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HomeCryptoCurrencyMoney on Chain Launches Governance Token on Bitcoin RSK Sidechain

Money on Chain Launches Governance Token on Bitcoin RSK Sidechain

This April 26, the Argentine startup Money on Chain launched its governance token called MoC on the RSK network, Bitcoin’s side chain.

Within the framework of the new token generation event, from this Monday a daily MoC reward will be delivered to the BPro HODLers , the pool of bitcoins that serves as a guarantee for the stablecoin DoC (Dolar On Chain), which has been issued in RSK since 2019.

As explained by the information Posted on the Money on Chain corporate blog, about 19,687 daily MoC tokens will be distributed proportionally among all BPro HODLers within the next 30 days . The plan is for the allocation to progressively change. In this way, on the first day each member will receive half of the allocation tokens, until they receive 1/32 of the daily MoC on the 30th.

The maximum supply of MoC will be 210 million tokens , being the MoC generation event that begins today the starting point of the distribution of tokens to the single-purpose trust ( Sole Purpose Trust ). This is the basis for the development of the Money on Chain Protocol.

Consequently, the largest portion of the tokens will be allocated to MOC Staking Rewards, and MOC Liquidity Mining, the program of incentives for bitcoiners who occupy positions in BPro (also native to the platform).

Most of the MoC tokens to be distributed are included in the rewards program. Source: Money on Chain.

The MoC token : basis for decision making in the network

The document adds that the holders of the new token acquire voting and veto power in the platform update processes , including the development of parameters and new features.

They point out in this regard that MoC is designed to operate in a decentralized autonomous organization (DAO), a decentralized governance mechanism that works based on a system of rules previously codified through smart contracts . In this way, token holders will be able to participate in code modifications, influencing decision-making on whether or not to make changes to the smart contract.

That is why , for Money on Chain, this MoC token generation event is a fundamental milestone in the roadmap they proposed for the decentralization of protocol governance . “We are creating the foundations of a new open and uncensored financial system, built on Bitcoin,” they say.

The MoC token brings governance to the autonomous Money on Chain protocol, which already includes DoC, the first stablecoin in dollars, guaranteed with Bitcoin; BPro (a HODL and earnings token with unique benefits); and BTCx (an amplified leverage mechanism).

Max Carjuzaa, co-founder of the Money on Chain Protocol

Other benefits that are promised to those who acquire the token, it is the possibility of obtaining profits both for doing staking , and for the commissions collected by the protocol . Discounts are even offered for commission payments with MoC, with a lower rate than those paid with BTC.

The team also talks about free leverage provided by DoC token holders , in addition to passive income derived from interests in Smart Bitcoins or rBTC. These will be paid by traders who buy BTCx, according to what the startup explains in a statement.

MoC is traded on the Exchange Decentralized Token (TEX), an exchange that operates automated and without intermediaries that allows the exchange of RSK tokens. The platform has been in operation since November 2020.

As reported by CriptoNoticias on that date, TEX has been developed on RSK and offers the possibility of exchanging tokens such as RIF, BPro, DoC and rBTC . It is part of a series of launches that Money on Chain has been making in the RSK financial services market.

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Sandra Loyd
Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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