pax․world: A Token Must Be an Economic Bedrock Not a Collectable Gimmick for the Metaverse to Thrive
This week, pax.world launched $PAXW, its proprietary utility token for the metaverse. The process of designing and launching $PAXW has provided a clear understanding of the token’s inherent purposes, enormous potential, and possible dangers. Let’s begin at the top: A utility token is a cryptocurrency that serves a specific purpose within a particular ecosystem. Utility tokens give holders the right to perform specific actions on a blockchain network or decentralised application – in this case, $PAXW is native to pax.world. It is a utility and governance token rolled into one – minted, stored, and kept secure on the blockchain. One of $PAXW’s purposes is to grant the token holder a stake in the platform’s governance. Typically, governance tokens can hold the key to voting rights, a say in project direction, new partnerships, and upcoming platform features. In this regard, $PAXW plays an essential role in the decision-making process of the soon-to...