In the 13th episode of Menthol Protocol's weekly Twitter Space, the team delved into the fascinating world of tokens and their crucial role in the blockchain and web3 space. The discussion was centered around the importance of tokens, their various utilities, and how they contribute to democratizing access to projects. The episode was titled "What the heck are Tokens & why do we need them at Menthol!" and it was a deep dive into the specific utilities of the Menthol Protocol's token, including governance, access, and quality assurance.
The session began with an apology for not hosting a space the previous week, followed by an update on the team's activities. The tech team had been testing the Alpha version of the protocol, while the marketing side had participated in an AMA with Scale Swap and continued to make global connections. The team also announced that they would be answering questions from the Scale Swap AMA on their social media accounts.
The discussion then shifted to the topic of tokens and tokenomics. The hosts explained that tokens play a crucial role in a technological ecosystem, especially in web3 projects. They highlighted that tokens have both a technical and economic perspective and that they need to make sense for the stakeholders involved in a web3 project.
The hosts shared their personal journeys into the world of blockchain and how they came to understand the importance of tokens. They emphasized that tokens are not just pictures or digital assets; they have different utilities and use cases depending on the project's goals. For instance, with Menthol Protocol, the token aligns with their mission, vision, and values of building a community and contributing to environmental sustainability.
The hosts also touched on the concept of tokenomics, explaining that it involves understanding the supply and demand of tokens, their value, and their utility. They pointed out that tokens provide transparency via the blockchain, which is one of their significant upsides.
The discussion then delved into the specifics of the Menthol Protocol's token. The token serves as a governance token, allowing token holders to participate in decision-making processes regarding the platform's parameters and development. It also serves as an access token, granting access to a set of services offered by the Menthol Protocol, such as calculating carbon footprints and accessing environmental projects.
In conclusion, the hosts emphasized the power of tokens in driving environmental sustainability. They believe that the blockchain will play a crucial role in addressing climate change and that tokens will be at the forefront of this revolution. The episode ended with a promise of a more in-depth discussion on tokens and blockchain in the future.