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The ELUM Token
The ELUM token is a cryptocurrency that serves as a tradable utility, providing rewards to those who acquire data and access it. Holders of the ELUM token can either personally acquire data or transfer it to a third party who seeks to access the data.
ELUM tokens can be exchanged for data credits that provide access to network data. These credits are non-transferable and can only be used within the Elumicate ecosystem. When ELUM tokens are exchanged for data credits, they are returned to the mining pool for later distribution to network participants.
The Elumicate Network's architecture requires the exchange of ELUM tokens to access accumulated data. Miners earn tokens for acquiring data, and these tokens can be used to access the data. Miners may choose to exchange the tokens for data credits, hold onto them for future use, or transfer them to third parties seeking access to the stored data.
The token's value when redeemed for data credits is directly proportional to its value in USD. If the market value of one token is $100 at the time of redemption, the redeemer will receive $100 USD in data credits, which can then be exchanged for accumulated data at any time.
The token has a limited supply that will never increase, and a set release schedule that includes halving periods based on the number of active network workers. As the number of network workers expands, the token rewards earned per worker is decreased.
In summary, the ELUM token is backed by data, with its value reflecting the value of the data. As the use cases, demand, and importance of the data grows, so does the value of the token.
Last modified 1mo ago