Defining Free Usage Business Model on Muti-blockchain: MYKEY Ethereum Version now officially released MYKEY Follow Jan 15 · 7 min read

Today, MYKEY officially supports Ethereum, entering the Multi-Chain era.

In the multiple chain era, MYKEY will pay more attention to the diverse function of network credits, the construction of community member system, the convenience of user DID management and the self-sovereign of users. We will redefine the free business model of blockchain to offer free account and free network resources. At the same time, the invitation reward scheme has been readjusted and more details on member medals have surfaced. There are other surprises such as multi-chain accounts limited time discount, network fee purchase upgrade and key exchange upgrade (see the following for detailed rules).

https://www.youtube.com/watch?v=RR48ku70Dv0&feature=youtu.be

As the second public chain MYKEY supported, Ethereum is a global open-source decentralized application platform, and also the public chain with the most asset types and use scenarios in the blockchain world. The vision of Ethereum is to create a non-stop, anti censorship, self-sustaining, decentralized world computer.

MYKEY Lab has a group of excellent developers of Ethereum, some of them are early participants and builders of Ethereum community. MYKEY Lab deployed the KEY ID protocol on Ethereum successfully which is open source as well. The protocol will help users to manage private keys easily and use blockchain at low cost through five core features (e.g., a transaction of ERC20 token does not require ETH), to reduce the barrier use threshold of blockchain. It includes “Smart Contract Based Account Control”, “Separated Account Authorities”, “Trust-less Recovery Mechanism”, “Network Credit Proxy Model”, and “Uniform Identity on Multi-chain”.

For this Ethereum version, please pay attention to the following points:

Ethereum free transaction rules

In MYKEY, the transfer transactions of ERC20 token only consumes network credits, and ETH is no longer required as gas. When users transfer token, they need to choose transaction speed. There are three options: slow, average and fast. The more network credits are consumed, the faster the transaction is processed.

All the free quota is at a slow speed, details are as follows:

All the Ethereum version users can get 1 free transaction quota per month by default.

Users who complete KYC registration will receive an additional free transaction quota per month.

Users who bind with bihu.com will receive an additional free transaction quota per month.

Users with the MYKEY Medal of honor (registered before August 20, 2019(UTC+8)) will receive an additional free transaction quota per month.

Multi chain limited time offer

In order to realize the unique enhancement function of key ID protocol, MYKEY needs to help users deploy contracts and data in different public chains to open new accounts, so it needs to consume some account opening costs.

MYKEY users need to use network credits to open the new blockchain function. At present, the first chain account is free for users. and the opening fee of the second chain is $1 network fee.

In order to celebrate the launch of the MYKEY Ethereum function, MYKEY has opened a limited time discount for having a new account. From now on, users who open the second chain will enjoy a 50% discount. Except this, early users registered before 17:30 on August 20, 2019(UTC+8) can get a $0.5 network credits return in the task center. In addition, other regular users registered before 12:00, January 15, 2020(UTC+8) can get a $0.3 network credits return in the task center, So that is only a $0.2 network credits for account opening.

Community Member Pioneer Medal

There are more than 300 users actively participating in the internal test of Ethereum function and providing a lot of valuable feedback. We will award these users the medal of Ethereum pioneer, which will be issued in the form of ERC 721 NFT in the future. The medal will never be an additional issue.

New invitation reward scheme

The maximum network credits for new users is increased from $1 to $1.5, and the network credits for each new friend invited by users is increased from $0.2 to $0.5, and the invitation reward of KEY token is no longer issued through daily check-in. New users can get KEY by registering bihu.com and participating in various activities. MYKEY will also create more use scenarios based on network credits.

Upgrade of network credit purchase

The function of network charging now supports ETH, and the extra 10% reward of purchased with KEY remains.

KEY SWAP upgrade

The KEY SWAP app has been upgraded. If the user has both ETH and EOS functions, they can swap KEY from ETH to EOS (or from EOS to ETH) without typing the address manually.

Contract open source

MYKEY Lab team gathers a group of excellent developers of Ethereum, and some of them are early participants and builders of Ethereum community. In order to carry forward the excellent characteristics of the Ethereum community, the Ethereum version contract of the KEY ID protocol is open source. For the code, please refer to 【Github】

In addition, the contract code of KEY ID has passed the security audit and formal verification of three top security institutions (Slow Mist, CertiK, Beosin). For details, please refer to 【Github】

Contract upgrade convention

In order to provide more secure and reliable services, the KEY ID contract reserves the right to upgrade in case of major changes in the main network and other special circumstances, but it needs to follow the contract upgrade convention. The purpose of the contract upgrading convention is to update the contract reasonably on the premise of openness and transparency, so as to ensure the asset safety of all users.

When upgrading a contract, we will publish the upgrading reason and the contract code in advance to the community. After the new contract is deployed, the new feature has a waiting period of 4 days to activate. During the upgrade publicity and waiting for activation, users can supervise the upgrade.

The address of the relevant contract is as follows:

Contract Name —— Contract Address

Logical management contract —— 0xDF…4528

Account Logic Module —— 0x52…D957

Account double sign module —— 0x03…8571

Transfer logic module —— 0x1C…BF10

Dapp logic module —— 0x2c…fbd2

Account creation contract —— 0x18…0243

Account template —— 0xEf…5095

Account storage module —— 0xAD…04b7

Bounty

MYKEY Bounty plan is in progress. Please refer to MYKEY Bounty Plan for details.

Other references:

Slow Mist escort MYKEY ETH smart contract, Vulnerability bounty upgrade

CertiK’s Smart Contract Audit for MYKEY’s Ethereum Chain

Nirvana plan

In November 2019, MYKEY held the first KEY ID bounty activity, involving more than 50 developers, 13 of whom completed the well-designed tasks and received a total reward of 1.95 million KEYs. This activity shows the high skill of blockchain developers, and also deepens users’ understanding of the KEY ID protocol. It is clear that MYKEY is only the implementer and integrator of the KEY ID protocol, and has no motivation or ability to control users’ assets.

In order to further improve the robustness of the KEY ID protocol, and ensure that users’ assets can still be easily transferred when MYKEY cannot provide normal services, MYKEY has opened the “Nirvana plan”, sought relevant tools from the developer community, and set up a large number of rewards. Details in: https://bit.ly/39NoR33

Some exchange restrictions

The Ethereum account in MYKEY is a contract account, but not all the exchanges currently support contract deposit. The following list is the exchanges that have been verified by MYKEY Lab to accept contract deposit: Users can choose these exchanges for depositing and trading (all withdrawals from the exchange to MYKEY account are not affected).

If users inadvertently deposit to the exchange that does not support smart contracts, users can send a ticket order to the exchange, and in most cases, users will do manual receipt processing. If not properly handled, users can contact MYKEY for further assistance.

If the exchange has supported contract deposit but not be listed, it can submit PR in github.

We believe a smart wallet will be an important product to help blockchain enter thousands of households. The consensus on smart contract needs to be established by the whole industry. MYKEY will work with partners to promote exchange support smart contract deposit.

Help center

The user can get the MYKEY guide and FAQ through the help center, and submit the request to MYKEY Lab by using the support system.

How to access: open the website https://support.mykey.org/ or enter from “me” > “about us” in the app.

About Us

KEY GROUP ： https://keygroup.me/

MYKEY Web: https://mykey.org/

BIHU: https://bihu.com/people/1133973

Telegram: https://t.me/mykey_lab

Twitter: https://twitter.com/mykey_lab

Medium: https://medium.com/mykey-lab

Github: https://github.com/mykeylab

Slack: MYKEY LAB

Youtube: MYKEY Laboratory