This page describes the utility and intended purpose of the $VOLD token.
The $VOLD token stands at the core of Vold's ecosystem, designed to empower users through control over their data and participation in the digital economy. One of its primary utilities is facilitating user consent for data access, rewarding users in $VOLD tokens. This mechanism ensures users are directly compensated for their valuable contributions, promoting a fair and transparent digital environment.
Key Utilities of $VOLD Token
Data Consent Rewards: Users earn $VOLD by granting access to their data, incentivizing participation and control over personal information.
Transaction Medium: $VOLD serves as a currency within the Vold platform, enabling transactions, access to services, and participation in governance.
Stake and Earn: Stake $VOLD tokens to earn rewards, securing the network and participating in its governance.
The VOLD app contains a store where items may be purchased in exchange for the $VOLD Token. We are fully integrated with many vendors, such as Amazon, meaning with a few clicks, you can have the items shipped straight to your address.
We believe that this is a huge use case as it fully aligns the logical path from event participation to rewards, literally enabling you to gather rewards and use them to buy items!
The other main utility of the $VOLD Token is its usage in the staking protocol. We cover this in-depth in the related section, but as a quick overview, you can stake your $VOLD (and other crypto assets) to (the selected L1 or L2 platform). In doing so, you will earn staking rewards and signal your preference for your preferred events.
Note - This will be a fully liquid 'Delegation' based staking system, whereby you retain control of your Tokens at all times. Think of it more like simply 'aligning' your Tokens with a given Facilitator Pool.
Protocol Fees & Revenues
• Transaction fees DeFi functions: the VOLD Wallet will generate fees by enabling a suite of DeFi functions: buying, selling crypto, the exchange of $VOLD into other cryptos, liquidity provision and staking. We will also integrate with On/Off ramp provider(s) to enable users to swap $VOLD for stablecoins and purchase $VOLD with debit/credit etc.
• NFTs: Third-party NFT providers will have to pay $VOLD to sell NFTs to users. Users will be able to purchase and upgrade NFTs with $VOLD.
• Access to the VOLD users: Projects who wish to market their tokens or NFTs in the VOLD wallet will have to pay a fee in $VOLD and/or give discounts to users.
• Attention Rewards: We will enable brands to offer their products within the Vold Shop, offering valuable advertising space. Any advertiser must pay in $VOLD to access the VOLD user base.
• Query Fees: $VOLD can also be used as payment for query fees. A query fee is a fee associated with querying a user’s on-chain credentials. e.g., enabling a DEX to query DID Passport attributes before participating in the DeFi pool as a liquidity provider or on-boarding for a Fintech app. The query fee will be paid by the querying organization e.g., bank, DEX, CEX.
• Social Filtering: By exclusively processing messages verified by humans, proof of humanity lays the foundation for advanced spam filtering and decluttering social media timelines.