Introducing WorkChain.io App Token (WATT), the Native User Token of WorkChain.io
Now that we’ve shipped product numero uno (FYI no.2 is also on the way), we’re excited to introduce you to the token that’ll power our ecosystem: WorkChain App Token (aka WATT Tokens).
WATT Tokens Fuel All Products and Services on Workchain.io.
The first thing WATT tokens do is get you onto the platform. Like a membership pass. Secondly, they power platform transactions.
One thing of importance to note right from the outset: from day one, WATT Tokens will have immediate, real-world use on WorkChain.io. It’s not simply a concept.
Now, let’s take a closer look at the power of WATT Tokens, shall we?
Your Membership to WorkChain.io
WATT Tokens are like a software license key that unlocks access to the WorkChain.io platform, its data, various features and Dapps.
To begin with, all you’ll need is a single WATT Token to gain access to WorkChain.io. In the near future, we’ll introduce Premium Membership (for features like Dapps) and new member tiers for Businesses so they can unlock access to workPAY.
More tokens equal more access. So, it makes sense to earn and stake them.
Plus, by staking tokens, both users and private and institutional lenders will get priority access to the top-rated lending opportunities in the future, as well as receive first access to new product functionality released on WorkChain.io.
Powering Platform Transactions
As well as being a membership token, WATT Tokens allow transactions to be made on the WorkChain.io platform and via our Dapps.
There are two way these transactions work:
1. WATT Tokens are needed to transact data on the platform, for example transferring work and pay records onto the platform.
2. WATT Tokens will be used to pay for platform fees connected with certain financial transactions. For example, when users access earnings — or companies process payroll — through workPAY.
Get Rewarded with Tokens for Simply Participating on the Platform
Quality, trusted data is what WorkChain.io is all about. It’s what our network runs on. To help generate this trusted data, users who share and validate data on WorkChain.io will earn WATT Tokens as a reward.
Not only is this a reward for our users, it’s part of our internal measure of data quality. Tokens staked are a signal of trust through our protocol. And, by encouraging user participation on our platform, tokens contribute to true decentralized governance.
Ethereum-based ERC20 Tokens Straight to Your Wallet
The WATT Token is an Ethereum-based ERC20 token, a blockchain asset that can be sent and received in the same way as other ERC20 Tokens.
Plus, they’re logged in your own wallet — through our managed service — so they can be put back to immediate work through our platform.
We’re allocating a portion of WATT Token supply as incentives to users and partners to help drive platform growth and adoption in two key ways:
User Incentivization — Individual users who build up their workID profiles, integrate their accounts with third parties, refer users, and validate data on WorkChain.io will be rewarded with WATT Tokens.
Partner Incentivization — To build the vibrant WorkChain.io partner ecosystem, platform partners that onboard their trusted user data to build work records will be rewarded with WATT Tokens.
One Million Users are on Their Way
Through upcoming partner integrations with Humanity and WorkPuls, one million users will soon be part of the WorkChain.io network. That’s an active community of early adopters who’ll soon rely on WATT Tokens for everything they do on the WorkChain.io platform.
We’re taking this integration strategy to rapidly build quality data and user adoption.
How Can I Purchase WATT Tokens?
WATT Tokens will be available exclusively through our website very soon.
Join our private Telegram group or follow our channels (see below) to be the first to get access to WATT Tokens.
As the number of users on the WorkChain.io platform grows, so will the utility and common use of WATT Tokens. When they launch, we’ll make an announcement in our Telegram channel — so join up to give yourself the best opportunity to be the first to get them.
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