What is KickToken (KICK) and what is it used for?
KickToken (KICK) digital BEP-20 token is a virtual currency. KickToken can be used within the Kick Ecosystem network, which offers all vital services a cryptocurrency trader needs in a functional and UX way.
With KickToken the users can pay fees on KickEX exchange and get discounts for fees. Later the users can pay for the listings, and buy some extra services inside Kick Ecosystem like a PRO account and more.
KickToken is also used by project authors and backers for mutual settlements inside KickICO platform. Authors will pay fees in KICK to purchase various services for their projects and fine-tune them with the help of service-providers, and for other internal processes and payments within the infrastructure of the KickICO and Kickonomy.
Backers use KICK to verify their addresses, buy campaigns tokens with additional bonuses, and for any other internal settlements. Most projects launched on the platform, are supporting KICK in various ways, starting with bonuses and preferences for approved token holders, and ending with accepting KICK as the only payment option.
This system provides the token with additional demand and liquidity, providing a seamless integration of numerous services with the KickICO platform and its community.
KickToken allows you to become a member of our community. It means:
- that you become a part of Kickonomy (buy goods/services on the platform);
- that you can buy goods/services from our partners;
- you can trade it on exchanges;
- support campaigns on the platform;
- get feedback and reviews from the experts.
KICK is a deflationary token. This means that there is a built-in method to burn tokens in the KICK smart contract when transactions are made in the blockchain. Every time tokens are transferred in the blockchain, 1% of them are automatically burned. So those who hold KICK tokens increase their percentage with each transaction compared to the total volume of token emission, which is decreasing. The more transactions, the faster the emission decreases, and the faster the percentage increases of KICK holders who do not transfer tokens. Burning occurs both in blockchain transfers and buying/selling on decentralized exchanges like Uniswap. There is no burning when trading on centralized exchanges like KickEX.
Furthermore, the KICK smart contract also includes a redistribution method – also known as staking, or POS (Proof of Stake). This method, like burning, distributes, in the case of KICK, 1% of the tokens from each transaction to all KICK holders, in proportion to their holding percentage. This means that the share among KICK holders increases even more: both because of burning and because they receive additional tokens as a result of the distribution.
So for every transaction on the Binance Smart Chain network, 2% of KICK is charged – 1% is burned, and 1% is distributed to the rest of the token holders.
The KICK token is also used in the KickWin project, a lottery that functions in the Binance Smart Chain network. It's a completely non-commercial project: anyone who has KICK tokens can participate and get a chance to win the jackpot. The winners of the lottery are determined at random based on the conditions built into the smart contract. The lottery jackpot is also distributed according to a deflationary model: 20% of the tokens are burned, 40% are redistributed to the next round, and the last 40% goes to the winner.