From Ethora iOS & Android ERC-20 & NFT tokenized community platform
Revision as of 11:17, 23 September 2021 by Taras.filatov (talk | contribs) (Created page with "== What is a Coin? == Coin is an internal fungible asset in your Ecosystem. "Fungible" means Coins are not unique. There may be many of these Coins and each Coin is exactly t...")
(diff) ← Older revision | Latest revision (diff) | Newer revision → (diff)
Jump to navigation Jump to search

What is a Coin?

Coin is an internal fungible asset in your Ecosystem. "Fungible" means Coins are not unique. There may be many of these Coins and each Coin is exactly the same as the other Coin. This is opposite to Items which are unique or "non-fungible". Together with Items, Coins form the basis of "token economy" of your Ecosystem.

What is the technology behind Coins?

Coins are essentially ERC-20 tokens based on Ethereum blockchain standards and technology. This ensures the Coins have a high level of cryptography protection and security - same as cryptocurrencies. This may be not critical for your use case, for example where you simply use Coins for gamification / as internal score points to make it more fun for your users to interact with your Application. Or this may be more critical if you connect Coins to some real-world goods, services, business processes etc. In any case, Coins balances and transactions are cryptographically protected and will remain in a distributed immutable ledger, giving your Ecosystem a peace of mind and stability.

Who owns the Coin initially?

Owners create the Application and Application usually holds all its Coins in its main master wallet. This means if you have created an Application using our platform, you own all Coins initially via your Application wallet that you control. Application automatically sends Coins to Users in some cases to reward Users for activity etc (this may be adjusted in your Configuration).

How many Coins are there?

Owners decide how many Coins to issue initially. Normally, there is a large number of Coins issued, for example 1,000,000 or 1,000,000,000 Coins without issuance cap. This is to ensure Application always has enough Coin to reward Users for their activity etc depending on your Ecosystem Configuration. Owners may choose how many Coins to issue when creating the Application.

Can more Coins be issued?

More Coins can be issued by Owners unless there was an Issuance Cap applied to the initial issuance of the Coin. Issuance Cap means a certain maximum number of Coins is baked into the cryptographic token behind the Coin and it is impossible for Owners to issue more Coins.

Can there be multiple types of Coins?

Out of the box, there is only one type of "default" Coin for your Application based on ERC-20 standard, there are also Items based on ERC-721 and ETHD which is used for technical purposes and is hidden from users balances.

The default Coin is displayed as main balance for Users in their profiles, in their navigation bar etc. It is also used in rewards for activity from the Application and in p2p rewards ("crypto likes" mechanism where users can send Coins to messages of other users).

It is possible for Application Owners to issue multiple other types of ERC-20 tokens but you may need to adjust Application code depending on how you want to display them.