SupportMarket (SMT Token): Decentralized IoT & AI Services Coin?
What Is SupportMarket?
This project wants to create a marketplace where professional support technicians will come and earn a reputation for their skills. It will allow them to offer remote and onsite services to consumers and businesses. For consumers, it will allow them to purchase services when needed. The Support tokens will be used as utility tokens, which will represent repair value for all devices covered by SupportMarket.
How SupportMarket Decentralized IoT & AI Services Coin Works
SupportMarket will establish a large base of OEM partnerships. Instead of purchasing a service contract for each device in a business or home, SupportMarket will offer a wide array of alternatives. The devices themselves may come with SupportMarket Membership being part of the package. Thus, it will help to guarantee some level of support.
Consumers will also be able to hold SupportMarket Membership, which can be used for device repair rather than having a contract for each device. The flexibility of Support tokens will mean that they can be cashed in to get services, assistance in learning to use them, or parts. Support Market will promote this as the standard offering for connected devices by OEMs. Thus, it will truly have decentralized device insurance and warranty.
In case the equipment never requires fixes or a customer replaces the device, the membership will still have value. This value can be used on SupportMarket or one of its partners. This will apply to any device in the home of the owner. This is quite a different form of device-specific insurance. A technician on SupportMarket can offer support to any devices.
SupportMarket SMT Token & ICO Details
The SupportMarket already had an ICO for their SMT token.
The immediate use of the token will be the purchase of services and products that are listed on SupportMarket. After the closure of the ICO, all the tokens were released to the Support Wallets. It will continue to be used as a DApp ecosystem incentive. It will also be used to register on the marketplace, use licenses, and products on the market, and for transactions.
Tokens will be sent to a buyer upon confirmation of payments. The purchased tokens will not work for the pre-order period. As soon as the ICO ends, all tokens will be activated and can be transferred to anyone. The institutional investors who purchase tokens under the SAFT agreement will get tokens released according to the vesting schedule.
The proceeds will be used for development of the marketplace, enhancement of products, legal issues, operations, and taking the marketplace live.
- Partner Ecosystem -10%
- Management and Employees – 10%
- Company Reserve Tokens – 20%
Lock Up Period
The employees will undertake a lock-up period of 36 months from the issue of the tokens. They will not sell, pledge, or transfer the tokens during this time. The management tokens will be vested progressively for 48 months. This is to ensure that they do not manipulate the value of the tokens.