ATP is considered the body’s energy currency; similarly, the token is also considered the monetary fund in cryptocurrency. As we all know, the crypto platform is for everyone all around the world. Whether a person belongs to America or Nigeria, he can equally benefit from this platform. Anyone with a bit of investment can start their own company. When someone starts their own company, they create their currency. To explain it further, every country has a special token.
Purpose Of Social Token
Well, this question must arise inside people’s minds: What is the purpose of these separate individual tokens when some best-rated tokens are already circulating in the market? If we ponder, the main reason crypto platforms gained hype was because of their groundbreaking policies. A small person can initiate his own small company. The owner and the investor can directly interact with each other and sign a deal. There is no need for a third party to observe and keep the record. Blockchain is already performing that task.
These special tokens are for some specific amount of money. In ICO, when an investor invests some amount, he invests in those tokens. These tokens not only stand for the finance purpose only. The things that play a role in making them special are the utilities packaged with these tokens. Those utilities may include a permit to use a specific platform etc.
Talking about the interaction, the owner interacting with the investor avails the option of peer-to-peer interaction. Why he does so? Because he does not want bare clients or investors. He wants a community where people can understand each other, where people are familiar with each other. Where people do not hesitate or think twice before investing some amount.
This concept of community maintains a heartwarming relationship of the investors with the owner and other investors and members. It creates a circle of family. To show unity, that special token plays a very important role. That token is just applicable in their community.
What Happens When A Special Token Creator Pass Away
This is not the kind f question that is usually asked, but it is still a considerable case. Death is something that anyone can expect at any time. Death does not see that whether you are a housewife or a special token creator. Death is death. It will take you away with all your secrets. So in such cases, one may wonder that what would happen next. Let’s dig in deep into that process.
Most of the owners take all the power into their hands. But some owners or creators have some “empowered members/investors” in their community. Those people can decide without the permission of the owner. So if the owner dies, the system is handled by the empowered ones in the community.
If the owner dies without any empowered members, it usually leaves everyone in a state of chaos. In that situation, according to the court law, the court will distribute the assets of the creators among his heirs. Moreover, the family members will pay off all the debt of the creator.
This time is also very sensitive because members sometimes upload the creator’s picture on the website as a memorial. But this thing acts as a green signal for the hackers. They consider it a golden chance to attack the account and hack it. So, every special token creator should have planned for his company after he is gone.
Sometimes it also happens that the members of a community start their tokens and separate their paths. This results in the death of that special token which that deceased owner created.
