Token Burning Rules in Era Swap
Era Swap Token (EST): A marketplace token which enables users to tokenize their time through smart contracts on a community-based exchange.
The uniqueness of Era Swap ecosystem offer users the ability to tokenize their time as a service and focuses on creating high volume on our own marketplace and gain edge over others.
The utility token — The main motive for creating the token is to be operative on the platform for purchasing and vending tokenized time. Every single seller will have to pay $1 for a lifetime subscription. Out of this, $0.1 worth tokens will be permanently burnt, tokens worth $0.1 will be going to charity and remaining $0.8 will go to the distribution pool.
Power Tokens — Power tokens are valid merely for 30 days. If not distributed therein time, these tokens are burnt. The rest of the TimeAlly tokens (30%) are distributed to the stakeholders in correlation with their vesting periods.
Tokens will be burnt under three circumstances:
(i) Once a seller enrolls to the Time Swappers platform,
(ii) Unused Power Tokens and
(iii) Whenever the borrower fails to pay a TimeAlly Loan.
Each and every unsold token from the Initial Token Offering will be brought into TimeAlly smart contracts.
To cut down the turbulence, whenever any tokens are burnt, it will be pursued that in any given month, the count of burnt tokens will never surpass 2 Percent of the flowing supply for that month. If there is a remaining of tokens to be burnt, the remaining will be taken ahead, until the desired count of tokens are burnt.
Whosoever wants to put forward their services on the platform will have to go through a KYC process pricing $1. This is a lifetime payment.
A user can take an instant short-run Era Swap Token loan up-to 50 Percent of staking amount disbursing 0.5 Percent monthly. To avoid the double spent possibility, TimeAlly’s benefits will stop for the lender amount once TimeAlly’s lending amount is approved on the Blockchain. Time Swappers will be equipped with a peer to peer lending escrow smart contracts for users. In case a borrower fails to pay back within 2 months, remaining 50% of their staked tokens will be burnt as per the token burn rule.
The value of any token is an outcome of demand and supply. However, there cannot be any assurances about the future value of tokens, we have designed a self-sustaining ecosystem so that each and every stakeholder benefits from it. We intend to control the supply chaos by way of TimeAlly smart contract and prudently measured token burns. To appreciate value delivery on the platform, we have planned numerous approaches to create demand. Maximum care has been obtained to hold the volatility in check.
This is how the token burning rule works for the Era Swap Token holders & community. So, grab your Era Swap tokens today for a rewarding tomorrow. Visit www.eraswaptoken.io to explore more and participate in crowd sale.
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