The Pacio cryptocurrency token is called the PIO. It will be the native or intrinsic and tradeable cryptocurrency of the Pacio blockchain.
PIO Uses and Rights
- entitle the holder to a share of 25% of newly minted block PIOs as an issuance reward in proportion to the number of PIOs held, with the other 75% being the reward for block producers, akin to miners’ rewards for Bitcoin and Ethereum. At a 5% annual issuance or inflation rate this amounts to a new issuance reward for holding PIOs of 1.25% pa.
- allow optional participation in the delegated proof of stake Pacio blockchain consensus block building process by providing stake
- provide a voice in the governance of the Pacio ecosystem via voting rights as per the Pacio Constitution
- act as the default currency for payment of Pacio fees, though other currencies will be acceptable also
- be a cryptocurrency for trading, payments, value storage, and capital gain, as for Bitcoin and Ether etc, with these additional benefits:
- extensive account security and management facilities provided by the blockchain software
- speed – transaction confirmation is expected within seconds, or fast enough for real time use
- no transaction fees that, with the speed, will make micropayment systems possible
- be fully traceable in the event of theft, to help deter criminals
Thus, PIOs have clear uses making them a utility token with issuances rights. The PIO features will make PIO “safe money” and attractive as a general use cryptocurrency.
- One billion or 1,000,000,000 tokens to be minted initially
- No cap but subject to the following restrictions/rules:
- Issuance of no more than the maximum defined in the Pacio Constitution, proposed as 5% pa
- Issuance of more possible, if appropriate due to growth in use of PIO, but only if recommended by the Pacio Governance Council and agreed to by a Governance Council AGM (Annual General Meeting) or EGM (Extraordinary General Meeting)
- Smallest denomination to be one trillionth of a PIO to be called a Pico so that there are one trillion or 1,000,000,000,000 or 10^12 Picos in one PIO. The trillion factor was chosen to be small enough for
micropayment use, even if the PIO value grows to be thousands of US$ like Bitcoin, but to be within human scale – well almost anyway.
By comparison there are 1,000,000,000,000,000,000 or 10^18 of the smallest Ethereum denomination, known as Wei, in an Ether, and 100,000,000 or 10^8 of the smallest Bitcoin denomination, known as Satoshi in one Bitcoin. Our view is that Ethereum has taken the smallest denomination factor further than is needed, but Bitcoin not far enough.
PIO Value Creation
The benefits of PIOs described above, with PIO being widely traded and used by many applications, are expected to, but are not guaranteed or promised to, produce value for token owners in the manner of Bitcoin and Ethereum.
See the Pacio White Paper for more detailed information.