HXA with the ERC-20 token standard for the Ethereum chain

Lengkeng Amis
6 min readJul 31, 2023

OVERVIEW

The HXA token is the native utility token of the Herencia Artifex platform, and it is designed to be compliant with the ERC-20 token standard for the Ethereum blockchain. The ERC-20 token standard is one of the most widely adopted token standards for smart contracts on the Ethereum blockchain. It defines a set of rules and guidelines that a token contract must adhere to in order to be compatible with the Ethereum ecosystem. ERC-20 tokens have become the de facto standard for creating fungible tokens (tokens that are interchangeable and have the same value) on the Ethereum blockchain.

Each HXA token is identical and can be exchanged on a one-to-one basis with other HXA tokens without any difference in value. HXA tokens can be easily transferred between Ethereum addresses using standard Ethereum transactions.

Users can check the balance of HXA tokens associated with a specific Ethereum address through smart contract functions. ERC-20 tokens can have up to 18 decimal places, enabling the representation of fractional values of HXA tokens.

ERC-20 includes functions to approve other addresses to spend a certain amount of HXA tokens on behalf of the token holder. The total supply of HXA tokens is fixed upon token creation and cannot be changed.

ERC-20 tokens can emit events during certain token-related activities, enabling external applications to listen and respond to these events. Being ERC-20 compliant ensures that HXA tokens are compatible with various Ethereum wallets, exchanges, and decentralized applications (dApps) that support ERC-20 tokens. It also makes it easier for users to manage their HXA tokens and participate in the broader Ethereum ecosystem.

HERENCIA ARTIFEX PLATFORM

Herencia is a groundbreaking NFT project that seeks to revolutionize the way real-world items are integrated with blockchain technology. By utilizing non-fungible tokens (NFTs) and introducing the HXAcoin token, Herencia strives to establish an innovative ecosystem that facilitates exclusive access to private clothes sales through a tiered staking system.

  • Staking Mechanism: Herencia will introduce a staking mechanism where users can earn rewards by locking their HXA tokens for a specified period. By staking their tokens, users can gain access to tier-level systems, which provide benefits such as access to private real-world items sales, and additional benefits based on their tier status. The staking mechanism will be implemented through a decentralized application within the Herencia ecosystem.
  • Staking Rewards: When users stake their HXA tokens on the Herencia platform, they are entitled to receive staking rewards in the form of Herencia Points (HP). These rewards are distributed periodically, and are designed to incentivize users to hold and stake their tokens within the ecosystem. The amount of HP a user receives as a reward for staking their HXA tokens increases with the amount of tokens staked, and the duration of the stake. In other words, the more HXA tokens a user stakes and the longer they stake them, the more HP they will receive as a reward.
  • Collaboration and partnership: Herencia plans to form partnerships with well-known brands and artists to offer exclusive collections and private sales to users on the platform. These partnerships will enable the real-world items industry to integrate with the blockchain ecosystem, creating unique opportunities for fashion and art enthusiasts. By offering exclusive collections and private sales, Herencia aims to provide users with a valuable experience that they cannot find elsewhere, while also creating a new revenue stream for brands and artists. Overall, the aim is to create a symbiotic relationship between the real-world items industry and the blockchain ecosystem, enhancing the value of both.

Token Generation

A fair and transparent distribution process for the initial supply of HXA tokens is crucial to establish trust and credibility within the community and the broader cryptocurrency market. A well-designed distribution model helps ensure that all stakeholders, including the public, strategic partners, team members, and the community, have a fair opportunity to participate in acquiring HXA tokens.

The public token sale is open to individual investors and the general public. During this phase, HXA tokens are offered for purchase at a set price, typically through the project’s official website or authorized platforms. This public sale ensures a broad distribution of tokens across a diverse group of participants.

Allocations may be reserved for strategic partners, such as other companies, investors, or organizations that bring value to the Herencia Artifex platform. These strategic partners might be instrumental in supporting the project’s growth, development, or marketing efforts.

The project’s team members and early contributors might receive allocations of HXA tokens as incentives for their dedication and efforts in developing the platform. These allocations are typically subject to vesting periods to align the team’s interests with the project’s long-term success.

To encourage active participation and engagement within the Herencia community, certain allocations might be designated for community incentives. These incentives can include reward programs, airdrops, or bounties for specific activities that contribute to the platform’s growth and ecosystem.

To prevent immediate dumping of tokens and to ensure a stable market, certain allocations, including team and strategic partner tokens, may be subject to lockup or vesting periods. During these periods, the tokens are gradually released over time, reducing the risk of sudden market oversupply.

The distribution model should consider the project’s token economics, such as the total supply of HXA tokens, the percentage allocated to each category, and the inflation or deflation mechanisms, if any.

Throughout the distribution process, the project should maintain transparent communication with the community, providing regular updates on the progress and details of the token sale and allocations.

By implementing a fair and transparent distribution process, Herencia Artifex can build a supportive and engaged community of stakeholders who are invested in the long-term success of the platform. It’s important for users and investors to conduct due diligence and ensure they are participating in the official token sale to avoid potential scams or fraudulent activities.

The initial supply of HXA tokens will be generated through a fair and transparent distribution process, which includes a public token sale and allocations for strategic partners, team members, and community incentives.

The total supply will be capped on 500 000 000 000 HXA tokens to ensure scarcity and value appreciation.

Token name: HXAcoin

Token ticker: HXA

Total supply: 500 000 000 000

Max supply: 500 000 000 000

The Herencia token is the native utility token of the Herencia platform.

The main features:

  • Staking program
  • Collaboration with real-world items Brands
  • User-Tier levels system

Herencia token serves multiple purposes, including but not limited to:

  1. Staking and Rewards: The HXA token can offer a staking mechanism where token holders can lock or stake their tokens on the platform. By staking HXA tokens, participants can earn rewards in the form of additional tokens, discounts on purchases, or access to exclusive features and events.
  2. Governance and Voting: HXA token holders may have governance rights within the platform, allowing them to participate in decision-making processes. They can vote on proposals, such as new clothing brand partnerships, platform upgrades, or changes to token economics. This gives token holders a voice in shaping the direction of the project.
  3. Loyalty and Rewards Program: The HXA token can be used as part of a loyalty and rewards program. Token holders can earn rewards based on their engagement, purchases, or referrals, which can be redeemed for discounts, special privileges, or unique experiences within the real-items ecosystem.
  4. Exclusive Access and Benefits: Holding HXA tokens can grant users exclusive access to events, experiences, or collaborations with real items brands. Token holders may receive priority access to new releases, early access to sales, or invitations to exclusive item presentation shows or brand events.
  5. Tradable Asset: The HXA token can be traded on cryptocurrency exchanges, allowing token holders to buy, sell, or trade their tokens with other users. This provides liquidity and the potential for token value appreciation based on market demand.
  6. Incentives for Engagement: HXA tokens can incentivize user engagement within the platform and the broader community. Active participation, such as referring new users, creating content, or contributing to discussions, can be rewarded with HXA tokens, fostering a vibrant and engaged community.

#HXA #Herencia #minigame #NFT

Useful links

Website Twitter Telegram Discord Whitepaper

WRITER’S INFORMATION

Bitcointalk Username: venuza
BitcoinTalk Profile URL: https://bitcointalk.org/index.php?action=profile;u=3406667
Wallet Address: 0xeDd64516dcf9dB76c1a8C99fFE01206c0C16500f
Proof of Authentication Post: https://bitcointalk.org/index.php?topic=5461068.msg62604766#msg62604766

--

--