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What is EVEN token?

Use cases and purpose of native EVEN token
Sep 6, 2019

EVEN token
EVEN token
Recently we have issued ERC20 EVEN token. The token on Etherscan.

Total Supply: 13,227,982 EVEN

Holders: 2,523 addresses

Initial Listing rate: 30 EVEN = 1 USDT

An additional issue of a token is planned for the needs of a marketing campaign (bounty, referral program, airdrop). The token is not listed on exchanges. There was no initial offer in the form of IEO or ICO. The EVEN coin will be volatile.

On the EVEN platform, a native token will be issued following the roadmap. We will swap ERC20 to native token (1:1 rate). The native token issue is planned in an amount that covers marketing needs, team/investor rewards and initial offering (if any).

After the token is issued, forging (mining) starts. The complexity of token forging will increase over time (according to WP).

The functions of EVEN coins in the Network

Token to ensure consensus

EVEN is an application token. The function of the token in the EVEN Network is to ensure the operation of the consensus algorithm.

The Rated DAG consensus algorithm chooses validators based on the technical characteristics of nodes and the amount of the node's stake in EVEN tokens. The higher the stake of a node in EVEN tokens, the more likely it is that the node will comply with the rules of the network and avoid penalties. For example, the token is needed as a protection against DDoS attacks on the network. When a node fails to meet consensus conditions or send more data into the network than it processes, its stake is reduced by the amount of the penalty or fee. Thus, the credibility of nodes with a large stake increases and they are more likely to participate in the confirmation of transactions.

New coins in the EVEN Network appear as a result of forging (mining), as a nod's reward for transaction confirmations. Over time, coin forging becomes more complicated and more effort is needed to get the reward.

Coin as a means of payment

The EVEN coin is used as a means of payment and international transfers. Full confirmation of the transaction takes 3.5 seconds, fee is not charged (if the conditions are met). EVEN is developed as a payment instrument, not a means of savings such as Bitcoin.

Stablecoin

Stablecoin will be released on the EVEN Network. It will be pegged to the portfolio of cryptocurrencies pledged by users of the platform. Stablein will allow to implement additional use-cases and to reduce volatility when performing financial operations. For example, it will be possible to provide insurance, lending and funding under the terms of smart contracts published on our platform. Trusted oracles (external services) trigger actions of smart contracts.

The holders motivation

  1. In the EVEN Network node rating is based on several factors. In the technical documentation the formula that calculates the optimal stake at a certain level hash rate and uptime for nodes is given. In general, the larger the stake in EVEN tokens, the higher the earnings. Based on the fact that nodes with a high stake confirm transactions more often, their earnings in the EVEN Network are higher than earnings of nodes with a low stake.
  2. The transfer of crypto assets in EVEN Network is free, and the node's reward is issued by forging. However, a fee will be charged for a number of transactions in EVEN tokens, such as: exchange operations to external blockchains, smart contracts, renting of computing resources for dApps.
  3. Pledge in EVEN tokens for the execution of smart contracts. Developers have to make a pledge to execute a smart contract by the network.

Use cases

  1. Decentralized multi-currency wallet. The user sends funds to his wallet in any cryptocurrency. They can make instant transactions on the EVEN network for free: transfer any cryptocurrency (Bitcoin, Etherium...) to other users, exchange cryptocurrencies. When transferring cryptocurrency to the address of the wallet in external blockchain, the user pays a fee which covers the cost of the transaction in the external blockchain and nodes' comission in the EVEN Network.
  2. Decentralized backend for exchanges. A centralized exchange connects its interface to the decentralized EVEN Network, which carries out exchange operations. The exchange service becomes transparent and secure. The user can control the status of exchange operations and his account.
  3. Corporate loyalty systems. Several companies issued loyalty tokens in private blockchains. They agreed on the possibility of exchanging each other's tokens on certain conditions for their customers. The EVEN network is used to fulfill these conditions. When a customer spends tokens of a partner's loyalty program, he interacts with the EVEN Network.
  4. International transfers of EVEN coins are instant and free. International transfers of portfolio transactions (several assets, including stablecoins) based on the EVEN Network platform to diversify the risks associated with the volatility of cryptocurrencies.