Transition to UTK 3.0 New Economic Model as Part of the Transformation of Utrust into xMoney

Description

xMoney and UTK 3.0 present a set of significant improvements and benefits, while correcting the most important limitations residing in the previous economics model.

Here is a summary of the key insights xMoney and UTK 3.0 bring:

• Guilds as the mechanism tying everything together and expanding utility by giving Guild Masters the tools and possibilities to experiment with:
  • buybacks & burns
  • new loyalty programs
  • different cashback programs
  • discount or bonus programs
• Rewards in the form of UTK cashback - obtainable through the xPortal App, depending on the purchases you make at any xMoney merchant or via xCard (online or offline at any merchant not only xMoney merchants).
• Rewards in UTK for locking UTK into one or more staking Guilds.

Economics model

1. Current circulating supply: 651,731,810 UTK
2. Rewards & Cashback: 225,000,000 UTK (to support the bootstrapping phase for first 5 years)
3. Growth and Reserve Pool: 123,268,190 UTK (to support the bootstrapping phase for the first 3 years)

Max. Supply: 1,000,000,000 UTK, as was envisioned initially in the 2017’s whitepaper.

Read more about UTK 3.0 here: https://utrust.com/blog/the-first-utk-governance-referendum/
Read more about xMoney here: https://www.xmoney.com/
Read more about xMoney Growth Plan here: https://www.xmoney.com/growth

Frequently Asked Questions

What is governance?

Governance democratizes decision-making, enabling interest alignment for all parties participating by allowing them to have a say in the future directions of the protocol.

Who can vote?

A random snapshot of UTK (ESDT) holdings will be taken between 24.07 and 30.07. All users holding UTK (ESDT) at the time of the snapshot, be it available in their wallets, staked in Metabonding or in farms are eligible to vote.

IMPORTANT NOTE: Your voting power equals the UTK (ESDT) balance recorded during the snapshot. You can check your voting power by connecting your wallet in the governance module on the xMoney website.

How many days will the vote last?

The voting procedure for this proposal will span over 7 days from the 07.08 to the 13.08.

How will the votes be cast?

Here are the 3 available voting options:
- Yes - this will register you with your total voting power as PRO/YES the switch from UTK 2.0 to UTK 3.0.
- No - will register your total voting power as AGAINST/NO the switch from UTK 2.0 to UTK 3.0.
- Abstain - will register your voting power as NEUTRAL to the switch - but even if it may seem unimportant, these votes actually help the proposal and thus put the power in the hands of the people who vote and care about the network. So we encourage users that don’t have a strong opinion to still vote, so that the decision for the proposal is made based on the governance votes rather than users who don’t bother.

How can the proposal pass?

In order for a proposal to pass it needs to pass:

• Simple majority is needed: more than 50% of votes should be UpVotes