UTK is the native cryptocurrency of the xMoney platform, previously known as Utrust. xMoney is a payment platform aimed at modernizing the finance and payments industry, offering faster, secure online transactions with lower fees, using blockchain technology.
Fundamentals of XMoney:
* Decentralization: As a cryptocurrency, UTK operates on a decentralized network (initially on the Ethereum blockchain as an ERC-20 token and later migrating to MultiversX), meaning it is not controlled by a single central authority.
* Security: The underlying blockchain technology provides a high level of security and transparency for transactions.
* Low Fees: UTK aims to offer significantly lower transaction fees compared to traditional payment systems, especially in international transactions.
* Focus on E-commerce: The Utrust platform was developed with a focus on the needs of online merchants, facilitating the acceptance of cryptocurrency payments with automatic conversion to fiat currency to mitigate volatility.
* Utility Token: The UTK token has various utilities within the ecosystem, including payment of fees on the platform (with discounts), staking for rewards, and participation in the future governance of the platform (via DAO).
* Cashback: Users can receive cashback in UTK or EGLD when making payments within the MultiversX network. Companies processing payments with xMoney can also receive cashback.
* Deflationary Mechanism: A percentage of transaction fees is used to buy back and burn UTK tokens, reducing the total supply over time, which theoretically can increase the value of the remaining tokens.
Main Real Uses:
* Online Payments: UTK can be used by consumers to pay for goods and services in online stores that integrate the Utrust/xMoney platform.
* Payment Processing for Merchants: Businesses can use the platform to accept payments in various cryptocurrencies, receiving the amount in their preferred fiat currency, avoiding exposure to cryptocurrency volatility.
* Value Transfers: UTK can be used to transfer value quickly and with lower fees compared to traditional methods, especially in international transactions.
* Staking and Rewards: UTK holders can stake their tokens to earn passive rewards (APR).
* Cashback: Users and businesses can receive rewards in UTK when making or processing payments.
* Governance (Future): The transition to a DAO governance model will allow UTK holders to vote on important decisions about the future of the platform.
Major Players Already Using UTK Money/xMoney:
* Travala.com: An online travel booking platform that allows payments with various cryptocurrencies, including UTK.
* Shopify: Through integrations with payment gateways that support Utrust/xMoney, merchants using the Shopify platform can accept payments in UTK.
* Binance Pay: Binance Pay has partnered with xMoney to expand access to cryptocurrency payments in Europe.
* S.L. Benfica: The Portuguese football club was one of the first major adopters, allowing its fans to buy tickets and merchandise with cryptocurrencies through the Utrust platform.
* Oveit: An event technology company that integrated Utrust to enable cryptocurrency payments at events and for ticket sales.
