The GIGA Token
The GIGA is a new form of token which can be viewed as a “transport token”. It is defined as a transport token because it “transports” transactions between parties in a seamless and transparent manner.
The GIGA transports all transactions in the BlockNum which includes the transfer of GIGAs between BlockNum wallets well as other future transaction modules such as seamless and instant currency exchange (fiat to fiat, crypto to crypto, fiat to crypto and crypto to fiat).
In the future, the GIGA will also be available for the payment of services in real time. As such, it will become the first “consumable” token – i.e. it will be consumed as services are used. For example, one of the BlockNum modules currently under development is iPCS, an IP-only mobile service. iPCS will accept the GIGA for services provided and GIGAs will be consumed as the services are provided.
The GIGA using BlockNum blockchain technology will become a secure, trusted and transparent mechanism for BlockNum transactions.
Anyone with a BlockNum wallet will be able to transact in GIGAs or fiat/crypto equivalents using the BlockNum standalone application, the BlockNum website accessed through their smartphone, or a BlockNum application embedded in a third party service. Returning to the example of iPCS, the mobile service will provide an embedded BlockNum option within the iPCS app.
GIGAs will be issued by Internet PCS Inc. (BVI) (iPCS BVI).
RATIONALE FOR THE GIGA AS A TOKEN
The fundamental basis for the issuance of a unique token is the determination of whether that token can be replaced by other crypto-currencies such as Bitcoins. In the case of the GIGA, the token is based on its ability to transport transactions between parties regardless of whether it is a simple transfer of GIGAs from party to party or any of a variety of fiat money, cryptocurrencies, utilities services etc. on a real time basis. Therefore this “transport” function is unique to the GIGA.
Furthermore, under third party modules that will become available such as the iPCS mobile technology, GIGAs will be “consumable” with the tokens fueling services that will become available over time. This real-time consumable capability is unique to the GIGA with no other token or cryptocurrency offering this capability.
GIGAs can be reissued after consumption allowing an ongoing transaction cycle.