The goal of the platform is to allow businesses to issue their own token based on proof-of-merit. Anyone will be able to purchase tokens from one company and use them anywhere on the Lytictail network.
Even if the businesses are competitors, customers will be able to instantly exchange their tokens for the business of their choice’s tokens. This is done through the Lytictail exchange. Anyone will be able to go onto the exchange via website, mobile app, or in -store kiosk and trade their tokens for the desired company of their choice.
Lytictail is a centralized platform that consists of decentralized networks. Every entity that issues a token on our platform will be able to take advantage of our exchange. This allows for a digital interstate of commerce to be constructed for physical, real world applications.
Networks are comprised of the businesses that issue the tokens, as well as physical third parties. Third party escrow and auditing companies are used to ensure a fair and balanced system without having to relying on another technology. By utilizing the human element, we can introduce an honest centralized platform that can be completely trustless yet trustworthy.
Companies first inquire to acquire their own custom -made token. This includes logo, hosting, specifications on code, and software integration. After the inquiry, Lytictail implements our new proof-of-merit algorithm to determine the viability, longevity, and overall value of the company’s newly created token.