We would like to give more information about WIL token to our community & investors.
First of all, token WIL is built into the architecture of the project to maintain its value. It is the fuel required for the platform to function. Without buying the required number of tokens, the user will not be able to create a smart contract. After setting up the desired contract, you must pay to create it.
The growth of the token rate is ensured by the accumulation of funds in the platform for deferred payments, which are necessary during the contract’s existence in the system. Thus, the number of WIL tokens on the market will gradually decrease. Also, the growth of the WIL token rate will be facilitated by an increase in the number of users of the system.
Now, let’s review it in details:
Compensation for a contract call within the Joule system is made by the following formula: compensation in ETH for the use of gas to call the verification function and compensation in WIL tokens as motivation.
To pay for the contract, the user makes an independent purchase of WIL tokens on the exchange or inside the MyWill platform, which purchases WIL for the user’s currency (ETH, BTC, LTC) using the integration with the exchange.
Lets consider the basic scenario of the user of the platform, who wants to issue a contract for 3 years. The average cost of such a contract will be 750 WIL (0.5 ETH at the rate at the time of ICO).
After the payment:
~ 15% of paid tokens (112.5 WIL) are sold to purchase the gas needed to create and deploy the user’s contract;
~ 50% (375 WIL) are used by the platform for maintenance and development, including marketing and can be spent at any time;
~ 35% (262.5 WIL) remain in the platform and are used as the smart contract is checked and executed for 3 years.
So, more than 1/3 of WILs paid for contract is frozen every time. More contracts means less WILs on exchange market.
Besides, WIL tokens will be used to pay third-party developers, if their contract undergoes system verification and is posted at the platform.
Thus, the market price for WIL tokens directly depends on the service users number, the service cost and the services demand. Taking into account the fact of team having 16% of all issued WIL tokens, we are most interested in observing the balance between the popularity and the cost of the provided services.
We got confirmation from Etherscan — now our token is registered: https://etherscan.io/token/0xae88fe3558b9d41552f1e85c2575e953eb82cee7