The ELUM Token
The ELUM token is a cryptocurrency that plays a crucial role within the Elumicate Network. It serves as a tradable utility, providing rewards and access to data for network participants. Here are key points about the ELUM token:
- 1.Acquisition and Transfer of Data: Holders of the ELUM token can personally acquire data or transfer it to third parties who are seeking access to the data. This facilitates the flow of data within the Elumicate ecosystem.
- 2.Exchange for Data Credits: ELUM tokens can be exchanged for data credits, which grant access to the accumulated data within the network. These data credits are non-transferable and can only be used within the Elumicate ecosystem.
- 3.Return to Mining Pool: When ELUM tokens are exchanged for data credits, they are returned to the mining pool. This ensures the continuous availability and distribution of tokens to network participants.
- 4.Value in USD: The value of the ELUM token, when redeemed for data credits, is directly proportional to its value in USD. For example, if one ELUM token has a market value of $100 at the time of redemption, the redeemer will receive $100 USD worth of data credits.
- 5.Limited Supply and Release Schedule: The ELUM token has a limited supply, which means its total quantity will never increase. The release schedule of the token includes halving periods based on the number of active network workers. As the network expands, the token rewards earned per worker decrease.
- 6.Backed by Data: The ELUM token's value is directly tied to the value of the data within the Elumicate Network. As the demand and importance of the data grow, the value of the token is expected to increase.
Overall, the ELUM token incentivizes participation, rewards data acquisition, and facilitates access to valuable data within the Elumicate Network. It provides a means of exchange and represents the value of the data accumulated within the ecosystem.