When blockchain projects release tokens, they place them on the market so that people can purchase them. A token is a digital asset that an investor purchases from a company in exchange for money. These tokens are placed on the market for purchase, and can be transferred between participants without permission from any third party.
Bitcoin was the original token; transfers of bitcoins and the release of new bitcoins are recorded in Bitcoin’s blockchain. In this same manner, other token transfers and changes in the monetary base are recorded in their own blockchain.
One of the fundamental concepts involved in the exchange of tokens is that the token’s code base is different from the database of the blockchain.
By explanation, consider the U.S. dollar and its Australian cousin. Both forms of currency are a “dollar” and have some common cultural background, but they have a completely different monetary base.
In this same way “tokens” can be based on similar monetary policies, but have different monetary bases.
VRT offers a unique decentralized virtual reality marketplace that will attract thousands of developers and authors from all over the world to create and monetize high-quality VR content.
The project token “fuels” the entire marketplace platform, and will be released on the Ethereum unit in accordance with the ERC-20 standard. The basic token exchange rate is 500 VRT = 1 ETH.
Our token will be used as payment between VRT platform participants for the purchase, sale, and lease of VR content and the provision of various services.
During each transaction, a smart contract is created, which prescribes all the essential conditions of the transaction — the object of the contract, its type, price, term, and other requirements. The purchaser or lessee, after verification of the terms of the transaction, sends VR tokens to the address indicated in the contract and receives a link to download the purchased content or service.
At the same time, the seller or lessor of the facility receives that token amount minus a small commission used to cover the costs of maintaining the platform’s efficiency. The size of the commission will depend on several factors, including the basic amount of commission set by the platform for different types of transactions, the seller’s and buyer’s ratings, and the volume of the transaction.
The project’s token also will be used as a reward for platform participants who perform certain tasks related to checking placed content for compliance with platform rules and resolving disputes between platform users. In addition, our own token fund will be organized, from which platform participants will be awarded regularly for their contribution to its development.
Additionally, the token will be used as payment for storage of the content placed on the platform. Since the VRT platform will be decentralized, all the content placed on it should be stored on the servers and hard disks of users connected to the platform. This storage will work on the basis of the IPFS protocol.
Finally, our tokens can be used to purchase entry into our VR parks with a 20% discount. In addition, the payment of lump sums when buying one of our franchise parks will only be possible with the help of tokens. In both cases, after the service is provided, the tokens involved will be burned. As a result, almost immediately after the ICO, the number of project’s tokens in circulation will decrease, which will increase their value.
In the long term, the functionality of the tokens will be even greater:
Organization of tournaments with a prize fund in the form of project’s tokens.
Connection of streaming services paid for with tokens.
Token holders will be able to purchase a license for the full-body tracking technology developed by us for use in their own projects. All third-party developers who purchase the SDK for full-body tracking will be able to further integrate their projects into our infrastructure and profit from sales.
Token holders will also be able to spend them to pay for services related to the development of business solutions using VR technology and full-body tracking. For example, it will be possible to order a solution for demonstrating real estate in VR or a specific simulator that provides instruction on working with certain equipment in a safe environment.
Most importantly, our tokens unite players, investors and creators of the project: allowing for the development of full-fledged, working products with tokens as a universal and profitable solution for both parties.