Not much information on the website. I would like to see who the people are behind this project but there is nothing on the website about it.
Also, can you explain this much further?
As more tokens are minted token price rises
How does increasing it's supply results to overall increase in the token's value?
As far as I know, without huge demand, increasing a token's supply would only result to a significant drop in its market value.
Yes, of course. I'm still working on material to explain the token and how it works and the site is a little bare bones right now.
Tokens are only minted by sending the contract Ethereum. Once ETH is sent to the contract it stays there and provides backing for GLX. This backing ETH can only be withdrawn when people sell tokens and those sold tokens are burned. Token price is determined by Price = Supply*10^-6. So as tokens are bought and supply rises price rises. If tokens are sold and therefore burned the price will fall. Minting more tokens does not result in them being devalued as every token is backed by ETH and can be exchanged for ETH at any time from the smart contract.