Integrating tokens into the mechanics of how a project works is one of the key criteria for conducting a modern crowdsale. Projects that do not directly use tokens in their mechanics are being publicly recognized as potentially dangerous to buyers. This does not apply to the decentralized retail platform project Hamster Marketplace: our HMT token is fully and organically built into the marketplace’s economic model.
The HMT token is a smart contract based on the Ethereum blockchain, developed for the Hamster Marketplace retail platform for unique gadgets and electronics. The total number of HMT tokens issued will be 10 million, of which 7 million will be released for open trading at $2 per coin in February 2018. Once the crowdsale concludes, the excess unsold and undistributed tokens will be destroyed.
Users that have undergone know-your-customer (KYC) procedures will automatically be able to not just store, but also send and receive HMT tokens both with the hmstr.io web wallet and with their Ethereum wallets. The HMT token will be added to the cryptocurrency exchange listings.
From the very beginning of the platform’s operation, HMT tokens will be used for:
- paying Hamster Marketplace service fees;
- making sales without platform commissions;
- paying for internal promotion on Hamster Marketplace;
- as a deposit guaranteeing compliance with all requirements for verified vendors;
- discounts on purchases on Hamster Marketplace when paying with tokens;
- access to additional Hamster Marketplace features.
Once the beta version of the Hamster Marketplace retail platform launches, the manufacturers represented there will be able to pay for the platform’s services in tokens as they would using other cryptocurrencies and fiat currency, as well as receive discounts. When the public beta version goes live, the internal HMT exchange rate will be set at $10. When using the token to pay for goods, receive discounts, and as a pledge, HMT’s market price as of the transaction time will be used.
HMT Token Holder Privileges
Ability to pay Hamster Marketplace service fee in HMT tokens
The Hamster Marketplace service fee allows for the maintenance and development of the platform. The fee is withheld by the platform from sales as a commission in the currency of the sale, at the minimum possible level for the marketplace to be self-supporting. To save on this fee, manufacturers can pay for it in HMT tokens.
When paid in tokens, the commission amount will be calculated based on the internal exchange rate (HMT ≥ $10, but no less than 125% of the market price). Manufacturers who bought HMT in advance at the token sale price, at a discount during the pre-sale, or on the cryptocurrency exchange can save on the difference between the nominal and actual exchange rate.
Ability to make sales without the platform commission
No commission is taken from sales of goods purchased on Hamster Marketplace for HMT tokens. This allows sellers to give buyers who pay in HMT a discount off the price in other currencies equal to the commission, or slightly smaller to increase their margins.
Method of paying for internal promotion on Hamster Marketplace
As the number of vendors in the marketplace increases (at least 1000 in 2018, 2000 in 2019), the increase in internal competition will create demand for internal promotion tools. Within the marketplace, sellers will be able to make use of:
- priority in search results and ad spaces;
- banner ads;
- the ability to take surveys of users;
- priority display in the “Recommended” list;
- email messages (such as ad spaces in service messages);
- and other options under development.
These can be paid for in both fiat currencies and cryptocurrencies, including HMT. The price of advertising options in HMT will be calculated based on the internal exchange rate (HMT ≥ $10).
Deposit to guarantee vendor compliance with Hamster Marketplace requirements during verification
Vendors who have not accumulated enough points to pass verification under criteria not related to product quality or key business processes, having to do with auxiliary parameters, may begin selling on Hamster Marketplace by submitting a deposit in HMT.
If the terms of the deposit are violated, the vendor’s sales will be frozen, and they may be removed from the platform entirely. If all the terms are fulfilled, the tokens are added to the vendor’s account in the marketplace.
No commission on purchases on Hamster Marketplace when paying with tokens
HMT tokens provide special terms not just for manufacturers, but also buyers on the platform. Tokens may be used to pay for any purchases on Hamster Marketplace, even if the seller has not specific HMT among the payment options they accept. At payment, the marketplace automatically converts the HMT tokens into one of the currencies accepted by the seller at the market exchange rate.
Access to additional Hamster Marketplace features
HMT token holders will have access to information on not just the goods and manufacturers available on the platform, but also the list of projects under verification and even vendors who were rejected. HMT token holders will also be able to see sales statistics for various categories of goods, including the average purchase amount, the total number of purchases, and the demographics for Hamster Marketplace buyers, both for individual categories and for the platform as a whole. This will be a unique trove of information both for manufacturers and for IT journalists or simply fans of new tech.
Conclusion
Unlike in many other projects, the HMT token is not just a tool for conducting the crowdsale and raising funds; it is fully integrated into the marketplace’s economic model. Using HMT as a primary payment method will offer significant savings for both users and manufacturers.