To list the rules and concepts that regulate and make up the YTC System we have prepared two sections. The first one enunciating the basic concepts and the second the most advanced.
The basic concepts will allow YTC users within the Cooperative to understand the overall functioning of YTC. For members who require more detailed information, we have prepared the Advanced Concepts section.
Both sections are, complemented by a free-learning system, composed by our team, where we propose learning through an uncomplicated method of questions where the option of true or false is, chosen.
Additionally, we hold weekly webinar meetings where GDC-trained staff guide step-by-step any GDC member who wants to use the free-learning system.
Knowledge of the dynamics and proper functioning of YTC is an obligation of each GDC member who decides to use YTC as a benefit.
YellowTradingCoin, identified as YTC, is the exclusive utility token for GDC - Global Digital Coop as part of the Cooperative's ecosystem.
March 1, 2020 is the official date of the global launch and, the first day, the YTC system will be used.
The YTC system is the set of rules that regulate the economics of the YTC token. The system is, made up of 3 unique tools:
YTC Wallet, GDC Marketplace and GDC Exchange are proprietary developments unique to GDC members, and are completely free for YTC users.
YTC Wallet is the application where YTCs are stored, sent and received from other YTC Wallets.
GDC Marketplace is the portal where YTCs can be used to purchase products and services from GDC-registered members, including individuals and businesses.
GDC Exchange is the official YTCs purchasing and sale site that is, used to stimulate local exchanges.
YTC is a mixed-nature Token stored on the Ethereum blockchain as the ER20 Token and mirrored on yTC Wallets under special security and usability conditions.
YTC holders can freely decide whether their Tokens remain on the blockchain in their ER 20 cryptographic version or whether they want them to continue mirroring on the YTC Wallet in their digital version.
All YTCs stored on the YTC Wallet are protected and 100% insured by GDC.
By using YTC Wallet YTCs can be sent and received easily and securely between users of the cooperative ecosystem.
YTCs stored in the YTC Wallets can be transferred using either the primary transfer mode or the purchase transfer mode from the GDC Marketplace.
Transfer freely between YTC Wallets.
Buy or sell on the GDC Exchange.
Be used in the GDC Marketplace.
Store securely in the YTC Wallet.
The YTC Wallet has a dual security system that is, activated at the moment of a transfer, and a double verification is, performed by the sender, and is immediate.
The trading system itself uses the following parameters that updates the official price of the Token:
The number of transactions between YTC Wallets.
The number of actual users with YTC Wallets.
The number of customers in the YTC Marketplace.
Decreasing YTC in the market by burning, the total amount of YTC.
One of the main rules that stimulate the recovery of YTC and quantifies it is the burn system. The burnt tokens are completely eliminated from the system.
The community that makes up GDC and their actions increase the value of YTC when transferring and using YTC.
The total amount of YTC circulating will continuously decrease as there will never be a new YTC issue and the burning of YTC Tokens in each transaction is a fundamental factor of increasing the value by lessening the supply.
The official price increases whenever the usability of YTC increases. The greater the usability, the greater the burn and the greater the value of YTC is when the total in circulation is lowered. This is a basic principle of the YTC value.
YTC's value does not decrease as we are guided by an internal value regulated by our system and conditions. The value can stagnate if the community and the system do not grow
The burning of Tokens is constant and occurs on the following occasions:
On each transfer between YTC Wallets.
With each purchase and each sale in the Marketplace.
With each internal transaction in GDC.
During the period we called the Pre-Ico, YTCs were issued exclusively within our community, through General Managers and Brokers. The values offered in that period and their bonuses were unique and unrepeatable conditions.
In your TYC Wallet you have the contact details of your Broker and General Manager.
If you do not have a Broker, you must select one from the list available in your YTC Wallet. Until you do so, the system will not allow you to make transfers.
All GDC members who own YTCs have the right to be assisted by a Broker who in turn is, part of a General Manager group. Brokers options with your language preference are listed.
There are two YTC values, the one presented in the YTC Wallet and the GDC Exchange, and the other one used in the GDC Marketplace. The Token value is at least 1 USD higher than the value of the Exchange.
Earn $1 for each YTC used in the GDC Marketplace is a phrase that will be valid until the YTC Token value reaches USD 4 per YTC, at which point the Token value will be, updated.
The YTC value is weekly, and you can access it in the YTC Wallet and GDC Exchange, you may also receive the values by email if you so wish.
Demand and usability are real and verifiable factors which strengthen the YTC value that will be, reflected in the weekly value calculation.
YTC General Managers and Brokers regularly present online webinars where they teach YTC holders how to perform activities themselves where they can receive YTC as a bonus.
There are 3 crypto wallets owned by GDC in the blockchain.
ER20 Genesis Wallet
ER20 Pre-Burn Wallet.
ER20 Burn Wallet.
THE ER20 cryptographic wallets used by GDC are public and any member can access the updated information on them.
We call Genesis the Ethereum ER20 wallet that stores all cryptographic YTCs that are stored as digital tokens in the YTC Wallet.
The Genesis wallet has the same amount of ER20 Tokens as the total of all Tokens stored in the YTC Wallets.
The ER 20 Genesis Wallet's address in the block chain is 0xa9B90EedDff209675747dCD2F07aB18b937688e3
We call Pre-Burn the ER20 wallet that stores the Tokens that will be burned during the next scheduled burning date.
The maximum period that a YTC ER20 Token is stored in the ER20 Pre-Burn Wallet is 7 days.
The E20 Pre-Burn Wallet's address in the blockchain is 0xe8f1Dd7E493103b463F8E95697e4A1D15D9D4380
The ER20 Burn Wallet wallet stores the total of all YTCs that have been burnt.
Burned YTC are formally forever removed out of the system. They are technically unusable.
The ER20 Burn Wallet's address in the block chain is 0xABC0000000000000000700000000000000000BcA
Address where you can see the burned tokens https://etherscan.io/address/0xabc0000000000000000700000000000000000bca#tokentxns
The public presentation of the three GDC cryptographic wallets, the ER20 Genesis Wallet, ER20 Pre-Burn Wallet and ER20 Burn Wallet publicly verify the evolution of the system.
The limitations of the YTC system are only defined by the creativity of our cooperative community.
YTC creates a shared economy where the benefits of growth are capitalized by each of the individuals that make up the Coop.
In the Marketplace, YTC should be used as a complement to local FIAT currency or other Cryptocurrencies.
All transactions between members in the GDC Exchange and between the GDC Marketplace are peer 2 peer.
Entering the GDC Marketplace is completely free for sellers and buyers.
There are no costs or fees to buy and sell on the GDC Marketplace for transactions made in local currency or cryptocurrencies.
In the Marketplace there is a 10% fee on the YTCs received by the seller.
The GDC Exchange is the site where YTC holders offer their YTC to other members of the Cooperative.
There is a 5% fee on transfers made within the Exchange paid by the YTC seller.
In transfers between Wallets there is a 3% transfer fee paid by the sender.
In the Pre-Burn Wallet is the YTC ER20's to be, burned when transferred to the YTC Burn wallet. This transfer is made every Friday at 6:00 PM Greenwich time.
The YTC value is, based on its unique formula. It measures the impact of burning Tokens on the total circulation, evaluates the number of tokens used in the Marketplace, the number of transfers between Wallets, the sales of tokens in the Exchange, and the number of stores that accept YTCs. All of this, combined, represents the usability of the token and its usability is its value.