KickCity is an events-focused social network with a range of great design and networking features.
And, underlying all of that, is its cryptocurrency backbone.
KickCity Tokens (otherwise known as KCY) are smart standard ERC20 cryptotokens, built on Bancor protocols. This is the digital currency with which users of this system will make purchases, sell tickets, and purchase advertising for events created within the framework of the KickCity system.
In today’s article, we’ll be putting this innovative new currency system under the microscope, discussing its benefits, applications, and some of its more significant uses.
And remember: with the scope of a currency system like this, new uses are being updated and created, every day.
Let’s get started!
Smart Tokens, For Sophisticated Users
Let’s start with the technical stuff, shall we?
KCY-tokens are updated versions of the standard ERC20 cryptotoken. They make use of Bancor protocol, which is a standard that facilitates the creation of entirely liquid smart tokens.
And what are smart tokens, we hear you ask. This kind of currency can be bought and sold at any time, and differs from standard tokens is that smart currency can hold multiple tokens in reserve, and that they are controlled by an Ethereum-based smart contract.
Now, overall, this kind of setup offers users some very specific benefits:
- Costs: Users of smart tokens enjoy better fee rates and pricing. The first and only mandatory fee for smart tokens like KCY is the blockchain fee itself. The smart contract, in turn, offers cost benefits in that it maintains the exchange price between the tokens and their relevant reserve tokens. This translates into one single price for buying and selling each token, all of which are also updated in real time.
- Liquidity: As we’ve mentioned already, users of smart token systems like KCY can choose to buy or liquidate tokens, via their contract, at any given time. This is done regardless of their trading volume at the time, and at less risk to the user without the need for an online exchange, which can be hacked or stolen from.
- Price Slippage: Another big draw to the concept of smart tokens like this is in their predictable price slippage. Resulting from the pricing formula they use, smart tokens give users the option to pre-calculate their price slippage over time. These calculations can be carried out on any transaction, prior to its execution.
- Native Market Depth: Our final benefit is in how smart tokens like these affect the market depth of your trade exchange. While more traditional crypto-currencies are typically kept at market depths well under 1%, Smart tokens almost universally outperform this rate. KCY and other smart tokens like it with a reserve of 10% are comparable to exchanges with 10% of entire token supplies in their order books. This means substantially better market depth.
With so much to benefit from smart token tech such as these, we’re proud to have the integrated KCY token as the driving force behind our currency system.
Pay Your Way The Smart Way, With KickCity Tokens
Ultimately, any economy, whether online or traditional, relies on the versatility of its currency. With the rise of cryptotokens, we’ve seen amazing things being done with digital currency in recent years, and smart tokens such as KCY are easily among the best.
For users of a platform such as ours, better exchange rates, reduced price slippage, and integrated token purchases can make a world of difference in the way businesses and clients interact with each other.
Interested in learning more about the benefits of KCY, and how you can use it in event management with KickCity ? Get in touch with us today, and make an event out of it.
Are you as excited as we are for KickCity ? Leave your comments below and let us know what you think!
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