Question from our community:
Hi admin/support, I contributed to the ETCH ICO last year. My question is with the new PIER Protocol will I have an equal amount of PIER Tokens (ratio 1 to 1) and what use does the ETCH Token now have? thank you.
Answer from the etch team:
Hi yes - 1:1 ////Pier reward token for every ETCH token you have. ( so if you currently have 1,600 ETCH tokens you will get 1,600 ////Pier reward tokens.) That's the deal I brokered with our partners in forming ////Pier. However, in an ideal world, we would simply airdrop them all at a set date in the future, but they could be deemed to be a security as they share a reward pool even though they are a "free" bonus with no money exchanged. We are working with our lawyers to work out how we can do this and hope to have more concrete details to share before our event next Wednesday.
Regarding the ETCH token, the partnership with ////Pier is just the beginning.
Think of Etch as a platform that other companies can offer services once money is streamed through payroll to our customers. We call this the Etch Economy. This is the BIG picture for Etch.
The deal is simple - companies who would like to offer their services on the Etch platform will need to broker a deal with the Etch foundation first.
Imagine if your wages is streamed in real time to you, then your utility company could be interested in receiving their money the same way - at a huge discount to you. Traditional companies work around this two-weekly or monthly wage cycle - but not anymore. Billion dollar industries will be built on the Etch platform - in fact, we are already in an NDA with a number of companies to do just that.
The Etch foundation is here to put the interest of ETCH token holders first and foremost.
Hope this helps
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