MAY 22, 2022
Bridging blockchain solutions: An interview with Many Worlds Token COO Steven Bumbera
JAN 29, 2022
The use cases and possibilities of blockchain technology are expanding at a rate where it is being used in all spheres of life. Blockchain platforms are competing against each other to bring in technologies that are unique in their own way. In the age of blockchain innovations, there is a need for solutions that bridge the functionalities of different blockchain platforms.
The Many Worlds ($MANY) token is an innovative DeFi token built on the Binance smart chain network that aims to leverage blockchain platforms to enhance their consumer experience and serve as the governing token for blockchain solutions in various stages of development.
In an interview with the COO of Many Worlds Token, Steven Bumbera we discussed their platform, the Many Worlds ecosystem, their successful presale, and much more.
1. Tell us more about the vision behind creating the Many Worlds platform? What problem does the platform aim to solve in the space?
Despite current market conditions, mass adoption is well on the way and Many Worlds is positioning itself to benefit from many different facets of this adoption. Our business has three core components. Tokenomics, Utility, and Entertainment.
From the tokenomics perspective, we have two major goals, one of which has been achieved and the other currently in development. The problem we already solved is the current way rewards-based tokens operate. The idea of stable coin rewards is a phenomenal one, however it comes with a 14%+ buy and sell tax making it impossible to scale or provide long-term growth potential. We solved this problem by creating the world’s first dynamic tokenomics system, allowing different tokens in your wallet to have different intrinsic values.
Effectively, we are able to produce the same, if not more rewards than current systems but with only a 3% buy tax. The other side of tokenomics is our movement into the fintech space as mass adoption continues to develop. We have partnered with CloudPayments and in the coming weeks, we will be releasing a solution that allows individuals into the DeFi space with direct FIAT transactions. As we continue to develop the software and close partnership deals, we inch towards becoming the Stripe of the crypto space.
The utility being delivered is in regards to the metaverse. We often refer to the metaverse in a singular manner as though there will be one, but that is simply not the case. The reality of the metaverse is that it will be a multiverse, which will require bridge utility to interconnect all assets and platforms, allowing an individual to seamlessly traverse this multiverse without needing multiple governing tokens or login portals.
Our phased approach starts with the development of our payment processing software allowing us to involve the 96% of the world not yet involved in crypto, then giving them an ecosystem to enjoy by having customizable NFT’s. This leads to our interoperability protocols which allow for client-ecosystem and ecosystem-ecosystem communication before introducing our blockchain asset injection software and SDK allowing for assets such as NFT’s to move seamlessly between ecosystems.
While the primary function of Many Worlds is to play an interconnecting bridge role, we do indeed have our own art, ecosystem, and entertainment role to play in the space. Our NFT Customization Platform will allow a custom, unique NFT’s to exist within our world. One of the dev team members is an executive in the entertainment industry who has released animated TV series on platforms such as Disney+ that gives us the capability to make this a reality. We have our own story and art which can be viewed on the website at www.manyworldstoken.com. In this world, custom NFT’s will be able to appear in our NFT Comic Books and NFT Television Series.
2. What was the reason behind choosing BSC for $MANY? How is it going to be beneficial for the users?
As we approach mass adoption with the fed inching towards the implementation of a central bank digital currency it is wise to build a project based on the world’s largest crypto exchange. This offers a regulatory shield and a powerful partner as we continue building out our project. Beyond Binance itself and regulation, the underlying technology is superior in terms of speed, cost, and ease of development.
While Binance may be the largest crypto exchange, the blockchain BSC is still quite new being just over a year old and has a lot of growth potential considering Ethereum, the more expensive alternative in the world of smart contracts, holds an overwhelming amount of the market share. In short; regulation, liquidity, and underlying technology are all reasons why we chose to utilize the power of the Binance Smart Chain.
3. According to you, what makes the Many Worlds platform stand out from the rest in the space? Tell us about the first-ever variable tax system in crypto?
There are several things that cause us to stand out, but I think the first and most important is the team behind the project. In crypto, especially on BSC, there are a plethora of projects with promises of utility yet their smart contract is a copy and paste of some other successful project and their teams are not doxed, KYC’d, or audited. Not only do we have a doxed and KYC’d team with a proven track record in business, but we also have an audited and unique, custom contract proving our capability to deliver outstanding functionality in short periods of time. Our business-savvy approach puts us in a wonderful position to work with regulators as mass adoption continues to grow. We are not trying to hide from regulators or take advantage of the Wild West that is crypto, but instead we are positioning ourselves from both a legal and technological perspective to participate in the industrialization period that is to follow.
The world’s first dynamic tokenomics system allows the holder to have tokens in your wallet with different intrinsic values. We have an aging process built into the contract which means the moment you purchase tokens they begin to age. The older the tokens are, the higher level they are, and the more rewards that are produced by that lot of tokens. For example, if you were to purchase 10 tokens today, you would be purchasing 10 level 1 tokens that would begin to age. Tokens become level 2 on the 8th day of holding. Let’s say on the 8th day you purchase 10 more tokens. You now own 20 tokens in total (10 level 1 tokens and 10 level 2 tokens). Rewards up to level 3 are based on the current tax based system. The important feature is the ability for tokens to age and represent differing intrinsic values providing different interactions with the smart contract depending on the tokens age.
4. Many Worlds has an innovative reward-based system that gives scalability to the stablecoin rewards system on-chain. Tell us more about it?
All current rewards-based systems are based around varying forms of tax tokenomics. Scalability is the key issue in all stablecoin rewards systems which we have addressed and corrected. There are three core issues with current rewards-based systems: a barrier to entry, trading volume, and waste of capital. All of these issues share the same result of diminishing returns.
The barrier to entry was mentioned earlier because of the current structure of having 14% buy and sell taxes in order to fund the rewards. To put that into perspective, a completely break-even trade would result in a loss near 30%. Assuming profit is to be made, then government taxes would also need to be considered. As the price grows, so does the barrier to entry in terms of not only taxation, but in regards to the number of tokens one could purchase and since rewards are based on trading volume and how many tokens you hold, this problem grows at an exponential rate. The only ones who will ever benefit from high tax rewards systems are the earliest to enter. This barrier to entry dissuades long-term investors from participating if they are not early enough. Many Worlds fixes the barrier to entry issue by having a 3% buy tax as opposed to a 14%+ buy tax.
Trading volume is key to rewards-based systems since wallets are filled by transactional taxes. The large taxation immediately dissuades short term traders from trading the coin because they would have hyper-successful trades to get past the 30% in transactional taxes plus the government tax on their profits. Up to this point, you can see that current rewards systems effectively dissuade all calibers of traders from participating in their system, a system that is dependent on participation. Many Worlds also addresses this problem in two ways. The first is relaying back to our dynamic system. Level 1 tokens are tokens that are younger than 8 days old and have a sales tax of only 3%. Therefore a short-term trader needs less than 6% to make it worth trading versus needing 30% to make it worth trading. In addition, a daily sweepstakes occurs at 7 pm EST, where a portion of the taxes is distributed to 10 winners who have traded that day.
The final core issue is the waste of capital. First, most rewards-based systems are copy and pastes of Evergrow (EGC) which pays out rewards every hour. This incurs enormous amounts of gas fees that could be money spent better elsewhere. With Many Worlds tokenomics, rewards are distributed once per week, every Monday morning. This slower distribution coupled with our Web3 Optimization Software, we are able to significantly reduce the costs behind rewards-based systems to put our capital to better use.
Second, because of the barrier to entry and low trading volume problems, a significant amount of capital needs to be used for marketing to attempt to attract new investors which takes energy, time, and most importantly, money away from the development of utility for the project. Our token provides a rewards-based environment for long-term holders to revel in and a playground for short-term traders to enjoy.
This allows us to put the majority of our capital and attention into further development on the project since we have a healthy and organic trading environment for participants to benefit in rather than needing to constantly attract new investors.
5. The platform had a successful presale breaking records by raising 450 BNB in less than 2 minutes. What did you think about this kind of reception among users?
This was incredibly overwhelming. We gave three days for our pre-sale and began approaching known investors as a startup. However, with a community of only 300 members at the time, we were able to sell out the entire pre-sale in 3 hours.
Watching 450BNB appear in 2 minutes was surreal, not only because we have virtually zero awareness on this project, but because we also limited each investor to 25BNB. This reaction showed that beyond a shadow of a doubt, we had a team and product worth backing. It’s very exciting to see how investors react to what we are doing, and as awareness for the project grows, so will that excitement.
6. Many Worlds aim is to connect ‘Metaverses cross-chain or otherwise.’ How is the platform planning to do this?
Modularly and progressively as we do with all of our coding. Every item on the roadmap is a component that has features/software necessary to execute the final vision of connecting the metaverses. So first we start with our own ecosystem, then work on the protocols to connect clients to our ecosystem, then connect our ecosystem to another ecosystem, and scale from there until we are connecting metaverses cross-chain.
7. Tell us more about the Many Worlds ecosystem?
8. What lies ahead on the Many Worlds roadmap? Does the platform have any partnerships and collaborations planned out?
In the next few weeks, we will have the first version of our Exchange app ready for use. The Many Worlds project is only 1 month old and our partnership with CloudPayments allows us to bring this to market quickly with the appropriate licensing. By the end of the first quarter, we are aiming to have the Exchange App, the NFT Trading Post, and the NFT Customization platform’s first versions ready for beta testing.
For more information on Many Worlds Token, please check out their official website.
Disclaimer: This is a paid post and should not be treated as news/advice.