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This week, pax.world launched $PAXW, its proprietary utility token for the metaverse. The process of designing and launching $PAXW has provided a clear understanding of the token’s inherent purposes, enormous potential, and possible dangers.
Let’s begin at the top:
A utility token is a cryptocurrency that serves a specific purpose within a particular ecosystem. Utility tokens give holders the right to perform specific actions on a blockchain network or decentralised application – in this case, $PAXW is native to pax.world. It is a utility and governance token rolled into one – minted, stored, and kept secure on the blockchain.
One of $PAXW’s purposes is to grant the token holder a stake in the platform’s governance. Typically, governance tokens can hold the key to voting rights, a say in project direction, new partnerships, and upcoming platform features. In this regard, $PAXW plays an essential role in the decision-making process of the soon-to-be-released DAO (decentralised autonomous organisation), a governance model that pax.world strives to achieve.
In addition to its multiple functions as a means of payment, trade, and investment, cryptocurrency can also be spent or traded across a wide range of platforms and ecosystems. Many iterations of the metaverse effectively take the form of expanded social networks or video games. However, pax.world is a metaverse that serves as a functioning society that facilitates trade, commerce, culture, education, innovation, networking, and socialising.
In order to allow this virtual society to flourish and to facilitate freedom, fairness and creativity, the team must build pax.world on solid bedrock, not only in operational terms – undoubtedly important – but also in the design and deployment of its governance and in-game economy.
A token listing is crucial to this latter building block. A strong in-game economy requires a robust store of utility value, and tokens form part of that function – a means to the end of a thriving pax.world community. A metaverse is only as strong as its community, and tokenisation is a decentralised solution that enables communities to contribute to creating and governing a society (e.g. through a DAO) without the intervention of a partial third party.
In light of the above aspects of token usage applicable to pax.world, the team has decided to list the token before pax.world’s grand opening. It is to begin expanding the pax.world metaverse economy….
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