Master 5 times more than Jedi)
b. Higher participation, higher reward (we use AI engine to measure the Pioneer in-app and in-platform activity level: trade, share, swap, post, vote, idea contribution….)
When we hit 50M USD of Revenue, we will start the process of IPO whereby Pioneers will be given the Priority to convert token into shares and we will become a Public Listed Company. We do hope that by that time, the majority of Pioneers will become our shareholders.
After the Purge, Pioneer slot will be up for bidding if any Pioneer empty seat is recovered after the process, one slot per week. The bidding proceeds received from the only winner will then be used as Best Pioneer Award to reward to another Pioneer who brings the most of users to our ecosystem through referral link (more announcement will be made available after the purge).
After our participation at STO Future in Hong Kong on 18/10/2018, we have a much cleared path and vision about the maturing of ICO space to ICO/STO transition. We have anticipated this from the time building our whitepaper on Midas Foundation. The path for Pioneers to be able to participate into STO projects submitted on Midas Foundation has become clearer. We are working tirelessly with our Legal team to make it happen soon.
Visit our social channels for latest updates and discussions around the Midas Ecosystem:
Telegram group: t.me/midasprotocolglobal