HiBTC Token economy – maximizing utility on the HiBTC platform

Hello once again readers, some time ago I talked about the HiBTC exchange and gave a brief overview on the platform. If you didn’t get to read it, feel free to read it here. Today I would be talking about the HiBTC token (HIBT) and be giving some insights into the valuable token economy it presents.
A token economy is a reward system used to reward a target behavior. It allows users to benefit from the value they create on the platform. With the blockchain attaining popularity and becoming more mainstream every day, companies emerge building Dapps (decentralized applications) and issue out their tokens to users in order for them to use their application, and could offer rewards to deserving users in the form of their tokens as the case may be. Normally there are 3 classes of tokens: “utility tokens”, “investment tokens” and “share tokens”. Utility tokens are tokens which have specific uses in the Dapp, they serve for purposes that cannot be fulfilled more easily and cheaply without the tokens. Investment tokens serve as pure investment or funding vehicles, they are used to fund these Dapps in the early stages through Initial coin offerings(ICOs) or “token sales” – where these tokens are sold to investors. Share tokens are tokens which serve as equity shares, they could be thought of as a form of security, they represent shares in an entity similar to company stock or shares in a limited partnership and don’t have any additional utility beyond representing the value of the fund.
The HIBT token serves as an utility token on the platform which could be used to vote on decisions on the platform. HiBTC also rewards holders of HIBT on a daily basis from the revenue incurred on the HiBTC platform according to the bonus rules. Users of the platform, miners, holders and traders like get equivalent value for their contribution in the system, as they are compensated for both their effort and time. HIBT is the only token issued by the HiBTC trading platform and certificate of interest of HiBTC. The total number of HIBT issued is a 10 billion supply.

How HiBTC presents a valuable token economy

There are a lot of benefits to enjoy to on the platform as it stands. I would enumerate into the following points:

• Sharing of platforms' revenue among holders – HiBTC regularly allots some of the platform revenues to all HIBT holders leaving the remaining part to be use for the platform operation. This presents a passive earning opportunity and it’s a very good incentive to encourage participants. HiBTC also introduces a “Dividend Bonus Program” where users can choose to join the program with part or all of the HIBT they hold. The HIBT they use to join the program will be locked as required, which will enjoy different proportions of dividend bonus. The longer the lock up period is, the higher the proportion of excess bonus is!
• Added incentive for miners – the “transaction + token holding” mining model (“proof of mining hours + proof of equity” mechanism) is adopted, and 50% of the HIBT issued is rewarded to users through transaction processing fee mining. For every time a user engages in a transaction with HiBTC, a transaction processing fee would be generated, and then depending on the HIBT held by the user and the market price of the processing fee paid by the user and the HIBT market price, HiBTC calculates the number of rewards in HIBT the user should get according to a proportion and settle and release the HIBT once per hour.
• Sharing of rights among participants – Participants who are holders of HIBT enjoy rights to make decisions on significant issues, income rights, the right to elect community members on the platform. Also users who hold HIBT to a certain amount which exceeds a certain quantity get the right to making a listing recommendation.
• FomoHIBT – currently HiBTC has set a prize pool ongoing which is organized to reward traders for trading HIBT on the platform, it happens in such a way that whenever a set price for the token is triggered, the accumulated pool from the exchange’s income would be distributed as rewards to the top traders of the HIBT token for that time period. To find more about the fomoHIBT program or participate, feel free to use this link
  

To get more information About The HiBTC platform, please visit the following links:
Exchange: https://www.hibtc.com
Whitepaper: https://www.hibtc.com/om/about/en-us/whitepaper.pdf
Twitter: https://twitter.com/HiBTC_Exchange
Telegram: https://t.me/www_HiBTC_com1

Authors' details:
Bitcointalk link: https://bitcointalk.org/index.php?action=profile;u=1817986;
Bitcointalk username: templar97
Telegram username: templar97
Email address: [email protected]