The X8 Project has created 2 tokens. The main product and main token is the currency token – the X8currency. The second token is the X8 utility token, which acts as a sublicense for direct access to the system and enables zero-fee trading with X8currency.
The X8currency token will have the symbol X8C. X8currency works on Ethereum technology (ERC-20 standard).
- The X8C token does not have an arbitrary limit regarding the volume of tokens that can be created, although there are framework limits, which the system allows. Ethereum sets the maximum technical limit of the amount of X8C tokens to 2256.
- Each X8C token comes into existence with a user making a purchase of it with cash payment to the X8currency issuer. Each X8C token unit is fully backed by fiat cash & gold cash reserves.
- During the lifetime of an individual X8C token the cash and gold reserves backing it are managed by ARM AI (Automatic Reserve Management AI), a technology developed by ioNectar.
- At the point when a user decides to sell his X8C tokens back to the issuer, the reserves backing the tokens are exchanged for X8C tokens with the client.
- Once the exit transaction is completed these X8C tokens are destroyed by the X8currency issuer.
The issuer of X8currency is X8 Capital AG. X8 Capital AG creates X8C tokens, holds and manages cash reserves and it allows a direct exit window for X8C token holders who also hold X8 utility tokens. X8 Capital AG removes X8C from issuance after the X8C token has served its purpose. X8 Capital AG deals with clients, who have successfully completed the qualification process.
For this qualification process X8 Capital AG uses the X8 utility token, with an X8X symbol. X8X also works on Ethereum technology (ERC-20 standard).
- The X8X token is limited in supply with fixed issuance of 100.000.000 X8X tokens. There will be no additional X8X utility tokens created in the future. Exact initial price of the token will depend on the level of funds raised.
- The amount of X8X held by a user dictates how much of X8currency a user can obtain from X8 Capital AG. The ratio for calculating the utility token requirement for a certain allotment size of X8currency is X8X = √X8C, or X8X2 = X8C.
- The model predicts maximum possible issuance size of 1016 X8C (comparable to $10.000TRN) in case of 100% concentration of X8X ownership.
- The X8 utility token behaves like an entry ticket into X8currency. It is playing the KYC role enabling clients to qualify for direct access to the X8currency window with the issuer.
- X8 utility tokens are linked to a sublicense to use the ARM AI technology service through X8currency, which permits sublicense users to have access to up to a certain amount of service.
- The X8 utility token does not have an expiry date. As long a user holds X8X tokens with X8 Capital AG, it allows the user to use the entry and exit facility of X8currency as many times as one wants, without any fees.
X8X tokens remain in circulation and there is no burning of utility tokens anywhere at any point in the process. When utility tokens will be deployed by X8currency users, there will be fewer moving around. The level and scope of X8X token utilization in the system through the use of X8currency will drive the scarcity factor for this utility token in the market.
TOKEN ENTRY MECHANISM
The X8X token is part of the KYC mechanism. The X8X token itself also provides the sublicense for direct access to X8currency token functions. The amount of X8X tokens defines the size of X8currency service and KYC requirement level.
X8X tokens can be bought during the TGE period directly from the issuer. The user will also be able to buy X8X tokens on cryptocurrency exchanges where X8X utility tokens will be listed. The sequence of the procedure for these two different paths shows that a client, who bought X8X on a crypto exchange or through another channel, undergoes the KYC procedure with X8currency AG, if he decides to utilize his or her X8X tokens.
The two X8 project tokens create a unique landscape in crypto. On one side there is a frictionless currency, which operates with zero fees for users. This maximizes the velocity of such currency in everyday use by holders. Contributors can quickly enter or exit because there are no additional expenses to hold them back when deciding about moving in or out.
On the other side the X8 utility token is the only primary gateway for X8currency and because X8X receives the demand by safe haven seekers first, it is an instrument that will reflect changes in evaluation of the safe haven service by the crypto market most directly.