The ELUM Token
ELUM is a Cryptocurrency token that represents a tradable utility, used to reward those that perform actions required to acquire data and then used gaining access to that data. The holder of the token may choose to personally acquire data or alternatively transfer it to a 3rd party who desires to gain access to the data.
ELUM can be exchanged for data credits in order to gain access the network data. Data credits are tied to the USD at a 1:1 ratio. Data credits are non transferable and can only be used as an exchange medium within the Elumicate ecosystem.
ELUM tokens that have been exchanged for data credits are placed back into the mining pool for re-distribution to network participants at a later time.
The Elumicate Network’s architecture requires the exchange of ELUM tokens in order to gain access to accumulated data. Miners get rewarded in tokens for work performed to acquire the data. As the network and data grows, additional tokens are acquired. These tokens can then be used to access the accumulated data. Miners may choose to exchange the token for data credits, hold on for future use, or transfer to a 3rd party that wishes to gain access to stored data.
The token’s value at the time of redemption for data credits is directly proportional in terms of USD. If for example, the token market value is $100, and one token is redeemed for data credits, the redeemer will receive $100USD in data credits value, 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 that follow a distribution rate that is dependent on the number of active network workers. Since token supply is limited, as the number of network workers expands, the token rewards earned per worker decreases proportionally.
Simply put, the token is backed by the data with the data's value reflected back into the token.. As the use cases, demand, and importance of the data grows, so does the value of the token.