Smilo is a unique blockchain platform which supports the combination of hybrid transactions, hybrid smart contracts, and hybrid decentralised applications — with ‘hybrid’ referring to both public and private. Smilo's intent is to use blockchain technology to create an alternative protocol for decentralised applications.
With the dawn of the new hybrid blockchain platform there will be two types of assets that
drive the network.
The first type is the Smilo token which will be rewarded to the masternodes. The second type is SmiloPay, which will be generated on every account that contains Smilo.
These two types of assets fulfill completely different roles in the Smilo network.
- Smilo (abbreviated symbol XSM)
- SmiloPay (abbreviated symbol XSP)
Smilo tokens are a representation of the stakes held by a user, and as such they represent the user’s ability to influence the Smilo network evolution. Every Smilo token counts as a vote, so the more Smilo tokens you own, the more influence you will get over the Smilo ecosystem's evolution. As a Smilo token holder, you have the following privileges:
You will be able to vote for the following:
- Send free transactions with SmiloPay
- Voting for network parameter changes
- Changing the price of Tx fees
- Changing the price of smart contract execution fees
- Changing the price of smart contract deployment fees
We can compare the usability of SmiloPay on Smilo like a battery. With a battery, the Smilo value determines the maximum capacity volume and charging speed. When a user uses a device, it consumes a certain amount of energy to power the device. The energy consumed should be higher if the device is more powerful. For the SmiloPay mechanism, the number of Smilo held by user is the capacity value. The maximum capacity volume is the Smilo of the account. The capacity recovery rate is SmiloPay/block. The task of using different types of devices is to perform different types of operations such as transferring or deploying contracts.