MUI Token-economics

MUI is the utility token for the MUI MetaBlockchain ecosystem. There are MUI Bank nodes that act as a decentralized central bank for MUI tokens. MUI Bank nodes will accumulate operating profits of MUI MetaBlockchain in the Treasury Bank Node of MUI. MUI Bank Node uses this asset to back up the value of the MUI token. Various fees received by MUI Bank Node are used to incentivize other Bank Node and Mobile Node based on their contribution. The followings are income sources of MUI MetaBlockchain.

  1. New digital currency creation and operation — chain code to publish a new digital currency requires the payment of 1 million MUI. The Bank Node requires to stake 10 million MUI to run the chain code and the deposit of 1 million MUI per year for the operation of various transactions of new digital currency. The Bank node can accept the network fee with the new digital currency from the users of the new digital currency. Based on the number of transactions and other operations, the total payment of operation can exceed the deposit. In that case, another 1 million MUI should be deposited. This network operation fee will be distributed to contributing bank nodes and mobile nodes based on proof-of-contribution protocol.
    2. Special chain code operation — Basic income chain code requires 1 million MUI to run the code. Redenomination chain code also requires 1 million MUI to run. Inheritance chain code requires 10K MUI. The account recovery chain code requires 10K MUI.
    3. Identity Registration and MUI token transfer are free of service. However, a change of registered public key requires 100 MUI for the operation.
    4. Verifiable Credential issuance requires 100 MUI
    5. The offline operation of various chain codes is free. This includes the establishment of pairwise trust, zero-knowledge proof of identity, etc.

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