How Does The FMT Token Work With The Ecryptostore

welshiewelshie (25)in #fmt • 6 years ago (edited)

In my last article I explained why the Ecryptostore provides an already familiar and easy to use platform for crypto-enthusiasts to use their beloved tokens for what they were originally designed for: to pay for goods and services.
In this article I’m going to focus on the specifics of the Ecryptostore’s native token, FMT or Free Market Token, and the benefits merchants, customers, and others receive from it being used on the Ecryptostore. I’ll also layout information described in the whitepaper concerning token distribution and the exciting plans the Ecryptostore have laid out for redistributing the FMT tokens they receive in the form of transaction and subscription fees.

Token Distribution Breakdown

The total supply of FMT tokens is 550,000,000 FMT. The above is pretty self explanatory and was lifted from the FMT whitepaper. Three points will be of interest to users and token sale purchasers:

Founders tokens will be time locked for 6 months.
Early contributors will have a vesting period of 3-6 months.
The reserve pool is for new merchants to be able to purchase tokens at market price upon signup. Ecryptostore will also periodically top up this pool.

Transaction and Subscription Fee Redistribution

Firstly any affiliate rewards -referral bonuses and the like- are deducted then the remaining tokens follow the process below.

25% Token Freeze - These tokens will be frozen, via smart contract, for a period of 24 months. Once these contracts mature the tokens will re-enter circulation through the above cycle.
Note: I don’t think that 25% of these newly thawed token will be refrozen but the whitepaper does not stipulate either way.
30% Ecryptostore Platform - This portion will go to the Ecryptostore platform and will cover running costs, maintenance and expansion.
15% Charitable Causes - You can vote on which charity (or charities) will receive this portion of net transaction and subscription fee revenue on Ecryptostore’s social media channels.
30% Reward and Bounty - Incentivizing new users and leveraging their current users to promote their platform is paramount for a company in the crypto-world. This is why 30% of net token revenue from transactions and subscriptions will be allocated to the Reward and Bounty pool.

Merchants

The FMT token provides many benefits for merchants on the Ecryptostore platform. Here’s a run down of how merchants benefit from using the FMT token:

Reduced transaction fees when using FMT to pay fees. Up to 50% reduction from standard fees, this varies by Merchant Level.
FMT can be used as a form of staking to allow instant-settlement payment features for merchants, giving them access to funds immediately.
“Pending regulatory compliance and licensing (as may be required)” FMT can be accepted as form of payment for goods and services on the Ecryptostore.
Once you’ve verified yourself you can stake FMT, instead of paying a FIAT based subscription fee, to activate higher merchant levels. 250FMT being the lowest and 1000FMT being the highest. You must keep the relevant amount of FMT tokens in your wallet at all times to retain your Merchant Level.
FMT can be used as “gift advertising”, rewarding potential customers for opening targeted adverts. These adverts are only sent to customers with a high potential interest in the advertisement and are only paid out if the customer views the advert.

Buyers

Benefits for the seller on the platform are less than those for merchant, and are not tied to the use fo the FMT tokens, but nonetheless significant.

Purchase made against unverified sellers will, by default, see the funds transferred into escrow until the terms of the escrow are met. Ensuring buy protection.
Ecryptostore generates invoices and records of transactions for purchases made for personal use. Greatly reducing the hassle when it comes to tax season.

Introducing The Rest of the World to Crypto

When signing up as a merchant on the Ecryptostore one can choose which cryptocurrencies they want to accept, if any at all. This option can constitute the beginning for some people and could be their first contact with cryptocurrencies besides the news and some friends. The pros of staking and using FMT for transaction fees, subscription fees, gift advertising, and escrow mitigation services will encourage merchants whom are new to crypto to maybe make their first furrows into using cryptocurrencies.

All quotes and images are taken from the Free Market Token whitpaper