The SLC Utility Token is the coin of the Solcial platform, a new social network.
As the use of cryptocurrencies grows, new types of tokens appear. They can represent value or something intangible, such as voices. The two most important types of tokens to understand are investment and utility tokens.
Many have difficulty identifying the distinguishing features of these types of coins. The main difference lies in their use. Investment tokens are used for investment, while service tokens provide access to the product and give the holder the right to participate in the network to some extent - use the network and use its services to vote on the management and updating of the network. Utility tokens serve a very important purpose and usually only exist within a single system.
An example of such a token is Filecoin. The project has raised $257 million through the sale of its tokens, which provide users with access to a cloud storage platform.
Today we will talk about the SLC utility token, which is used for the following purposes:
As a governance token for voting in the DAO on future platform decisions. The number of tokens a user owns will likely determine the weight of their voting rights during voting polls. In addition, reputation will also play a role in determining the user's voting rights in various voting events. A DAO is an organization that is managed by computer code and a specific set of programs. On this basis, it has the ability to function autonomously, without the need for intervention from the authorities.
To get a discount on trading fees.
Users will need SLC to buy anyone's token. Solcial will allow the creation of tokens for individual content authors on the network. The author posts content, commentators vote for it or buy access by paying with this token. Well, then the author’s token can be exchanged for a platform token with the possibility of subsequent conversion into cryptocurrency or fiat. There can be no more than 1 billion SLC tokens in total circulation.
The SLC token standard is the SPL token. The SPL token is the Solana network token standard. These tokens are designed specifically for DeFi applications.
DeFi is decentralized finance – financial instruments in a decentralized structure, i.e. built on the blockchain. And that means out of the control of companies and governments.
DeFi is the fastest growing industry and now includes all aspects of the traditional financial industry. First, the DeFi revolution is helping people in remote areas access money through secure channels.
Secondly, the functionality, security and accessibility offered by Defi apps is far superior to traditional financial solutions. All you need is a smartphone with a good connection.
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The author posts content, commentators vote for it or buy access by paying with this token.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
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