What Is Vow (VOW)?
Vow (VOW) is the first digital asset that seeks to transform the world by decentralizing currency issuance, thus becoming a universal bridge that acts as a merchant for accepting cryptocurrency worldwide. The platform aims to regulate the private currencies while eliminating all intermediaries. Vow currency is demonstrated as the subscript 'V' prefix plus traditional currencies' original name or symbols. For example, the vow currency of the dollar is V$. All the Vow currencies are voluntarily adjustable.
Usually, all traditional currency systems rely on central banks and other financial institutions for supply, which frequently destroys the store value of currencies. Thus, to resolve this issue, Vow seeks to feature similar forms of all traditional currencies. These currencies float independently to store the value of currency persistently. The Vow seeks to ensure system security for more advancement by accommodating platforms with currency minting and destroying protocols. Minting is known as a process of creating new tokens.
Vow regulates the stablecoin alternative tokens referred to as "vcurrencies." The backstop value of these currencies seeks to remain equivalent to traditional currencies. Moreover, the prices of currencies aim to be independent and float openly, unlike any other stablecoins or local currencies that are subject to dependent fluctuations.
As per the whitepaper, the native token of the Vow ecosystem is 'VOW.' The VOW is an openly floating ERC777 governance token that is issued on the Ethereumblockchain. ER777 is a fungible token standard that improves on the existing ERC-20 standard. The value of the VOW token rises and falls as per the demand and supply. The token is basically defined as an enabler for minting another category of token called 'vcurrencies.' These currencies have fixed values.
The token uses a burning process to reduce the supply. Burning is the process of permanently erasing tokens from circulation by sending them to an inaccessible wallet address. To make the burnings more frequent, Vow has started to burn 1.6% of every vow currency during use.
History of Vow (VOW)
Vow Limited is a Jersey-based organization that is wholly responsible for the issue of VOW tokens. The token was launched in the year 2020. The board of directors of the Vow include Bish Smeir, Lindsay Bracegirdle, and James Cunningham-Davis. Apart from this, there is an expert professional team of executives and an advisory council. The whitepaper of Vow was published in January 2022.
