What's the purpose of the MCO token? The project seems cool but I don't get why do we need a token. Do or will it have any use case?
Profits from the Monaco card users will go to MCO holders
Ok, thanks. In the meantime I've just found this on reddit:
"It is defined in the white paper.
There is a 1% fee charged on every purchase to the card holder. The card holder can use any fiat currency, Bitcoin, EtH or ERC20 token to make purchases and the 1% fee will be withdrawn from the users account in the same currency/token that was used to make the purchase, All of these 1% fees will be sent to a smart contract.
Be aware, That Monaco tokens do NOT pay a constant dividend from this smart contract (This is what most people assume) Instead, You will have an opportunity to burn your MCO tokens in exchange for a a percentage of what's in the contract. It's a ONE TIME thing.
Say there are 10 million MCO tokens in existence and you hold 1 million MCO tokens, You effectively have 10% of the token supply, You can then choose to burn your Monaco tokens and you will be given 10% of what ever is in the smart contract.
This will bring a lot of game theory into it, When does one choose to burn their tokens? You don't want to do it straight away because the smart contract will grow larger and larger as time goes on, Also... You Your percentage of the total supply will grow as more and more people burn their tokens to take a piece of the ever growing contract.
The MCO tokens are unlike any other tokens in Crypto so its going to be very interesting to see how this all plays out."
https://www.reddit.com/r/MonacoCard/comments/6vq5t0/what_is_the_use_case_for_mco_tokens/
