Asset Name: AltillyCoin (ALTI)
What is AltillyCoin?
AltillyCoin (ALTI) is a rewards coin for the Altilly ecosphere. Rewards can be classified in many different ways, such as rewards for trading activity and rewards for basically anything related to Altilly that adds value to Altilly itself. We are giving ALTI an intrinsic value of $0.25 each. Actual market values will vary depending on the market demand.
How many ALTI coins exist?
The initial generation of coins was 99 million. However, the majority of these will be placed into cold storage until needed. The distribution of ALTI into general circulation will be tightly controlled. There will be no “free” distributions of ALTI, any distribution of ALTI will be based on another value provided. This adds value to the coin for anybody who is a holder, because they did not get it for free - thus they will not release it for free either.
How can you get ALTI?
Trade activity: For every $0.25 in fees you pay in trade fees, you will receive 1 ALTI. This is calculated all the way to 10 decimal points, which means if you only paid $0.0025 in trade fees, then you still get 0.01 ALTI. This is automatically calculated daily and distributed directly to your account.
Perform actions (aka Human Work) for Altilly. We will specify and hold events for exactly what kinds of activity will qualify. But some examples may be: Posting on your twitter a positive review about Altilly or posting positive reviews about Altilly elsewhere on the internet. Anything that we can think of that will add some kind of value to Altilly, will be rewarded. Please don’t go out and start doing things with the expectation of a reward until we hold the specific event to do so. These events will be posted in the Altilly telegram group, so keep an eye out there for these events.
Purchase on the exchange: You can buy ALTI on the exchange in 3 different markets: BTC, ETH, and USDT. The prices on the exchange will be whatever the market bears, so it could be more than $0.25 each or it could be less.
Altilly admins: These users have been providing help to altilly for a long time now, and with no pay. These users, and new users who are chosen to help in the future will be rewarded with ALTI for their efforts.
Private purchase: Would you like to purchase ALTI at a discounted rate? We will be providing a limited amount of ALTI for this purpose. However, it does come with stringent terms - you can NOT sell these ALTI on the exchange for 90 days. However you can use them for any other service we provide that accepts ALTI as payment. There will also be a minimum quantity you can purchase. Contact Michael Osullivan (@MrMike_O) on telegram if you are interested.
What is ALTI used for? Who spends ALTI?
ALTI will be required for anybody who wants to list their asset on the exchange. Consider it a listing fee. The developer who wants to list their ALTI will need to pay a fee in ALTI to have their asset considered for listing. If their asset is approved, then ALTI paid will be placed back into the rewards pool. If their asset it not approved, then the ALTI will be returned to them. Human work is required to add a new asset to the exchange, so the price of a listing will be based on how much human work is required to setup that asset into our system. Thus far, we have been providing the human work to setup new assets for free - but that is not a model that can be sustained since many new assets do not provide enough revenue to offset the cost of the human work involved. Some new assets are fairly easy to integrate, while others may require a day or more of development work to integrate into our system. An initial review of a new request typically takes 30 minutes, while the integration can vary from another 30 minutes to a couple days. ERC tokens are the easiest to integrate. Coins based on the bitcoin source code are the next easiest, but require a code review as well as building of the wallets on two separate servers. Coins based on new protocols require even more work, as it involves programming a connector interface between our backend systems and the asset wallet.
Delisting prevention: Some markets do not product enough income to offset the cost of keeping on our exchange. However this does not mean that nobody wants it on the exchange. If an asset is tagged for possible delisting, then we will post an offer to keep it listed on the exchange - which can be paid in ALTI. This payment can come from anybody, not necessarily the developer of the asset. Any user can contribute towards keeping the asset listed, and can even pay a portion - allowing multiple users to pay towards the total balance required. If enough “votes” to keep it listed is achieved, then the ALTI paid will be placed back into the rewards pool. If the required votes are not achieved, then the ALTI will be returned back to the voters and the asset will be delisted.
Trade competitions: ALTI will be required to start a trade competition. Both as a fee to setup the competition, as well as an escrow to ensure that the competition holder does not change the terms of the competition rewards after the competition has begun. The setup fee will be based on the human work required to setup the competition. The escrow will be released back to the competition holder after a successful competition. An unsuccessful competition (where the terms were changed) will result in the loss of escrow - and these funds will be distributed to the the winners on the competition. This is an incentive to reduce fraud and keep everybody honest. Altilly’s main focus here is to protect our users. We consider all users of our exchange as part of the altilly family - and thus we treat you like family.
Voting: Altilly members who hold ALTI will be able to use ALTI to cast votes. These votes initially will be used to determine which new assets should be added, and in what order we should add them. When a new asset request receives an initial approval, it will be added to the voting page, which users can cast their vote to determine which we should add first. We receive a lot of new assets requests every day.
Exclusive altilly merchandise: We will be opening a store, where you can use your ALTI to buy things, such as altilly.com t-shirts, hats, or whatever else we can think of. We will provide worldwide shipping for anything for sale in the altilly store.
Reduce trade fees: You can buy a membership to reduce your trade fee cost at Altilly. We will provide different levels of membership, and some memberships will allow you to cast votes for free.
Private safe storage: Would you like us to setup a private safe storage for you? Perhaps you are holding a lot of coins, but don’t want to keep them on your computer? We can setup an offline safe storage for your coins as well as providing you with the keys to that storage. We will keep the keys offline in a secure facility in case you lose your copy, and you always use your key to retrieve your funds on your own in case altilly is unavailable in the future to produce the keys for you. You should remember to always keep the keys we provide to you in a safe place - i.e. NOT YOUR EMAIL & NOT A TEXT FILE on your computer. Print it out, place it in a place where only you know where it is, then delete any record of it from your computer. Remember, hackers are always trying to get into your computer all the time - don’t be a victim.
You can earn ALTI by simply staking them in your wallet. The staking reward is on average 4% per year, while this may not sound like a lot - it is certainly better than what you will earn at the bank. These can be considered the only “Free” way to earn ALTI, but in fact it is a reward for ensuring the ALTI network chain remains secure.
Altilly Buy Back:
25% of the trade fees we collect daily (ie, in BTC, USDT, ETH, LTC, DOGE) will be used to place buy orders in the ALTI/BTC, ALTI/ETH, and ALTI/USDT markets. These orders will be placed at a price which places them at or near the top of the buy order list. The minimum price we set the buy orders at is a $0.25 value in that currency, there is no maximum price we will set, if the price on the exchange is $1 each, then we will place bids near that value. We may not always set our bids at the #1 spot, but in most cases our bids will be within the Top 5 positions. As ALTI get purchased back from the order books, these coins will be placed back into the rewards pool