New blog post:
https://medium.com/@sash87/ntry-token-b3bfc231567a NTRY TokenWhat is it and what role it plays on the Notary Platform?The members of the core team, working on the Notary Platform project envision the NTRY Token as a utility token, intended to play two crucial roles in the Notary Platform ecosystem. In the early stages it should serve as a means of financing the purchases of the services, offered by the Notary Platform — such as timestamped and secure contract templates. Later on, as the Notary Platform matures and moves to its own blockchain network, it will also serve as a Proof of Stake, allowing the network to run smoothly and stay secure.
NTRY Token as the means of payment: If one defines network as a system of interconnected elements, the Notary Platform could not have been seen as one, without the NTRY Token. It will be the glue holding it together and connecting all its moving parts. In fact, one will not be able to access the Notary Platform and use its services without the NTRY Tokens in the early stages, as the NTRY Tokens will be the only means form payment of the rendered services. Obtaining and holding the NTRY Tokens will thus be necessary to participate in the network and rip its many benefits.
That said, the goal of our team is to provide the serve to the masses and allow everybody to enjoy the service of engaging into safe, timestamped, contracts on the go and without required involvement of third parties. With this vision in mind, we will eventually enable an automatic conversion of other currencies into the NTRY Token by an automated auction contract. This will allow people of all ages and walks of life to participate as they will be able to pay with various currencies. Any fee collected outside of NTRY Tokens will be used to purchase an equivalent amount of NTRY Tokens on the market and then moved to a permanent address by the auction contract. This way, the demand for NTRY Tokens will continuously increase as more and more people begin to use the Notary Platform.
NTRY Token as the Proof of Stake: Proof of Stake is one of the possible transaction validation mechanisms, ensuring a blockchain network can be trusted. At first, the Notary Platform will be built upon the Etherum blockchain network, but as it gains initial traction, the core team will immediately begin to develop a separate blockchain network, upon which the Notary Platform will be moved eventually. Once that happens, the Notary Token will assume another important role as the Proof of Stake, allowing the users to stake their NTRY Tokens and be rewarded by a percentage of the fee collected in a transaction. The reward will be automatically transferred to the user’s wallet and remain on his disposal.
As our vision of the Notary Platform manifests itself and progressively gains traction, we will continuously improve the concept, to integrate the best possible technical solutions. The role of NTRY Token may thus expend beyond it being a means of payment for the services, rendered by the platform and perhaps even beyond it serving as the proof of stake.
