FAQ about utility tokens
As some of you will know, some companies and organizations in our network have launched a series of important projects over the last few years which have been able to combine entrepreneurial innovation and the opportunities deriving from tokenisation, in particular with the possibility of creating a set of digital assets that represent real access credits to company services that can be used through IT platforms.
These are initiatives of absolute technological excellence and of great impact both in the fintech sector and in other innovative sectors. Just to give a few examples, we range from artificial intelligence to augmented reality, from gamification to digital marketing, from loyalty campaigns to the internet of things, with the monitoring of physical quantities in large areas, such as for example the measurement of pollution in ‘air, or the level of rivers. And much more. These are therefore projects of great impact, which have in fact found and are finding favor with many experts in the sector and which have also been the subject of prizes and recognitions, as well as the involvement of tens of thousands of people in our business community.
PROMO campaigns on UTILITY TOKEN of the BUSINESS NETWORK
As part of the marketing and communication operations linked to the distribution of these utility tokens, which include various forms such as free airdrops, contests, quizzes, selfie-based campaigns and much more, always with the aim of increasing their usage base, a particular form is represented by the promotional campaigns aimed at supporters of the Venetian Entrepreneurs Club in the World. Thanks to these programs, supporters and supporters of the Club can have access – free of charge – to a certain quantity of tokens, which varies depending on the initiatives. Particular attention is obviously paid to those who actively support the club, in particular through their own commitment, or with donations, or membership contributions.
After having encountered great enthusiasm regarding this initiative, we have prepared a series of answers to frequently asked questions useful for delving deeper into the topic.
What are utility tokens?
Utility tokens (or utility tokens) are a sort of virtual “tokens” created in the blockchain network which give the right to use the services provided by the companies that issue them, often accessible through specific IT platforms. The utility tokens of the project to which they are linked are presented in an exhaustive and transparent manner in specific information documents called White Papers and on the related websites.
Are utility tokens financial products?
The utility tokens object of our PROMO campaigns are in any case not a financial instrument nor a form of investment, debt security, or promise of income nor a payment instrument. This is specified transparently in all information published both on the relevant websites and in the White Papers.
Are the tokens tradable?
The tokens that are the subject of our campaigns are all freely exchangeable and resalable to anyone, they do not have any IT block that prevents their transfer.
How can tokens be exchanged?
Tokens are usually distributed to a wallet owned by the user (for example, Metamask), identified by a unique alphanumeric address. From the user’s wallet they can then be transferred to other wallets by paying a small commission (called “gas”) which is typically paid in Ethereum.
In some cases the user requests the transfer to wallets managed by crypto exchanges (such as Venice Swap), in which case from time to time the instructions provided by the exchange itself are followed to transfer the tokens.
Can tokens be exchanged for other tokens?
The tokens are exchangeable with all the other tokens of the ecosystem of which they are part, just contact the companies that issued them who will make the exchange with a fixed coefficient as provided in the relevant white papers, or do it directly through the Venice crypto exchange Swap, in the Market section in the expected pairings, according to the market trend at the time, or again in the peer-to-peer section.
Can tokens be converted into fiat currency?
Where applicable, the monetization of the utility token can be carried out by placing the token itself on the market in the relevant exchange. There, for example on Venice Swap, the user can sell the token at the price he believes, or at what the market offers at that moment, according to the law of supply and demand. This will therefore happen according to the methods and timing that the market will determine, as well as, obviously, also according to the strategic corporate planning that will be implemented over time.
Is someone who owns a token a saver or an investor?
A person, entrepreneur, or interested party, who accesses a utility token service is a qualified individual, not a saver or an investor.
Is it mandatory to make a donation to join the PROMO campaigns?
It is not mandatory to make a donation or a grant to the Club to participate in the current promotions, you simply need to indicate your desire to participate through a simple token booking form, in which you can also report any donation you intend to make to the Club, which can also be zero. Particular attention is obviously paid to those who actively support the club, in particular through their own commitment, or with donations, or membership contributions. Once the desire to participate in the promotional campaign has been registered, the tokens are made available to interested parties according to a semi-random algorithm that does not take into account the presence, or otherwise, of a possible donation.
Are donations to the Club made legitimately?
The Club, as a non-profit association, lives on the support of its supporters and all donations in whatever form they take place (grants, membership contributions, etc.) are recorded and concluded in a legitimate manner. The Club regularly deposits its financial statements in public form and regularly records such transactions.
How donations received by the Club are used
All proceeds from donations in whatever form they take place (grants, association contributions, etc.) are used to conduct its social activities. Among them, for example, we include: the promotion and organization of events, conferences, networking opportunities and similar activities, study, cultural in-depth, information, dissemination and cultural and socio-economic valorisation activities, social promotion such as, for example and but not limited to, charity, education, training, sport, protection, promotion and valorisation of things of artistic and historical interest, protection and valorisation of the environment, promotion of culture and art, protection of rights civil, scientific research of particular social interest, typical activities of private voluntary organizations and non-governmental organizations aimed at the international diffusion of their social purpose, activities for the protection and dissemination of the cultural and/or socio-political-economic demands of individuals and community in particular on which it has its focus, such as, by way of example and in a non-exhaustive form, the improvement of the environment, the encouragement of the observation of human and civil rights, the increase of well-being for individuals and the population in general, fund raising and economic activities to support one’s action and social objectives, study and adoption of technologies and forms of cultural and/or socio-political-economic innovation aimed at achieving one’s social objectives.