$ARGO Tokens — What are The Utility and Use Cases?
Despite the numerous tokens within the blockchain ecosystem, Spheron (previously ArgoApp) needed to create its native token for its efficient and practical functionality.
$ARGO provides a secure and convenient system of settlement for community members that interact within the ecosystem. It also acts as a medium to incentivize participation in the Spheron (previously ArgoApp) ecosystem by giving users and service providers rewards proportionate to their participation in activities within the platform. We discuss the utilities and rewards in this article.
All services and functionalities in the Spheron (previously ArgoApp) ecosystem require $ARGO. For example, Spheron (previously ArgoApp) provides a one-time payment for hosting web apps. A developer who wants to deploy their web apps via Spheron (previously ArgoApp) will only receive the service by paying using the native token. Spheron (previously ArgoApp) also provides a data storage service, which is also paid for using $ARGO.
By owning $ARGO, users of the platform automatically receive discounts on services and products provided by Spheron (previously ArgoApp). The discounts are stored in the smart contracts and are different from other discounts given on the platform based on other parameters such as staking.
An example as stated in Spheron’s (previously ArgoApp) Litepaper:
Spheron (previously ArgoApp) can help game developers with the cheap and reliable storage for tons of data concerning the players’ activities, which must be archived and stored for a very long time for different purposes (to make the game process, payments, and rewards most transparent and auditable).”
Users of Spheron (previously ArgoApp) will enjoy staking rewards, which are paid out in discounts on services offered in the ecosystem. For example, a user who wants to deploy a web app or wants storage space from the platform will enjoy discounts proportional to the number of tokens staked. The discount system creates even more value for those with a long-term plan to use Spheron (previously ArgoApp).
By staking $ARGO, users are also given a chance to run deployer nodes. These nodes are essential to the ecosystem as they provide vital services, including cloning GitHub repositories, building apps, and deploying the web app to DSN (Decentralized Storage Network) protocols. Users get rewarded by the deployer nodes they stake in. The deployer nodes are also rewarded in $ARGO for the essential services they provide. Because the deployer nodes provide such crucial services, they are entitled to their reward, claiming each reward for every epoch completed.
Furthermore, Spheron (previously ArgoApp) plans to open liquidity and staking pools for users to gain more $ARGO. A total of approximately 6M $ARGO are committed to the liquidity and staking pools, which will run weekly for 100 weeks.
To account for rewards for both users and nodes, Spheron (previously ArgoApp) will have an independent app that keeps track of rewards accrued by each user and node in the platform. Our Litepaper specifically makes mention to DeFi and DEX Services:
“Spheron (previously ArgoApp) can store and retrieve large hybrid datasets for these services: like payout schedules and token bonding curves: most of this data isn’t frequently accessed but must be stored for a very long time or even forever.”
Cross-chain Web Deployment
It is the primary service offered by Spheron (previously ArgoApp) on its platform. $ARGO takes away the burden of owning multiple wallets and holding multiple tokens to deploy anything on different DSN protocols. Members of the Spheron (previously ArgoApp) community, through holding $ARGO in the polygon chain, can deploy web apps and other services on whichever DSN protocol they prefer.
For example, a user wants to deploy a web app on a protocol such as Arweave or any other protocol supported by Spheron (previously ArgoApp) . If the user owns any $ARGO in the polygon chain, they can initiate the deployment, and the Spheron (previously ArgoApp) platform will execute the rest.
Having deployed their web app, a user may require features to increase the productivity of their web app. Spheron (previously ArgoApp) is working on plugin integration that will allow developers to build middleware logics that users can install on their different projects at any time. The service is to be powered by $ARGO such that each plugin has a contract where developers’ fees are accrued. The fees are paid for by users of the plugin.
Developers and users are also set to enjoy benefits from a storage aggregation API currently in development by Spheron (previously ArgoApp). This will allow developers to choose which DSN they want to upload their data to and create an interface to check on the data uploaded. Therefore, the storage API creates an opportunity for developers to create systems that can interact with multiple DSNs simply through $ARGO.
For example, a developer with a web app with multiple uses, such as blogging and an online store, can choose to separate the storage data from these uses for efficiency and performance monitoring. Data sets from each side of the web app can be linked to unique DSNs through payment via $ARGO. Developers will keep track of all their metrics in separate DSNs using a single intuitive interface on Spheron (previously ArgoApp).
To access the storage API, developers will need to hold $ARGO in their wallets. Developers will also be required to delegate some tokens to Spheron’s (previously ArgoApp) smart contracts, which will help cut fees needed to store files in the DSNs.
The storage API will be powered by developer nodes, giving them another opportunity to earn from providing services to the platform.
A strong emphasis has been placed by Spheron (previously ArgoApp) on relevance to Web3 services in our ecosystem. With blockchain-based platforms such as Web3 poised to become the next big evolution in users’ browsing experience, we felt it was vital that the Spheron (previously ArgoApp) use cases involved the ability to liaise via Web3. Our services include:
“Web3 Web Deployment
Spheron (previously ArgoApp) provides web deployment tools and other features to monitor, audit, and collaborate with other team members all in one place.
Web3 Assets Storage
Spheron (previously ArgoApp) can store, retrieve any assets and also will provide feasibility to developers and admins to monitor the versions of those assets.”
$ARGO is the basis for governance in the Spheron (previously ArgoApp) ecosystem. The user who owns $ARGO can propose and vote for amendments that affect the platform’s features. Each vote has a different weight based on the number of tokens held by the voter.
For example, a user may want to change the governance process by making all votes equal on the platform. To propose these changes and take it to the community for a vote, the user must hold an amount of $ARGO that surpasses a set threshold. If the user has the specified amount, the proposal is passed on to the community for a vote. Only community members of the platform who own or hold $ARGO are allowed to vote.
The tokenized governance model ensures that Spheron (previously ArgoApp) is steeped in the community’s direction by community members invested in the platform’s success.
With the use cases in mind, $ARGO will flow within the ecosystem to keep its economy and necessity vital.
Spheron (previously ArgoApp) Whitelist is Officially Open!
The eagerly anticipated Spheron (previously ArgoApp) whitelisting process is officially live, and members who are keen to register their interest in our yet-to-be-announced future IDO can now do so via this link. The IDO will take place on the PAID/Master Ventures Ignition platform, and more information will be shared as soon as they are confirmed!
About Spheron (previously ArgoApp)
Spheron (previously ArgoApp) is a web hosting platform that allows its users to build modern websites on the Arweave permaweb, a protocol that decentralizes the internet — the platform stores data using Decentralized Storage Networks (DSNs)
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