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Definitely. I have been busy with getting the core product launched and I'm currently working on materials to better communicate how the supply price relationship works and are in turn connected to the CD contracts. It is much easier to explain graphically.
That would be much better. Not everyone can understand the technical details and explaining it in layman's terms would be much easier. Tokens are only minted by sending the contract Ethereum. Once ETH is sent to the contract it stays there and provides backing for GLX. This backing ETH can only be withdrawn when users sell tokens and those sold tokens are burned. Token price is determined by Price = Supply*10^-6. So as tokens are bought and supply rises price rises. If tokens are sold and therefore burned the price will fall. This in turn works with CD contracts to give users a reason to hold onto the tokens for a longer period of time and (in theory) give the token a more stable value.
So that explains it. But then again, the token's price would only increase or be stable as long as those who buy the tokens have something compelling them to hold the tokens. You mentioned, dividends on those CD contracts; how exactly does that work? All those will come from that "10% tax"? Exactly. The CD dividends come from the 10% purchase tax as well as CD contracts that are closed early which are charged a 10% penalty. Therefore if people try to dump their GLX and liquidate their CD contracts those contracts become more valuable and mitigate a price drop. Thank for asking, the more questions the easier it is to design material explain the product  yeah, it seems to me that this is a work-in-progress, and you are using people from forum questions to comprise better technical paper, but then, you posted this announcement too early, and would lose interest until you write down your technicals I disagree. All of the technical parts of the project are completed and included in this post. This ANN thread is a work in progress sure, but every token edits and revises theirs as well. What I am now doing is working on ways to communicate what the project is doing in a easily understandable way. Which is a continual process for every crypto, even BTC. Personally I don't see a purpose of creating a technical paper as no one reads them and for most (even big) tokens they are more marketing information than a true technical paper. An ANN thread is much more effective at explaining a token in my opinion and anyone who is technically inclined can read the smart contracts. |
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Definitely. I have been busy with getting the core product launched and I'm currently working on materials to better communicate how the supply price relationship works and are in turn connected to the CD contracts. It is much easier to explain graphically.
That would be much better. Not everyone can understand the technical details and explaining it in layman's terms would be much easier. Tokens are only minted by sending the contract Ethereum. Once ETH is sent to the contract it stays there and provides backing for GLX. This backing ETH can only be withdrawn when users sell tokens and those sold tokens are burned. Token price is determined by Price = Supply*10^-6. So as tokens are bought and supply rises price rises. If tokens are sold and therefore burned the price will fall. This in turn works with CD contracts to give users a reason to hold onto the tokens for a longer period of time and (in theory) give the token a more stable value.
So that explains it. But then again, the token's price would only increase or be stable as long as those who buy the tokens have something compelling them to hold the tokens. You mentioned, dividends on those CD contracts; how exactly does that work? All those will come from that "10% tax"? Exactly. The CD dividends come from the 10% purchase tax as well as CD contracts that are closed early which are charged a 10% penalty. Therefore if people try to dump their GLX and liquidate their CD contracts those contracts become more valuable and mitigate a price drop. Thank for asking, the more questions the easier it is to design material explain the product |
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Price and Supply relationship| Supply[GLX] | Price[ETH/GLX] | Total ETH | | 1,000 | .001 | .5 | | 10,000 | .01 | 50 | | 100,000 | .1 | 5,000 | | 1,000,000 | 1 | 500,000 | | 10,000,000 | 10 | 50,000,000 |
could you explain this in more details, it is not possible by any usual economic relationship, and needs to be clarified prior to investment? Definitely. I have been busy with getting the core product launched and I'm currently working on materials to better communicate how the supply price relationship works and are in turn connected to the CD contracts. It is much easier to explain graphically. Tokens are only minted by sending the contract Ethereum. Once ETH is sent to the contract it stays there and provides backing for GLX. This backing ETH can only be withdrawn when users sell tokens and those sold tokens are burned. Token price is determined by Price = Supply*10^-6. So as tokens are bought and supply rises price rises. If tokens are sold and therefore burned the price will fall. This in turn works with CD contracts to give users a reason to hold onto the tokens for a longer period of time and (in theory) give the token a more stable value. |
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Not much information on the website. I would like to see who the people are behind this project but there is nothing on the website about it. Also, can you explain this much further? As more tokens are minted token price rises
How does increasing it's supply results to overall increase in the token's value? As far as I know, without huge demand, increasing a token's supply would only result to a significant drop in its market value. Yes, of course. I'm still working on material to explain the token and how it works and the site is a little bare bones right now. Tokens are only minted by sending the contract Ethereum. Once ETH is sent to the contract it stays there and provides backing for GLX. This backing ETH can only be withdrawn when people sell tokens and those sold tokens are burned. Token price is determined by Price = Supply*10^-6. So as tokens are bought and supply rises price rises. If tokens are sold and therefore burned the price will fall. Minting more tokens does not result in them being devalued as every token is backed by ETH and can be exchanged for ETH at any time from the smart contract. |
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I asked on twitter when they will create a telegram group for the community...there hasn't any response since I asked.
Sorry if we didn't respond to your reply. We do now have a telegram group, come join us! t.me/GlareCrypto |
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Glare Token (GLX) - DeFi Token backed by Ethereum What is Glare?Glare is a token asset 100% backed by Ethereum. The exchange rate of GLX to ETH is handled by the smart contract and retains 100% liquidity. Tokens are minted by sending Ethereum to the smart contract and price is determined a Price = Total Supply * .000001 ETH. As more tokens are minted token price rises. All tokens minted are subjected to a 10% tax which is distributed to referral nodes and CD contract holders. What are CD contracts?CD contracts are created by GLX holders. Their GLX is locked in the CD contract for a number of days determined by the user. The CD contract GLX consists of GLX from contracts created, taxes on minted tokens, and penalties for contracts cancelled early. Users are may close their GLX contracts and withdraw their GLX any time after expiration. Any contracts closed early will result in a loss of dividends and a 10% penalty tax. ReferralsGlare pays 25% commission on any buy referrals. Generate your link at Glarex.co under the refer tab. Once you refer an account you will receive commissions on their lifetime buys. We also offer a masternode program for influences which pays 50% commission. Contact us to gain masternode status. AirdropFor the launch of the token we are airdropping tokens directly from Glarex.co. This GLX is supplied by the tokens minted by the dev team. - .1 GLX per airdrop
- 3000 total airdrops
- Limit 1 airdrop per address
Price and Supply relationship| Supply[GLX] | Price[ETH/GLX] | Total ETH | | 1,000 | .001 | .5 | | 10,000 | .01 | 50 | | 100,000 | .1 | 5,000 | | 1,000,000 | 1 | 500,000 | | 10,000,000 | 10 | 50,000,000 |
Token:Name: Glare Symbol: GLX CD Contract: 0x845D6a8401f467852dd27802ad5803E12E17fE9FToken Contract: 0x39731Cb7727250bc42b7b72055934e8b3eeAc3b4Decimals: 18 Platform: Ethereum Token Standard: ERC20 |
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