Site "Cloud Credits and Currency Use
SPADES Token Community utilizes a site Cloud Credit, for internal transactions, the Cloud Credits, worth $1.00 each, convert to SPADES Tokens upon Members cashing them out.
Why don’t we just use SPADES Tokens in the community?
This is a great question, and the answer is simple, each exchange of SPADES Tokens would require a “bandwidth” and “energy” (mining) fee to be paid in TRX (TRON), which makes the transaction more expensive. It also requires you to hold TRX in addition to SPADES. We hope there will be many many transactions between our Members on a daily basis, by using a Site Credit we negate:
- a blockchain-based transaction fee (saving you money),
- use of extra electricity used in the proof of stake (which can be harmful to the environment), and
- the need for you to have TRX on hand to pay the transaction fees.
What are the Credits worth?
To make things simple, each individual site credit (officially called a “Cloud Credit”) is equal to one U.S. dollar. You will be able to cash out your Cloud Credits for SPADES. How many SPADES Tokens you receive depends on the value of the SPADES Token at the time you cash out, for example if SPADES Token is equal to 1 penny, and you cash out 1 Cloud Credit (worth $1.00 or 100 pennies) then you would receive 100 SPADES Tokens. We have chosen the Dollar as the value of the Cloud Credit to make it as easy as possible for people selling things in the marketplace or auction to know what value they are receiving, and the buyer knows what it costs them without having to do additional math.
How do I get Cloud Credits?
You can purchase Cloud Credits in any manner the site allows, via cryptocurrencies, debit or credit cards, PayPal, and any other methods that are added. You can also earn Cloud Credits from the site in a variety of ways.
How do I trade my Cloud Credits for SPADES Tokens?
You request a “swap” of Cloud Credits for SPADES Tokens in your site wallet, this is one reason why we will ask you for your SPADES Wallet address in your profile, so we know where to deliver your SPADES.
The Wallet Solution:
All users receive a wallet lodged directly in your account on this community. It will hold Cloud Credits, and be connected to a secure wallet that holds SPADES Tokens. When you cash out Cloud Credits, they are automatically converted to SPADES Tokens, delivered directly to your secure wallet. You can then sell your SPADES Tokens for cash, or swap them for other cryptocurrencies as you wish.
Additionally, we are working on (we will do our best, but no promises) the issuance of a SPADES Debit Card that can be used in conjunction with your Cloud Credits. This is an additional reason for the Cloud Credit to be equal to a U.S. Dollar.
Many people are unaware, but the amount of energy expended in mining cryptocurrencies is excessive, the picture below from MarketWatch shows just how much energy (in dollar cost’s) it takes to mine a single Bitcoin. SPADES however (as an asset of TRON) has a better protocol, and it is far far less energy intensive. This is one of the reasons we chose the TRON protocol for the SPADES Token, it also has a much faster transaction rate, as well as being less expensive (and can even be free) in terms of blockchain transaction fees.
For those looking for a stable cryptocurrency to invest in, that is environmentally friendly, is supported by a community, and that promotes charitable work; SPADES Tokens are the answer.