Important: What is the ETX Token?

Quantum

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ETX is the cryptocurrency that we have created and are integrating with this community, as a way of distributing rewards to users for their positive connections with others here, and as a way of tokenising the value that people provide.

The token is an ERC-20 Ethereum-based cryptocurrency and its contract address is 0x3F34B70C5Be8Ed7F865E9287571b58688e36A1Ff.


How Do Members Get ETX?

ETX is provided when members interact with the community in one of a few different ways:

  • Creating guides and other long-form content

  • Engaging in interesting chats with other members

  • Getting views on content that you have created

  • Referring new users to the community

  • Working as a moderator

  • Checking the decisions that moderators make to ensure that they are correct

For more details of specific rewards, check out the ETX Tokenomics doc, and search for the "Ways to Earn ETX" section.


How Can Members Spend ETX?

We are currently implementing various ways for users to spend ETX that include:

  • User Upgrades

  • ETX Bounties

  • ET Earn

  • The Marketplace

  • The Data Marketplace

  • Partner Discount Codes

For more details of specific ways to spend ETX, check out the ETX Tokenomics doc, and search for the "Ways to Spend ETX" section.


What are Virtual ETX and What are On-Chain ETX?

In order to implement a system where instantaneous, free transfers of ETX can be made within the community, whilst also allowing for amount of ETX to be withdrawn to other ERC20 wallets and exchanges, we have implemented a two-unit system where a virtual representation of ETX is paid via rewards and spent in the community, while a corresponding "real" amount of ETX is also stored on the Ethereum blockchain and can be withdrawn by members.

All ETX token holders can easily check the balance of the ERC20 wallet against the total number of virtual ETX in existence in the community in order to confirm at least a 1:1 ratio between virtual and on-chain ETX.

The amount stored in the ETX contract address is monitored and incrementally increased as the number of virtual ETX increases in order to maintain a correlation between both balances.


Is ETX Listed on Any Exchanges?

At the time of writing, the mechanisms to allow for members to earn ETX are only just being released now and currently ETX isn't listed on any exchanges.

As ETX grows, we will be working to provide ways for new users to be able to purchase ETX on exchanges in order for them to be able to use it to access the features of our community.


This document is part of ongoing work, that will include the development of the systems mentioned here, as well as additions to and adaptations of this document in future revisions.