Cryptocurrency 101 and why we are launching our own token — WelcomeCoin
When we announced our ICO we got a huge feedback from users of our platform, people, who are into ICO and cryptocurrency and just people related to MeetnGreetMe platform. And we got tonnes of questions, which is really really cool and means, that there are a lot of those who are interested in life and development of MeetnGreetMe platform.
The questions we got were very different: from “What does ICO mean?” to “What profit can I get if I buy 100 000 tokens?”. So we decided to write a summary that explains what cryptocurrency is, why we have decided to launch our own tokens and what functions has our token.
So, basically, what is a cryptocurrency?
From the word itself you can see that it has something to do with cryptography and currency.
So, putting the pieces together, cryptocurrency is a medium of exchange value (just like ordinary money) that exists in the digital world and relies on encryption, which makes transactions secure.
Cryptocurrencies are very hot right now, and this is why: they are a radically new way of paying that makes all the transactions secure and helps to get rid of intermediaries represented by banks, which also contributes to a significant reduction in the commission fee. The main feature of any cryptocurrency — security — is provided by Blockchain technology — a network of computers having an identical copy of the database and changing its records by a common agreement based on pure mathematics. That allows to create your own cryptocurrency and issue your own token. Token is a type of privately issued cryptocurrency, a unit of value that an organization creates to regulate and self-govern its business model, and empower its users to interact with its products while facilitating the distribution and sharing of rewards and benefits to all of its stakeholders.
And this is what MeetnGreetMe is going to do with our ICO. ICO will allow us to launch our own token, which will help us partially decentralize the platform, fuel the MeetnGreetMe ecosystem and make the payment process transparent and convenient.
Our token — WelcomeCoin or WEL — fulfills several crucial functions:
– to make it possible to reward all the MeetnGreetMe players for their contribution;
– to incentivize people to actively use the platform, co-create, fulfill their roles and further MeetnGreetMe development;
– to fuel MeetnGreetMe ecosystem;
– to exclude a costly middleman from the money transfer process in future, make it transparent and convenient for the parties regardless their geographical location.
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