The X8 project is rapidly approaching its TGE. What kind of an event is a Token Generatiing Event? It is all about issuance of new tokens. In the case of X8 project the tokens issued will be called X8X – utility tokens.
COMPLEXITY VERSUS A SINGLE FUNCTION
We can take it one step further and ask, why tokens? Tokens best denote carriers of mutlitple functionality, in our case digital units capable of executing smart contracts. Token therefore is all about diversity, while coins, for example, act only as units of storage of value. Or, if we want to be really strict, they also have the function of means of payment. X8X utility tokens are no clones of any other cryptocurrencies as, in X8 project, the utility tokens do not carry value but instead licences, which pushes the project even farther away from more widely used terms. Tokens are complex and coins are single-faceted. A token has a certain utility within a network, in our case the Ethereum system which is programmable and application friendly. In our case X8X tokens function as carriers of licences to commission-free access to X8C and triggers for the KYC (Know Your Customer) process.
THE NECESSITY FOR THE TOKEN
The X8X utility token does not represent any stake or equity. It is designed to distribute and disperse the licenced access to X8C within the distributed economy. The distributed economy excludes the option of funding by equity and makes the use of tokens a necessity. The tokens are not offered to any particular entity, they are generated, hence generation is a preferred term.
It is due to the above listed reasons, that we have decided that the most accurate name for the next phase of the X8 project is a Token Generating Event. Rather than being a mere means of fund raising, X8X utility tokens are necessary to participate in the X8 mechanism and access the entire spectrum of the X8Currency benefits.