More details on the $MELON token

More details on the $MELON token

Extract from the Melon.ooo whitepaper

The $MELON token is the native token of Melon — the NFT platform for creators and fans.

Here’s what you need to know about it.

Recap: What Is Melon?

Melon is the #1 NFT marketplace that connects creators and their fans.

Here’s what you can do on Melon:

As a creator

  • Turn your social media content into NFTs in a few clicks.
  • Have your own custom collection page, to share with your followers across social media.

Slide from the Melon.ooo whitepaper

As a fan/ NFT collector

  • Browse top creator NFTs and purchase them via your MetaMask wallet.
  • Redeem unique rewards set by the creator. This could be anything from exclusive discounts, VIP entry to an event or early-bird tickets, access to a private community, or even a one-to-one call.
  • Swap creator tokens on the marketplace and turn a profit.

Slide from the Melon.ooo whitepaper

Now, let’s tell you more about the $MELON token.

Approach to token launch

When the Melon NFT platform launches, fans will be able to buy their favorite creators’ top moments using BNB, one of the top coins in the market.

Around the same time, the $MELON token will go live. There will be a maximum supply of 100 million of these tokens.

The $MELON token unlocks a number of benefits for users, such as super low fees for both creators and fans.

Technical details behind the $MELON token

The $MELON token runs on the BEP-20 standard.

BEP-20 is a token standard from Binance Smart Chain, one of the most popular blockchains out there. The best part is, this standard is also compatible with ERC-20, the most common Ethereum token standard.

Ethereum itself is the most widely used blockchain when it comes to NFTs.

This is a huge benefit for the $MELON token — here’s why.

Interoperable

With Melon, the team doesn’t compete. They simply complete the existing crypto ecosystem.

This is possible thanks to the BEP-20 standard, which lets their token plug into the other platforms that run on the Ethereum blockchain. That’s what makes the $MELON token “cross-chain”: its use isn’t limited to one blockchain, like the Binance Smart Chain or Ethereum.

Instead, Melon NFTs can proliferate across the likes of OpenSea and Rarible.

Extract from the Melon.ooo whitepaper

More energy-efficient

There are severe limitations with the main version of the Ethreum blockchain currently in use.

One is its sizeable environmental impact, due to the “consensus mechanism” used by the blockchain.

A “consensus mechanism” is a fancy phrase for how the transactions on the blockchain are validated. At present, a network of so-called “miners” validate transactions on the Ethereum network by solving complex maths puzzles.

These burn a ton of energy, and require constantly new hardware to keep up with the rising complexity. The whole system is designed to increase in difficulty, to make hacking the blockchain less likely as the network expands. The obvious issue is, miners spend more and more electricity to crack these problems, and upgrade their equipment more and more often.

That equipment is so specialized, it can only be used for cryptocurrency mining.

This leads to CO2 emissions and piles of obsolete graphics cards that end up in the trash.

This is all because of Ethereum’s current validation mechanism, called “Proof-of-Work”. They’ve been working on a long-overdue update for years, which is much more sustainable: “Proof-of-Stake”.

As its name suggests, with “Proof-of-Stake”, users validate transactions based on how much of the currency they hold in their wallet — not on the number of problems they solve with brute computer power.

Now, some blockchains have already transitioned to a “Proof-of-Stake” model. Binance Smart Chain is one of them.

This means the $MELON token benefits from both:

  • The energy efficiency of the Binance Smart Chain.
  • The scale and popularity of the Ethereum blockchain; being able to interact with all platforms that operate on Ethereum (such as OpenSea, Rarible, and Foundation).

Governed by the community of token holders

As Melon aims to be a decentralized platform, holders of the $MELON tokens will be decisions makers in future developments.

It’s called a “DAO”, short for Decentralized Autonomous Organization. It’s a form of organization that puts the power in the hands of the community.

Instead of a CEO or a board of directions making key decisions, token holders will have a voice and a say in Melon’s future. This could enable things like community-driven curation of the most liked content.

It’s something no other NFT platform offers — most are centralized entities that don’t give their users much control over where they’re headed.

Wrapping up

Here’s what you need to remember about the $MELON token.

First of all, unlike most projects in the crypto space, Melon is a long-term project with the potential to transform the NFT space.

This is not a “quick flip”.

Secondly, the $MELON token has many advantages:

  • It’s cross-chain, meaning it can operate across multiple blockchains. So, an NFT created and sold on the Melon site can be transferred across other platforms that use Ethereum.
  • It’s more environmentally friendly than Ethereum by miles as it runs on the Binance Smart Chain, which operates a “Proof-of-Stake” validation process.

So there you have it. Watch this space for more updates as to when the Melon platform and token go live!

Are you a creator? Want to get involved? Sign up on melon.ooo today for early access!

--

--

--

Crypto trader

Love podcasts or audiobooks? Learn on the go with our new app.

MetaBays Announces New Partnership with Liquidifty.io

Take a Look at Horizen!

ARK Monthly Newsletter — August 2019 Edition

Step Hero Multiverse x X8 Guild: Welcome Event

Ludena Staking is Now Live!!

Introducing ChainLayer

DhabiCoin will be in Tezos Protocol

In this Bounty0x Spotlight Edition we will be interviewing Gaimin.io

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Nikusoni

Nikusoni

Crypto trader

More from Medium

Relife mystery box will go on sale soon, with grand prizes worth $300,000 waiting for you!

The Roadmap — The journey has just begun

2. AMA #11- New team in the sandbox?! Summary.

Rebuild.Y2123 — Team-Up, Play-to-Earn, Save the World.