Million (MM) – All you need to know

What is Million?

It’s a cryptocurrency that was created by the Youtube star and former Google and Facebook employee, Patrick Shyu, also known as ‘TechLead’. Its aim is to be a coin that’s used as a store of value and it can be split into fractions up to 18 decimal points, in theory making it possible to use for ‘microtransactions’: extremely small payments online.

Million combines the features of traditional cryptocurrency, which are tradable assets whose value fluctuates based on supply and demand, with stablecoins, which have their value pegged to a specific amount. In this case, the Million token has a fixed minimum value of $1 but no maximum, giving it potentially unlimited upside.

The token was first released in the summer of 2021, with the utopian goal of making all of its owners millionaires. At the moment there aren’t many practical uses for the coin and the roadmap to making it more sought after is sketchy.

How does Million work?

By fixing both the total supply and a minimum value it theoretically creates more demand and less supply in order to create coins that keep increasing in price. There are a million coins in circulation and that number is written into the code, so it’s not possible to create any more. One token has a minimum value of $1, which is also written into the code.

In a more broader sense, it works by basing all of the information that governs the coin on the blockchain. More specifically, the Ethereum blockchain, which stores a history of every transaction made in Million tokens and tracks the movement of money between users.

Another feature of the Ethereum blockchain is its ability to host ‘smart contracts’. These are essentially formulas in which the rules of the coin are based. Both the maximum supply and minimum dollar value of the Million token are written into a smart contract, so they cannot be altered.

Fact-checking & references

Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.

Risk disclaimer

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >