At VideoCoin, our utility token VID plays an incredibly useful function in securing and powering the network, ensuring the most qualified network operators are serving customer needs. The VID token does not act as a payment mechanism. Instead, it’s a reputational staking mechanism for building the global infrastructure that runs the worker nodes on the VideoCoin Network. Miners are continuously selected by the VideoCoin Network services algorithm as operators to process video files based on three factors: quoted price, number of staked tokens, and performance. This drives the least expensive and highest quality network operators to perform—the best rise to the top. Staking is the perfect use for tokens in a utility model. Instead of burdening the network with payment friction, our tokens power the network to function securely and in return, workers receive staking rewards in fiat.
Related posts
-
Andrew Tate Plans to Invest Big in Bitcoin, Leaving Fiat Completely
Andrew Tate, a British-American social media personality and former professional kickboxer, has announced a plan to... -
what lies ahead for Ethereum and other cryptos?
What factors are driving the bearish trend in altcoins, and when can we expect a turnaround?... -
Analyst Calls For Crypto’s Imminent Takeoff
Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, has been a rollercoaster ride for investors...