LYK a Utility Token+++
Reimagining the concept of ‘Utility’ in Token Land…
An innovation born out of necessity, LYK is a purpose-built token that’s been designed to adapt blockchain technology for decentralized enterprise business networks. LYK is a function-rich token which performs many critical functions that go way beyond what purpose most utility tokens offered by ICOs serve today. For context, let’s refer to the main types of tokens that exist today:
- Equity Tokens that are configured or defined like stocks or shares in a company
- Security Tokens that are configured or defined as asset-backed securities — redeemable for assets like precious stones or are tokens that are backed by real estate.
- Utility Tokens that are tokens that are neither equity nor security tokens and fall under the classification of ‘utility’ tokens. These utility tokens may also be called app tokens or app coins, primarily provide access to a product or service just as tokens may provide access to a game in a casino.
The LYK token materially furthers the concept of utility that goes well beyond just providing businesses with access to the Loyakk Vega Platform and applications. The LYK token has been designed and developed to perform multiple critical functions including enabling permissioned access, standardization and propagation of data, value and rules across the business networks or value webs powered by the Loyakk Vega Platform, as briefly described below:
- Permissioned Access — The LYK token is required to conduct business on the Loyakk Vega platform and to access services and other functionality within the platform and to conduct business across the network or value web. The LYK token includes permissioning rules that enable the appropriate visibility and access control for the network.
- Standardization — The LYK token specifies the common interface, standard formats and the rules for data interchange and interoperability so multiple parties can smoothly interact and transact on the network. This also helps create a single version of the truth on the blockchain for all parties and their respective systems of record.
- Propagation -The LYK token propagates relevant security policies, business rules and identity and relationship information of participating entities across the network. The objective is to ensure and enforce governance around how functionality, data and value are handled across the Value Web.
Public blockchain technology is not truly ‘enterprise-ready’ and needs to be ‘adapted’ to handle the complexities of relationship structures, privacy modalities, and multi-dimensional business contexts within enterprise business networks. LYK is the manifestation of Loyakk’s patent-pending extensions of the blockchain technology designed to handle enterprise business network use cases. The function-rich LYK token, in essence, plays a central role within the Loyakk Vega platform in enabling secure, efficient and agile value webs across multiple industries.