TOKEN UNION: REINVENTING SAVINGS VIA CRYPTOECONOMICALLY INCENTIVIZED HOLDING
Tokens are a representation of a particular asset or utility that usually resides on top of another blockchain. Tokens can represent basically any assets that are fungible and tradable, from commodities to loyalty points to even other cryptocurrencies. Tokens are created and distributed to the public through an Initial Coin Offering (ICO), which is a means of crowdfunding, through the release of a new cryptocurrency or token to fund project development. Tokens operate on top of a blockchain that facilitates the creation of decentralized applications.
TokenUnion makes use of cryptoeconomic theory to incentivize the correct market behavior – buying and holding, disregarding volatility and rumors, while simultaneously disincentivizing selling early out of fear. Our proposed solution is to implement a withdrawal fee is then distributed amongst all holders, thereby incentivizing them to hold long via financial reward. Token holders have no secure method for storing their cryptoassets in the same “set it and forget it manner that they are used to from legacy banking institutions.TokenUnion provides token holders a novel mechanism to earn the time value of tokens (TVT). TokenUnion offers holding Ether and ERC20 standard tokens TVT distributions based on fees generated by other users who withdraw their Ether and tokens early.
UNI is the utility token used to pay the withdrawal fee for the TokenUnion network. Given the relationship between UNI’s utility and fear in the market, it’s possible that demand for UNI will increase in response to catastrophic market events. UNI does not entitle its respective holder to any profit or reward whatsoever. Its sole use case is for the utility of paying the withdrawal fee.
Every time a withdrawal fee is paid, 100% of that value is distributed among users with tokens deposited in Holding Contracts in the TokenUnion network; no portion of the withdrawal fee is claimed by the TokenUnion entity. The TNV represents the combined Ether-based value of all tokens in the TokenUnion network. Rewards are awarded according to the percentage of TNV that an individual user’s holdings constitute. For example, a user with holdings totaling 1.8% of the TNV will be awarded with 1.8% of every withdrawal fee, however frequent these take place. The TNV is constantly recalculated in Ether, incorporated the rate changes of deposited tokens.
Shayne Coplan – CEO
Ryan Hendricks – Lead Solidity Developer
Samuel Mlodozeniec – Blockchain Developer
Jared Madfes – Director of Operations
Sean Park – Software Developer
Terry Li – Blockchain Developer
Mark Barrasso – Security Engineer
Brandon Latteri – Marketing
Yash Patel – Solidity Developer
Steven Nerayoff – Ethereum ICO Architect
Jeff Pulver – Invented VoIP
Lou Kerner – Co-Founder of CryptoOracle
James Haft – Co-Founder of CryptoOracle
James Dix – Former SEC Prosecutor
Pieter Gorsira – Founder & CEO of Lawnmower (Acq. CoinDesk)
Ben Tossell – Founder & CEO of Token Daily
For more details on this project, please feel free to click on any of the following links:
Published by: tszone
Bitcointalk URL: https://bitcointalk.org/index.php?action=profile;u=1742409
Ethereum wallet address: 0x684c9d1c004AB2023E1d3ae9aEb902B514B703d1