The transaction fee is determinated on 0.0001 % of any amount. 50% of the transaction fees goes to the miners that solve the transactions, the other 50% were burned! This is how the coin regulates itself.
Can you explain this?
How does burning 50% of the transaction fees prevent the coin from becoming worthless after it is launched?
Every coin is worthless after launch. And nobody said the burning function prevent the coin becomming worthless. If nobody use it, nobody want it and nobody buy it, then it becomes worthless like everything else would do.
But imagine all people of the world are using the ECredit System and pay their bread with GCredits - im talking about that point.
Getting this scenario is an other question...maybe it's just believing in the concept.
The 1.000.000.000 BlueCredits are 100% "premined" and will contibuted in a quite similar way like ICOs do.
Marketing and bounty campaigns and so on.
Additional to that there is a amount that will used to "reward" companies/ websites/ services that decide to use, accept, pay GCredits - For example Amazon would get 1 mio BlueCredits from me, if they accept GCredits as payments .
Sure it would start with smaller partners, but you know what i mean.
You are saying will burn only 50% of transaction fees not the Blue Credits then how is it regulating? I don't see coin supply reduces over the period with more usage like in Ripple case as you know they are allotting to the banks who are going to use Ripple as a medium to transact. Then every transaction completes there is little portion of Ripple tokens gets burned as a transaction fees in this case may be i am missing something here? Can you elaborate how the tokens getting burned.
First i believe in the decentral system, the main reason BTC was created. Ripple is something that use the technology for the other side. I dont like the way cooperating with banks. Sure it will rise, but is it the money we use in future? I think not. It's just way for banks to live longer. In the end, i think a decentral currency will take over, deosn't matter what banks and gouvernements say or do.
So pls don't compare anything to ripple )
I don't think token is the right definition. Like i say, the GreenCredits are the main used money for the daily transaction needs, the GC regulates itself, not the BlueCredits!
BC are like BTC or Gold. There is no burn or creation of these, it's just the base of the whole system.
I do agree with you Ripple is Centralized even though they burn coin it's all in control of banks again weather they want to take it up or down their best interest. I am not a fan of Ripple but trying to understand concept i guess used wrong example. So Blue Credits stay constant and creating interest in users to hold those for mining green credits and they can spend these for their daily use in platforms where we integrated our Coin for transactions. So project success depends on how many platforms we integrate this coin for real time transactions.
I think it's great idea needed good team effort and may be need one of our own Marketplace to start integrating our coin like forking a "Openbazar" or similar and working with other small retails who can accept our Green Credit. Thank you on your clarification looking forward to move forward will wait for updates.