Vault Guardian Token (VGT)
VGT is an Ethereum (ERC-20) compliant digital currency used to exchange value on the Vault12 network. Vault12 users purchase personal security services with VGT, and Vault12 Guardians and Relay node providers receive incentives in exchange for their storage or relay bandwidth.
- A cryptocurrency investor wants to protect their passphrase by backing it up somewhere other than on paper. They download the Vault12 app, assign guardians from their friends and family network to protect the vault and add the passphrase into the Vault. The Vault is paid for using VGT, this covers subscribing to the Vault, paying for the default relays that connect him to his guardians. Everyone in his Guardian network can choose to guard the Vault for free or to get an incentive for providing protection via the Vault12 app.
- A traditional financial investor wants to make sure access to their assets is always available, even if they lose their phone, or are in quarantine. They set up a Vault on the Vault12 network and save their financial account details – account number and access code into the Vault. The Vault is protected by their network of friends and family as well as their lawyer. The investor uses VGT to pay for the Vault12 subscription, and to incent the lawyer for Guarding the Vault.
Vault12 has completed the VGT Private and Public offering (STO/ICO) and Token Generation Event (TGE) has occurred. More information is available at the links below.
As noted in the Vault12 network whitepaper, the total supply of VGT is fixed at one billion units. Smart contracts govern vesting of tokens on the predetermined time-frame as documented in the Token Distribution Summary document.
There are different definitions used for circulating supply. All information about the supply of VGT and addresses where VGT is located are publicly available on the Ethereum blockchain.
Token Allocation Summary
The Vault Guardian Token (VGT) has been successfully deployed on the Ethereum Mainnet and distributed to investors on November 14th, 2018.
The Smart Contract Security Audit has been completed by PepperSec and is available below.