Dual Tokenomics: FOIL and MVolt
Tokenomics & gas fees
It’s not that easy to understand tokenomics on your own, so we tried to cover the primary points in this article. You will learn about the crypto assets used in FOIL blockchain and the differences between utility and gas tokens.
Utility tokens are one of the methods of fundraising for the start-up, which represent a share of the decentralized ecosystem economy model and distributed to investors participating in funding rounds during the IDO, ICO or STO stages. These are tokens through which users gain access to a software utility (or a service) of a blockchain platform.
Utility crypto assets can be later used to purchase a good or service offered by the issuer of the cryptocurrency. At the moment, utility tokens are the most common type of coins.
Gas tokens are used to maintain the network and help to conduct the on-chain transactions, such as crypto payments, encrypted messages and storage, minting NFTs and use the various DeFi services.
You can lower the amount you pay per unit of gas so you can spend less on a transaction. However, the price you pay for each transaction will affect how quickly crypto will be mined or how fast it will receive the necessary amount of confirmations.
Recent surge of Ethereum gas fees has proven that using the single monetary crypto asset will affect the overall market conditions, due to the overpriced transactions and heightened minimum transfer amounts.
The FOIL Network tokenomics is based on two crypto assets — Foil and MVolt.
Dual token model allows users to participate in the FOIL ecosystem without diminishing their stake in the network. Dual tokenomics separate management rights from network usage fees, thus providing a stable and reliable inflationary model to the FOIL smartchain.
MVolt is a stablecoin used as an energy token (gas) for the FOIL Network.
The FOIL Network charges MVolt for operations, preventing abuse of the node’s resources. It is used to pay for transactions and is issued as a building block reward.
- Provision of Genesis 1,000,000–1 TB of data;
- An additional offer will be generated by verifying the public key.
The fiat value of MVolt is the solid value of a specific amount of storage or transactions on the FOIL Network (approx. 1 MVolt = 1kb), while the Foil token is paired and opposed to Ethereum, Binance Coin, and Bitcoin.
FOIL token is a native official digital account that gives its holder additional rights to manage the ecosystem.
The Foil token has a set of functions:
- Earn MVolt
- Perform on-chain creator transactions;
- FOIL governance and voting;
- Participate in FOIL launchpad Initial Decentralized Offerings;
- Participate in staking and liquidity mining;
- Total Supply 100,000,000.
The Foil token was created to maintain liquidity and manage the FOIL Network ecosystem.
You can read more about on-chain services and Investment Opportunities behind the elastic blockchain in FOIL Network Pitchdeck.
Foil Network supports dogecoin, as the world’s top recognized cryptocurrency with the 4th largest market capitalization with extra widened supply and top liquidity. You can use dogecoin throughout the Foil Blockchain infrastructure to buy FOIL and MVolt, pay for NFT minting, creation and reselling and process crypto transactions just like with the native FOIL currency.
The integration of DOGE brings FOIL elastic blockchain as a liquid staking provider and crypto asset custodian with kyc and aml features, thanks to the excellent enhanced DeFi functionally behind the Foil Network.
Integrating more popular cryptos
Bitcoin, Litecoin and DASH are among the other popular crypto currencies, integrated into FOIL DEX. You can convert FOIL to BTC, LTC, DASH and DOGECOIN in a few simple clicks. And this is just the beginning! Next step is to open bridges between Foil Network and Ethereum Network. There is enough space for ETH and Other ERC20 tokens and with KYC/AML on-chain verification the crypto community will have more trust in the upcoming projects. eFOIL ERC20 token will be the first example of this integration and interoperability between blockchain ecosystems.
Transparent crypto for DeFi and BaaS
FOIL is not just a native utility token created as a primary crypto asset for the elastic blockchain infrastructure operations. The cross-platform structure of the FOIL Network allows FOIL to be represented as equivalent ERC20 and BEP20 tokens, backed up by smart-contracts and liquidity pools on the Ethereum and the Binance Smart Chain decentralized finance platforms.
The FOIL brings the opportunity to create NFTs on FOIL blockchain, participate in defi, staking and NFTs and crypto trading services over the DEX and Non-Fungible Token marketplace.
FOIL COIN CRYPTO REWARDS
You can earn FOIL by participating in the upcoming Silver Stage of Blockchain Interactions Bounty & Airdrop event. Create NFTs, test the NFT Marketplace over the FOIL SandBox and interact with FOIL Blockchain by joining Airdrop & Bounty Rewards.