After Bitcoin (BTC), VOW promises to be the future of money!!
It has now been more than a decade since Bitcoin (BTC) created an entirely new monetary ecosystem; one that is decentralized and not controlled by a central government agency.
The Bitcoin revolution is exciting to follow, but we have to accept the fact that BTC is still rarely used for commercial transactions; this is due in particular to the low transaction speed and high volatility.
Today we would like to introduce you to VOW, which wants to democratize the concept of cryptocurrency with its innovative dual token concept. Additionally, it will bring significant value to merchants and their customers worldwide by offering a tokenization solution for their existing rewards and discount programs.
VOW: The promise of a decentralized global currency
The name was not chosen randomly by the team, quite the opposite. As you know, a vow is a kind of promise, but not just any promise, because we are talking about monetary basics here. A currency's value is based on the promise that it will be accepted in all physical or online stores and that you can use it to buy goods or services.
Because of this, VOW and its V-shaped logo reference the promise of universal acceptance of "VOW Currencies".
VOW is based on two types of tokens as explained in the introduction. On the one hand, the VOW currencies are stable tokens that reflect the value of each local currency 1:1.
For example, there is the VOW Dollar, the VOW Pound and so on. On the other hand, unlike the stablecoins on the market, such as Tether (USDT), there is no central authority that guarantees the stability of these tokens. With VOW currencies, it is the promise of these tokens being accepted by traders on the network that guarantees their stability and value. A decentralized backstop, if you will.
Nonetheless, the VOW token is a variable price token based on the Ethereum ERC 777 standard, which plays an important role in securing the value of any VOW currency. I will come back to that later.
VOW Currency: How Exactly Does It Work?
The project is based on the following premise:
The market for rewards that merchants offer their customers is worth $2 trillion worldwide each year. These rewards take various forms, whether it be vouchers, loyalty points, cashback or gift cards. VOW makes it possible to tokenize these programs thanks to the aforementioned VOW currency.
And that's how it works:
By choosing to distribute cashback in the form of Vow currency, the affiliate merchants collect the full sum of the purchase made by the customer, allowing them to benefit from additional cash without reducing the percentage of cashback offered to the customer.
In exchange for this benefit, the merchant must accept payments in VOW currency from other customers: a promise to accept VOW currency proportional to the volume issued as cashback.
For a better understanding, let's take an example:
A retailer is offering 10% cashback in VOW currency for a £100 item. The customer who buys the item pays £100 and gets 10 Vow pounds as cashback.The customer can reuse this 10 VOW pounds as a discount on a future purchase from any partner retailer in the VOW network. This costs nothing to the issuing dealer, the dealer simply has to accept £10 VOW from this or another customer in the future as a rebate on their own products and services.
As the network of merchants accepting VOW currency develops around the world, VOW is becoming a new form of currency based on its universal acceptance as a means of acquiring goods and services, and the more it becomes decentralized because each trader becomes a potential distributor and acceptor of the VOW currency.
In order to join the VOW network and issue cashback in VOW currency to their customers, traders need to contact the network validators.
These validators are responsible for validating the issuance of VOW currency when a purchase is made. These are companies that offer cashback services, rewards or a loyalty program and have chosen to participate in the VOW ecosystem. These validators ensure that the VOW Currencies are issued upon the completion of a financial transaction equivalent to a purchase from the merchant.
A closer look at the VOW token
The VOW token complements the various VOW currencies. It is a token whose price will fluctuate, unlike the stable VOW currencies which are pegged to the local fiat currencies of the merchants issuing them. In terms of tokenomics, the initial supply of VOW tokens will be 1,142,857,142.
VOW tokens guarantee VOW currencies issued by traders through a staking system. In order to issue VOW currency tokens to give cashback to their customers, traders must secure a number of VOW equal to one fifth of the value of the issued tokens.
The deployed VOW enables the network to be secured in the event that traders go bankrupt. According to this principle, the network is viable as long as 20% of the dealers do not go bankrupt. On the other hand, another system for securing the network was introduced as part of the project.
VOW uses an incineration mechanism where 1.6% of the value of VOW currency given as a discount by customers is destroyed forever. This automatic burn makes it possible to maintain the balance between the tokens issued and the tokens accepted as a rebate, taking into account a bankruptcy rate of merchants over the years.
A strong team and a project that is already on its way to international scaling.
When a new crypto project emerges, the first thing many look at is the men and women behind it. In other words, does the project have the means to achieve its goals? In the case of VOW, the white paper presents a very strong team with decades of experience.The project has an international focus from the start and we can see that country-specific measures have already been taken. The team of more than 25 people is led by Bish Smeir, the project's founder and director.
He recently said:
"What good is the best cryptocurrency in the world if the local pub or restaurant doesn't accept it? This is what VOW promises to solve for the entire crypto community."
The project team also has a partnership with Aventus.io, which operates a second-tier scaling solution. The VOW project uses these to provide plenty of support for its planned transaction volume. To date, the network's rewards programs have already processed 8.5 million historical transactions on Aventus.
Additionally, regulatory and compliance issues are crucial in the world of blockchain technologies. Therefore, VOW has partnered with Elliptic and Jumio, companies at the forefront of all aspects of on-chain analytics, to ensure the best possible compliance with current regulations.
The VOW ecosystem pulled out all the stops to make the project a global success and launch a new form of decentralized currency. The partnerships already signed enable the support of almost ten million network participants in several countries.
These include the UK, Ireland, Denmark, Malta, Australia, New Zealand, India, South Africa, Zimbabwe and the USA.
Of course, the goal is to cover the entire globe very quickly with the development of the project. This list of countries represents those where VOW will be deployed within the ecosystems of companies that validate transactions for merchants.
This allows VOW currency to be issued by local merchants. The crypto landscape is of course changing rapidly around the world. Local legal considerations, regulatory frameworks and even Covid lockdowns prevent immediate adoption in some countries, but as VOW can also be used in the world of e-commerce there is no end to its growth.
Our conclusion: VOW - the global crypto project of the decade
Given the success to date, the team's track record and the vision to reinvent a fully decentralized currency, VOW has what it takes to be a project that will transform the world and the way we buy goods and services in stores - whether physical or online - can buy and exchange, change.
If bitcoin was the project of the 2010s, VOW has what it takes to become the project of the 2020s. Already listed on Uniswap and HitBTC, VOW continues to sell tokens directly, which are locked for six months on its token sale website. We, at PR Global Concept, will be sure to follow the development of this project closely, and in the meantime you can check out our VOW Telegram Chat for any upcoming updates!
Join our VOW Telegram Chat and find out everything about the development and the upcoming official START of VOW staking opportunities. Up to 48% per year!!!
Wouldn't you like to be one of the first to launch a new company?
After our field report and extensive research, for VOW, the question arises.
How can you become a part of the VOW ecosystem?
A special invitation from a member is required to register. If you would like to use the services of VOW, you cannot register at the moment:
Feel free to contact me personally for all your questions:
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DISCLAIMER:
I am an independent user and holder of VOW tokens and earn commissions if you register via my (future) referral code and use the VOW service.
VOW Offiziell Links:
Website: https://vowcurrency.com
Telegramm-Gruppe: https://t.me/vowcommunity
Twitter: https://twitter.com/Vowcurrency
Instagram: https://www.instagram.com/vowcurrency
LinkedIn. https://www.linkedin.com/company/vowcurrency
Quelle: https://opencorporates.com/companies/je/EXTUID_3952
