Introduction to the DEVITA Tokens
Since the initial ideation of DEVITA, the founding team’s perpetual goal has been to create a decentralized global healthcare system. One that is user-centric and secure. One that empowers the users and expands its simplified accessibility to people all around the world. DEVITA’s unique token economy, entrenched with three different types of token, was formulated from this conviction too.
ʟUSD
The first token we introduce to you is ʟUSD, DEVITA platform’s native algorithmic stablecoin issued in the form of ERC-20. ʟUSD is pegged to the value of a single U.S. Dollar and it will remain constant at 1.
ʟUSD will not be listed on any exchanges. Its sole purpose is to serve as a payment method for services rendered within the DEVITA platform. The founders have elected to utilize a stablecoin for internal platform transactions in order to provide a convenient and stable means for our users to transact with the service providers: a transaction method that is harbored from the volatility of a digital currency. Transacting with ʟUSD also eliminates the security concerns associated with international credit card payments or the need for tedious traditional cross-border wire transfer procedure.
All transactions within the ecosystem will be charged with a 0.5% tax. However, 3% of all transaction fees collected will be redistributed to ʟUSD holders on a weekly basis through DEVITA’s “stablecoin rewards pool”. Compared to high gas fees that would incur from external digital asset transactions, international credit card transaction fees or bank service charges associated with currency conversions and international wire transfers, DEVITA’s 0.5% tax is minuscule. And the greatest part is, 3% of all transaction fees is distributed back to the users. Users are incentivized to easily and securely transact with service providers located anywhere in the world without security concerns or incurring hefty service charges.
LIFE Token
LIFE token, also in the form of ERC-20, is DEVITA’s ecosystem utility token. This is the digital asset that is offered for IEOs, private and public sales. Furthermore, this is the token that will be listed onto centralized and decentralized exchanges around the globe. As mentioned in our whitepaper, LIFE token’s function will not be only limited to the basic P2P payment function. It will allow users to participate in DEVITA’s fully on-chain governance protocol or delegate their voting power to other users. There are LIFE token allocations separately set aside to be determined through DEVITA’s governance protocol on how the allocations will be used or distributed in the future. As the ecosystem grows, the founding team has other interesting utility functions for the LIFE token, including but not limited to inter-ecosystem transactions, cross-chain bridging, and DAO participation. Eventually, through DEVITA’s on-chain governance protocol, users themselves may propose and vote on more creative ways to utilize LIFE tokens. (More on DEVITA’s governance later in the governance article).
ONE-ID
The third token issued is the ONE-ID, an NFT (Non Fungible Token) issued in the form of an ERC-1155. It functions as both users’ OTP (One Time Password) and DID (Decentralized Identification). The NFT is minted and stored permanently in users’ digital wallet, no economic value is given to the NFT and it won’t be transferable or purchasable. Simply put, this NFT will function as the user’s identification card within the DEVITA ecosystem and with our selected service providers as well. After going through different levels of DEVITA’s KYC verification, users will be issued their own unique NFT. This “Know Your Customer” verification process applies to both our general users and institutional users who will be providing telehealth consultation services.
User verification level 1 will require users to provide their full legal name, date of birth and country of residence. Then, they will go through an email and phone verification, much like the process that users go through when creating a new social media account. Verification level 2 requires users to provide a photo of their government issued identification, such as a passport or drivers’ license. After that, they will need to upload a clear photo of themselves holding their proof of identity and register face recognition. Service providers will have to prove their business registration and or professional license as well. To complete verification level 3, users will need to provide their address and proof of residence by submitting supporting documents such as an utility bill. Completing different levels of verifications will incentivize users via distribution of rewards.
These verification procedures have been implemented to protect both the users and the ecosystem community, to prevent fraudulent or illegal use of the application’s services. With our encryption and implementation methods and ERC-1155’s token characteristics, every user inputted information will be encrypted with a zero-knowledge encryption method and saved on-chain and on the user’s NFT as a hash code. User’s ONE-ID itself will hold unique hashes for each piece of data that they input, including credentials and health data records that they decide to upload onto the blockchain database. No one else will be able to read or even access the user’s data without the user’s ONE-ID and the user-generated private key. If the user decides to authorize third party access to their KYC’d data and or information stored on-chain, the third party will only be able to read or access it by going through an individually signed on-chain approval process. Through this process, only the approved personnel will be able to access the selectively approved data via combination of their own private key and the user’s public key, generated for this specific person through the individually signed on-chain approval process. And of course, the access will automatically be revoked after the pre-agreed viewing time has passed. Users will also have the ability to revoke access at any given time.
We hope that this article has given you a little more insight in regards to DEVITA’s token economy and how it was formulated to be user-centric and secure. Follow DEVITA’s Medium for our next series of articles, on Token Allocations and Staking Pools, DEVITA’s Taxation System, On-Chain Governance Protocol, and the Symbiotic Relationship between ʟUSD & LIFE, explaining our Liquidation Mechanism. Please stay tuned to our Telegram channels and Twitter for an exciting series of updates to be announced within the next couple of months.
About DEVITA
DEVITA is a decentralized healthcare platform applying the latest digital technologies to solve classic problems in healthcare access, data, and infrastructure.
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DEVITA is not an investment product. DEVITA is not intended in its design or distribution to be utilized as a form of investment, speculation, or as a financial product. No information herein constitutes financial advice. PLEASE do your OWN research before participating in the DEVITA Platform. Neither the DEVITA team nor any representative affiliate of the DEVITA team will ever solicit investments.
