Data Mynt Native Token

DataMynt
10 min readDec 9, 2021

Built to unlock global opportunities for African businesses

Updated April 2023

Overview

The Data Mynt token enables and incentivizes the adoption of onchain business payments and banking.

Existing cross border payments and banking cripples business. Businesses across countries such as Nigeria and Kenya are hindered by financial and other infrastructure barriers, including limited access to US Dollar or other cross border payment / trade currency, inflation, black market exchange rates, cash scarcity, lack of digital finance, lack of education and access to technology.

As such, these businesses are unable to participate in global marketplaces to grow. Restrictions on cross border payments or trade in addition to high transactions costs are burdensome due to the number of costly intermediaries involved in transferring and delivering payments for African businesses. Settlement times take up to 7 days to settle with no transparency on process. Trade financing payments take even longer.

Thankfully, decentralized finance on public ledgers unlock opportunities. For example, minting and paying with currency equivalents such as stablecoins or financial service access to anyone with an internet connection, which opens up the playing field to services and markets previously out of reach or limited.

Data Mynt is the first onchain business payments & banking platform built for Africa covering cross border payments for largest trade corridors, multi currency wallets, disbursements, fiat on off ramps, and card issuing.

A New but Radically Simpler World!

By providing access to cross border payments, foreign currency, digital wallets, and digital finance all in one product, Data Mynt empowers African businesses to reach their potential in the youngest, fastest growing economies on earth.

The Promise of DeFi in an Age of Globalization

In an increasingly connected world with global supply chains, the current financial products and players have failed African business. Enter DeFi and distributed ledgers to super boost. Bitcoin’s creation in 2008 opened a floodgate of possibilities and incredible real-life use cases for distributed ledger blockchain technology.

Now, smart contract-based services built on scalable blockchains and side chains with asset backed stablecoins are viable building blocks to level the playing field and unlock opportunities restricted previously.

Distributed ledgers increase security, transparency and privacy as transactions are recorded and public, contrary to current practices in ‘TradFi’. Unlike a traditional bank that limits foreign currency to the largest businesses and incumbents, Data Mynt enables minting and unlimited access to the highest potential stablecoins for global trade. Applications such as Data Mynt give you full insight into your accounts, balances, wallets and assets at any time 24/7. Distributed ledgers and affiliated explorers enable all parties access to safe and direct connection with full transparency over the entire process.

Onchain Boosts Business & Financial Inclusion

DeFi boosted payments and banking promotes financial inclusion by enabling access to better financial services and services not currently available such as liquidity. In Nigeria for example most businesses have access to a limit of $20,000 USD per quarter, which limits import export abilities.

Africa trades ~$1T per year across Asia, EU, US and Middle East, which has grown less than 10% since 2010 due to limited cross border payment options. Data Mynt aims to grow that by double digits.

Africa is already one of the highest digital asset adoption regions in the world. A recent Brookings report on digital assets in sub-Saharan Africa showed that, between July 2020 and June 2021, Africans received over $105 billion of onchain payments — an increase of 1200% from the year before.

Now, the last-mile extension to do business onchain is ripe.

Enter Data Mynt.

Data Mynt

Data Mynt’s onchain business payments & banking products unlock global opportunities offering a better alternative that evens the playing field and breaks the glass ceiling for business in the fastest growing markets.

Through Data Mynt, businesses — with only an internet connection — have the tools to start and grow a business, pay and get paid by suppliers or team or customers anywhere on familiar terms.

Data Mynt Native Token

Data Mynt’s native token is designed to be the glue in the flywheel, incentivizing and rewarding the transition from traditional service providers.

With Data Mynt token, businesses, business owners and consumers receive a number of benefits including:

-Fee free banking services and payment processing
-Rewards for staking
-Ability to reward power customers
-Rewards for onboarding counterparties or making deposits
-Premium exchange rates

Data Mynt plans to use a percentage of profits to buy back and burn Data Mynt tokens annually, thereby reducing the overall circulating supply of Data Mynt tokens.

Token Information

There were 8,000,000,000 Data Mynt tokens ($BYOB ticker) created at the token genesis event.

100% of the initial amount of the token will be allocated or sold up from the cap of 8,000,000,000.

Token Allocation

  • 30% to customer incentives and marketing
  • 20% to Pre-Sale Investors, with a lock period and vest schedule
  • 5% for Public listing
  • 15% to early team members, with a lock period and a vest schedule
  • 15% for emergency reserve purposes
  • 10% for liquidity provisions and staking
  • 5% to develop, build, and maintain the Data Mynt services

Early team tokens will be locked initially and and then will be unlocked in equal measure throughout the 24 month vest period. If, for any reason, a founder or employee ceases to be with the company during their vesting period, all vesting will cease, and the unvested token will be returned to the build, loyalty, and insurance pools. Any unsold tokens from auctions will also be returned to the build, loyalty, and insurance pools.

Investor tokens will be locked initially, and then will be unlocked in equal measure throughout the 24 month vest period.

Product progress, token listing, and assets accepted will be listed on the project’s website and social channels.

Token Utility

Data Mynt’s token highlights our mission: to unlock global opportunities for African businesses by adopting permissionless cross border payments: “Be Your Own Bank” or BYOB. To this end, the token will be used to incentivize services that the Data Mynt ecosystem provides in the form of incentives for businesses and consumers to leverage on-chain tools when doing business.

Token use cases:

Payment Token
Businesses and consumers may use Data Mynt token be used to purchase goods and services at Data Mynt business customer locations at a local currency equivalent rate (e.g. $NGN). Token may also be used to pay Data Mynt service fees.

Discount Token
Businesses and Consumers who hold and stake BYOB token receive a discount off a purchase price at a Data Mynt business using their on-chain assets (e.g. Kai’s Cars gets 2% off vehicle import price from their Chinese supplier using USDT). Data Mynt businesses will receive a discount on service fees for holding and staking tokens (E.g. 100% off payment processing fees).

Reward and Loyalty Token
Businesses are rewarded with BYOB for onboarding counterparties; making payments; accepting payments; and making deposits.

Commerce, Supply Chain, and Intermediary Settlement Token
Data Mynt token may be exchanged for other cryptocurrencies and fiat on centralized and decentralized exchanges.

Data Mynt will power a decentralized marketplace — a business to business marketplace similar to P2P where users are rewarded for listing, validating, and exchanging goods, services and cryptocurrencies, and where Data Mynt payments is native and the token may be used as one of the key base currencies. In this decentralized marketplace, Data Mynt token may also be used for intermediary currency settlement across various assets, such as USDC/USDT/ETH. Users can also utilize the decentralized marketplace to exchange Data Mynt tokens for any products, goods, services and tokens listed.

Staking Token
Data Mynt tokens may also be used to earn yield in the form of Data Mynt service fees. Earning yield or discounts requires a user to add or stake liquidity to pools on the platform. A liquidity pool is a combination of cryptocurrency that is locked in a smart contract which results in creating liquidity for transactions and platforms. In return for locking up cryptocurrency to provide liquidity for transactions, liquidity providers are rewarded with a portion of transaction fees that occur on the platform during that time.

  • Providing liquidity — When liquidity providers add to a pool, they may receive newly minted liquidity tokens entitling them to their proportion of the total pool as well as a percent fee generated from each transaction. These tokens are not speculative and simply keep track of how much of the pool is owed to a liquidity provider.
  • Removing liquidity — liquidity can be removed, and fees rewarded will be automatically distributed to users who remove their liquidity.

The use cases for the Data Mynt token vary across different types of activity in the Data Mynt ecosystem. As we continue to build out the Data Mynt ecosystem, we see expanding the use cases for the Data Mynt token as a crucial part of this process.

Architecture Diagram

Building & Shipping is in our DNA

Data Mynt aggressivly and rapidly builds, tests, gets feedback, adjusts and deploys. It’s in our DNA. Below is an high level summary of Data Mynt’s development until now.

Q1 2021 — Idea inception, initial build began

Q2 2021 — Data Mynt token (BYOB) ERC-20 Genesis Event. Token bridged to Polygon. Token staking contract built, audited & deployed.

Q3 2021 — Hacken token audit, staking vault audit, and contract launch

Q4 2021 — Launch of webapp for multi-chain wallet, DeFi stablecoin staking, and yield

Q1 2022 — Launch of API and online checkout tools on Ethereum Mainnet and Polygon

Q2 2022 — Launch of Data Mynt Android and iOS mobile apps. Point of Sale

Q3/4 2022 —Launched support for Bitcoin; Lightning Network; Tron; Binance Chain.

Q1 2023 — Support for $NGN, $GHS, $KSH, $USD, $GBP fiat ramps

Team and Organization

The Data Mynt management team has a strong background across web3 / DeFi, TradFi banking and payments, building and operating products across engineering, product, partnerships, risk, marketing, compliance, and operations. Data Mynt’s Co-Founders, Alex Christian and Shivam Chaturvedi, have built and scaled innovative web3 tokens, exchanges, on ramps, and payments products at Airwallex, Transak, YellowCard Financial, Metal Pay, Cere Network, Web3 Foundation and Western Union.

Disclaimers

Certain matters discussed in this document address the potential future performance of Data Mynt, including, without limitation, the future strategies and prospects of Data Mynt token or Data Mynt, Inc. All statements that are not purely historical constitute “forward-looking statements”. Such forward-looking statements are subject to substantial risks and uncertainties which could cause actual results to differ materially from those anticipated and/or outlined herein. Such statements are based on beliefs, as well as assumptions, made by, and information currently available to,’ the Data Mynt team. When used herein, the words such as “anticipate,” “intend,” “estimate,” “believe,” “expect,” “should,” “potential,” “forecast,” “project,” and any variations of such words and similar expressions are intended to identify forward-looking statements. Readers are cautioned not to, and they may not, rely on these forward-looking statements in making any personal decisions, financial or otherwise.

Data Mynt token are functional utility tokens within the Data Mynt protocol, which is a fully functional protocol with a digital currency wallet. Data Mynt token is not intended to be securities. Data Mynt token is not refundable. Data Mynt token is not for speculative investment. No promises of future performance or value are or will be made with respect to Data Mynt token, including no promise of inherent value, no promise of continuing payments, and no guarantee that Data Mynt token will hold any particular value. Data Mynt token is provisioned and sold as a functional good and all proceeds received by the Company may be spent freely by the Company absent any conditions. No person should obtain Data Mynt token with investment intent or with an expectation of profits. Only those who intend to use Data Mynt token in connection with the Data Mynt network protocol should obtain Data Mynt token.

Data Mynt token intends to operate in full compliance with applicable laws and regulations, but licenses and approvals are not assured in all jurisdictions.

This white paper contains data and references obtained from third-party sources. While management believes that the data is accurate and reliable, they have not been subject to an independent audit, verification or analysis by any professional legal, accounting, engineering, or financial advisor. There is no assurance as to the accuracy, reliability, or completeness of the data.

This material is for informational purposes only and is not intended to be used as the basis of an investment decision or as legal, accounting or tax advice. This material is not an offer or the solicitation of an offer to sell or buy Data Mynt token. We do not guarantee that the information herein is accurate or complete. The material presented reflects information known to the authors at this time. This communication is subject to change without notice.

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