SQR Token (not launched yet)
The SQR token powers all aspects of the Magic Square ecosystem and allows for the seamless integration of users, developers, and validators.
Governance - By ensuring that every aspect of the Magic Store operates in a decentralized and transparent manner, the Magic Store adheres to the principles of Web 3.0. As part of our innovative approach to achieving this goal, we have implemented a voting model on blockchain. As a result, the Magic Square Community can become decision-makers and determine which apps are featured on the platform as well as take on decision-making responsibilities.
Our goal is to create a truly democratic platform that empowers users to shape the future of the Magic Store through this innovative approach. The Magic Store remains true to its core values of decentralization and community-driven decision-making and is therefore not reliant on the intervention of the Magic Square team. Users will be able to earn Karma based on the amount of SQR tokens they stake and the User Package they select. There are 3 Staking Tiers available to users.
Marketing - The marketing model of Magic Square is essential to achieving long-term success. Magic Square's team recognizes the importance of providing ample opportunities for developers and service providers to showcase their offerings. Magic Square currently offers Magic Boost and Hot Offers as promotional channels, and its team is continuously expanding the marketing opportunities available to developers. Magic Boost, Hot Offer and other upcoming campaigns will be paid in SQR tokens. Part of these tokens will be used for buybacks and burns.
In order to meet the unique needs of each developer and service provider, a comprehensive and diverse range of marketing options is provided. In this way, Magic Square can provide the necessary tools for participants to succeed, and foster a thriving innovation and growth ecosystem. In its marketing model, Magic Square demonstrates its commitment to empowering developers and service providers as well as creating a dynamic platform.
Magic Square’s marketing model is one of its Key Drivers. We are proud to reveal an Innovative Token-Based RTB (Real-Time Bidding) Program. Developers and service providers who have at least one listed App or approved service can promote their services through a wide number of categories and banners with Ad Space. Developers can win Ad Space by bidding SQR tokens based on SBO (Second Best Offer) mechanics. SQR tokens of the winning bid will be locked for 12 months before there are transferred to the treasury.
Referrals - The referral campaign is an innovative tool offered by Magic Square to developers, aimed at increasing their user base and acquiring new customers. Developers can create Offers to invite Magic Community members to refer their friends to their apps. In order to do this, Developers will create a pool of SQR tokens to be distributed as referral rewards. Magic Square will collect 10% of all pools to be staked for 24 months before being released into the Treasury. In addition to providing a unique opportunity for small and already established projects to attract new users, this also contributes to the development of a loyal user base. It's a win-win campaign for Magic Square and developers, offering growth, exposure, and success in the world of Web 3.0.
The official contract address of $SQR token (testnet): https://testnet.bscscan.com/address/0x199e5a83509f35cd5eb38a2d28b56a7cd658e337
Magic Store is built on BNB Chain, which is composed of BNB Smart Chain (BSC), BNB Beacon Chain (BC) and BNB Sidechain. BSC is a smart-contract enabled Layer 1 blockchain where developers can build and deploy decentralized applications; BC is the governance arm of BNB Chain where validators stake BNB Token and vote on potential changes to the protocol; and BNB Sidechain allows developers and node operators to build and run their own blockchains as an internal value system for a massive number of users while still maintaining a close connection with BSC.
Advantages of building on the BNB Chain:
Compatibility and composability - The BNB Smart Chain (BSC) supports EVM-compatible smart contracts, protocols and tooling, making it easy for project teams from other blockchains to quickly and easily migrate their dApps to BSC.
Proof of Staked Authority: Faster Block Times, Lower Costs - BNB Chain employs the Proof of Staked Authority (PoSA) consensus mechanism, whereby a set number of nodes validate blocks and secure the network based on the amount of BNB Token they have staked on the Beacon Chain.
A Thriving Community - BSC has the largest, most talented and most passionate community of developers, entrepreneurs and users in the entire crypto industry