In my last article I explained why the Ecryptostore provides an already familiar and easy to use platform for crypto-enthusiasts to use their beloved tokens for what they were originally designed for: to pay for goods and services.
In this article I’m going to focus on the specifics of the Ecryptostore’s native token, FMT or Free Market Token, and the benefits merchants, customers, and others receive from it being used on the Ecryptostore. I’ll also layout information described in the whitepaper concerning token distribution and the exciting plans the Ecryptostore have laid out for redistributing the FMT tokens they receive in the form of transaction and subscription fees.
The total supply of FMT tokens is 550,000,000 FMT. The above is pretty self explanatory and was lifted from the FMT whitepaper. Three points will be of interest to users and token sale purchasers:
Firstly any affiliate rewards -referral bonuses and the like- are deducted then the remaining tokens follow the process below.
25% Token Freeze - These tokens will be frozen, via smart contract, for a period of 24 months. Once these contracts mature the tokens will re-enter circulation through the above cycle.
Note: I don’t think that 25% of these newly thawed token will be refrozen but the whitepaper does not stipulate either way.
30% Ecryptostore Platform - This portion will go to the Ecryptostore platform and will cover running costs, maintenance and expansion.
15% Charitable Causes - You can vote on which charity (or charities) will receive this portion of net transaction and subscription fee revenue on Ecryptostore’s social media channels.
30% Reward and Bounty - Incentivizing new users and leveraging their current users to promote their platform is paramount for a company in the crypto-world. This is why 30% of net token revenue from transactions and subscriptions will be allocated to the Reward and Bounty pool.
The FMT token provides many benefits for merchants on the Ecryptostore platform. Here’s a run down of how merchants benefit from using the FMT token:
Benefits for the seller on the platform are less than those for merchant, and are not tied to the use fo the FMT tokens, but nonetheless significant.
When signing up as a merchant on the Ecryptostore one can choose which cryptocurrencies they want to accept, if any at all. This option can constitute the beginning for some people and could be their first contact with cryptocurrencies besides the news and some friends. The pros of staking and using FMT for transaction fees, subscription fees, gift advertising, and escrow mitigation services will encourage merchants whom are new to crypto to maybe make their first furrows into using cryptocurrencies.
All quotes and images are taken from the Free Market Token whitpaper
Find out more:
FMT Website
FMT Whitepaper
Bounty Thread
Ecryptostore
Authors Bitcoin Talk Account
