To cater for the global growth, the Aza Gems have been tokenized and launched on the BNB Smart Chain network. The announcement was made late last month. However, for the sake of financial literacy and education, it becomes important that this future-now field of Blockchain technology is well explained to our community members very clearly.
What are Aza Gems?
Aza Gems are the e-currency of Azaland community. It takes the gamification form, and it is being used for rewarding our loyal members and contributors, and it forms the means of exchange within our community. There are lots of things you can do with the Aza Gems already, including post-and-refer-to-earn, transfer to other members, loss of gems and cash out into local bank accounts. But until now, the Aza Gems have existed locally within the Azaland community database. But here comes tokenization!
- Aza Gems Tokenized
In general terms, a token is a representation of a particular asset or utility. Within the context of blockchain technology, tokenization is the process of converting something of value into a digital token that's usable on a blockchain application.
In the blockchain eco-system, tokens are assets that allow information and value to be transferred, stored, and verified in an efficient and secure manner. These crypto tokens can take many forms, and can be programmed with unique characteristics that expand their use cases. Security tokens, utility tokens, and cryptocurrencies have massive implications for a wide array of sectors in terms of increasing liquidity, improving transaction efficiency, and enhancing transparency and provability to assets.
Practically anything can be tokenized if it is considered an asset that can be owned and has value to someone, and can be incorporated into a larger asset market.
Aza gems are considered assets on Azaland Community because they require work (efforts) to earn and keep.
Any Benefits in Aza Gems Tokenization?
Yes, there are 3 main benefits realizable from the tokenization of our Gems:
1. More Liquidity: Tokenization generally gives room for abundant liquidity, hence the assets can be made available to more and more users.
2. Faster, Cheaper Transactions: Because blockchain system is decentralized, it bypasses the third party middlemen like banks, hence its cheaper footprints. This effectively reduces the transaction costs and processing time of each exchange, allowing for a more streamlined, cost-efficient method of transferring value. Additionally, since these tokens exist on the blockchain, they can be traded and sold 24/7 around the globe.
3. Transparency and Provability: Because these tokens live on the blockchain, users can easily trace their provenance and transaction history in a way that is cryptographically verifiable. Transactions can be automatically recorded on the blockchain, and the immutability and transparency enabled by blockchain technology helps guarantee the authenticity of each token’s stated history. These qualities enable crypto tokens to achieve a level of reliability that most other digital assets cannot match.
Blockchain tokens enable both information and value to be transferred, stored, and verified in a way that is both efficient and secure.
About Blockchain Technology
All these are made possible with the Blockchain Technology. A blockchain is “a distributed database that maintains a continuously growing list of ordered records, called blocks.” These blocks “are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.
More on these jargons will be shared as we progress.
Introduction to Aza Gems Tokens
As announced late last month, the Aza Gems have been launched on the BNB Smart Chain network as $AZA. With strictly limited 210 million tokens available, these tokens will serve many purposes:
1. To serve as the governance token of the entire Azaland community network
2. Transcending borders, the AZA Token has the sole purpose of propagating thr Global Financial Literacy Advocacy
3. To reward our loyal members in form of airdrops and more
4. To distribute earned gems from Azaland community to blockchain so that hodlers can have access to store securely.
5. As blockchain resident token on Decentralized Exchanges, hence as the value is determined by the market factors, this is bound to become more valuable.
6. And more... (developing)
What These Mean
In effect, Azaland community is proving to be high value, innovative community thrusting you into the future of finance already. While we advocate for financial literacy, we are future-focused. So, we recommend that as the Blockchain system is gradually being integrated,
1. Endeavour to earn more Gems
2. Safeguard your Gems
3. Get ready for the future - it is here already.
The Roadmap
In follow-up articles, the roadmap and litepaper of the token shall be share. Stay tuned.
Learn more about AZA and the critical stats here on GeckoTerminal.
Questions are further clarifications shall be provided in the comments section.
