Singapore’s Zeepin, an upcoming blockchain focused on building a “creative smart economy”, has published an explanation of the role of its native GALA token in preparation for the launch of the Zeepin Chain MainNet on August 31st, 2018. Zeepin previously announced a switch from a dual-blockchain model to a single-blockchain business model, and sought to clarify the use cases of the native GALA asset on the Zeepin Chain.
ZPT and GALA Tokens
Zeepin Chain will have two native tokens: ZPT and GALA. GALA will be issued to ZPT holders over time, with Zeepin claiming that the “closest equivalent” of the distribution model “is NEO and its use of GAS”. Zeepin states that ZPT and GALA are “complimentary”.
Some of the described use cases for the GALA token are:
- Zeepin Smart Contract deployment costs
- Zeepin Chain network and transaction fees
- CryptoGalaxy game fees
- Utility for current and future dApps on the Zeepin Chain
- GalaCloud interactions (blockchain cloud storage)
Regarding token supply, Zeepin have stated that 100 billion GALA will be released over the next 18 years, and that GALA is “supposed to be ubiquitous and used for community rewards and network consumption”.
Zeepin state that as a utility token, “GALA is crucial for Zeepin Chain day-to-day operation”. Zeepin claims it is very focused on “providing clear value for all assets in the new economy” by developing real-world applications for its tokens, causing its technology to be used daily. Zeepin points to its upcoming GalaCloud distributed storage system as a major force for driving demand of GALA’s utility. GalaCloud is slated to launch in 2019 in order to “solve the issue of data ownership by giving creators full control over all their assets.”
More information on the Zeepin Chain project can be found by following the links below.