Myria

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This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Myria?

Myria (MYRIA) is the native utility token of the Myria ecosystem, a cutting-edge Ethereum Layer 2 (L2) scaling solution designed to revolutionize blockchain gaming and NFT experiences. It is an ERC-20 token on the Ethereum network, with a total supply of 50 billion tokens. The token plays a pivotal role in facilitating transactions, governance, and ecosystem growth within the Myria ecosystem.

How is Myria used?

The MYRIA token is the native utility token of the Myria ecosystem, which is an Ethereum Layer 2 (L2) scaling solution designed for blockchain gaming and NFTs. The token is used for several key purposes within the ecosystem:

  • Protocol Fees: MYRIA is used to pay fees for transactions on the Myria network.
  • Node Purchases: The token is required for purchasing and operating Myria nodes, which are essential for the network's operation.
  • Staking Rewards: MYRIA is used to reward node operators and participants in the staking process.
  • Governance: The token allows holders to participate in governance decisions, ensuring a decentralized and community-driven approach.
  • Exclusive NFT Purchases: MYRIA is used for purchasing exclusive NFTs within the Myria ecosystem.
  • In-Game Utilities: The token has additional utilities within selected game titles, enhancing the gaming experience.

Overall, the MYRIA token plays a pivotal role in facilitating transactions, governance, and ecosystem growth within the Myria network.

How do I store Myria?

To store Myria (MYRIA) tokens securely, it is recommended to use "Cold Wallets," which are totally offline. There are two types of cold wallets:

  • Paper Wallet: This is created by generating public and private keys offline and printing them on paper. The keys are printed as QR codes, which can be scanned for future transactions.
  • Hardware Cold Wallet: This is a physical device where you can store your cryptocurrency. Your crypto addresses and keys are kept in a USB drive device, and only the person with the USB drive can access the assets. Hardware cold wallets are preferred by most users, especially for storing large numbers of coins or tokens.

How to buy Myria?

To buy Myria (MYRIA) tokens, follow these steps:

  1. Choose a Cryptocurrency Exchange: Select a reliable exchange that supports Myria, such as KuCoin, CoinEx, OKX, Bybit, gate.io, or MEXC. Each exchange has its features, fees, and security measures, so research and compare them before making a decision.

  2. Create an Account: Register a free account on the chosen exchange. This typically involves providing personal information and email verification. Some exchanges may require Know-Your-Customer (KYC) verification to increase withdrawal limits and unlock additional features.

  3. Fund Your Account: Deposit funds into your exchange account using various methods such as credit cards, bank transfers, or other cryptocurrencies. Ensure you have sufficient funds to cover the cost of the Myria tokens you want to purchase.

  1. Buy Myria Tokens: Navigate to the exchange's spot market and find the Myria (MYRIA) trading pair. Place a buy order, specifying the amount of Myria you want to purchase. You can use market orders for instant purchases or limit orders to buy at a specific price.

  2. Store Your Myria: Once you have purchased your Myria tokens, store them securely in a cold wallet (hardware or paper) to protect your assets from potential exchange hacks or shutdowns.

  3. Monitor and Manage: Keep track of your Myria investment performance and adjust your strategy as needed. You can also use the exchange's features, such as staking or futures trading, to optimize your returns.

Remember to stay informed about market conditions and Myria's performance to make informed investment decisions.

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History of Myria

Myria (MYRIA) is a cryptocurrency that was founded by a team of gaming enthusiasts, including Andrew Silber, who has a 27-year career in the industry. The Myria token started trading on April 6, 2023. The project is centered around its Ethereum Layer 2 (L2) scaling solution, which aims to revolutionize blockchain gaming and NFTs by providing high transaction throughput and zero gas fees.

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How Myria works

Myria (MYRIA) is a Layer 2 blockchain platform designed to enhance the gaming and NFT (non-fungible token) experience on the Ethereum network. It aims to provide scalability and efficiency, making it more suitable for gaming and NFT applications.

Security and Reliability

Myria's base system is built on the Ethereum network, which ensures both security and reliability. This foundation allows Myria to leverage Ethereum's robust infrastructure while focusing on its own specialized features.

Gas Fees and Royalties

Myria does not charge any gas fees, but users may incur one-time gas fees from Ethereum when deploying smart contracts to create collections. Additionally, creators can set royalty fees for secondary sales of their NFTs by specifying the percentage during the minting process.

Technology and Partnerships

Myria works in collaboration with StarkWare to develop its Layer 2 (L2) solution. This partnership enables Myria to create a more efficient and scalable platform. The platform also provides a developer-friendly environment with tools like the Myria SDK, which allows developers to interact with the L2 protocol without needing to write their own smart contracts.

NFTs and Marketplace

Myria supports the creation and trading of NFTs following the ERC721 standard. The Myria Marketplace allows creators to list and sell their NFTs, and partners can be featured in the marketplace's Hot Collections and Ecosystem pages. The platform also provides a testing environment using the Sepolia testnet, where developers can deploy and test their projects before moving to the mainnet.

Fees and Limitations

While Myria does not charge gas fees, it may introduce other fees in the future. There are also limits on the number of collections and mint transactions that can be created per month, but these limits can be increased by contacting the Myria team.

Overall, Myria is designed to bridge the gap between gaming and NFTs, providing a scalable and efficient platform for creators and users alike.

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Myria's strengths

The token Myria (MYRIA) has several strengths that contribute to its utility and value within the Myria ecosystem:

  1. Transaction Speed and No Gas Fees: Myria's Layer 2 scaling protocol ensures fast transactions without gas fees, making it an attractive solution for blockchain gaming and NFT use cases.

  2. Governance and Community Ownership: MYRIA token holders have a say in the future direction of Myria through governance mechanisms, aligning the incentives of stakeholders within the ecosystem.

  3. Exclusive NFT Purchases and In-Game Utility: MYRIA tokens unlock exclusive NFT collections under Myria Studios and offer additional in-game utility within Web3 games, enhancing the token's value and appeal.

  1. Staking Rewards and Node Purchase: MYRIA tokens are required for purchasing Myria nodes, and staking rewards are available to users who stake MYRIA, incentivizing participation and ecosystem growth.

  2. Protocol Fees and Sustainability: A portion of protocol fees on every Myria transaction is paid in MYRIA tokens, ensuring continuous demand and fostering a sustainable ecosystem.

These strengths collectively position MYRIA as a dynamic utility token that empowers users, developers, and node operators within the Myria ecosystem.

Myria's risks

Myria (MYRIA) is a cryptocurrency that operates on a decentralized platform, offering luxury services and experiences to ultra-high-net-worth individuals. As a cryptocurrency, Myria is exposed to various financial risks that can impact its value and stability. Here are some of the key financial risks associated with Myria:

  1. Market Risk: Myria's value can fluctuate significantly due to changes in market prices. This volatility can result in significant losses for investors if they are unable to sell their assets quickly enough or at a favorable price.

  2. Liquidity Risk: Myria may face liquidity issues if there are not enough buyers or sellers in the market, making it difficult to convert assets into cash or other liquid assets. This can lead to significant losses or difficulties in meeting financial obligations.

  3. Credit Risk: As Myria operates in the luxury services sector, it may be exposed to credit risks if its clients default on their payments or obligations. This can impact Myria's cash flow and overall financial stability.

  1. Operational Risk: Myria's platform and operations are susceptible to internal failures, such as poor management, technical issues, or regulatory non-compliance. These operational risks can lead to financial losses and damage to the company's reputation.

  2. Legal and Regulatory Risks: Myria operates in a highly regulated environment and is subject to various legal and regulatory requirements. Non-compliance with these regulations can result in fines, penalties, and reputational damage, ultimately affecting its financial performance.

  3. Valuation Risk: Myria's assets and liabilities may be valued inaccurately, leading to potential losses or misrepresentation of its financial position. This risk is particularly significant for complex financial instruments with limited liquidity.

  1. Speculative Risks: Myria's value can be influenced by speculative investments and market sentiment, which can lead to significant price swings and potential losses for investors.

  2. Currency Risks: As Myria operates globally, it may be exposed to currency fluctuations, which can impact its financial performance and profitability.

It is essential for investors to carefully consider these financial risks and conduct thorough research before investing in Myria or any other cryptocurrency.

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Did Myria raise funds?

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Myria’s team

  • Brendan Duhamel: Co-Founder, focused on driving mass adoption of crypto through NFTs and games.
  • Andrew Silber: Co-Founder and CTO, responsible for the technical direction of the project.
  • Ivan Fortunov: Game Design Director, overseeing game design and development.
  • Quentin Gabriel: Art Director, leading the visual and artistic aspects of the project.
  • Andy Mackay: Product Manager, managing the development and launch of products and services.
  • Dux Nguyen: Designer, contributing to the visual and user experience aspects of the project.
  • Duy Le: Lead Developer, responsible for the technical implementation of the project.
  • Khang Nguyen: Team member, involved in various aspects of the project.

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