The Cirus Token: Reader’s Digest
So you own a bit of $CIRUS.. Now what? Here’s a quick reader’s digest explanation of why Cirus is used, what you can do with the token and how it adds value to the Cirus Ecosystem!
Let’s get down to the bottom line.
Utility: Utility describes how products or services in an ecosystem are accessed with a token.
Okay, so what does this mean?
The Cirus Token’s utility is broken down into the following key functions (besides just being a pretty crypto with a cool logo).
1. Payments
The payments you receive for your data are paid in $Cirus.
Why?
Selling data is a tricky, complex process and not all data is monetized instantly, or on an individual basis. There can often be time delays between data collection, filtering and purchase on a marketplace. This all creates latency (a time-delay) and who wants to have to wait for their well-deserved $Cash?
Secondly, buying & selling data happens in fiat, in large batch-transactions between brokers and data companies. This process is very difficult to break down to the individual level, due to the nature of the archaic fiat system. The transaction costs to send you payments would be like sending a carrier pigeon to your home, hoping you gain value after incurred costs…..if it ever arrives.
Since the token is instantly transferable, we can help ease this process by paying you in advance. Simple as that.
2. Transactions
$Cirus is used to pay transaction fees on the network.
Why?
WEB3 / Blockchains require a form of transaction fees, as the operation, securing and maintenance of these systems incurs a nominal cost. Not all things are free! And these fees get paid to who?? Amazon? Google? NOPE, to you, because the true beauty of WEB3 is that people own and operate the system. You can participate in multiple ways and get rewarded for supporting the network.
3. Applications
$Cirus is used to access new applications within the ecosystem (and we have some pretty awesome ones coming!)
Why?
Getting paid for your data is one thing, what you do afterwards is where the magic happens. The applications open a whole new array of products and services tailored to you! Imagine staking data, and gaining access to credit.. True DeFi is empowering people to have new freedoms that were previously only accessible through banks. Hello underbanked, here we come!
4. Swaps
Simple. The small fee to swap your tokens to another token, such as BTC, ETH or Doge is paid in Cirus.
Why?
Liquidity is key for swapping between tokens, and trading in and out of new tokens requires paying a small amount to the awesome liquidity providers. The cool part is you can be a liquidity provider too, Cirus will help enable swap pools/staking to ensure everyone can have a stake at the table (no pun intended).
5. Nodes
Cirus supports builders of the network, and they are incentivized with Cirus tokens for helping to secure the ecosystem.
Why?
In order to build a truly decentralized network and decouple from the ‘big guys’ (oligarchs), we have to incentivize people across the world to build this network from the ground up, validating transactions, maintaining records of the blockchain and maintaining true provenance of your valuable data. The great part, again, is you can participate in the network and earn even more $Cirus.
Web3 is a powerful tool, with a true economy built by people. Everyone can participate and thrive as the network grows. True power to people.
Let’s take back a bit of the internet together.
The Cirus Team
Forward Looking Statement: Depiction of the Cirus token is for illustration purposes only. Token utility and function to the Network may undergo significant changes from time-to-time and will be updated in the Whitepaper accordingly. Utility tokens are not investable products and are subject to high volatility. Cirus Foundation has retained legal opinion on the premise of a utility token.
