Token and Other aspects of Token of Citizen Finance in a nutshell
Tokens are an essential part of the blockchain ecosystem as it provides incentives for all parties. This is especially important since the ledger is distributed.
Ciphi is the native token of Citizen Finance platform, the token is minted through NFT staking and Liquidity mining. Users can utilize Ciphi token to purchase nfts from the secondary marketplace, use as fees to launch their own skin proposal, deployment fee for Cifipowa , stake Ciphi to earn liquidity reward and also use the lending protocol.
● Network: Binance Smart Chain
● Type: Utility and Governance
● Mining (75.875%): 379,375
● Liquidity(3.125%): 15,625
● Airdrop & Bounty (1%): 5000
Liquidity will be locked for 6 months
Team token will be distributed in stages. 10% will be distributed in the beginning while 90% will be locked for 12 months. After the lockup period, 5% of Team token will be released monthly.
Ciphi token can only be obtain through liquidity mining and staking of in-game assets on a decentralized pool. Users who provides liquidity on decentralized exchange are rewarded in CIFI token after staking their LP.
Citizen Finance adopts a deduction mechanism whenever a player/farmer initiates an harvest. 5% of rewards is deducted and sent to the Treasury while the player/farmer receives 95%.
Distribution of Treasury Fund
● 2% Voluntary Developers
● Payment method for in-game currency
● NFT minting fee on CifiPowa
● Publisher's payment for in-game ads
In order to motivate committed players of Meta City, Citizen Finance will be rewarding players with Ciphi token. Players will be able to convert their in-game currency to Ciphi token at the ratio of 1 meta = $0.01 worth of Ciphi token.
To create more value for Ciphi token, Citizen Finance will carry out a monthly buyback using 20% of the profit from primary in-game store until more than 50,000 CIFI tokens is completely burnt. 50% of the token purchased will be burnt while the other 50% will be sent to reward pool.
Tokens are not a new thing and have existed since long before the emergence of blockchain. Traditionally, tokens can represent any form of economic value. Shells and beads were probably the earliest types of tokens used. Other types of tokens are, for example, casinos chips, vouchers, gi cards, bonus points in a loyalty program, coat check tokens, stock certificates, bonds, concert or club entry tokens represented by a stamp on your hand, dinner reservations, ID cards, club memberships, or train or airline tickets. Most tokens have some inbuilt anti-counterfeiting measures, which may be more or less secure, in order to prevent people from cheating the system. Paper money or coins are also tokens. Tokens are furthermore used in computing, where they can represent a right to perform some operation or manage access rights. In this historic context, cryptographic tokens on the Blockchain can combine both concepts: access rights to some underlying economic value (property) or permission to access the property or services of someone else or collective good. This property or service can be public (Bitcoin Network) or private (an apartment that is rented out by a private person). It is important to note that the term “token” is simply a metaphor. Contrary to what the metaphor might suggest, a token does not represent a digital le that is sent from one device to the other. Instead, it refers to assets and/or access rights that are collectively managed by a network of computers, a blockchain network, or other distributed ledger. A distributed ledger provides a universal state layer, a public infrastructure in the form of a distributed record of transactions that keeps track of which wallet address is the owner of which token.
Cryptographic tokens represent a set of rules, encoded in a smart contract – the token contract. Every token belongs to a blockchain address. These tokens are accessible with a dedicated wallet so ware that communicates with the blockchain and manages the public-private key pair related to the blockchain address. Only the person who has the private key for that address can access the respective tokens. This person can, therefore, be regarded as the owner or custodian of that token. If the token represents an asset, the owner can initiate the transfer of the tokens by signing with their private key, which in turn generates a digital fingerprint or digital signature. If the token represents an access right to something somebody else owns, the owner of that token can initiate access by signing with their private key, thereby creating a digital fingerprint. If the token represents voting, the owner of that token can vote by signing with their private key, creating a digital signature.
Hashtags : #citizenfinance, #nft4fps #nft4XR #cifipowa #metacity #gamefi #citizens #cifi #defi #ciphi #bsc #blockchain #ownership
Web : https://citizenfinance.io
Whitepaper: https://docs.citizenfinance.io
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Medium: https://medium.com/@citizen_finance
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