Introducing FRS Token. Because your opinion matters!
The FORSAGE Community is proud to introduce a Forsage Royal Society (FRS) Token. It is an additional instrument aimed to advance further development of the platform by allowing the members of the Community to influence the FORSAGE progress.
HOW DOES IT WORK?
FRS tokens are designed to be used within the FORSAGE.io Ecosystem only. FRS token allows participation in the future Forsage development by voting mechanics. Token holders can submit new proposals, or vote for already existing proposals in the Community.
It costs 100 000 FRS to submit a proposal, and a proposal can be submitted by anyone. This fee is burned and is non-refundable regardless of whether the proposal is approved. Other token holders can cast as many votes as they want to any number of proposals. Once a vote is cast, the amount in FRS tokens is held on the voting smart-contract until the voting on the proposal ends. If the proposal doesn’t win, the FRS tokens used for the vote are returned to holders. When the proposal wins, all the tokens accumulated during the vote remain in the contract and are not returned. Voting happens on a monthly basis and cannot be changed once submitted.
FRS Token is a self-governed mechanism maintained by its holders where every holder has equal rights. There is no single entity that governs the token infrastructure. All decisions are community-based and derived from the voting results in the system.
Another advantage for the FRS Token holders is the access to all the additional services launched within the Forsage Ecosystem. Most of the services will be launched exclusively for the FRS holders, and will only be accessible via FRS tokens.
HOW IS THE TOKEN GENERATED?
FRS Token genesis process is a non-stop automatic procedure encoded within the token smart-contract to generate new tokens to circulation based on the activity in FORSAGE XGOLD program. When users activate or upgrade slots, get partners in their structures or get their XGOLD slots restarted, new FRS tokens are generated to the corresponding holders address as rewards.
There are 3 types of FRS rewards available for XGOLD participants:
FRS rewards for Activating slots,
FRS rewards for Partners in the structure,
FRS rewards for Restarts.
There is a reward reduction mechanism implemented within the FRS Token smart-contract, aiming to slow down token genesis process with time. Starting from the 8th day from the token genesis date, the percentage of rewards in FRS is automatically reduced every day by 1% from the previous day ratio, until in 465 days it goes from 100% to 1% from the starting ratio and remains at that level from there.
FRS tokens used to access additional services within the Forsage Ecosystem will be directed to a 0 address, or, in other words, taken out of the circulation and burnt.
FRS Token is not a financial instrument and is not intended to be used in any kind of trading activity or deemed as an investment opportunity of any sort. FRS is designed to be used only within FORSAGE and not intended to be used in any third-party application. Responsibility for the improper use of FRS tokens lies solely on the users.
The FRS Token introduction opens a whole new stage in the FORSAGE platform progress. It is a step towards true decentralization and transparency that is anticipated by all the FORSAGE Community members. It is also a proof that FORSAGE sticks to its mission and concept for the equal benefit of all users, no matter when and where they joined the platform. From now on, every user can directly influence the Community strategy by participating in the XGOLD program and receiving FRS tokens for their activities.
More cool features are underway, so stay tuned!