In one of the stranger announcements you’ll come across, Monday saw the Qtum-based MediBloc (MED) startup declare a temporary doubling of their supply; opting to issue a not-yet-named ERC-20 virtual token on the Ethereum (ETH) network.
Adding to what the MediBloc team admitted was a self-inflicted “inconvenience,” they then announced that they’d decided to develop their own blockchain; meaning that before long, the MED cryptocurrency won’t be based on Ethereum nor Qtum.
The Question on Everyone’s Mind
Monday’s dual-announcement left many wondering why MediBloc deemed it wise to issue an ERC-20 token in the first place, given the MED cryptocurrency would soon be running exclusively on the MediBloc mainnet – with the alpha version having already been completed.
Whilst the MediBloc team admitted it “may cause inconvenience and a slight confusion,” they justified the decision to (temporarily) join the Ethereum mainnet by sharing their belief “that it will give [them] the business agility to improve [their] performance in various ways.”
One such way will be the increased likelihood of the new ERC-20 token attracting more exchange listings for MediBloc; helping MED “to have better liquidity.” As it stands, CoinMarketCap reveals that the current QRC-20 MED token has managed to find its way to a mere three exchanges; none of which (Coinrail, Gate.io, and Bibox) are thought to be high-volume trading platforms.
Issue with the Issue
Given Monday’s announcement described not a token transferral (i.e. from the Qtum blockchain to the Ethereum blockchain), but rather, an issuance of additional MED tokens, the total supply of MED will double.
This will only be temporary, the MediBloc team stressed, for the mainnet token swap (timeframe unknown) will execute at a ratio of 0.5 mainnet MED coins for every 1 MED token (i.e., both QRC-20 and ERC-20 MED tokens). Hence, the number of mainnet coins used on the eventual MediBloc platform “will be kept the same as the current number of MED token[s].”
A Change in Philosophy
Regarding the choice to create their own blockchain, MediBloc revealed on Monday that whilst they’d “initially thought” that building the “MediBloc platform as a dApp using EVM (Ethereum Virtual Machine)” would serve as the “most cost-efficient” way to offer their patient-centric PHR (i.e., personal health record) platform, further research prompted them to readdress these assumptions.
Indeed, upon “studying the blockchain technology as well as [the] medical record system,” the leaders at MediBloc arrived at a new-found conclusion that a self-developed blockchain would better serve as the foundation used to deliver their ultimate vision of creating a “more efficient and solid security system of personal health records.”
We firmly believe having the complete control over blockchain core and MediBloc service will give us an ability to adapt and improve our product better and faster.”
Round-the-clock for MediBloc
MediBloc followed Monday’s dual-announcement with their fortnightly update; informing the community of the latest news out of the burgeoning South Korean project.
📬[MEDIBLOC TIMES] vol.8
Excited to release our [MediBloc Times] newsletter vol.8 today. We will release MediBloc Times every other Tuesday so stay tuned 🙂https://t.co/CeBrtjCV3G#MediBloc #medibloctimes #healthcare #blockchain
— medibloc (@_MediBloc) May 22, 2018
1,000,000 MED Name Game
On Tuesday, the MediBloc team declared a “1 million MED giveaway event” to help news of their ERC-20 token issuance gain exposure. Having already chosen the name (i.e., ticker symbol) of their new Ethereum-based token, MediBloc have challenged their community to correctly select one of five options outlined in a Google Form.
[ANN] LET’S GET IT 1 Million MED GIVEAWAY
To celebrate the issuance of ERC20 token with all supporters of MediBloc, we have prepared a 1 million MED giveaway event!
Participate here: https://t.co/5hC3G4pTV6
— medibloc (@_MediBloc) May 22, 2018
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