What is TEER token used for?

How the TEER token is used. Integritee Network is a protocol on Kusama (and later Polkadot) for secure processing of sensitive data.

What is TEER Token?

TEER is the utility token of Integritee Network.

TEER token is used for:

  • Pay for services on the platform
  • Use connected sidechains
  • Burn
  • Locking for discount on services

What is Integritee Network?

Integritee Network is a protocol on Kusama (and later Polkadot) for secure processing of sensitive data.

How does Integritee works?

The protocol allows businesses with overlapping interest to collaborate without giving up control of sensitive data.

The network uses fast and scalable sidechains with TEEs.

TEEs

A co-processor that manages its cryptographic keys. It enables integrity of remote computation.

TEEs allow networks to function without sharing data with validators. This enables private transfers and smart contracts.

Off-chain workers

Run a TEE to perform tasks.

  • Oracle services
  • Requests for encrypted storage
  • Bridges

Sidechain validators

  • Operate sidechains.

Only a few validators are needed per sidechain.

Lockdrop

  • Users can lock their tokens to receive discounts on services.

Burn

  • A portion of the fee for any payment in TEER is burned.

Governance

Integritee AG aims to decentralize the platform as soon as it’s ensured stability and security.

Control will be handed to a governing council elected by token holders.

Tokenomics TEER token

Total supply: 10 000 000

Token issuance:

  • Early Adopter – 35%
  • Future crowdloans – 20%
  • Kusama crowdloans – 10%
  • Ecosystem and employees – 25%
  • Founders – 5%
  • Treasury – 5%

TEER crowdloan

Currently ongoing slot auction for Kusama.

Participants can create codes to refer other contributors and earn 5%.

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