5 March 2021: Accubits Technologies has recently been selected by Vow currency to help them change the world by breaking the monopoly of centralized currency issuance. With this partnership, Accubits was onboarded as a technology partner for blockchain development and asset tokenization.
Vow is a free-floating, ERC777 compliant token that is issued on the Ethereum blockchain. It can be traded in two ways- peer-to-peer or on supporting crypto exchanges. Vow’s mission is to eliminate the limitations associated with centralized currency issuance. This is because unilateral control over currency creation has often resulted in a contribution to market crashes, asset bubbles, and currency crises throughout history. By decentralizing currency issuance, Vow aims to democratize value creations and distribute the function of issuance from a few parties to a vast portfolio of cooperating entities.
The primary aim behind Vow is to enable the nodes on the network to issue fixed value tokenized currencies known as vcurrencies. Merchant users can buy a number of Vow Tokens representing 20% of their annual rewards budget. They can then lock up this amount as a smart contract deposit on the blockchain, creating vcurrencies worth 5x the deposit value, ready for distribution. Merchants can unlock their deposit and receive its full value back any time they return all vcurrencies they have issued to the smart contract for burning.
Accubits Technologies was selected by Vow to develop various blockchain solutions which make the overall management of the solution possible. From the development of Vow’s ICO platform itself to developing a mobile wallet app, Dex, and payment integrations, Accubits have been instrumental in helping Vow bring the project to light.