InsureX Token(IXT Token)
The IXT Token is used to power the InsureX platform and works as a mean to reward or get rewarded for participation in the marketplace. Each activity on the platform has an associated cost specified in IXT. As activities are carried out on the platform, IXT is transferred from one participant to another. As a result of executing these activities, the platform will be rewarded a fee.
The tokens serve several functions in our environment: ● Transaction execution reward ● Reward for providing data ● Platform access ● API licences
1. Participant A creates an insurance quote in the marketplace and provides the required IXT. 2. Participant B and participant C get notified and respond with their offers. 3. The selected participant gets rewarded with IXT.
IXT Token Burn
Of all fees collected by the platform, a portion is burnt. This introduces a predictable and effective reward structure for using IXT. The remainder is reinvested in the operation and growth of the platform
IXT can be bought from the InsureX platform or from most token exchanges
IXT will be issued during our crowdsale. Once completed, no further tokens will be generated. The sale will last three weeks from the 11th of July to the 31th of July
A maximum of 130,000,000 IXT tokens will be generated, of those 30,000,000 tokens will be kept as reserve. A maximum of 100,000,000 IXT will be sold during the crowdsale, any remaining tokens will be burned .
Example: If 40,000,000 IXT are sold during the crowdsale then the remaining 60,000,000 will be burned. This would result in a total pool of 70,000,000 which equals to the number of sold tokens plus the InsureX reserve of 30,000,000
Ownership of IXT carries no rights other than the right to exchange and claim over the platform. IXT does not represent or confer any ownership right or stake, share or security or equivalent rights, intellectual property rights or any other form of participation relating to the InsureX Platform
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