Revolutionizing Digital Identity: How myBID Transform the Web3 Ecosystem

What is myBID and what does it solve?

myBID, short for “my Blockchain Identity,” is a pioneering solution in the emerging Web3 landscape, designed to fundamentally redefine the concept and management of digital identities. This platform is primarily focused on addressing the critical issues of digital identity, data privacy, and user security in a decentralised framework—and in doing so radically uplift traditionally marginalised populations, especially in emerging countries.

Globally, around 850 million individuals are without official identification, effectively excluding them from basic rights and services. myBID’s upcoming IEO on Coinstore marks a critical step in addressing this disparity by providing secure and recognized digital identities, particularly for those in underserved communities.

In an era where personal data is often mishandled, myBID harnesses blockchain technology to ensure the immutability, transparency, and personal control of individual identities. This technology not only bolsters data security but also returns trust in digital platforms, an increasingly vital aspect of our digitised lives.

myBID’s approach tackles the fragmented and inefficient nature of current identity verification systems, offering a universal and interoperable solution. This strategy aligns with the UN Sustainable Development Goal 16.9, which aims to provide legal identity for all by 2030, including birth registration. Through this initiative, myBID not only empowers individuals with secure digital identities but also champions economic inclusion and growth, particularly in developing regions. The IEO on Coinstore signifies an important milestone in realising a more equitable and accessible digital economy.

The myBID Ecosystem: A Revolutionary Digital Identity Solution for Nations

The myBID Ecosystem represents a groundbreaking advancement in the realm of Self-Sovereign Identity (SSI), offering a transformative solution for governments, private sectors, and the broader digital economy of a nation. At its core, MBID empowers individuals with complete control over their personal data, while providing a secure, efficient, and user-friendly platform for identity verification and data exchange. For governments, this translates into enhanced civic engagement, streamlined services, and improved data security. The private sector benefits from a more reliable and streamlined process for customer verification, reducing fraud and enhancing customer experience. Additionally, by integrating with the digital economy, myBID fosters an environment of trust and transparency, facilitating seamless transactions and interactions across various digital platforms. This ecosystem not only champions data sovereignty for individuals but also paves the way for innovative governance models and economic opportunities, making it an essential component in the digital transformation journey of any nation.

MBID Token: Aligned with the Future of Digital Identity

As the demand for secure digital identity solutions grows globally, the MBID token is poised for significant growth. This utility token is essential for all operations within the myBID ecosystem, and its value is expected to increase with the platform’s wider adoption.

Coinstore believes that the MBID token is a smart investment in the burgeoning digital identity market. Its integral role in the MBID ecosystem makes it a cornerstone of the platform’s strategy to transform how digital identities are managed and used.

The MBID token is central to the evolution of the digital world, especially in how we manage our online identities. As myBID adapts and grows, the MBID token remains a key component in supporting a more digitally integrated society, playing a vital role in advancing secure and efficient identity management technologies.

Token Overview

Token name: myBID token
Token symbol: MBID/USDT
Max supply: 8,000,000,000

Coinstore Listing

Coming soon

MBID Tokenomics

MBID’s tokenomics, as detailed in their whitepaper, positions the myBID token (MBID) at the heart of a growing digital identity market. The platform capitalises on Identity as a Service, generating income from identity issuance, access, and verification, while incentivizing users with a share of these fees. This approach not only ensures a steady income for MBID but also fosters user engagement and trust, encouraging active participation in the platform.

Central to this model is the decentralisation of data monetisation. Through myBID identity wallets, users control their data – from digital footprints to sensitive records – enabling precise big data analytics. Users sharing data with entities like financial institutions or telecom companies receive MBID tokens, thus directly benefiting from their own data.

This system allows service providers to offer better, personalised solutions while rewarding users. The MBID token serves a dual utility role: as a user incentive and an income stream for the myBID platform. This shift in data monetisation empowers users and leads to a more equitable, transparent digital economy, aligning with MBID’s vision of user empowerment and sustainable platform income to reinvest in expanding the MBID user base and ecosystem.

Capped Supply for Stability: MBID’s fixed maximum supply ensures long-term value and protects against inflation, resonating with best practices in the crypto industry.

User-Centric Rewards: MBID encourages user participation and engagement by offering MBID token as a rewards for joining, actively sharing, and exchanging data within the myBID ecosystem.

Focused Ecosystem Development: A portion of MBID tokens is allocated to drive ongoing innovation and cultivate strategic partnerships, thereby promoting the growth of the ecosystem.

Accessible and Compliant: Listed on Coinstore, MBID offers global accessibility and liquidity, coupled with a commitment to regulatory compliance and transparency.

MBID’s tokenomics are structured for scalability and a robust income model, aimed at enhancing the MBID token’s value through solid earnings and performance. This design enables MBID to buy back and burn tokens using excess liquidity, further driving up the token’s price.

MBID Official Media

Website | Twitter | Telegram

About Coinstore

Accessibility. Security. Equity.

As a leading global platform for cryptocurrency and blockchain technology, Coinstore seeks to build an ecosystem that grants everyone access to digital assets and blockchain technology. With over 3.2 million users worldwide, Coinstore aims to become the preferred cryptocurrency trading platform and digital service provider worldwide.

Coinstore Media Contact

Pei Shan, Marketing Executive | peishan@coinstore.com

Jennifer Lu, Brand Ambassador | Jennifer.lu@coinstore.com