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Ace Token (XAT)

Ace Token (XAT) is a utility, native system token asset-backed with an Internet bandwidth, premium content and all Ace Network services.

Ace Token gives access to all Ace Network services and facilities and is the sole means of payment for Network fees for account registration and transactions between Network members.

The starting rate of Ace Token after the initial issuance will be fixed at the level of 1 XAT = $1.

While exchange rate of Ace Token changes, the cost of services in the Ace Stream system will be adjusted automatically. Calculations are based on the initial and actual cost of services linked to the U.S. dollar, and furtherly will be linked to the Ace Coin cryptocurrency (XAC), which will be the main means of payment for settlements in Ace Stream system.

Issuing

XATs are pre-issued during system startup procedure, there issuance is 100,000,000,000 XAT.

90% of the tokens from the total issue will initially be locked in a special account (lockedPool), which only the system smart contracts have access to.

10% of the initially unlocked tokens are distributed to the following programs:

  • 5% - for "DAO Ace Stream" development purposes
  • 5% - marketing programs
  • 10% - airdrop, under the program of incentives (encouragement and funding) for the creation and placement of exclusive premium content in the Ace Network
  • 70% - for the strategic development and expansion of the service infrastructure of the Ace Network (acquisition of shares in other companies in order to ensure high dynamics of growth in the number of network users; expanding the service and technological capabilities of the Network; acquiring rights to content for publication on the Web; providing the token with offline financial mechanisms ( financial institutions), for maximum convenience of using tokens in everyday life when carrying out any calculations; etc.)
  • 10% - charity and non-profit projects

All subsequent unlocked tokens are distributed in the following ratio:

  • 30% are transferred to an account managed by the Ace Stream Foundation (a non-profit fund for the support and development of the Network), of which:

    • 5% - for development purposes
    • 5% - marketing programs
    • 10% - airdrop, under the program of incentives (encouragement and funding) for the creation and placement of exclusive premium content in the Ace Network
    • 10% - charity and non-profit projects
  • 70% gets smart contact Ace Asset (by transferring to unlockedPool) for pro rata distribution to DeFi program participants Ace Assets

Inflation.

Inflationary issue will be 1% per year of the total volume of activated (unlocked) tokens, including tokens generated by the inflation process itself.

New XATs are generated once a week by the inflation mechanism.

Inflation tokens are distributed by the DeFi program Ace Assets

Inflation Algorithm

XAT inflation tokens are issued weekly, automatically, according to the terms of the Inflation smart contract that implements the following formula:

inflationAmount = (totalTokens - lockedTokens) * 0.000190721

where

  • inflationAmount - volume of weekly issuance
  • totalTokens - the total number of XATs in the system at the time of launching the inflation operation (100 billion + the total amount of inflation tokens from all previous issues)
  • lockedTokens - the number of XATs that have not yet been released into circulation (locked in the system pool lockedPool)

The inflation is 1% per year (or 0.0190721% per week) of the XATs released into circulation.

The XATs issued by inflation procedure are transferred to the system pool inflation pool and are subjects of further distribution performed by Ace Deposit smart contract.

Token recycling/burning

XAT tokens paid for traffic, access to content, or by system smart contracts will be disposed of (burned) by sending them to a non-refundable address on the blockchain, because XAT could only once be used for payment and have to be replaced by XAC tokens.

Info

Once the entire amount of the initial token issue (100 billion) is unlocked and burned, the annual inflation rate will be set to 1% of all tokens issued (100 billion + number of tokens issued by the inflation smart contract).

Unlocking tokens

Tokens from lockedPool are unlocked at the moment of burning a similar XATs within the Ace Coin Issue.

The unlocked tokens should be evenly distributed among Ace Assets (XAS) holders. This is done in two steps: