Ties.Network hope to become the go-to place for the crypto community to launch projects, find team members, ask for professional advice, and raise financing. If all of this can be achieved then the next logical step will be to have an internal currency to enable people to perform business transactions, and also create a monetary incentive to host a node on the Ties.DB.
To move this idea forwards Ties.Network is about to launch an internal currency – the TIE token. This will be of benefit to users of the Ties.Network, and they are having a token generation event to achieve this. The aim of creating a TIE cryptocurrency is to enable users to pay for services within the Ties.Network without having to use a third party cryptocurrency.
To recap what Ties.Network aims to do, it aims to become the business platform of choice for finding and establishing professional relationships and to then conduct secure business transactions with validated and verified third parties. The platform runs on Ethereum, and uses smart contracts to promote your business and strike safe deals. It is then a logical progression for the Ties.Network to launch an internal currency for the platform. The goal is that the TIE tokens will simplify the transaction process and inspire the development of an internal economic trading environment.
The tokens can used to buy products, services and even currencies. They will also be encouraged to use them for investing in startups, projects and other future activities on the site. The TIE tokens are also required for the operation of the Ties.DB, the public, decentralised NoSQL database, on which the platform will store all its transactions, and data. The Ties.DB will allow for unlimited data storage, advanced search, and content modification by creating interactions between the nodes. For every write/read operation that takes place the system takes a small fee that keeps Ties.DB running and incentivises miners to earn from their mining work.
6 ways you can use the TIE Token
- Paid accounts – these will have additional optional features and account functions within the business platform. These could include improved search, business insights tips and promotional opportunities.
- Smart contracts – offering the ability to automate the distribution of money, such as paying the salaries of employees and also for other regular payments
- Advertising – this is an option available to all users, entrepreneurs, individual projects and companies to advertise their services and businesses.
- Escrow – this option will enable you to put money into a secure wallet to escrow when needed. NB This is the only case when platform will take a small % fee on TIE token usage
- Ties.DB – this would yield a fee for each write/read operation, to help ensure the Ties.DB is maintained, with the incentive for miners to earn on mining process.
- Ties.DB is a B2B solution – anyone can use it, but to operate your project you will need TIE tokens.
Where and when will the TIE tokens be available?
Once the token generation event has taken place they will be available to buy through external trading outlets. However moving forwards the goal is to create an internal exchange to allow people to trade TIE tokens within the platform to reduce the likelihood of external operators looking to manipulate prices. The first round of the Ties.Network Token Generation Event will begin on September 21st, and run until October 12nd. There will also be extra discounts for those who get involved early in the scheme. These will be as high as 20% initially for the first 10% of tokens sold before reducing to no discount for the last 10% of tokens sold. When the sale begins there will be 140.000.000 tokens available.
TIE token has a promising growth potential
It is anticipated that the TIE token will be in great demand in the future because it will be an integral part of the platform as users will need it to use all functions of the Ties.Network. For example to use the Ties.DB you will need TIE tokens. There will be a limited number of TIE tokens issued during the Token Generation Event and the number of users will potentially grow, so all being well their demand will also grow. If this proves to be accurate then it will be better to buy the TIE tokens on the TGE before it becomes more expensive.