The Virt-U Network Token: 10 Things to Know

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If you’ve read some of our previous blog posts, you must have become familiar with the terms “Virt-U economic platform for Virtual Worlds” and “Virt-U Network Token” by now. But if you haven’t, here’s a quick recap:

Virt-U: The economic platform for Virtual Worlds

That’s right. The future is closer than you thought. Virt-U is about to revolutionize the virtual world with its decentralised blockchain-based network whereby users can register to buy, sell and create virtual goods for games.

On the Virt-U Network, anyone can be whoever they want to be. What do we mean? Let us explain.

Have you ever pondered about who you would be in an alternative life? Maybe you have fantasized about being a pilot or film maker, or even a professional footballer. Well, whilst our reality does not permit us to lead two separate lives, virtual reality does. On the Virt-U Network, anyone who wants to can lead alternative virtual lives; you could be an architect designing the next Burj Khalifa; or you could be an aerospace engineer working on the next revolutionary spacecraft to launch into space. Anything is possible in the virtual world.

virt-u network token virtual gaming platform

But are we there yet? No. Although virtual worlds already exist, they are nowhere near achieving this – well up until now that is. That’s because, since the advent of blockchain technology, we can unite the virtual world with an economic platform to drive innovation and fun.

No more will the current marketplaces hold virtual worlds back from achieving their full form. And that’s why Virt-U has been created; to make this dream a reality – to bridge the gap between the virtual world and the physical through its economic platform.

But how will this trading, selling, exchanging and buying work you might ask? Very simple. By buying and selling virtual assets, using the Virt-U Network Token (VRT) as payment.

What is the Virt-U Network Token (VRT) and how is it used?

Just as we need a token to use the machines in a launderette in the real world, we will equally need some sort of “virtual token” to access virtual goods in the virtual world.

The Virt-U Network Token is used for payments on the Virt-U Network.

So now that you have a better understanding of what the Virt-U Network and the Virt-U Token Network are, here are:

10 Interesting Facts You Should Know About The Virt-U Network:

  1. Virt-U: A registered corporation

Virtual World Economy Ltd (trading as Virt-U) is a Gibraltar registered corporation. We believe Gibraltar to be the perfect location to register our corporation as Gibraltar is quickly moving towards a regulated framework for companies working on blockchain.

  1. Legal team

We have instructed ISOLAS LLP with Joey Garcia as our Supervising Partner.

ISOLAS LLP Gibraltar is the longest established full-service law firm in Gibraltar. They have been around for 125 years – since 1892 to be exact – with, needless to say, a very strong reputation worldwide.  

  1. VRT token smart contract is on GitHub

GitHub hosts version control repositories where developers store their projects and discuss development with like-minded people. As part of our belief in transparency, the smart contract for the Virt-U Network Token is available publicly on GitHub.

We will keep adding to our public repositories on GitHub.

  1. Virt-U participants

We are looking for a wide range of participants in the Virt-U community, including game developers and gamers, through to Ethereum community members. Our team is looking for participants who will make use of the network and contribute to the community. 

virt-u network virtual gaming platform

  1. Payments on the Virt-U Network

Payments on the Virt-U Network are made with the Virt-U Network Token (VRT), hence the name ☺.

VRT’s will be required to perform any of the transactions on the Virt-U Network such as registering, listing or selling an asset.

  1. VRT is an ERC20 token 

As explained above, and in another blog, Virt-U – the Virtual World Revolution , the Virt-U Network Token (symbol VRT) is an ERC20 token on the Ethereum network.  Any Ethereum wallet that supports ERC20 tokens can hold VRTs.

  1. Official channels and our social media

We will release information via our official channels.

Not following our official channels? Here you go:

Website: www.virt-u.io

Twitter: @virt_u

GitHub: github.com/virt-u

 

Join the community on the following social media:

Telegram: t.me/virt_u

Facebook: facebook.com/VirtDashU

LinkedIn: linkedin.com/company/virt-u

Reddit: reddit.com/r/virt_u

Slack: virt-u-community.slack.com

Medium: @virt_u

  1. One billion VRT tokens

We will only ever create (mint) 1 billion VRT tokens and will not create any more after this.

  1. Smallest denomination in VRT is vee

The smallest denomination (base unit) in VRT is called vee.  Just like that cents are the smallest denomination in dollars.

Each 1 VRT has 1 Quintillion (1018) vees. We use 18 decimals, the same number as Ethereum’s Ether where each 1 ETH is made up of 1018 wei.

  1. Vesting

We see token vesting for each team member including the founders as essential in aligning incentives of the project and the team.  The vesting schedule for each team member is 2 years.

 

We hope you’ve found this article insightful! Let us know if you have any questions about the Virt-U Network or the Virt-U Network Token on any of our social media channels. Also, feel free to get involved in the Virt-U community by chatting to us on our community channel on Telegram: https://t.me/virt_u

 

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