Frequently Asked Questions
Most of the blockchain projects dedicated to Entertainment that present themselves as new platforms competing with non-blockchain industry players (eg: Slate, Tatatu, Musicoin, Treeti, Flixxo, Live Tree adept, Concert VR …).
Our project is not just about creating a new standalone platform, but about offering our infrastructure and its solutions to existing ecosystems. This is the first blockchain ecosystem to offer such offers to Entertainment players.
Itunes / Spotify are not competitors, but potential clients of Myrillion. The Myrillion ecosystem offers them the functionality of its Smart Contracts.
- Purchase of music tracks / payment of subscriptions in MYL and direct redistribution of income to beneficiaries after each listening.
- Possibility for a user of the client platform to pay live from the application his tips (nominative or anonymous) to artists, without intermediaries.
- Management of the traceability of the artworks in the Myrillion ecosystem (covering all client ecosystems)
From the moment an intellectual work is integrated into our ecosystem, it is associated with our smart contracts, and as a result, benefits from immutable legal monitoring within our ecosystem (monitoring of its use, its exploitation, the remuneration of its beneficiaries).
- The transversality of our solutions on all Entertainment businesses
- The plurality and complementarity of our smart contracts made available on a single blockchain.
- A “turnkey” and free integration of our solutions to client ecosystems.
We also intend to:
- offer the first “smart wallet” to our users (MYL-PAY ©), allowing them to manage their Myrillions in one click and pay in MYL with their mobile. The dialogue between the Wallet MYL-PAY and the application interfaces of the client ecosystems will be set up for a consumption of MYL and a loading without breaking of process.
- Make available to professionals who want to cash Myrillions a dedicated application solution (MYL-PAY PRO ©), also containing a “smart wallet” and a Myrillion checkout directly interfaced with the cashing tools of professionals.
- Gain the confidence of content creators. Our ecosystem guarantees them an accurate compensation calculated down to the last penny, based on the proceeds collected from consumers.
- Facilitate the management of the redistribution of income collected without intermediaries (less administrative tasks and human errors, disappearance of disputes a posteriori related to noncompliance
with contractual conditions signed between stakeholders).
- Offer a new experience to the user by allowing him if he wishes to support his favourite protagonists by giving them tips. The tips arrive without financial friction and without intermediary to the protagonists with, in the case of donations for the financing of charity causes, a forward visibility of the use of the funds by the recipient of the donations.
- Access a decentralized statistical database that is not exposed to unintentional or malicious processing errors.
To enable the adoption of blockchain technology by the greatest number. We plan to foster it
- supporting the widespread use of the π blockchain and the MYL tokens by mobilising a majority of resources on an “evagelization” approach within the entertainment industries ( Shows, Sport, Art, etc.)
- offering a “turnkey” and free solutions to our clients, from the definition of specifications to the integration of our solutions.
To finalize the developments of MYL-PAY and MYL-PAY PRO, the intelligent MYL management tools MYL, necessary for our ecosystem to make it accessible.
- Soft cap: € 25 million.
- Hard cap: € 150 million.
The hard cap targeted would allow to provision our activity over 5 years:
- 43% for marketing and communication: includes sponsorship of experts, organisation of ” why π” events and promotional campaigns.
- 40% for support functions: include overheads and recruitment of human resources (R&D, why π staff, trainers, sales, finance, legal, HR & top management).
- 10% for π technical developments: including MYL-PAY developments, the addition of new features to the ecosystem (new smart contracts, etc.) and the evolution of π infrastructures.
- 7% for the reserve bucket: to fund legal fees, insurances, consulting fees, etc.
Part of the expenses will be adapted to the responsiveness of the market.
The model will remain the same but will be deployed at a different pace.
Example: “evangelization” approach on targeted geographical areas rather than on all continents.
Thanks to the very nature of our currency:
- This is a utility token that can be used in client ecosystems. The primary purpose of our token is to be consumed in order to access services. Its value is regulated by its turnover.
- Moreover, the characteristics of our currency make it difficult to speculate, given that the money supply available on the markets does not include the money supply of tokens in circulation between industry professionals and users of entertainment services, and is therefore hardly estimable.
By the profile of its targeted users:
- Most ICOs are funded by a monority of investors, mostly from the crypto community.
- Our project targets a much broader community, since our ambition is to democratize the use of our currency for the entire Entertainment community (consumers and professionals), potentially the entire population. We want to bring together a maximum of potential buyers of services of the ecosystems that we want to integrate.
A wide and non-homogeneous buyers base will allow us to limit the volatility of our currency.
How can I get tokens?
Before December 10, 2018:
- By purchasing them on the Myrillion platform during the ongoing ICO.
From December 10, 2018:
- By buying them on exchange platforms.
- By exchanging them in the context of professional relations and / or consumption of services.
- By winning them on the client platforms that offer it (consumption of services, loyalty bonuses, and related benefits).
We offer you two options:
- To import the ETH portfolio of your choice to pay your MYL (whether web wallets or physical wallets).
- to create your portfolio and manage it, just as an exchange platform offers ( we keep your private key on secure servers).
We will delegate the storage of this sensitive data to a trusted Tier 4 third party, also a provider of secure hosting services for major European banks.
- We plan to open new entertainment businesses in the future after music. Each business opening will be funded by a new ICO, called Successive Coin Offering (SCO). The success of these SCOs is based on the viability of the ecosystem in place and therefore on our ability to make Myrillion a functional project, understood and adopted by the greatest number.
- The founder of our project is also the founder of the Muup project, a pioneering client user of Myrillion.
- The Tokens distributed to the founding members of the team are blocked for two years. Tokens distributed to Myrillion Partners and Advisors are blocked for a minimum of six months.
- Because the ecosystem is based on the blockchain technology: database that contains the history of all the exchanges made between its users since its creation.
- This database is secured thanks to a complex encryption protocol.
- It is distributed: it is shared by its different users, without intermediaries, which allows everyone to check the validity of the chain.
- Those who verify are not aware of the content they are checking, and the verifiers do not know each other.
- It is a traditional contract digitised as a computer program and inserted into the Blockchain.
- Smart contacts make it possible to automatically execute previously formalised agreements between two parties, without one of the parties being able to obstruct its execution.
- The public blockchain allows fungibility and transferability of the MYL token outside the Myrillion ecosystem (conversion in FIAT or other crypto currencies).
- The private blockchain supports all the economic transactions of the Myrillion ecosystem as well as the implementation and automated application of contractual agreements between stakeholders in the ecosystem.
What are the advantages of a private blockchain?
- Participation in the confidentiality of network data:Ability to add an overlay of confidentiality (Quorum type). Contract data is only available to contract stakeholders.
- Low-cost transactions: avoidance of the GAS cost of the public blockchain. Argument reinforced by the fact that our ecosystem has to support many small transactions.
- It ensures the transfer of Myrillions from one blockchain to another, as well as the management of network data.
- Also offers the Myrillion Ecosystem interface framework with client Ecosystems (APIs).
- Our ecosystem is based on the “proof of authority” consensus protocol. We list the clients authorized to mine. These are Myrillion’s client users. Myrillion’s client users are diverse and are looking for guaranteed data thanks to the blockchain protocol to power their dashboards.
- Miners are remunerated with the regular delivery of data concerning them (activity data of the ecosystem, allowing the monitoring of their economic performance and an adapted client offer).
- The purpose of the Myrillion channel is not to develop a business around the MYL mining. The MYL is a utility token that allows you to buy services, pay artists or works, …. There is therefore no reason to create (mine) MYLs as the project progresses.
- In general, the mining reward is a way of motivating miners to participate in the smooth running of the network. On public blockchains, this involvement is rewarded in cryptocurrency. Conversely, the miners of the private blockchain π will be incentivized by other means than by mining the MYL: by giving them access to data concerning their activities.
- The ETH protocol allows us to generate our own token and provides smart contracts that we set up according to our needs.
- Compared to NEO or Lisk, which also offer token generation and also offer smarts contracts, ETH has the largest and most active user community.
The number of transactions per second depends on several factors:
- The type of algorithm used to reach the consensus among all the nodes of the chain (the “blocktime”, frequency of creation of the blocks, which depends on the algorithm of consensus).
- The data limit per block (each blockchain defines a limit size per block, which is configurable).
- The size of the transactions to be included in the blocks (simple transactions – such as an ETH transfer from one address to another – take up less space in a block than the deployment of a Smart Contract for example).
The technology envisioned for the π Private Blockchain is based on Ethereum technology, with a consensus algorithm in Proof-of-Authority.
The Kovan network, based on the same technology and the Proof-Of-Authority, is currently running on hundreds of thousands of nodes around the world. It can therefore be used as a benchmark for a private blockchain deployed on a similar scale. The blocktime on Kovan is about 4 seconds, with an average of 80 transactions per second (calculated on the basis of simple transactions corresponding to Ether transfers between two addresses).
-> The blockchain π should, by construction, be able to guarantee at least the same number of transactions per second.
Yes, this is possible. We can for example pass the private blockchain on NEO and stay on the public blockchain Ethereum. All our developments are independent of Ethereum developments. Switching to another blockchain, like NEO for example, will involve two changes to our ecosystem:
- The coding of new smart contracts
- The change of the parameters of our “offchain” platform allowing the transfer of tokens between the private blockchain and the public blockchain.