CRPT is an Ethereum-based utility token that powers the Crypterium Ecosystem, which consists not only of the Crypterium network but also of the Crypterium Wallet and the Crypterium Visa Card. CRPT is the fuel that moves the whole ecosystem and makes it work. They are used to pay the fees for transactions and to buy the internal services of the Crypterium platform. These tokens give a consistent connection between the platform’s payment solutions.
CRPT is the core of all transactions made in the Crypterium Ecosystem and is used as a deflationary payment system to power the Crypterium application due to the fact that for each transaction, a fee in CRPT is taken from the user’s account and burned. Therefore, Crypterium users making more transactions on the network, lead to the higher value of the remaining tokens, as it shows the scarcity of the asset.
CRPT tokens can also be used as a method of paying fees applied to crypto-fiat transactions in the Crypterium Wallet for a limited period of time or indefinitely, at the sole discretion of Crypterium. In this case, CRPT tokens can be used as a sole or additional means of paying transaction fees. Unlike tokens used to pay for fees applied to crypto-fiat payments, those CRPT tokens may not be burned.
CRPT’s decreasing supply and constant demand
The existed tokenomics ensures the constant demand for CRPT tokens, as the Crypterium users should pay a minimum fee in CRPT equal to 0.5% of the value of the trade for each transaction on the network.
The success and growth of Crypterium are in direct proportion to the increase in demand for CRPT. The increased demand for tokens will increase the price, thereby reducing the amount that is going to be burned for each transaction. In practice this will mean that we will not run out of tokens, just burn a decreasing amount of the issuance over time.
For example: If you make a $100 purchase in the Crypterium Wallet, you would burn 1 token (CRPT is worth $0,5). But if the CRPT price increases to $2, you would only need to burn 0.25 CRPT for the same transaction. It means that the token burning rate will be constantly decreasing.
The burning of CRPT tokens reduces the circulation supply because they are deliberately destroyed. The economic rules clearly state that reducing the quantity of any good in the market makes it more valuable.
The utility of CRPT
CRPT is the utility token that can provide value to Crypterium users in different ways and give them more benefits and full access to Crypterium services and products, developing each month.
Crypterium’s intelligent proprietary technology spends automatically 0.5% gas of the trade in CRPT for each transaction on the Crypterium network and burns them, reducing the circulating supply.
Crypterium has already launched the monthly loyalty program, designed to stimulate the demand and encourage the Crypterium users to hold CRPT tokens. Up to 30% of the crypto-fiat transactional income goes to MLP fund and is distributed among users.
In the future, CRPT tokenholders will have full access to subscriptions, cashback, free cards, and reduced tariffs, increasing tokens utility and leading to growth in demand.
A total of 99,983,677 CRPT tokens were issued by the Crypterium AS financial institution in the framework of ICO that was held from October 31, 2017, to January 6, 2018. The token sale was terminated ahead of time due to reaching the hard cap. An escrow company was engaged for receipt of funds from the CRPT sale.
The CRPT smart contract was launched in November 2017 and meets the ERC-20 standard. CRPT base smart contract functions on the Ethereum blockchain. The smart contract was audited by professional blockchain solution developer Ambisafe.
As specified in White Paper, 70% of the total amount went to those who bought tokens during the ICO in January 2018, and the other 30% were reserved for the project’s needs. It is currently possible to buy CRPT tokens only in the secondary market.
No more tokens will ever be minted.
CRPT is developing together with Crypterium, the world’s leading crypto bank. The growth of Crypterium and the launch of new services on the crypto market leads to new heights of the native token.
Crypterium plans to list CRPT tokens on top cryptocurrency exchanges to enlarge userbase and fulfill user’s expectations to provide the most comprehensive services; different types of MLP levels, new terms, lower commissions, higher deposit rates, etc.
The combination of all new features will increase the number of crypto-fiat transactions on the Crypterium network, and as a result, it will increase the burning amount and the transaction volume.