Mid-Year Update From NOIA: TOKEN UTILITY — Domantas Jaskunas, COO [TRANSCRIPT]
NOIA COO Domantas Jaskunas reviews the NOIA token’s place and purpose within our entire tech ecosystem.
Hi everyone my name is Dom, one of the co-founder and COO of NOIA Network and in this short video today I’m going to talk about the NOIA Token and discuss its place and purpose in the whole NOIA ecosystem.
We keep getting ask this questions quite a lot especially in the last 2 weeks followed because the fact that our community quite grew substantially and we just taught it might be a good idea to come out and address some of those questions and provide some context where we are at the moment and where we are going in the near future. So that’s why I’m here for today.
If you follow us for the past that our approach to decentralization is a bit different compare to most of other projects. The way that we differ is that we always focus first on the business side of things and getting real usage and adoption of the technology before doing anything else. And that’s our fundamental strategy to how we do things and we truly stand by it. The thing is that we will only be successful if there is maximum demand for the technology that we are creating and the products that were putting out. So, we’ve been quite successful already and getting quite some interest from different tech companies around the world. And they are very much excited in the platform that we are soon releasing and they are already looking forward to be coming commercially available. That’s all good news there. And we are ranking records on the business development side of things as we engaged in more and more of these partnerships and sign new commercial agreement with some of the largest tech companies in the world.
So let’s jump right into the total implementation, and I wanna start talking about these by saying that total implementation for NOIA will come in couple of different stages. Lets start from the very beginning. First, upon releasing the platform the initial token utility will serve as an incentive mechanism effectively creating discount for early adaptors or users transacting NOIA tokens. This way will integrate win win situation where customers will benefit from the fact that they pay less for the services and products that they use. And the company will benefit from the fact that it has this incentive that can offer to these customers in order to turn potential customers into paying customers. And token economy as a whole, will benefit from the token being circulated more and more as the demand grows and also from the fact that there will be a constant demand for the token because of these customers.
So, right now we manage, provide and maintain our own infrastructure. So another important milestone for us will be opening up the network to outside participation and by then our goal is to have the token being link to the network usage. So, in other words anyone using the platform will accrue traffic and pay for it. And these sharing economy will be facilitated by the use of the NOIA token. Any revenue that is generated on the network should be distributed to the ones that contributed to it. Right. So basically, in other words, infrastructure provider that plug in into the system contribute in the resources. And they should be rewarded of their share based on the level of their contribution. And if I were to summarize the ultimate goal of ours and ultimate goal for the token, i could say that holding NOIA token should be comparable to owning a piece of the NOIA economy including any and all of our existing products at the moment and any products we might have in the future. We might sound simple but actually, a lot needs to happen in order for that to become reality. And that’s why we are collaborating with industry experts and the brightest minds in this space on finalizing the token ecosystem design and preparing a clear roadmap for implementing everything I’ve just talk about. And as we progress forward of course we will be able to share more and more details on token implementation strategy with you.
Last thing I wanna mention today is I wanna reiterate something that is very important for us. We don’t want to get ahead of ourselves on these, we want the token implementation to follow the adoption and demand of our technology, not the other way around. But, having said that now the attraction for the product and the business in general is speaking up. We feel very compliment that I started talking to these things and becoming more and more active on this side of the project. And we’re really looking forward to the next 6 to 12 months, we think we can get alot to achieve and in time we can’t wait to share more thing with you. Thank you for your time and until next time.