Token Economics of Prom (PROM) Coin

PROM Coin's use cases, encompassing transaction fees, staking rewards, and governance, underscore its centrality to the Prom ecosystem, facilitating efficient network operations and enabling community participation.

Dec 23, 2024 at 09:28 am

Key Points:

• PROM Coin is a utility token within the Prom protocol ecosystem.
• PROM Coin has multiple use cases, including transaction fees, staking rewards, and governance participation.
• PROM Coin is the backbone of the Prom ecosystem, facilitating various network operations.

Token Economics of Prom (PROM) Coin:

1. Token Details:

• Name: PROM Coin
• Symbol: PROM
• Blockchain: Ethereum
• Token Standard: ERC-20
• Initial Supply: 100 million PROM

2. Token Allocation:

• Ecosystem Development: 30%
• Prom Team: 20%
• Seed Sale: 15%
• Private Sale: 15%
• Liquidity Pool: 10%
• Advisors: 5%
• Public Sale: 5%

3. Token Distribution:

The PROM token distribution was conducted through a combination of private sales and public offerings. A total of 20 million PROM tokens were allocated for the public sale.

4. Token Use Cases:

• Transaction Fees: PROM tokens are used to pay for transaction fees on the Prom blockchain. This ensures the efficient operation of the network and incentivizes users to contribute to its security.
• Staking Rewards: Prom holders can stake their tokens to earn rewards. Staking helps secure the network and provides incentives for long-term token retention.
• Governance Participation: PROM holders have the right to vote on proposals related to the development and operation of the Prom ecosystem. This enables community participation in shaping the direction of the project.
• Access to Features: PROM tokens may be required to unlock certain features or services within the Prom ecosystem. This could include access to exclusive content, discounts, or participation in special events.

5. Token Value and Future Prospects:

The value of PROM Coin is driven by factors such as network usage, the adoption of Prom technology, and overall market sentiment. As the Prom ecosystem expands and attracts more users, the demand for PROM Coin is expected to increase, potentially leading to a rise in its value.

FAQs:

What is the total supply of PROM Coin?
The total supply of PROM Coin is 100 million.

What percentage of PROM Coin is allocated for staking rewards?
A specific percentage of PROM Coin is not exclusively allocated for staking rewards. However, staking tokens contributes to network security and earns rewards based on various factors.

Can PROM Coin be used to purchase goods and services?
Currently, PROM Coin is primarily used within the Prom ecosystem for transaction fees, staking rewards, and governance participation. The use of PROM Coin for purchases beyond the ecosystem may depend on future developments and partnerships.

What factors influence the price of PROM Coin?
The price of PROM Coin is influenced by supply and demand dynamics, network adoption, market sentiment, and overall cryptocurrency market trends.