Trustworks: The NFT Incorporated Social Media Platform
Social Media has been a force in the tech industry since its conceptualization when the first sites like Myspace and Facebook were created. One thing no one could have predicted when building and finishing these products was the impact they would have. The impact of social media is felt in different ways, both economically and socially. Obviously, the aforementioned companies have mastered and developed strong platforms that utilize different products to bring about the most revenue and exposure.
An area where social media is still lacking is in the cryptocurrency industry, and theres a new player in the game looking to change the landscape and revolutionize the way we socialize and interact on the internet.
TrustX is a BEP-20 token (Contract Address: 0x2dbd86a424a815ad2a08a2d8dae07007fed6dc91) featured on the Binance Smart Chain. Trustworks aims to be the preffered social media application of choice in the cryptoverse. $TRUST tokens will act as the utility token for the platform, which will bring users a variet of new and innovative features directly related to blockchain technology. One of the big focuses for the platform will be the ability to showcase your collection of exclusive NFTs which will be released via the TrustX app.
TrustX tokenomics and distribution are as follows:
- Max Supply: 1,000,000 $TRUST
- Binance Smart Chain IDO: 375,000 $TRUST
- $TRUST Liquidity Pools: 200,000 $TRUST
- Treasury: 100,000 $TRUST
- Development Fund: 162,000 $TRUST (Tokens are locked, vesting schedule 2, 4, 6, and 8 months)
- Team Tokens: 50,000 $TRUST (Tokens are locked, vesting schedule 9, 12, 15, 18 months)
The ecosystem involving $TRUST heavily involves NFTs. Following a decentralized governance model, users will be able to purchase or trade NFTs and use them as a membership token to enable voting rights and delegation. DAO NFT holders will also benefit by receiving the 0.5% transaction fee charged when trading $TRUST. This fee is pooled for the DAO to split on a monthly basis.
In addition to Membership DAO NFTs, the ecosystem will also utilize Monthly Reward NFTs, which reward users with a Membership DAO NFT if the user collects any of the Reward Series NFTs.
It’s important to note that the Trustworks NFTs will never be sold or used to generate revenue sent to the developers. All NFTs are distributed directly to the community for use and trading. 30% of the fees collected from the NFT trades will be sent to a whitelisted wallet that anyone can verify. After this wallet reaches a $10,000 threshold, the team will reach out to the assigned icon and donate the money to the charity of their choice! One of the most important utilities of $TRUST is you can trust in its ability to give back.
As if there wasn’t enough utility, users will also be able to use $TRUST tokens to trade, bid, create, and design directly in the TrustX app. In addition, users will also be able to stake their $TRUST tokens for points to redeem NFTs in the app. Users will earn 1 point for every 500 $TRUST staked. NFT rewards can be redeemed after accumulating 27 points. You can also stake an additional 500-1000 $TRUST to double your points being earned!
As the project develops overtime, users can remain well informed with the following roadmap showcasing some of the plans the future has in store:
Trustworks is looking to reshape the social media sector with the first NFT driven ecosystem run by the community. Cryptocurrency allows users to come together free of censorship. Users can also transact and interact on an entirely different level with blockchain enabled features that haven’t been explored before. Be sure to follow Trustworks as it begins its journey to the top of the NFT market.
There’s a community AMA event happening today, 4/30/21 @ 10am PST featuring ADOR! The ADOR X Trustworks AMA will feature $50,000 in pooled rewards! Join the community Telegram and participate to find out more.
(I write articles, reviews, and Litepapers for legitimate, interesting, up and coming cryptocurrency projects. Feel free to PM me to review your project. Thank you!)
Disclaimer: This is not financial advice. The sole purpose of this post/article is to provide and create and informative and educated discussion regarding the project in question. Invest at your own risk.