By creating and providing an entire ecosystem we hope to align individual security with the evolution of the Biometric Financial system as a whole. The $BioFi utility token represents a single point of ‘glue’ within the ecosystem. It verifies the value of data from its source and throughout each stage of the token lifecycle. It maintains transparency between individual users, organizational stakeholders and service providers. Furthermore, utilizing blockchain distributed ledger technology (DLT) within the BioFi ecosystem provides transparency and security through the implementation of governing smart contracts. Rendering the authenticity of services such as DeFi is as simple as “check the chain.”
The table below illustrates the high-level description of the $BioFi utility token launch. Minting completed in Q1 2022 and the Launch was implemented on April 20th, 2022. The graphs below indicate the use and emissions of the tokens over a 10-year period.
$BioFi has been conceived to foster an open and easily accessible financial ecosystem that encourages active participation of both consumers and solution-providers who recognize the importance of letting users protect and control their identity within the financial decision-making process.
Providers can independently create their own solutions by easily integrating with the BioFi ecosystem through common API interfaces. Sample solutions may deliverability to:
Individuals and organizations that utilize $BioFi will have access to unique utility rewards. Using $BioFi, holders can earn utility rewards that can be accumulated or applied to access ecosystem products and services. As an example, $BioFi rewards cannot only help offset the cost of BioFi ecosystem insurance premiums, but as rewards grow, they could completely offset the cost while paying additional utility rewards.
Through an active liquidity pool strategy, $BioFi holders are expected to be able to utilize $BioFi to fund other activities or projects. The basic proposition of BioFi is to deliver value through a simple to use portal that supports many utility services including Web 3.0 and multiple DeFi services. The common user of BioFi will experience the value of the token as rewards and expanded utility.
BioFi can also create endpoint utility value for a user through a Premium Financial Suite which represents a node on the Constellation Network’s Hypergraph system, either through a software app or from Phēnix X1 mobile devices. Users of the node will have the ability to lock up utility value and receive additional value returned over a redistribution period with increased utility rewards while also having access to the service and network and tiered reward structure available through promotions.
Users that take advantage of the network node will have the ability to generate their own utility value creation. The user will be considered part of a node cluster or a fractionalized Constellation node as defined through a grid of BioFi utility ecosystem devices. Other devices that interact with the network nodes may be introduced over time.
Launch of the $BioFi utility token will initially be on the Avalanche network as an ERC20 token, to be converted to the Constellation Hypergraph network in 2022. Once the $BioFi utility token becomes an L_0 token on Constellation’s Hypergraph network, pooled $BioFi may be represented as $DAG tokens which will be used to facilitate the ecosystems data throughput requirements as the State channel API becomes available.
During integration with Constellation, we will launch a Constellation-Ethereum Bridge available through the Lattice Exchange. This will provide cross-chain liquidity and to ensure ample liquidity, there will be on-chain liquidity pools defined for several liquidity pairings. The design of these pools will assure the reward structure provides ample room for growth for backers and the project. The initiating pools will be defined as BioFi-DAG LP – BioFi-LTX LP as made available on the network and exchanges.