Due to its flexibility, transparency and top-notch security, the MY Trade Tokens (MYTC) platform is the world’s first platform that facilitates bartering over distributed ledger networks. Essentially, this solution aims to improve on the merits of the existing bartering system while eliminating the challenges inhibiting its growth.
Before money became the universally accepted medium of exchange, human beings conducted barter trade, exchanging goods for other goods they need. The most significant advantage of the traditional system over the monetary system is its straightforwardness. Also, the barter systems demands the production goods that are needed, reducing the wastage of resources.
Additionally, the barter system does nit experience he balance of payments challenge. Furthermore, economic power cannot be yielded by a select few in the barter system because there is no storability of goods. Lastly, the barter system increases efficiency by fostering the division of labor where people produce goods they have knowledge of producing, and exchange them for other goods from other individuals with a different expertise.
MYTC intends to optimize the advantages of the barter system in the context of the contemporary economy. In this regard, MYTC will establish an ecosystem for small and medium-sized enterprises with a utility token acting as the means of payment. The platform relies on blockchain technology to enhance transparency and security on its automated and interactive platform that enables firms to transact using trade token that can be used to acquire products and services at a later date. Fundamentally, MYTC builds on the advantages of the traditional barter system.
Nevertheless, the barter system also has its fair share of flaws. Foremost, the system requires a double coincidence of needs, meaning that both the buyer and the seller must be willing to accept what the other party is offering. MYTC solves this issue by adding flexibility to barter trade. Through this platform, user can withhold their assets and sell them at a later date.
Besides, the lack of a universal measure of value makes it hard to determine how much of a particular commodity can be exchanged for another. MYTC intends to curb this challenge by introducing Trade Tokens as a common currency. Moreover, bartering does not allow involved parties to acquire a fraction of a good, as the commodity may be destroyed in the division process. Since MYTC enables user to purchase goods and sell them at alter date, it solves the divisibility problem.
It is impossible to accumulate wealth in the barter system. However, the flexibility of the MYTC platform provides a solution to this issue. In addition, the traditional barter system does not permit deferred payments because it is difficult to reach consensus for such a deal. MYTC solves this issue by creating a conducive environment for the deferment of payments.