Cryptocurrency is getting more and more popular every year.
It is now possible to create a new economy with cryptocurrencies, publish transparent data with blockchain, and limit conflicts of interest by empowering decentralized governance.
The Exorde development team has set itself the task of creating a protocol that will receive information circulating on the network in real time.
The native token of the Exorde ecosystem is the EXD utility token, based on the ERC-20 standard, which performs the following functions:
1) Acts as a medium of exchange within the Exorde ecosystem to purchase data from indexing and data analysis, or to pay for API requests.
2) Used as a reward (economic incentive) for Exorde Working Systems participants. Each system will reward the work done by its members according to their quality, quantity and reactivity. Reward amounts will be frequently developed and adjusted by Exorde management to encourage the most relevant, up-to-date and consistent work performed by Members.
3) Acts as voting rights during governance events: The number of tokens a user owns determines the weight of their voting rights during management polling and voting.
Exorde control systems include Protocol voting and polls. EXD holders manage the Protocol, its parameters (reward rates, rules, reputation system parameters, etc.) and its functionality (they decide on updates, new features based on smart contracts, etc.). The system is economically designed to align the economic interests of EXD owners with those of the platform to ensure its long-term stability, keeping its data up to date, and guaranteeing maximum ecosystem value creation.
Also, the task of the EXD token is to protect the protocol. Any participation in the protocol is governed by a staking and consensus mechanism.
At each stage of the protocol (called the Worksystem), one step allows participants to submit their work, and the next step selects other participants who check whether this work is valid.
At each stage, you will need to bet a small amount of EXD to prove your good faith.
If this URL is, for example, a phishing URL or a pornographic video, then the bet is lost. EXD will not be received back, in addition, the user will lose reputation.
On the contrary, if the URL is valid, then the user gets back his wager, as well as the corresponding reward for his contribution, reputation in the system.
The stake is unlocked for an honest participant and for moderators who have made the same choice as most other moderators (this is a consensus mechanism).
Reputation allows you to unlock more important steps in the protocol and limits access to participants who have already proven their integrity.
Thus, the EXD token performs a number of important functions. It is both a medium of exchange and a means of reward, and also gives the right to participate in important decisions.
