Today we would like to take a closer look at the Libertas ecosystem and the utility of our token within it. Initially, we created the LIBERTAS token to secure immutability of the data within our platform, however, in recent months we have been exploring additional avenues for rewarding token holders and our early supporters. Let’s start with a simple infographic of various use cases on our platform:
To put it briefly, the main priorities of our tokenomics model are:
- Reward token holders and supporters through staking
- Maintain a steady price increase through deflationary mechanics
- Enable content creators new ways of transacting funds away from established traditional systems
- Encourage holding our tokens through the Liberate functionality for content promotion
- Encourage users to burn our tokens and in return receive rewards
We have a couple of other use-cases, however, at this point in time this is what we are ready to announce and what we are currently working on.
In order to achieve sustainable growth and price increase of the token and therefore reward its long-term holders we have decided to implement a 1% token burn on every tip-transaction conducted within the ecosystem. This mechanism will ensure that the circulating supply of the tokens will decrease overtime.
Additionally, we will be offering several products where users will be able to burn a set amount of LIBERTAS tokens and in return receive a special badge and awards which can be gifted to content creators or displayed on their profile for supporting our project. Users who burn the highest amount of tokens will get a special recognition in our community and on our platform. We are also brainstorming to come up with the best way to utilise NFTs for this scenario, and allow users to gift awards and premium subscriptions between each other. This will also allow content creators to host promotions for their followers on our platform, rewarding their communities with special prizes.
Moreover, we will be introducing additional deflationary mechanics as part of our Liberate functionality. We will expand further upon this later in the article.