Holding on to the future: introducing reverse staking
When Utrust started building the company we are today, we knew one thing for certain: we wanted our own token to be a cornerstone of our project. The Utrust token utility would always be linked to our Platform. Throughout the years, as the company grew, other products sometimes took the spotlight a bit more, but UTK was always a priority.
This is why today feels like such a momentous occasion.
Introducing: Reverse staking
Our token has a series of powerful features in the works, as part of our roadmap.
The first one we are introducing is one of a kind, and a brand new concept in token economics. Reverse staking. You may be familiar with the traditional form of staking, of course. It’s a process by which you hold on to digital currencies in order to support the network. The longer you hold on to your coins, the greater the reward. Simple enough. The most common result of staking, however, is an increase in the amount of tokens that are in circulation. This means inflation.
So what is reverse staking?
We wanted to encourage the exact opposite. We have never thought of digital currencies as mere investments. They are the money of the future, and they should be employed as such. We want people to use our token, to make it a part of their day-to-day lives and spending habits.
So we will reward you for using digital currencies, not holding them.
Earn UTK by using our system
Every single trade you make with our platform (using any currency) will unlock a reward of 1% of its open market value. The 1% reward will be bought from the open markets and added to your staking pot (more on that below). This will work whether you are trading or making a purchase with our ever-growing roster of merchants. Instead of keeping the tokens in circulation, we are decreasing the circulating supply by adding UTK sourced from the open markets to your locked staking pot. This means deflation.
There will be tiers to this, so you can manage your own experience:
Tier 1 — You will need to stake 1000 UTKs to get access. After this, you’ll get 1% back in each trade done in the app, which will go into your pool of rewards. After six months, that pool will be unlocked, and you’ll be free to use it. Just don’t do it sooner, or your rewards will go up in flames!
Tier 2 — This is coming later, but it has special perks. You’ll get all the same benefits plus higher rewards in trading and payments. You’ll also get a metal VISA card linked to your wallet.
We are doing this thanks to Hold
Hold is pioneering accessibility for digital currencies by combining one of the most complete apps on the market with a VISA powered debit card. Hold’s app allows you to instantly buy, sell and trade digital currencies. Ease of use has been one of their priorities, and all of these activities can be performed effortlessly by directly linking the app to the user’s bank account. You can also use the app to instantly convert digital currencies to EUR, load them to your card, and use it online or in store.
Now, all of these features are coming to Utrust. The new Hold app, which will be entirely powered by Utrust, will effectively bridge the gap between our payment system and the brand new token features we are implementing now. The new app will be your one-stop shop for all our services.
The new Hold app will effectively replace the Utrust Wallet. Seamless payments with digital currencies, the ability to send and receive money with the click of a button and most everything else you used to do on our app will become part of the new and improved app, now powered by Utrust. This will allow customers to perform all of their digital currency activities in one place, streamlining all processes.
This will be happening in the upcoming weeks
We are letting you know with plenty of time. You should head here and sign up right now. You’ll be the first to know when the new app is available to download.
If you already have the Utrust Wallet, all you need to do is wait for the new app to be released. We will let you know when it’s ready, so you can download it and sign up. Your balance will show in under 24 hours. The old app, alas, will then be deprecated.
One more thing!
We will be giving away 50 000 UTK.
Oh yes, you read that right.
All you need to do to be eligible is sign up (here’s the link again). A lucky 50 exclusive users will then be randomly selected and they will be the first ones to receive the app, with an added bonus of 1000 UTK.
If you’re already a Utrust Wallet user, you’re already eligible. We’ve taken the liberty of signing you up automatically. Fingers crossed!
We really love living in the future, don’t you?
