SmartKey’s updated Whitepaper — New Economic solutions for Smart Tokens!
The long-awaited update to SmartKey whitepaper is finally here and it casts bright light on company’s comprehensive understanding of Smart Token potential. Thanks to the reformulated strategy, it is now clearly outlined, that Smartkey Tokens should be perceived as both, the mean that enables IoT technology to be integrated into already existing and arising systems, but perhaps more importantly, that the more SmartKey tokens are utilized, the more their value will grow.
AutoSwap and the SkeyUSD token
In order to provide utility within the SmartKey Ecosystem, it is necessary to own SkeyUSD technical tokens, which is done through the automatic exchange of SKEY (ERC-20) tokens, that are able to be purchased on the market. SkeyUSD unveils itself as a solution for paying off services such as Blockchain Node or Account registration, device activation, deactivation or service provider’s dApp metadata changes to name a few.
This stable coin used by SmartKey Technical Blockchain is denominated in USD and generated in an amount according to the autoswap conversion rate.
For example: In order to buy 100 units of SkeyUSD at $1 per unit, we have to pay a total of $100. The important part is that the payment must be made in SKEY (ERC-20) tokens. At $0.20 per SKEY unit, the fee we would have to pay is 500 SKEY.
Complete circle of SmartKey ecosystem
The foresight of this solution comes from the fact that the AutoSwap system causes SKEY to be locked during the exchange, which means that the token no longer returns to the market.
Introduction of this system in the economy of SmartKey tokens provides investors with a welcome answer why it is profitable for them to hold the tokens in order for the value to grow. The model assumes that the lock of the SmartKey tokens only increases along with new partnerships and service providers that join with more and more IoT devices that are utilized within the ecosystem.
The publication of updated whitepaper and the systemic solution it introduces shows, that not only the price and valuation of the SmartKey token increases in the long term as big partners like Orange integrate SmartKey technology into their smart city projects, but also that SmartKey lays strategic foundation for future implementations by completing the establishment of a coherent ecosystem’s cycle.