PHONE token introduction
What is the ERC20 standard?
Public blockchain systems are based on using tokens, which can be sold, purchased and exchanged among users. Ethereum is a Blockchain system launched in 2015. It has Ether (ETH) — a native token which is valuable in the system. However, many application makers want to launch their own token, which can be contracted like ETH. That token could represent digital assets such as vouchers or real-world assets. Basically, it is still a smart contract.
One of the most important token standards of Ethereum is ERC. Becoming a technical standard, ERC20 is used by any applications which want to deploy its own token. It also provides token exchange rules for the app to maintain safe condition when used.
One of the advantages when using ERC instead of running a particular blockchain is that ERC2 token is released right in Ethereum. There were more than 200.000 types of ERC20 tokens existing in Ethereum main network.
Standard ERC20 has simplified the application development process on Ethereum. Instead of building a token from scratch, developers only need to integrate ERC20 smart contract with parameters, which are name, symbol and decimals. Developers are not allowed to change this standard as this action could put the app in danger in the future.
PHONE Token
PHONE Token follows the ERC20 standard, which is called “PhoneFarm”. Its symbol is PHONE and decimals is 18, meaning 1 PHONE could be subdivided 10¹⁸ times, similar to ETH. PHONE token is not only can be used in PhoneFarm but also can be exchanged in Ethereum network.
So, how to own a PHONE token?
At the Airdrop stage, the user could register for his Ethereum Address in airdrop list and wait until the list is final. At the point of Airdrop time, the user could claim PHONE about his address. The first Airdrop was happened from Oct 20 2020 to Nov 01 2020.
At the PreSale stage, a sum of PHONE tokens would be sold with investing value before PhoneFarm is launched. Users could purchase PHONE by ETH at this time.
What is PHONE used for?
PHONE is used for staking on Pool. After each Block, IPHONE (also an ERC20 token) will be released for interest payment with the rate of PHONE of each person staking on that Pool. To be more specific, look at this example:
- Pool 1: stake by LINK, weight is 2
- Pool 2: stake by DAI, weight is 3
- Pool 3: stake by PHONE, weight is 5
After each block, 10 IPHONEs are released in PhoneFarm, so the number of IPHONEs runs into each Pool is:
- Pool 1: 2 IPHONEs after each Block
- Pool 2: 3 IPHONEs after each Block
- Pool 3: 5 IPHONEs after each Block
On the other hand, there are 3 people staking in Pool 3 in the the total of 10 PHONEs with the proportion:
- A stakes on 1 PHONE
- B stakes on 2 PHONEs
- C stakes on 7 PHONEs
So, after each block, the number of IPHONEs that each individual in Pool 3 will receive is:
- A will receive 1 * 5 / 10 = 0.5 IPHONE
- B will receive 2 * 5 / 10 = 1 IPHONE
- C will receive 7 * 5 / 10 = 3.5 IPHONEs
Please notice that one person can stake on more than 1 Pool at the same time.
Users can stake more PHONEs or withdraw the number of PHONE he has already staked. At the same time, the number of IPHONE which the user is benefited from will be transferred to his address. As long as not all the PHONEs are withdrawn, users still can receive more IPHONE released in the next blocks.
According to the example above, when C withdrawal 5 PHONEs, there are 5 PHONEs remained in Pool 3:
- A stakes 1 PHONE
- B stakes 2 PHONEs
- C stakes 2 PHONEs
After the next block, the result for each person in Pool 3 is:
- A receives 1 * 5 / 5 = 1 IPHONE
- B receives 2 * 5 / 5 = 2 IPHONEs
- C receives 2 * 5 / 5 = 2 IPHONEs
The advantages of PHONE token compared to other ERC20 tokens
PHONE token is the original Token released by PhoneFarm ecosystem, therefore Pool for PHONEs staking users will overweight Pool staken by other ERC20 ones. It means that users staking by PHONEs will have the opportunity to earn more interest IPHONEs.
Contact:
- Homepage: https://phonefarm.finance
- Email: contact@phonefarm.finance
- Twitter: https://twitter.com/PhonefarmF
- Github: https://github.com/PhoneFarm-Project
- Telegram: https://t.me/phonefarm_official
- Discord: https://discord.gg/aBApkPx
- Medium: https://phonefarm-finance.medium.com/
