VP Token (Ecosystem Utility Token)
The VP token will serve as the primary means of exchange across all products and services in the ecosystem such as minting, renting and selling all manners of tokenized items (NFTs) in Virtual Pangea. Purchasing Metaverse SAAS subscriptions, as well as other B2B services offered will also be possible using the VP Token. Additionaly, the token will be used in a cyclical reward pool described in the Tokenized Rewards (XP) section.
To benefit from one of the most robust and secure networks, while retaining the ability to scale and offer Pangeans advantageous transaction fees, the VP token is created using the ERC20 Standard as defined by the Ethereum network. It will launch on the layer two solutions provided by the Polygon Network, an Ethereum Virtual Machine (EVM)-based system. This means that we will use the same development tools and processes that make up the vast and well-tested Ethereum Network. With ERC20 Standard being the most widely-used token standard across the cryptocurrency industry, Pangeans will have the flexibility of interacting in Virtual Pangea using the full breadth of tools (wallets, exchanges, etc.) accessible to users of the Ethereum Network.