This article was brought to you in collaboration with Bitcoin.com
The VERSE token is the native token of the Bitcoin.com ecosystem.
Bitcoin.com is a digital ecosystem and secure self-custody platform where users can safely and easily interact with cryptocurrencies and digital assets. The multichain Bitcoin.com Wallet has over 35 million self-custody wallets created and Bitcoin.com’s monthly active user base exceeds 5 million.
The VERSE token will be used to foster further development of the Bitcoin.com ecosystem, reward existing users of Bitcoin.com’s products, and fund educational and relief programs organized by Bitcoin.com including the recently announced CEX Education Program.
Issued by cryptocurrency company Bitcoin.com and running on the Ethereum blockchain, VERSE is intended to be a utility and rewards token for their community, and a gateway for newcomers to DeFi. Users will be able to earn VERSE by providing liquidity to the Verse DEX, stake VERSE for rewards, earn cashback in VERSE, and more.
The VERSE token is expected to go live once the token presale program is completed. Before that, read on to find out more about VERSE and what you can do with it.
What is Bitcoin.com
Bitcoin.com’s products include an easy-to-use self-custody wallet and an award-winning cryptocurrency media platform. To date, Bitcoin.com’s products have served millions of cryptocurrency users in different ways, offering each a personalized experience based on their individual preferences. These solutions are integrated into the Bitcoin.com app, which is available for Android and iOS devices.
The Bitcoin.com Wallet currently supports the Bitcoin, Bitcoin Cash, Ethereum, Avalanche, and Polygon blockchains. The team has shared its plans to extend this support to additional low-fee EVM-compatible blockchains. Investors can store supported cryptocurrencies and perform p2p transactions via the Bitcoin.com Wallet. The Bitcoin.com Wallet supports wallet naming services like ENS and Unstoppable Domains, which means people can send supported cryptocurrencies to your human-readable wallet address instead of having to enter your alphanumeric Bitcoin and Ethereum wallet addresses.
The Bitcoin.com Wallet is well-adapted for decentralized finance; users can connect to decentralized applications through the WalletConnect function integrated into the wallet. They can also exchange assets from the comfort of their wallets or purchase cryptocurrency with fiat through Bitcoin.com’s swap and on-ramp service respectively.
Statistics published by the team claim that over 35 million cryptocurrency wallets have been created via the Bitcoin.com Wallet and an estimated 5 million people use the wallet every month.
Bitcoin.com’s news platform is up to date with developments around the crypto space, providing its readers with comprehensive updates and educational content. Bitcoin.com reports that its news media recorded an average of 2.5 million readers in every month of 2021. Bitcoin.com News is currently #1 by Feedspot in the Bitcoin category and #11 in the broader cryptocurrency category.
At the time of this writing, Bitcoin.com’s social media outlets have a collective followership of over 2.7 million.
The Bitcoin.com Team
The Bitcoin.com team is led by CEO Dennis Jarvis with experience from Apple Management and as a Senior Product Manager at Rakuten. Other senior members at Bitcoin.com have experience with notable firms including Kyash, WISE, and CyberAgent.
Bitcoin.com is extending its reach in the crypto space. In addition to its current utilities and programs, it is working towards adding even more applications to its ecosystem to speed up the adoption of decentralized solutions and improve general cryptocurrency knowledge. With its ecosystem set for more growth; it is launching a token to power and grow alongside the Bitcoin.com ecosystem. This token is The VERSE token.
What is VERSE?
VERSE will be the key to the Bitcoin.com ecosystem. The team is building a core decentralized financial utility that will incorporate the token in order to grow the Bitcoin.com ecosystem, strengthen the platform’s economy, and reward existing users and every holder of the token. VERSE is an ERC-20 token issued on the Ethereum blockchain; the team, however, hints at plans to bridge to other EVM-compatible networks. Bridging the VERSE token to other EVM blockchains with a relatively low-fee structure will not only allow holders to enjoy a low-fee way to access the utility the token enables, but will also expose the token to an even wider crypto audience.
In addition to what these similar tokens offer, VERSE goes further to drive community engagement and onboarding programs, supporting other ventures that make cryptocurrency attractive to the common investor.
The Bitcoin.com team has announced several prospective utilities for the VERSE token, spread across incentivization, platform and application access, and investors’ empowerment. Bitcoin.com’s suite of decentralized applications creates similar utilities for the VERSE token as DeFi tokens like Trader JOE.
In addition to the VERSE token’s utility, the team will also hope to drive a healthy growth pattern through sustainable token economics that keeps the token distribution in control and maintains demand for the VERSE token, beginning from the token issuance stage.
According to published data, 210 billion VERSE tokens will be issued by Bitcoin.com with distribution spread across a span of seven years. The VERSE token emission schedule will mimic native coins’ distribution pattern in the sense that vested tokens will be released per block, starting from the day it is fully launched. Pre-sale investors and other parties eligible to receive the VERSE token will be able to claim allocated tokens in split portions per block.
Tokens can be claimed by interacting with the claiming smart contract. Here’s a guide on how and when to claim the Verse token.
This approach, according to the team, will prevent negative effects on demand and value development caused by an abrupt increase in circulating tokens. The supply shock scenario will be averted by the gradual and uniform increase in circulating tokens against a prospective exponential increase in demand from the rest of the cryptocurrency community who wish to access applications in the VERSE ecosystem.
To maintain a regular demand for the VERSE token, the team has shared plans for a sustained token buyback and burn program. According to the team, a portion of all fees generated from applications in the ecosystem will be dedicated to the buyback program which is committed to constantly reducing the number of tokens in circulation by burning these tokens.
Thanks to the buyback and burn program, the VERSE token attains a deflationary architecture. The deflation rate will depend on the amount generated from fees and the percentage the team is willing to commit to this program.
Regarding token allocation, the team has reserved portions of the total supply for development programs and allocations for different external and internal parties. These reserves and allocations will be available for gradual claiming (as explained earlier) once the token is fully launched.
According to information provided by the team, 34% of the total VERSE supply will be allocated to ecosystem incentives and rewards. This portion of the token will be used to power upcoming incentivized programs and passive income programs in the ecosystem, including an airdrop program as hinted by the team. Through the airdrop program, the team hopes to reward existing users of the Bitcoin.com application and also plans to extend this reward to some noteworthy cryptocurrency communities.
The core Bitcoin.com team will also receive 15% of the total supply, although the vesting structure for team allocation is 4 years versus the 1- or 1.5-year vesting scheduled for token sale participants.
34% of the total supply is reserved for further development of the Verse ecosystem. The development fund allocation will be used to fund development proposals, strategic partnerships, and other progressive ventures. 16% of the token supply will be dedicated to fundraising for the Verse project through the token pre-sale events. This is split into 10% and 6% for Verse Sale A and Verse Sale B respectively. Sale A tokens will be unlocked per block over a period of one year while Sale B tokens will be fully unlocked in one and a half years.
VERSE Token Utility
The VERSE token is being integrated into Bitcoin.com’s applications. In every application, it plays a unique role geared towards incentivizing cryptocurrency investors to embrace these solutions. These roles are structured to empower users, grow the VERSE token, and strengthen the Verse ecosystem economically. Here’s how VERSE fills these roles.
The Verse DEX
The Verse DEX is a platform for investors to perform routine financial transactions from the comfort and security of their wallets. Liquidity providers to the DEX’s Automated Market Maker protocol will receive a portion of the trading fees generated by the trading pair for which they provided liquidity. The Verse DEX liquidity pool token can be redeemed for VERSE tokens or used in yield farms to receive additional VERSE token rewards.
VERSE holders who commit their tokens to lending pools, borrow VERSE from pools, or use VERSE as collateral will also receive rewards in VERSE.
In-Platform and Merchandise Payments
VERSE will be used to make payments on the Bitcoin.com app and purchase Bitcoin.com merchandise. Users will also receive VERSE token rewards and cashback when they make payments using VERSE and use the Bitcoin.com swap feature to trade their crypto assets. Companies can also pay for advertisements or publications on the Bitcoin.com news media using the VERSE token.
When launched, the Bitcoin.com card will allow holders to spend in crypto on supported platforms and accredited merchant stores. The card will be connected to the Bitcoin.com Wallet to enable wallet users to spend their crypto anywhere. Investors will be eligible for rewards in VERSE when they make payments using the card. VERSE holders can also obtain the premium card and enjoy several extra benefits such as lower transaction charges and other benefits.
Bitcoin.com is incorporating notable NFT marketplaces into its application. Through this integration, users of the application can trade NFTs from their accounts by connecting to the marketplace. NFT enthusiasts who trade their NFTs on these linked marketplaces from their wallets will receive extra rewards in VERSE.
The Bitcoin.com news and content platform will be using VERSE as well to reward community members who contribute quality educational content to the platform. The bounty program is meant to incentivize the general cryptocurrency community to contribute to building an efficient store of blockchain and cryptocurrency-related information for the educational platform.
VERSE holders will also gain exclusive access to special market insights, reports, and other handy data.
VERSE Staking Program and Referrals
The VERSE staking program will reward VERSE holders for staking their tokens in the staking contract. The reward received is dependent on the number of tokens staked and the duration of the staking. Staking rewards will be paid in VERSE.
Bitcoin.com app users can also earn rewards through referrals. Rewards in VERSE will be earned when the invited user makes their first fiat-to-crypto purchase from the application.
The CEX Education Program
The 2022 crypto winter has been worsened by a series of unfortunate events, mostly due to poor handling of investors’ assets by custodial institutions. The results of these mishaps are the loss of a part or whole of users’ assets in custody, price crashes due to negative news, and a smear in the reputation of the crypto space as a whole.
These losses could have been averted or lessened to some extent if these investors used self-custody cryptocurrency applications and platforms such as cold wallets, decentralized exchanges, and other decentralized finance (DeFi) applications.
Bitcoin.com is looking to address the need to introduce affected (and unaffected) investors to more secure ways of interacting with the blockchain and using cryptocurrency. Bitcoin.com also plans to assist victims of failed centralized entities through strategic rewards offered in the CEX Education Program.
The VERSE token powers the CEX Education Program. 5% of the total VERSE supply has been dedicated to the program. Cryptocurrency investors affected by any of the recent accidents can sign up for the education program at Getverse.com.
Where to Buy VERSE
The VERSE token is yet to launch on exchanges; regardless, you can still get a hold of the token through the public sale program. As mentioned above, 16% of the token supply has been dedicated to raising funds through the public sale of the VERSE token. The token sale is live on Getverse.com. Interested investors can sign up on the platform and complete KYC requirements to be able to purchase the VERSE token beforehand. The token sale is currently not available for residents of the United States, Japan, and other restricted jurisdictions.
The VERSE token sale is priced dynamically such that the more money contributed to the sale, the higher the price per token for all buyers up to a maximum of $0.0024/token. This design, according to Bitcoin.com, is fair, as early and inside buyers are not given an undue advantage over public sale buyers. In fact, as of 2022-11-29 at 0:00 UTC (exactly 48 hours before the sale closes) the dynamic price was just $0.00013/token, which is 11.7x cheaper than the price per token paid by first-round private sale buyers. Learn more about Verse token dynamic pricing.
Joel loves discussing cryptocurrency and blockchain technology. He is the founder of CryptocurrencyScripts. Follow the author on Twitter @agboifesinachi