Skilltree Tokens Part 1
Skilltree Tokens Part 1
Skilltree is using a special ERC-20 token, the Skilltree Token, and various so called “Feature Tokens” that are NFTs which grants an ability or privilege to its owner.
The Skilltree Token
The Skilltree Token (SKT) is a standard ERC-20 token. It can be used for the payment of services and Feature Tokens in the Skilltree ecosystem at a discount.
It is not an exclusive payment token – skilltree.org humbly accepts DAI, ETH or even credit card transactions as well. SKT simply offers a discount – when you choose to pay with it, you will get a significant (up to 25%) discount for every purchase.
SKTs that are used for payment are burned, removing them from the available supply.
Feature Tokens represent features or abilities. If the user has a feature token sitting in their wallet, they can utilise the corresponding feature of the Skilltree system, and / or take advantage of these token’s abilities.
Feature Tokens are akin to cards in a trading card game. And since they are NFTs, they can be freely sold and purchased.
Each of these Feature Tokens can be purchased with various currencies (crypto currency or even fiat). However, as noted above, exchanging SKTs for these tokens will be done at planned discounts, making it more attractive for users to use SKTs in comparison to other currencies. All Feature Tokens proposed for the Skilltree ecosystem have clear utility, but they also feature artwork that indicates its rarity– ‘common’, ‘rare’ and ‘legendary’ and is generally indicative of its lifetime value to the holder. These are assigned to the tokens upon minting, and can add a separate aesthetic value and rarity to the token, beyond its bare utility. The following section will describe a few Feature Tokens in different tiers and some of its abilities.
Common Feature Tokens
Discount Coupons are simple in concept. For example one can purchase a $25 coupon at a $5 discount for $20.
The discount coupon then can be used as described in its Terms and Conditions (T&C), usually to pay or partially pay for a service or product within the project, up to the face value indicated on the coupon.
Disco Dropper, a Meta-Token example
Everyone is familiar with discount coupons. The Disco Dropper is a meta-token; it drops discount tokens regularly! The frequency of drops and the size of the discounts depend on the original purchase price of the token, but the stats can be improved later.
Disco Droppers are rare and limited – Once all pieces are gone, they won’t be minted anymore.
Free Subscription Token
The Free Subscription Token is another meta token that entitles the holder to have their subscription fee waived –as long as the user keeps it in their account address,