(To get a better understanding of Trust Platform, please refer to this article)
One of the bigger challenges of establishing a platform is making sure that each part of the ecosystem can talk to and understand each other. The way the Trust team is planning to tackle this problem is by introducing a single “language” that each piece of the platform will be able to utilize: universal operating token. This single medium of exchange will help the platform reach its full potential. Tokens, which serve as a conduit within the system, will lead to new, not-yet-defined solutions, technologies and business applications built on the platform. Having a well-defined operating unit will help to govern the strategy and development within the ecosystem as well. With the Trust team focusing on community building, having a token on easily accessible public blockchain will preserve the honesty and integrity of the platform.
With the structure of the platform revealed in an earlier post, here are the necessary token applications that we see in Trust Platform:
- Making the Decentralized Marketplace function properly. Both active community members and DApp Developers will need to use tokens in a smart contract driven Decentralized Marketplace. Tokens will be used to determine which DApps are successful in the Marketplace and be required to get listed to put some accountability on the developers.
- Showing off better DApps to the rest of the community and generate the attention for newer projects. This initiative will supply DApp developers with marketing and distribution tools needed to find and target their niche audience, create a stronger competition, and positively impact the quality of products. At the same time, if someone is abusing the mechanism, the review mechanism will allow the community to monitor the quality of the DApps in the marketplace and ensure only the best DApps survive.
- Providing high-quality user experience and protect the community from nefarious actors. Once verified, users will be able to use them to vouch or flag other agents or DApps on the platform. All developers on the Network will have verified Trust ID accounts, which will increase credibility and overall integrity of the system. Conversely, tokens will be used to identify malicious actors and ensure a healthy community
- Powering the collectible marketplace and standardize the pricing across various markets. All trading will be powered by smart contracts, ensuring compliance, transparency and reliability. Users in the Marketplace will be able to advertise their products, trade, set fixed prices and run auctions. Tokens will provide a consolidated way to facilitate transactions that can be spread over a number of different protocols.
Having a single operating currency will help us to simplify user experience, increase adoption of DApps, and promote the value of collectibles. By introducing tokens, more people can become early adopters and active participants of the Trust Platform and help it to grow.
Download Trust Wallet and try it our for yourself!
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