Frequently asked questions about the MyBricks project.
We’ll be continually updating this resource to make it easy for new investors to get up to date quickly with the most commonly discussed points of the project.
If you have any questions that you do not see answered below, please join our Discord and ask the team.
Tokenomics & Distributions
What is 6% commissions on transactions for?
Essentially, this is the business model of MyBricks. Like Paypal, we’ll take a small transaction fee for each transaction that takes place. The only difference is that we will receive our fee in BRICKS. These fees are distrubuted into three wallets. The purpose of these three wallets are outlined below.
These funds are to be used for community activities such as giveaways, airdrops, charity contributions and more.
These funds are used by the product, marketing and management team to build, launch and innovate the MyBricks platform.
These funds are used to pay the team once the project requires fixed and part time roles to develop the platform.
This model provides a large incentive for the MyBricks team to focus on increasing the real world utility and value of the BRICKS token.
Why was there a Private ICO stage?
The private ICO stage served two key purposes:
- To gauge the interest of the MyBricks project with our target market.
- To generate enough funds to start working on the MyBricks platform and marketing before we launch the BRICKS token.
We class the Private ICO stage as a huge success as we easily secured ~250 dedicated holders of BRICKS that believe in the long term vision of this project.
How much investment was raised during the Private ICO?
We secured ~$150,000 during the private ICO stage. On average each participant paid $600.
How many participated in the Private ICO?
We secured up front investment during a private ICO stage from ~250 investors.
What is the Initial Property Fund?
Many tokens have redistributions as a reason to hold. We believe redistributions alone create limited value. Unless the team behind a project builds something meaningful, the token will go to $0.
Our innovative way to give redistributions demonstrates the long-term value in the token, the business, and trust in the team.
24% of tokens have been allocated for the Property Holders Fund and have been split into 12 individual wallets that contain 20,000,000 BRICKS each (2%). You can see this on bscscan.
These wallets have multi-signature authentication for extra security and are to be sold to high net worth investors that are looking to take part in the MyBricks project for the long term. These investors will be required to lock their BRICKS for a time relevant to the size of their investment. By selling these wallets directly to these individuals at a slight reduction of spot price, we can avoid moving these BRICKS through the liquidity pool and keep the price of the BRICKS token stable.
All rental income from these properties will be redistributed in the form of BRICKS to all holders in proportion to the BRICKS they hold. Holders are rewarded and the platform utility is demonstrated.
Are the company wallets secured?
We use Gnosis Safe to secure all company BRICKS wallets. This means that no transactions can take place from ANY company wallet without multi-signature authentication.
Is MyBricks regulated?
Cryptocurrencies currently operate in a fluid and dynamic regulatory environment and we are engaged with legal counsel to navigate this.
During the build of the MyBricks platform, we are committed to having all necessary legal requirements in place ahead of platform launch. We are excited to pioneer this space and build a long-term profitable, sustainable and fully sanctioned business model in property investment with blockchain technology, smart contracts and cryptocurrency at its core.
When can I use the MyBricks platform?
Where will you be purchasing properties?
As a UK-based company with a good understand of the UK property market and a large network of UK-based trades professionals, the properties that we purchase in the short-medium term will all be in located in the UK.
However, once we’ve demonstrated that the model works, we will look to setup property funds in other parts of the world.
Will MyBricks list on an exchange?
In the immediate short-term we have no plans to list on an exchange, but as we transition through phase 2 of the MyBricks platform we will continually review the option of listing on quality exchanges.
What is the MyBricks contract address?
You can find the $BRICKS contract address on BSCScan.
Or you can copy and paste: 0x13e1070e3a388e53ec35480ff494538f9ffc5b8d