3️⃣The MC Token

3.1 Issuance and maximum supply of MC Tokens

MC Tokens are issued and distributed on the blockchain. The maximum supply of MC Tokens cannot be increased by way of minting new MC Tokens or otherwise. The maximum supply may decrease from time to time following MC Token burns.

3.2 Purpose and utility of the MC Token

The MC Token pursues decentralization of governance and development of MC DAO and shall provide Tokenholders with voting (governance) rights administered through software code implemented on one or more blockchains, and as gas (a form of payment) to process and execute transactions on the Beam blockchains and networks. The MC Token can have other utilities or entitlements as may be added to it by MC DAO.

MC DAO shall not be responsible in any manner for any utility or entitlements offered by any third party, including crypto asset service providers not operated or controlled by MC DAO.

3.3 Principle of equality

MC DAO is based on a principle of equality for all Tokenholders, meaning that all MC Tokens carry equal rights in MC DAO, unless otherwise stated in the Constitution, smart contract systems or otherwise decided by MC DAO in accordance with the Constitution.

3.4 Staking of the MC Token

The Beam blockchains consist of proof-of-stake blockchain networks and Staking on such blockchains and networks shall be permissionless, meaning that anyone can participate in Staking provided that the relevant blockchain criteria are met.

MC DAO can otherwise implement Staking as part of its ecosystem, which provides persons Staking with certain privileges. MC DAO decides what type of privileges a Staking program shall implement (such as additional voting weight) and how they shall be implemented, including whether MC Tokens (or other privileges) obtained through Staking shall be subject to lock-up or vesting periods (if any).

3.5 Fork of blockchain where MC Tokens are used for governance or Staking

In the event of a Fork of a blockchain where MC Tokens are used for voting (governance) or Staking and such Fork results in two or more persistent alternative versions of the relevant blockchain, MC DAO (including MC Tokens), Tokenholder voting (governance) or Staking (as applicable) shall continue on the blockchain that is generally recognized in the crypto industry as the mainnet (or main subnet) and consensus blockchain, unless otherwise is decided by MC DAO.