What is the magic square (SQR)?
Magic Square is a neighborhood-run multi-chain cryptocurrency app shop. Magic Square enables end users to discover and expertise unique dapps in a single room, as nicely as permitting developers to revenue from their apps.
Magic Square items
Magic Square has 3 primary items: Magic Store, Magic Space and Magic Connect.
three The product or service will be created to serve three unique consumer groups: Crypto App Users (Users), Crypto App Developers (Creators) and Community Validators (Users).
Each of these groups plays a special purpose in the Magic Store interface, with their very own responsibilities. The consumer need to log into the method and get a safe character with their safe Magic Connect credentials. Creators need to efficiently deploy apps to be validated by validators, who vote for new apps to enter the ecosystem.
Magic store
Magic Store enables end users to discover all their crypto apps and NFT collections in a single interface. Every app obtainable on the Magic Store contains developed-in DeFi “bundles” that help native app currency.
Many cryptocurrency tasks make communities when promoting tokens, but these communities normally wait for a rate maximize and under no circumstances basically use the product or service they invested in. Furthermore, most crypto tasks did not release items through the token sale. Magic Square’s vision is to break this cycle by building a neighborhood whose items meet a range of demands. Creators have a room that will make it possible for them to make their very own neighborhood of end users and monetize their apps. Users will have entry to apps that have been checked in the listing that have passed the voting method.
Additionally, Magic Square has launched a special template for the Magic Store. Users can only earn rewards by downloading and working with the app. Every day Magic Square will distribute prizes based mostly on users’ individual ratings. This special model enables end users to earn SQR tokens just by investing their time. The consumer with the highest month to month score will get an added bonus of a exclusive NFT.
Magic Square will draw on the electrical power of the neighborhood to handle the excellent of the crypto apps that will be listed in the Magic Store.
Any neighborhood member can turn out to be a experienced validator (jury) by wagering 5000 SQR tokens and passing a validator qualification check.
Magical room
After end users find out an app on the Magic Store, they include it to a customized panel of cryptographic apps and widgets identified as “Magic Space”. Magic Space enables end users to shop, open and use all applications in a single interface, by means of their single entry to Magic Connect.
Magic Space is obtainable and entirely synchronized on all gadgets, which include Computer, mobile gadgets. This tends to make the expertise of crypto items as effortless as downloading an app on the Apple or Android outlets.
The blend of Magic Store and Magic Space produces an surroundings that enables end users to entry all of their crypto apps in precisely the very same way.
Magic connection
To entry Magic Space and use their applications, Users need to entry the Magic Square method by way of Magic Connect. Magic Connect enables end users to set up connections with all their applications by means of a single authentication autonomy (SSI).
Magic Connect is an HTTP-based mostly support with clever contracts on the blockchain. Acts as the proprietor of the Verifiable Data Register which outlets the Decentralized Identifier (DID) and maintains interaction in between all participants.
The Magic Connect method consists of the following User elements,
Verifiable Data Register, Issuer and Validator.
Usage prices for end users, application developers
User
Users can test three product or service packages based mostly on the variety of token staking:
Level one – Basic package deal
- Users can allocate up to 3 apps to their room without the need of staking
- Users aim for 150 SQRs to unlock limitless app downloads for Space
Level two – Pro Package
Users aim for 500 SQRs to unlock the following characteristics:
- Advantages in the simple package deal
- Use to Earn (Use App to Earn): Daily rewards based mostly on shop exercise
- Referral Rewards: You are rewarded based mostly on their referral
- Karma Points: Get increased each day rewards by accumulating
Level three – Influencer Pack
- In addition to tier two perks, end users with Karma over 5000 can wager one thousand SQR tokens and get a 25% maximize in their each day rank, which will end result in increased rewards.
- Influencers get early entry to all unique occasions, contests, and so forth.
App developer
Creators wishing to listing their apps in the Magic Store need to very first submit their apps for validation by the Magic Square neighborhood validators.
In buy for an application to be authenticated, the Creator will send ten,000 SQR tokens to the clever contract, of which
- 35% paid to validators
- 15% paid to the Magic Store
- 50% stake through the time period the app is listed on the Magic Store
If the app does not meet the minimal score on the listing, 65%
tokens will be returned to the creator (35% will be sent to validators as a reward for their get the job done)
Basic data about the SQR token
- Token title: magic square
- Ticker: SQR
- Blockchain: Updating
- Token regular: Updating
- To contract: Updating
- Token sort: Utility, Governance
- Total provide: one,000,000,000 sq m
- Circulating provide: Updating
Token allocation
Token release plan
What is the SQR token made use of for?
For end users: staking to use Magic Square product or service packages.
For App Developers: Staking to listing apps on the Magic Store.
SQR Token Storage Wallet
Updating
How to earn and very own SQR tokens
Updating
Where to get and promote SQR tokens?
Updating
Roadmap
3rd quarter 2022
- Closed beta release which include Magic Connect, introduction of Validator, and planning for the Seed fundraiser
4th quarter 2022
- MVP release and staking perform
1st quarter 2023
- Global growth with the release of localized versions of the Magic Store in Turkey and Brazil
2nd quarter 2023
- Launch of Magic Community and geo-based mostly dApp explorer
3rd quarter 2023
- Magic SDK and Magic Contest System launched
Investors
Magic Square has just finished a Seed Round of funding really worth up to $ three million. Investment money paying out focus to this undertaking contain Binance Labs, Republic Capital.
summary
Magic Square is a neighborhood-run cryptocurrency app shop. Applications that want to be listed on this app shop have to go by means of a round of validators.
Currently, this undertaking is in the early phases of improvement and the undertaking has not announced strategies for issuing tokens.
Through this post, you need to have by some means grasped the simple data about the undertaking to make your investment selections. Coinlive is not accountable for any of your investment selections. I want you accomplishment and earn a whole lot from this probable industry.