What is Morpheus Labs (MITX)?
Morpheus Labs is a blockchain platform that provides organizations with a full-service Blockchain Platform as a Service (BPaaS) solution that empowers the creation of blockchain applications by providing ready-to-use development tools and apps. This includes Rapid Sandbox, NFT Launcher, tokenization, GameFi and Metaverse solutions, etc. The Morpheus Labs itself is constructed out of two solutions – Seed Platform and Launchpad.
The project seeks to solve difficulties associated with blockchain adoption, such as the scalability of businesses, the search for an appropriate use case or blockchain application, the consumption of time, and the intensity of resources.
Morpheus Labs announced the debut of their BPaaS and application marketplace with a native token called the Morpheus Infrastructure Token (MITX) on October 31, 2018. The MITX price may fluctuate according to the supply and demand characteristics. Check out its current value on the Morpheus Labs price chart above.
Use Cases of MITX Tokens
Users on the Morpheus Labs platform can get access to a wide variety of services and features by exchanging MITX coin, which functions as the network's native currency. Because every transaction that takes place on the network has to utilize MITX, there is an increased demand for the token.
The token also contains a repurchase-and-burn mechanism that requires a percentage of platform revenues to be used to routinely acquire and destroy MITX tokens, which further increases the token's scarcity and has the ability to drive up both demand and the MITX price.
Moreover, users are able to stake their MITX in order to gain rewards in the form of more tokens. This not only boosts the overall involvement of MITX token holders with the token, but it also contributes to the network's general safety.
Don't forget to check out the Morpheus Labs price chart. You can find the recent MITX price fluctuation trends on this chart.
Who Founded Morpheus Labs?
The Morpheus Labs crypto project was founded by Chuang Pei-Han and Bruce Lu.
Chuang Pei-Han is the founder and CEO of Morpheus Labs. He has a degree in the architecture of information systems. In the past, Chuang Pei-Han worked as the AVP at HSBC and the director at Banyan Tree Ventures. Besides, he also founded QIITO.
Bruce Lu is the co-founder and CTO of Morpheus Labs. He has a degree in applied mathematics and business administration. He previously worked in the IT and programming field in such companies as Anshan Iron and Steel Corporation, Legend Group, UOB, elipva, SingaLab, IBM, and Savi Technology Asia.
Another important leading team member is Dorel D. Burcea. He is the Chief Information Officer of Morpheus Labs.
Tokenomics of MITX
There is no max supply set for MITX tokens. However, the initial supply was 800 million MITX. A private token sale resulted in the distribution of 200 million MITX. The Morpheus Labs team was given access to 80 million tokens. Moreover, in order to facilitate the development of the MITX ecosystem and Morpheus Labs collaborations, the Morpheus Foundation was granted 120 million. Furthermore, the exchange listing costs took up to 240 million tokens, while the reserve fund managed by Morpheus Labs was given 80 million.
To reduce inflation, Morpheus Labs plans to burn up to 45% of the entire supply of MITX through its buyback-and-burn mechanism. This will help to regulate the MITX price.
