Last week, we shared the details of the first clinical trial contract to be completely paid for in TRL. Our first product Verial eTMF is offered under a so-called tokenized Software-as-a-Service (SaaS)-subscription model, where our utility token TRL is used to pay subscription fees. In this article, we’ll explain what this model exactly entails and how it will impact the token economics of the Triall ecosystem.
A tokenized SaaS-subscription model
SaaS is a cloud-based software licensing and delivery model where clients subscribe to one or more applications and access these through the internet (as the applications run in the cloud). In the case of Triall’s blockchain-integrated document management solution Verial eTMF, clients pay their subscription fees using our utility token TRL (and eventually using our secondary token T-CRED). The monthly fee is dependent on the number of clinical trials running Triall software, where clients pay 6 months upfront on their SaaS subscription. Due to the pre-payment period of 6 months, a proportion of TRL tokens is effectively removed from the circulating supply for all active software subscriptions. In other words, the circulating TRL token supply will decrease for each additional client that uses any of the Triall solutions.
Deflationary trend and the 2.5% burn
Even though the two-token system has not yet been rolled out, Triall will adhere to its promise to burn 2.5% of all the proceeds that result from its software sales. That means that for each incoming payment, 2.5% of tokens are burned, meaning that the total TRL token supply will gradually decrease as we onboard more clients into our ecosystem.
Lowering the (crypto) barrier to entry for end-users
To ease adoption for the end-user (e.g. pharma companies, hospitals, and contract research organizations), Triall offers the option to pay in fiat currencies . In this scenario, TRL tokens are (always) purchased on behalf of the client. This will effectively remove a major barrier to entry for certain users who do not want to deal with fiat-to-crypto conversion or adopt crypto storage solutions in their business conduct. Triall (or a service provider) will in this case purchase TRL on behalf of the client (e.g. from the public market), to further ensure sustainable demand for TRL. Nevertheless, paying in TRL is encouraged as product pricing is discounted for those that do so.
Check out this article if you want to learn more about the value drivers of TRL.
