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Ace Token (XAT)

Ace Token (XAT) is a utility, deflationary native system token.

Each token (1 XAT) initially has the following basic backing: 100 GB of traffic in the P2P CDN service; 200,000 video ads impressions, in VAST format; 3-day unlimited access to premium content; other services of the Ace Network, in accordance with the established tariff plans.

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 and some types of oracles have access to.

All the issued and unlocked tokens are distributed with smart contracts to the following programs:

  • 5% - for "Ace Stream DAO" 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 Ace Stream DAO strategic development: software development; expansion of the service infrastructure and customer base 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 mutual settlements; liquidity maintenance; etc.)

    Info

    Tokens intended for the strategic development of Ace Stream DAO are credited to a special account in the Network and are used exclusively to fund programmes approved by Network Participants (holders of Ace Stream DAO governance tokens). Funding programmes are approved through a decentralised voting mechanism.

  • 10% - charity and non-profit projects

Unlocking tokens

Tokens from lockedPool are unlocked when DAO assets are created and increased, and at the moment of burning a similar amount of XATs within following smart contracts:

Deflation (token recycling/burning)

XAT is a deflationary token.

XAT tokens paid for services of the Ace Network will be disposed of (burned) by sending them to a non-refundable address on the blockchain by the terms of the smart contract System Service Payment.

XAT tokens paid for traffic or access to content will also be disposed of (burned) by sending them to a non-refundable address on the blockchain by the terms of the smart contract User Service Payment. According to this contract all XAT paid for traffic or access to content could only once be used for payment and have to be replaced by Ace Coin (XAC) tokens.

Examples of Ace Token burning are available here.

Issuing of additional tokens by inflation

The Network's code incorporates an inflation mechanism that involves the automatic issuance and distribution of additional XAT tokens.

The issue of inflation tokens 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.

Why the inflation is needed?

  1. In order to avoid a shortage and complete absence of XAT tokens from the market, the entire volume of the original XAT issuance is burned.

    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), which will ensure the stability of the network

  2. To ensure a guaranteed minimum level of income for DeFi programmes, through the software algorithm (code) of the Network