TOKENS ON PLAZA ECOSYSTEM AND THEIR USE CASES

Source

As discussed in our previous post, plaza is an ecosystem that would foster commercial activities on blockchain. Simply put, it is a b-commerce ecosystem where users would meet for the exchange of goods and services of different kinds. This exchange would be made possible with the use of different tokens which would be created and deployed on the platform. Some of these tokens include

• PLAZA
• MERCHANTCHAIN TRANSACTION COIN(MTC),
• PLAZA DOLLAR (PL$), and
• Other tokens which might be created by other users for use on their different Dapps.

These different tokens on the ecosystem have distinct functions/uses. Let us now briefly examine some of them...

• PLAZA: This would be the primary token in the plaza ecosystem. Basically, plaza is an erc-20 token and it can be securely stored on any ethereum wallet. PLAZA is a utility token with which users would be able to access some certain featuees and services on the platform. For instance, users who wish to set up the b-commerce dapps on the merchantchain (ie plaza internal blockchain) would need to have some certain amount of PLAZA token. PLAZA is the medium by which the platfom would acquire royalties from users /dapps for maintenance of the ecosystem as well as the medium by which it would reward users for their loyaty to the platform. Futhermore, in the event of conflict arising on the platform, the parties involved may be required to pay some certain amount of PLAZA as arbitration fee to have their cases attended to and hopefully resolved.

• MERCHANTCHAIN TRANSACTION COIN (MTC): You might recall from our previous post on the plaza system that the plaza ecosystem would have an internal blockchain known as merchantchain - which would failitate a scalable and speedy blockchain-commerce. The merchantchain would have a token of its own as the merchantchain transaction coin (MTC). MTC would be a utility token, a means by which merchants and consumers would sell/purchase goods and services within the blockchain. Merchantchain transaction token would be a stable currency within the plaza ecosystem. This implies that its value would be determined by the value of real world currency (ie fiat) and not by crypto market situations. As expected, tethering the MTC like this would save it from crypto market volatilities such that merchants and consumers would be able to transact with the token with utmost ease of mind. MTC would be designed for use only within the merchantchain blockchain. It is a minable currency with only two decimals.

• PLAZA DOLLAR ($PL): This is yet another stable coin in the plaza ecosystem. PL$ would be tethered to the US dollar. Just like MTC, Plaza dollar (PL$) is a utility token and would be used for buying goods and services on the plaza platform. The token would be exclusively for use on the plaza platform and users who which to cash them out would have to do so by redeeming them with US$. Thus, PL$ has virtually all the advantages/functions of MTC. However, a distinctive edge to PL$ is the flexibility option it offdrs in making payments - which is the plazacard. Plazacard would be a debit card which offer users the option to make payments for goods and servuces at their convenience. The debit cards are adaptable to both online and offline uses. Thus, users can spend their PL$ in making purchases online using their debit cards or offline at shops or at ATM - whichever suits them. This flexibility in making payments/purchases would go a long way in fostering a wider adoption of the PL$ tokens among the masses.

• OTHER TOKENS: Plaza would be an ecosystem where multiple tokens would coexist. The platform would offer merchants the option to set up their Dapps within the ecosystem and deploy their own token if they so desire.

For more information on plaza systems, visit their official website at https://plaza.systems/

And read their whitepaper here: https://plaza.systems/whitepaper


Ref


Bounty0x username: diana1