Q: What is this token bringing to the table?
A: HoneyGram was created to be the preferred way to tip, promote, support, and transact with your favorite social media influencers and personalities. We aim to build a network of partners on Instagram, Tiktoc, Youtube, and Reddit, who have created a wallet and are actively accepting and promoting HoneyGram (and this number is constantly growing). Our goal is for HoneyGram to become the currency of social media, used for any tipping, purchases, or subscriptions they might make peer to peer.
Q: What Gives HoneyGram Value?
A: Anyone can create an asset on a blockchain. The value of HoneyGram comes from its network of people who use it. As the size of our network grows, we expect the value of our network to grow with it. Utilizing Metcalfe’s law, the value of any network is equal to the square of the number of users. Our primary focus is to deliver real utility to our user base. We feel that as we continue accomplishing this, our tokens value will continue to rise as well.
Q: Is it quick to transact?
A: Yes, being a Cardano Native Asset, it will have all the benefits and features of Cardano’s third generation blockchain’s own native currency (ADA). It will start with the capability of 257 transactions per second that Cardano has out the gate, but with the implementation of Hydra, it will be able to scale up to one million transactions per second. For reference Bitcoin can process 4.6 transactions per second. HoneyGram is over 55x faster than bitcoin to start with, with plans to scale up to over 200,000X faster.
Q: Is it secure?
A: It is granted the same security as Cardano’s native coin (ADA). This has been designed by some of the most brilliant minds in crypto and has some of the most robust security in the industry. In addition, HoneyGram is a Native Asset, not a complex protocol. DeFi protocols are constantly being exploited and taken advantage of due to errors or bugs in the programming. Due to the relative simplicity in minting Native Assets on Cardano, there are not bugs in complex code to be exploited.
Q: What if we need to make changes or improvements in the future?
A: Being a Cardano Native Asset, tokens will have the ability to add governance features and make changes going forward. However, HoneyGram feels that consistency and predictability are more important for its particular use case. Because of this no additional HoneyGram can ever be created to dilute your holdings. Its total supply is set and cannot be changed by anyone. In addition, HoneyGram is decentralized. The creators or anyone else cannot control it, create more of it, or destroy it. See more policy information here.
Q: Does it solve a problem?
A: Yes, currently if someone wants to tip their favorite influencer, purchase merchandise, subscribe to services, or purchase merchandise, they would be forced to pay fees for payment services, or share a percentage of their tips with websites that charge a huge percentage. HoneyGram believes that both fans and influencers want money to go where its supposed to and not be wasted on middlemen services.