The Vault Guardian Token ($VGT) is an Ethereum (ERC-20) compliant token with full utility (aka ancillary asset), 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.
Since 2020, the utility for $VGT is fully realized at pay.vault12.com or by going to the Vault12 website and pressing on the "Connect my Vault" button. This will take you through the process to use $VGT to purchase or top-up Vault12 subscriptions. As a benefit to existing token holders, the cost for a Vault12 subscription is discounted by 50% when paid for using $VGT. The step-by-step process is available in our guide.
Note: Due to restrictions on the iOS App Store, no references to this capability are present in the iOS version of Vaut12. As soon as these restrictions are lifted, people will be able to directly fund their accounts with $VGT as they can on Android devices. Meanwhile, iOS users can use pay.vault12.com to purchase subscriptions with $VGT.
- 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 Token Offering 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.