UTK Token is
UTK is the utility token for Utrust. It is an ERC-20 token on Ethereum.
What is UTK used for?
- When a user pays with crypto there’s a 1% conversion fee. With UTK the fee is 0%.
- A percentage of the transactional fee will be used to buyback UTK and remove them from the market. (p. 19)
- Reverse staking
How UTK works
In the HOLD app users are rewarded for using digital currencies, not holding them.
- Stake 1000 UTK and get a reward in UTK for trades or payments.
- Utrust market-buys and adds it to the user’s staking pool.
- Stake 1000 UTK
- 1% back for each trade
- Lock period: 6 months
Tier 2 – 2021
- Bigger rewards
- 0% trading fees
- Reward in Payments in Utrust Merchants
- VISA metal debit card
Using UTK for payments
Merchants will be able to receive payments in fiat when buyers make payments in crypto. And be protected from crypto market volatility (p.12-18).
- The merchant places an item for sale in local currency and adds UTRUST as payment option
- The buyer selects UTRUST at checkout. Payment is made with the UTK token or other cryptocurrency.
- The funds are held by UTRUST in escrow and then payment is made to the merchant.
- If there is a dispute UTRUST can provide a third party arbitrator.
What is Utrust?
- Make payments with any major token or coin.
- Decide which assets to pay with to take advantage of market conditions.
Whitepaper / Docs
The UTK contract was changed and new tokens were airdropped 1:1 after KuCoin hack.
- 500 000 000 UTK tokens
These tokens are diluted at a rate of 2% per year for the next 5 years.