The crypto market as we see today is rife with a lot of tokens providing the same service. While most of the tokens currently present in the crypto universe provide almost the same service, some possess exclusive features as well.
Crypterium, which aims at providing its customers with the ability to use cryptocurrencies in the real world to perform real life tasks, has its own token named CPRT. How it is different than the rest of the tokens present in crypto world?
Talking to BlockPublisher regarding CPRT’s difference from the rest of the tokens floating around, Siranush Saroyan, the Head of Marketing and Communications at Crypterium stated:
What makes our utility token stand out from other coins is its burning mechanism. CRPT is used as “gas” to power up transactions. Every time someone makes a payment, a fee equal to 0.5% of the value of the trade in CRPT is taken from the user’s account and burned. As a result, the number of tokens in circulation reduces prompting the demand for them in the market. Following the laws of economics, the increased demand increases the price thereby reducing the amount that is going to be burned for each transaction.
Siranush lauded the burning mechanism that CPRT possesses at its core. Since a specific amount of CPRT token is burned as a result of a transaction taking place on the network, the overall supply of the tokens in circulation reduces with each progression. As a result of this, the demand for CPRT increases across the network, thereby decreasing the amount CPRT burned upon each transaction.
Crypterium also aims at making cryptocurrencies a part of a person’s everyday life. One of Crypterium’s goal is to provide its users with the ease of performing global payments easily and safely. It focuses at making online payments through cryptocurrencies easy and accessible. Its pipeline also includes enabling the users to send money internationally to any account. Crypterium essentially seems to become a bank for the users across the crypto space. It aims at bridging the gap between the traditional financial world and cryptocurrencies.
At the time of writing, CPRT stands at a market price of approximately $0.348, as per CoinMarketCap. With such burning mechanism employed at its core, it remains to be seen how CPRT survives and tackles the market saturation that is currently present in the crypto space.