You have read about the benefits of Wemark for its users from the previous article. Besides, the previous article also talks about the team that is working on this project and the roadmap that contains the overview of the project’s goal.
Wemark is creating a dedicated token to pay creators from customers directly. The token is also used as a means of payment for all services. For instance, content creators need to use WMK to pay the legal services, purchase equipment, and hire the models for their photos. The use of WMK is not limited to creators and customers but it will also be used by investors, supporters, and many more. Wemark will always develop new ways to expand the utility of WMK tokens.
Wemark Tokens v.s. Traditional payment methods
Credit cards and bank wires are still used widely by most customers. It is because these customers are not familiar with crypto tokens. For this reason, different payment methods including FIAT will be accepted by Wemark. It will be then converted to WMK tokens as these tokens are the least expensive payment method on Wemark’s marketplaces. For the first year, FIAT currency will be still used for transactions in Wemark’s marketplaces. However, as users are getting used to the concept of marketplace and network, they will be required to use WMK tokens. The purpose is to increase the role and value of WMK in the economy.
WMK Token Details
Wemark supplied 135,000,000 WMK tokens for sale. Among the amount of the total supply, only 38% of them will be allocated for TGE period. Meanwhile, 37.5% will be allocated for company reserve.
The WMK token is an ERC20 type of token. The token generation event (TGE) will start on 7 May 2018. The event will last for only two weeks. The end date will be on 21 May 2008. The soft cap set for the sale is 1.5 million USD while the hard cap is 8 million USD. Whenever the hard cap is achieved, the sale will be closed. In case the hard cap fails to be reached, the remaining unsold tokens will be destroyed. For the latest update of the public sale, you can refer to the information available on the websites and social media. The information posted on its Telegram is usually more up-to-date so it is better to join it.
Use of Proceeds
The primary use of proceeds will be for developing the protocol, especially for research and development. Besides, the funds will be also mostly used for marketing and business development. The company believe that the lifetime’s funding should not come for the early days (in this case, through the token sale), but rather in the stages and accomplishments of the project itself. That is why the hard cap for the sale is set at a relatively low figure while the company’s reserve is set at a higher figure.
Wemark will continuously develop the protocol and open more opportunities that lead to the growth of the economy. Wemark will fuel its future development by selling tokens and using additional equity investments.
- Maiyah Link