MyProgress is a decentralized application (dapp) built on top of a high performance blockchain network
When Twitter or Facebook delete your messages or block your account, it is called censorship. You don’t want that to happen to your digital assets. Being a building block for the new economy, we put our best efforts to eliminate risks of censorship and market manipulation to end-users.
Despite the primary market for progress tokens is basically a regular payment gateway, the secondary market is a complex public communication and interchange system. Your token is an asset you want to be as liquid as possible, therefore it has to be available for purchase with the world’s most popular currencies, no matter if it is fiat or crypto.
Our solution is a native currency token: GAINs. When you purchase a progress token in the secondary market by using MyProgress app or website, it seamlessly converts the currency of your choice into GAINs and puts the transaction on the blockchain. The seller receives the exact amount in the currency of his choice minus transaction fee of 0.01%.
GAINs are acquired in the open market and can be used as a direct medium of payment for token exchange and primary token market. With circulating supply limited to 1 billion GAINS and a floating exchange rate it represents a flexible payment solution for both token and traditional asset markets.
MyProgress blockchain uses a Proof-of-stake (PoS) consensus algorithm. It provides a very fast and energy-efficient network, allowing for hundreds of transactions per second. You can become a participant of the network by running a node and get rewarded from transaction commissions.
MyProgress consists of several smart contracts, including primary market contract, secondary market exchange and rewards contract, running on a public blockchain. The blockchain provides an API allowing third party applications and websites to access the application data for authorized users (transactions, balances, etc.) and functions for transaction execution.
1. Groundbreaking concept
Despite growing popularity of Patreon (and you can point out some similarities in their service), MyProgress is in fact quite a different story built around the revolutionary concept of tokenizing human activities. MyProgress token is a whole new asset class designed to monetize every human being’s knowledge, experience and productivity. If Patreon is mainly used by content creators and performers (including some well recognized folks from crypto space such as Andreas Antonopoulos), MyProgress is a place anyone can benefit from, as long as he (or she) is active at something.
2. Revolutionary adoption model
A decent adoption strategy is the only basis for a successful blockchain startup. Instead of making a coin and hoping some folks would find it useful, I started with the idea of creating a dapp introducing a completely new asset class (along with an associated coin). An asset class that most working people will benefit from, that will allow them to monetize dozens of little intangible things they do on a daily basis by tokenizing them. It would be their vital objective to promote such asset class. And I will do the rest by gradually, step by step, putting the associated coin in front of convenient payment solutions.
To kickstart the initial asset recognition, most of the funds raised from the token sale will be allocated to hire ‘ambassadors’, selected popular content creators, who would be the first to utilize MyProgress dapp as their key income strategy (YouTube and Instagram influencers, Twitch streamers, etc). (And that is actually the only reason I would have to run a token sale, I have enough resources to deliver the dapp on my own.)
3. Easy to implement
My goal is to innovate in tokenomics but not in the blockchain tech per se. MyProgress is merely a dapp to be built on top of any decent new generation blockchain technology solution. So I consider 2 options:
4. Inevitable growth
The MyProgress economy is designed in a way that the amount of key assets (progress tokens) is expected to grow permanently. At the same time, the supply for GAINs (the native MyProgress medium of exchange token) is fixed at 1 billion units. According to monetary economics framework, if the monetary demand increases while the supply remains flat, the value of each unit of currency is set to rise. GAINs are designed as a general purpose medium of exchange (payment) and will only be considered an internal MyProgress utility currency until the entire progress token market cap hits 1 billion USD. After the milestone reached, GAINs will be promoted as a payment option to the primary token market part of the dapp. At the same time, fees for fiat and bitcoin transactions will be increased, positioning GAINs as the payment method with the lowest costs of transaction. If at some point MyProgress blockchain will be used to process the largest portion of the world‘s i2i (individual to individual) transactions, opportunities for GAIN token to spread across the bulk of general consumer markets are endless.
Not for whitepaper:
As Bitcoin keeps failing in retail value transfer adoption, its price declines because of low liquidity in the spot market being under pressure from high liquidity futures market speculation. Blockchain enterpreneurs seem incapable of resolving the adoption dilemma and keep misleading holders and investors that the road to adoption is fixing the technology, eliminating TPS bottlenecks, bringing more infrastructure.
I think that if we want the industry to move forward, Bitcoin price, along with the sentiment that the technology isn't good enough, have to be removed from the equation. It is all noise that is not helping, rather distracting. The only road to adoption is new end-user applications (apps, dapps), end-user products and services, those that utilize cryptocurrency for internal value transfer and storage.
My solution is a dapp that insentivizes the use of cryptocurrency over fiat with transaction fee discounts and additional bonuses. The idea is innovative yet simple, no marketing buzzwords (Artificial Intelligence, Internet of Things, Quantum Computing - none of that). End-user. Bold concept. Pure utility.
I like Pavel Durov and he's my countrymate, but, as we know, the success of Telegram ICO came out of an assumption that a well adopted messenger app cannot fail as an i2i (individual to individual) payment service. Not really. A messenger app per se is not an incentive for value transfer. If I introduce an app with payments and value transfer granting access to a unique asset infrastructure, unique services including subscription-based private access short-messaging service, new asset class trading opportunities - no messenger app will compete. Telegram coin will find its small niche but MyProgress will be the king of blockchain adoption for retail and i2i value transfer.
But the adoption doesn't come cheap. The dapp itself is the easiest part. I want an army of influencers across the globe to engage, start promoting the concept, send feedback, create communities. I'm looking for a Twitter/Instagram scale popularity for the dapp, and that is the expensive part. And it's the only problem I couldn't find a better solution for other than having to run a token sale (with up to 90% of funds raised to make up the marketing fund).
Some technicals (if you're interested)
The dapp will consist of the following components:
End-user part will include open-source iOS/Android apps (wallets) and website serving the dapp via blockchain's API. It will feature:
Third party developers would be able to create their apps and wallets featuring enhanced fiat operations and reward functionality.
Nick is a software engineer and project manager with 15+ years of experience in financial research and B2B software systems development. In Australia, his software helps producing and delivering financial and market research data to major financial institutions, including Macquarie, UBS and Morgan Stanley. In Russia, his software runs billions of US dollars in transactions, handling largest supply chains, including Gazprom, VTB group, Rosatom, Rostelecom, etc. Since 2010, most of the Russian public sector, including federal government institutions, local governments, public schools and hospitals use Nick's solutions to run supply chains and utilize public key infrastructure for signing contracts online.