What is $ACE, and what will it be used for?
Acent ($ACE) is the cryptocurrency of the Acent blockchain and the equivalent of cash or a unit of value for all financial activities or transactions on the YED metaweb. It plays an important part in the governance and economic system that sustains the YED. $ACE can be monetized through various business and user revenue models discussed in this document. Through $ACE, digital assets are traded and transferred from one owner to another.
$ACE is a functional multi-utility token which will be used as the medium of exchange between participants on the YED platform in a decentralized manner. The goal of introducing $ACE is to provide a convenient and secure mode of payment and settlement between participants who interact within the ecosystem on the YED platform without any intermediaries such as a centralized third party entity/institution/credit. It is not, and not intended to be, a medium of exchange accepted by the public (or a section of the public) as payment for goods or services or for the discharge of a debt; nor is it designed or intended to be used by any person as payment for any goods or services whatsoever that are not exclusively provided by the issuer. $ACE does not in any way represent any shareholding, participation, right, title, or interest in the Company, the Distributor, their respective affiliates, or any other company, enterprise, or undertaking, nor will $ACE entitle token holders to any promise of fees, dividends, revenue, profits, or investment returns, and they are not intended to constitute securities in Singapore or any relevant jurisdiction. $ACE may only be utilized on the YED platform, and ownership of the same carries no rights, express or implied, other than the right to use ACE as a means to enable usage of and interaction within the YED platform. The secondary market pricing of $ACE is not dependent on the effort of the Acent team, and there is no token functionality or scheme designed to control or manipulate such secondary pricing.
Further, $ACE provides the economic incentives which will be distributed to encourage users to exert efforts towards contribution and participation in the ecosystem on the YED platform, thereby creating a mutually beneficial system where every participant is fairly compensated for their efforts. $ACE is an integral and indispensable part of the YED platform because, without $ACE, there would be no incentive for users to expend resources to participate in activities or provide services for the benefit of the entire ecosystem on the YED platform. Given that additional $ACE will be awarded to a user based only on their actual usage, activity, and efforts made on the YED platform and/or proportionate to the frequency and volume of transactions, users of the YED platform and/or holders of $ACE who did not actively participate will not receive any $ACE incentives.
$ACE, as the in-service currency in YED, can be used for the following purposes:
- Access and participate in the activities of the YED platform – by spending $ACE, users can buy and sell NFT items, access and monetize a meta-application, meta-resource, NFTs, and other digital assets, including upgrading of avatars or game characters, and participate in many other activities in the YED platform.
- Acquire an NFT spot of land in the YED – Users need $ACE to acquire and monetize a spot of land in the YED. Each land sale is expected to drive the demand for $ACE.
- Pledging – YED users may participate in the Acent network by utilizing ACE tokens. The Acent is a blockchain protocol which, by design, does not own or run any computing/storage servers. It relies on an open, decentralized network of nodes that operate on an open source algorithm to ensure network security and prevent attacks. Accordingly, users who help to maintain the network would receive $ACE for their efforts.
Details on the specific settings for the pledging amount bonus and period bonus will be released in the official community updates.
