With the deployment of the $TIA deflationary utility token, LCX continues to expand the available products and services offered by the Liechtenstein-based exchange. The exchange recently released their 2022 Roadmap (for more information read the LCX Coin & Exchange Roadmap 2022) and is actively promoting the $TIA and Tiamonds offering.
The $TIA token is issued by LCX. The TIA Token for Tiamonds was developed, created, and deployed by LCX. In its design, TIA Token is a deflationary utility token. The TIA Token is a community-first and fairly launched DeFi Token. As time passes, TIA Tokens will become scarcer.
Utility tokens are financial instruments used primarily for raising funds. The asset is a blockchain-based asset that people buy with the intention of using it in the future. Deflationary utility tokens are tokens designed to incentivize holders, and they are programmed to reduce supply over time. Accordingly, the token’s circulating supply declines over time.
TIA Token Deployed
The TIA Token smart contract has been deployed on the Ethereum blockchain. The official smart contract address is 0x824E35f7A75324f99300aFAC75ECF7354E17Ea26 and can be viewed at Etherscan.
LCX serves as the exclusive token generator for Tiamonds. LCX AG is a Liechtenstein-based company regulated by the Financial Market Authority of Liechtenstein as a trusted technology provider. The Token and Trusted Technology Service Provider Act (TVTG) has been passed by the Liechtenstein parliament, also known as the “Blockchain Act.” According to this act, the FMA is responsible for registering and supervising service providers that use trusted technology (TT) systems such as blockchain. A number of critical roles are outlined in the law along the value chain of the token economy. Token generators fall under this category.
In its capacity as a Token Generator, LCX is responsible for setting up appropriate internal controls to ensure compliance with all legal aspects defined in the “Blockchain Act” during the issuance of tokens and for at least ten years after the tokens have been issued.
Characteristics of a Deflationary Utility Token
The most popular token type is the utility token, which functions differently from security tokens. A deflationary utility token, such as a TIA token, is a user token that grants future access to a company’s products or services while incentivizing holders.
There are two essential components of the Tiamonds project: Tiamond, a tokenized diamond, and the TIA Token, a deflationary cryptocurrency. TIA is an ERC20 token based on the Ethereum blockchain. The token has both deflationary and utility functions. Users can use TIA to participate in the protocol themselves as a utility token. The TIA Token is a liquidity-generation and AUTO-YIELD generation protocol as a deflationary token.
LCX acts as the issuer of $TIA and token generator of the TIA token, including smart contract development, token management, and implementation of deflationary functions.
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