MyStandard: Decentralized User Data Ownership and Talent Marketplace.

What is MyStandard

Friends, imagine the job search websites or social platforms we use every day—doesn’t it feel like your personal information is stored in a public warehouse? It’s convenient, but you never really feel in control. MyStandard (project abbreviation: MYST) is a blockchain project aiming to change this status quo. It’s like a tailor-made “personal data bank” that lets you become the true owner of your information.

Specifically, MyStandard is a decentralized professional social platform (decentralized: simply put, there’s no central authority calling the shots—data and power are distributed among participants), with an initial focus on talent recruitment. On this platform, job seekers have full control over their resumes, skills, and professional experience data, deciding when and with whom to share this information, and can even earn rewards for sharing their data.

For companies, MyStandard offers a more efficient and transparent recruitment process. They can access resumes and credentials verified by blockchain (blockchain: a public, transparent, and tamper-proof distributed ledger technology), eliminating tedious verification steps and ensuring the authenticity of talent data. The whole process is like no longer handing your resume to a middleman, but instead placing your “proof of ability” in an encrypted safe—only those you authorize can view it, and you’re notified and rewarded each time it’s accessed.

Project Vision and Value Proposition

MyStandard’s vision is to redefine professional social networks, making data ownership and trust the core. The main problem it aims to solve: on traditional centralized platforms, users have almost no control over their data, platforms profit massively from user data, while users get nothing and may even face data breaches.

MyStandard’s value proposition includes:

• Data sovereignty and user empowerment: You truly own and control your professional data, not the platform. You choose what to share and when.
• Transparency and authenticity: Blockchain technology ensures data authenticity and transparency, reducing fraud and false information.
• Value return: Users can earn MYST token rewards by sharing their data, realizing the value of their information.
• Efficient recruitment: Provides companies with verified candidate data, streamlining hiring, improving efficiency, and reducing costs.

Compared to traditional recruitment platforms (like LinkedIn), MyStandard’s biggest difference is that it removes the middleman. On traditional platforms, your data is owned and used by the platform, while MyStandard connects you directly with those in need, letting you benefit. It also emphasizes community governance, allowing users to participate in the platform’s development and decision-making.

Technical Features

MyStandard combines the advantages of Web2 and Web3 technologies, striving to provide a good user experience while remaining decentralized.

• Underlying blockchain: MyStandard is built on Avalanche C-Chain (Avalanche C-Chain: a high-performance, low-cost, Ethereum Virtual Machine (EVM)-compatible blockchain platform—think of it as a “highway” that’s fast and cheap). This means it can handle a large number of transactions quickly and at low cost.
• Data storage: Users’ sensitive data is not stored entirely on MyStandard’s servers, but uses decentralized storage solutions, mainly IPFS (InterPlanetary File System: a peer-to-peer distributed file storage system—think of data scattered across many “hard drives” worldwide) and Filecoin (a decentralized storage network based on IPFS, providing incentives for people to contribute storage space). This greatly enhances data security and censorship resistance, reducing the risk of data leaks.
• Smart contracts: Key functions like payments and data transfers on the platform are executed via smart contracts (smart contracts: programs deployed on the blockchain that automatically execute when conditions are met, like a self-enforcing digital contract), ensuring transactions are tamper-proof and automated.
• Key management: Uses technologies like Torus Key Management to help users manage private keys (private key: the “password” to access and control crypto assets, extremely important), and provides key recovery methods in case of loss.
• Future integration: Plans to leverage the Chainlink oracle network (Chainlink: a decentralized oracle network that securely brings real-world data onto the blockchain, enabling smart contracts to interact with the outside world), further enhancing the platform’s on-chain and off-chain connectivity and resilience.

Tokenomics

MyStandard’s token is MYST, an ERC-20 token (ERC-20: the most common token standard on Ethereum, think of it as a universal “token template”). It’s designed to incentivize network growth and reward the platform’s most important participants: users and holders.

• Token Basics

  • Token symbol: MYST
  • Issuing chain: Avalanche C-Chain
  • Total supply: 1,000,000,000 MYST (1 billion)
  • Current circulating supply: According to CoinGecko, about 220 million MYST are in circulation. According to self-reported CoinMarketCap data, about 29,366,755 MYST are circulating. (Note: Circulating supply may vary by source and time; refer to official latest data.)

• Token Utility

  • Data sharing rewards: Users receive MYST tokens as compensation for sharing their professional data.
  • Payments: Organizations (companies) use MYST tokens to purchase user data.
  • Staking: Users and organizations can stake MYST tokens to earn rewards and participate in platform governance. Staking organizations can also get extra data requests.
  • Governance: MYST holders can participate in community governance, proposing and voting on platform direction, new features, UI/UX design, etc.
  • Incentivized verification: Organizations verifying data on the platform also receive MYST token rewards, helping improve data quality and value.

• Token Allocation and Unlocking

  The total supply of MYST tokens is 1 billion, allocated roughly as follows:

  • Product incentives: 40% (to encourage users to create profiles, verify info, participate in platform activities, released gradually over 10 years)
  • Validators: 25% (to reward network validators, ensuring security and stability)
  • Team: 11% (core team tokens, usually with long lock-up and linear vesting, e.g., 1-year lock, then 4-year linear vesting)
  • Liquidity: 6.35% (for exchange liquidity)
  • Private round: 5.1% (early investors, usually with phased unlocking, e.g., after TGE at 2, 6, 12 months)
  • Public round (IDO): 4.5% (tokens sold to the public via IDO, usually 100% unlocked at TGE)
  • Recruitment: 3.5% (to attract talent to the team, usually with lock-up and vesting)
  • Treasury: 2% (held by the MyStandard team for project operations and liquidity, initially locked for 2 years)
  • Refunds/Sales/Rewards: 2% (for early promotion and refunds, no lock-up, requires senior management approval)

  (Note: Specific unlocking schedules and ratios may be adjusted by official updates; refer to the latest whitepaper or official announcements.)

Team, Governance, and Funding

• Core Members and Team Features

  The MyStandard team is composed of experienced professionals, including:

  • Adam Zec: CEO and Co-founder
  • Joshua Sklut: COO and Co-founder
  • Andrew Pierz: General Counsel
  • Timo Weiland: Chief Marketing Officer
  • David Yu: Product Manager

  The team’s background covers HR, legal, marketing, and product management. In addition, the project has several directors and advisors, including senior professionals from well-known companies like IBM.

• Governance Mechanism

  MyStandard is committed to community governance. This means MYST token holders have a say in the platform’s future direction, voting on new features, UI/UX improvements, third-party integrations, and other key matters. This model aims to ensure the platform’s development aligns with the collective interests of the community.

• Funding and Financing

  MyStandard has raised funds through multiple rounds:

  • Total funds raised: About $2.47 million.
  • Funding rounds: Including Seed Round and Private Round, raising about $1.88 million.
  • Public round (IDO): Raised about $588,900 via IDO on platforms like Avalaunch.
  • Investors: Supported by Winklevoss Capital, Ava Labs, Gaingels, Moonboots DAO, and others.

  The project also has a treasury containing some MYST tokens, which can be used for project operations and liquidity as needed.

Roadmap

The MyStandard roadmap shows its ambition to expand from talent recruitment to a broader data marketplace.

• Key Historical Milestones (Completed or Upcoming)

  • December 2024: IDO (Initial DEX Offering) conducted, token launched on platforms like Avalaunch.
  • Year 1 Goals (Hiring Product Focused):
    • Grow MVP (Minimum Viable Product) candidate app.
    • Grow employer app.
    • Token listing (multi-chain/centralized exchanges).
    • Build core team.
    • Plan 36-month development cycle and launch on Avalanche.

• Future Key Plans and Milestones

  • Year 2 Product (Credentialing): Complete credential product architecture, release plan, and UI/UX design.
  • Internationalization: Launch international markets.
  • Expand use cases: Apply MyStandard to new industries and scenarios beyond recruitment, such as:
    • Advertising
    • Medical records (addressing HIPAA compliance, giving users control over medical data)
    • Market research
    • Sports
    • Wills/trusts, etc.
  • MyStandard Data App Store: Launch a data app store for users to find and select data types to share.
  • Government use cases: Explore government applications, such as voting, unemployment benefits, etc.

Common Risk Warnings

Investing in any crypto project carries risks, and MyStandard is no exception. Here are some common risk reminders:

• Technical and Security Risks

  • Smart contract vulnerabilities: While blockchain aims to enhance security, smart contract code may have bugs that could lead to asset loss.
  • Decentralized storage risks: Technologies like IPFS and Filecoin are secure, but their stability and long-term availability need time to prove, and poor private key management may result in data loss.
  • Blockchain network risks: MyStandard relies on the Avalanche blockchain; any technical issues or vulnerabilities in the network could affect MyStandard’s operation.

• Economic Risks

  • Market volatility: MYST token price is affected by overall crypto market swings, project progress, community sentiment, and may fluctuate sharply up or down.
  • Liquidity risk: If MYST trading volume is low, users may have difficulty buying or selling tokens at desired prices.
  • Adoption risk: MyStandard’s success depends heavily on user and enterprise adoption. If the platform fails to attract enough users and companies, token value and ecosystem growth may be limited.
  • Competition risk: There are many traditional recruitment platforms and emerging Web3 projects; MyStandard faces fierce competition.

• Compliance and Operational Risks

  • Regulatory uncertainty: Global crypto and blockchain regulations are evolving; future policy changes may impact MyStandard’s operations and the legal status of its token.
  • Data privacy compliance: Although MyStandard emphasizes data sovereignty, handling personal data must comply with local privacy laws (like GDPR), which may pose compliance challenges.
  • Team execution risk: Project success depends on the team’s execution, development progress, and marketing strategy.

Please note: The above information is for reference only and does not constitute investment advice. Always conduct thorough due diligence and consult a professional financial advisor before making any investment decisions.

Due Diligence Checklist

As a blockchain research analyst, when evaluating a project, I recommend friends pay attention to the following key points:

• Block explorer contract address: Find the official MYST token contract address on Avalanche C-Chain, check token holder distribution, transaction history, etc. via Snowtrace. This helps assess token concentration and on-chain activity.
• GitHub activity: Visit MyStandard’s official GitHub repo (if public) to check code update frequency, number of contributors, issue resolution, etc.—this reflects development activity and transparency.
• Official whitepaper and documentation: Carefully read the latest whitepaper and technical docs to understand the project’s mechanisms, technical implementation, and future plans.
• Team background and credentials: Further verify team members’ backgrounds, experience, and past achievements.
• Community activity: Monitor the project’s activity on Twitter, Telegram, Discord, and other social media and forums to gauge community engagement and sentiment.
• Audit reports: Check if third-party security firms have audited the project’s smart contracts and the results.
• Token unlock schedule: Closely watch the MYST token unlock schedule, especially for team and early investor tokens, as this may impact market supply and price.

Project Summary

MyStandard (MYST) is an ambitious Web3 project aiming to revolutionize traditional professional social and talent recruitment sectors through decentralized technology. By returning data ownership to users and providing MYST tokens as incentives for data sharing, it seeks to build a fairer, more transparent, and efficient ecosystem.

The project is based on the high-performance Avalanche blockchain and integrates decentralized storage solutions like IPFS and Filecoin, showing technical innovation. Its tokenomics are designed to incentivize user participation and network growth. The team is diverse and has received investment from well-known institutions, indicating a certain level of market recognition.

However, as an emerging blockchain project, MyStandard faces multiple challenges, including technical implementation, user and enterprise adoption, market competition, and an evolving regulatory environment. Whether it can turn its vision into reality depends on its technical development, marketing strategy, and community building effectiveness.

Overall, MyStandard offers an attractive data sovereignty solution, especially as personal data value becomes increasingly prominent. For those interested in Web3 and data empowerment, this is a project worth watching. But remember, the crypto market is high-risk, this is not investment advice. Always do your own in-depth research (DYOR - Do Your Own Research) before making any decisions.