What is SOV?
SOV is a first of its kind digital asset. Unlike typical fiat currencies and cryptocurrencies, SOV has a 3 phase, 21 stage variable deflation schedule. The first phase is designed for accumulators, the second for hodlers, and the third for everyday users. SOV can trade in the thousands of TPS on Decentralized Exchanges with unbreakable encryption due to the EOSIO Blockchain Protocol.
Why did SOV choose EOSIO?
EOS is at the forefront of blockchain technology. It has already achieved TPS in the thousands and it has the ability to scale infinitely. This allows tokens and digital assets on EOS to transact nearly instantaneously, which makes the use of decentralized exchanges (DEXs) as seamless as a centralized exchange. The ability to use EOS DEXs gives SOV a competitive edge in its deflation mechanism and security that can't be understated.
How does SOV Work?
Every time SOV is transferred, a percentage of the transfer amount is burned. This is done at a variable rate that adjusts according to SOV's total supply. There will also be a weekly burn of unclaimed SOV tokens. The initial supply is 1 Billion and the burn rate will start at 0.05%. Over 21 stages it will increase to a peak of 1.25% before decreasing to 0%. At that time, there will only be 21 million tokens remaining and transactions will be free.
Who is behind SOV?
The creators of SOV, are an anonymous and decentralized group composed of developers, Austrian economists, traders, engineers, cryptocurrency enthusiasts, cypherpunks and more. No single person or entity has authority over SOV and all are welcome to contribute. In the early stages of the project, those who contribute will earn SOV tokens from the reverberation fund. Please join our Telegram group to learn more about how you can get involved.