The SLS Token is a utility token on the Ethereum blockchain used within the SLS Network. It serves various purposes, including payment for goods and services, staking, governance, discounts, and platform access. It incentivizes participation and promotes decentralization, transparency, and community-driven decision-making.
Firstly, SLS Token is used for transaction fees. The SLS network operates similarly to other blockchain networks, where users must pay a fee to have their transactions processed. These fees are paid in SLS and are used to incentivize validators to process transactions and maintain the network.
Gateways, Nodes and Staking
SLS Token in SLS Ecosystem.
Running a gateway in the SLS ecosystem will require an quarterly/annual fee fixed and to be paid in SLS tokens. To increase the capacity of the gateway, additional SLS tokens can be staked as gateways earn SLS tokens for transaction processing. Also, Users can opt-in to become validators on the SLS network; they stake a certain amount of SLS Token and run a validator node. This task earns these users passive income, which is generated through royalties on their stake. Both the stake and the royalties will be paid using the SLS token. This way, users earn rewards in the form of additional tokens or other incentives. Staking can help to incentivize token holders to hold onto their tokens for the long term, and thus, promote network stability and growth.
Web3 Conversion & License fees
SLS allows for a smooth and hitch-free implementation of Web3 and sidechains on the network. Developers and enterprises can utilize the SLS network and infrastructure to create functionally diverse DApp that suit various use cases. Also, SLS can be used for the issuance of assets and financial products for businesses. Through all of these, the SLS token will be used to purchase all forms of licenses and fees that give developers and enterprises access to the network.
Services & Event access
SLS tokens are necessary to access specific features or functions of the platform, as well as exclusive access to events, services, or features. For example, platforms may offer exclusive content or services to users holding a certain amount of SLS tokens.
Investment & Trading
The SLS token will be traded across multiple exchanges and the trade volumes driven by its demand will drive its value in the face of limited supply. The trade volume and frequency will drive its value in addition to its other value propositions.
When the SLS token is listed on a cryptocurrency exchange, users will be able to trade SLS tokens for other cryptocurrencies or fiat currencies, based on market demand and supply. Trading SLS tokens on an exchange can provide users with the ability to buy and sell the token at market-driven prices, which can provide liquidity for the token and potentially increase its value. Trading can also help to increase the exposure of the token to a wider audience, potentially leading to greater adoption and usage of the token within the ecosystem.
Identity and Account
Participation of enterprise/businesses/individual on the SLS ecosystem will requires a minimum amount of SLS token. This is another utility of the token that will enable users to be assigned some important encryption keys in order to be verified and ability to use SLS Access Control List.
Merchants and service providers within the project's ecosystem can offer discounts or other benefits to customers who pay with SLS tokens, incentivizing its use. Offering discounts or other benefits for SLS token payments can also help to increase the token's adoption and usage within the ecosystem.