Fiat money is a kind of money characterized by the legal backing of a State. It is the one that is based on the faith or trust of the community, that is, it is not backed by precious metals or anything that is not a promise of payment by the issuing entity. Fiat currencies are the US dollar, the Euro, the Yen … (Wikipedia).
The Euro, the Dollar, the Yen, etc. they are inflationary currencies. This means that there is no limit on the amount of currency issued by their respective Central Banks. Depending on their monetary policies, they are able to create and market bills and coins. The main problem is that, as the amount of currency issued grows, its value decreases.
Deflation in EASYF is explained by the following characteristics:
1. EASYF Limited Money Supply
- Our token (EASYF) was created in order to reward people who communicate useful feedback through EasyFeedback.com aiming to improve products, services and processes of companies and institutions. We have opted to set up a high but limited total supply in order to guarantee sustainability of the protocol, that we explain in point 4.5.
- 0.2% of the tokens (358,282,000 EASYF) has been pre-mined, which constitute our tokenomics. Some of them will be used in our fund-raising round. Tokens initially allocated to the ICO (104,300,000 EASYF) that are not sold, will be burned.
- The remaining 99.8% of the supply will be minted over time through our Proof of Feedback (PoF) protocol to reward EasyFeedback users who send useful feedback to organisations and institutions worldwide.
2. EASYF issuance process
- The only way to mint EASYF tokens will be through our “Proof of Feedback” protocol. The issuance process is stable and and limited.
- We will delegate the function of mining these tokens to a minting contract. This contract will be the one granting the tokens to the user. Our regulatory node will collect the instructions decided by the oracles (internal, company or lawyer) and connect with this Smart minting contract.
- The tokens release is transparent. The exact number of new EASYF reaching the market will be known.
Each feedback received will be assigned, through an automated and random lottery to 3 members of the Court, who will be in charge of its evaluation.
Each juror will carry out their assessment independently, without knowing the identity of the feedback sender nor the assessment of the other jurors or the final assessment. The final assessment will be the average of the 3 scores provided by the jurors and will only be known by the user who sent the feedback.
The maximum score will be 12 points on average per juror. The scores will be transformed into tokens by means of the following equivalence: 12 points equals 8 dollars, which will correspond to a certain amount of EASYF tokens depending on the the trading price of the token in that moment.
The jurors will also receive EASYF token for their work. The amount of EASYF obtained will vary over time, based on a system that will assess the quality of the evaluations issued by the juror.
For each of the three categories of the feedback that are evaluated (USEFULNESS, ORIGINALITY and EXECUTION) the Court of Jurors will use the following grading scale:
Every score will be transformed into tokens by means of the following equivalence : 12 points will be the equivalent in dollars to the price of 1.4 Big Mac at the USA according to the current price in that moment as published by The Economist magazine (https://www.economist.com/news/2020/07/15/the-big-mac-index). This will allow us to update the value granted to our users every six months (January and July) based on an internationally recognized index such as “The Big Mac Index”.
The mentiones amount of 8 dollars comes from the estimated average compensation for completing a questionnaire by a Mystery shopper.
3. Adoption of the Proof of Feedback (PoF) protocol
1. The technology that will support the Proof of Feedback is based on:
- EasyFeedback.com, our feedback platform.
- The Polygon Network, on which easyfeedback.com tokenization is based.
- 2. Private feedback between consumers and companies is a reality that solve two issues:
- The communication problem between people.
- The aspiration of humans to improve things.
More than 400,000 private feedbacks has already been sent through EasyFeedback.com, adoption / usefulness is a reality. EASYF tokens will incentivize the use of the platform and holders will be able to exchanged for products, services, cryptocurrencies or money.
- Users will be able toaccumulate EASYF until they have the necessary amount needed to buy their desired product in our online store.
- EASYF token holders will be able to participate in the project’s decision making processes.
4. Acquisition of EASYF
The possession of EASYF tokens is regulated by the Government of Estonia (a European Union country member) through license number FVT000423, specific for the provision of virtual currency services.
EASYF will initially be in the hands of:
1. Retail investors and Venture Capital that puchased EASYF in the ICO.
2. Users who have received a reward for helping us to publicize EasyFeedback Token: Advisors, referrals, bounties.
And once we tokenize EasyFeedback.com:
1. Feedback senders
2. Jurors who intervene in the evaluation of the feedback sent.
The EASYF demand that will set the price will be made up of:
2. Customers of our online store who want to buy products.
3. Companies that want to contract the following services: EasyFeedback PRO, IoT, Health, Survey, Review and Stats:
- Organisations and institutions willing to hire any of them will need to stake a minimum amount of EASYF tokens beforehand.
- In addition they will have to purchase EASYF tokens in order to reward users for their feedback (except for the PRO subscription)..
- The feedback sent belongs to each sender/user.For this reason, each time that their feedback takes part on one of these products, the user will receive a percentage of the profit generated by the sale of that product, by means of EASYF tokens.
- Therefore, the same feedback will generate profit repeatedly over time.
4. Users willing to participate by giving their feedback in EasyFeedback IoT, Health, Survey and Review will have to stake a minimum amount of EASYF tokens in order to access them.
5. Our services will be represented by NFTs, minted on the Polygon network and available at Opensea.
Each of them will grant a specific timeframe for using the service, from the very exact moment it was purchased. Through an automatized process, 20% of the service fee (NFTs’ price) will be spent in carrying out EASYF open market buy-backs in order to reduce the circulating supply.
Half of them will be burned while the other half will be introduced again into the Total Supply in order for them to get minted again in the future by the protocol.
Feedback is a hidden treasure that thanks to the Proof of Feedback (PoF) will be recognized. Our business model is based on the intrinsic value of this original, useful and transformative feedback that improves the world.
We believe that the methodology we are developing will make the token deflationary
If you have any question, please write us at [email protected].
The EasyFeedback team.