What is FAITH?
$FAITH, central to the faithtokens.net project, represents a multifaceted concept encompassing a decentralized and deflationary digital currency designed to power a holistic wellness marketplace on the Web3 platform. This currency and platform aim to transcend traditional financial models by eliminating middlemen and fees, thus empowering individuals to share and exchange wellness practices and knowledge. The philosophy behind $FAITH is deeply rooted in restoring faith in humanity, advocating for values like love, kindness, and generosity. The project is not just focused on economic transactions but also on fostering a community ethos that emphasizes personal and collective well-being. Additionally, it plans to evolve into a Decentralized Autonomous Organization (DAO), promoting community-driven governance and decision-making. In essence, $FAITH symbolizes a movement towards integrating wellness with modern technology, leveraging the benefits of decentralization for societal good.
Who Are the Founders of FAITH?
Lucy and Jack, collectively known as "Jucy," are the founders of the $FAITH project. As a young, family-oriented couple expecting their first child, they have embarked on this venture without external funding or assistance, driven by a desire to infuse the cryptocurrency space with values of love and kindness. Their approach to developing $FAITH is deeply personal and authentic, setting it apart from many other projects in the Web3 and cryptocurrency domains. Their involvement signifies a commitment to creating a human-centric, value-driven platform that aims to empower its community and promote wellness through the innovative use of blockchain technology. It should be noted that both of these founders are anonymous and cannot be identified anywhere online.
FAITH Transfer Fee
The $FAITH cryptocurrency incorporates a unique feature in its tokenomics: a transfer fee of 3.96% on each transaction. This fee serves as a deflationary mechanism, meaning that a portion of the tokens involved in every transaction is permanently removed or 'burned' from the total supply. This reduction in supply over time can potentially increase the scarcity and value of the remaining tokens. The choice of a 3.96% fee is relatively specific and notably higher than many other cryptocurrencies, reflecting the project's commitment to creating a deflationary digital asset. This approach aligns with $FAITH's overarching goals of long-term sustainability and value creation within its ecosystem, distinguishing it from other cryptocurrencies that might not have such mechanisms in place. The implementation of this transfer fee is a strategic move to encourage thoughtful and meaningful transactions among $FAITH users, contributing to the project's aim of fostering a responsible and community-focused economic environment.
What Makes FAITH Unique?
$FAITH distinguishes itself in the cryptocurrency and Web3 landscape through its unique integration of a holistic wellness marketplace, which aligns personal and community well-being with digital currency use. This project deviates from the conventional financial focus of cryptocurrencies, underpinned by an ethos of love, kindness, and generosity aimed at restoring faith in humanity. Notably, it operates on a community-driven model, avoiding traditional fundraising methods like ICOs and instead distributing a significant portion of its supply directly to the community. The deflationary nature of $FAITH tokens, coupled with an educational and empowering approach for its holders, further sets it apart. Additionally, the project's inclusivity, non-denominational stance, and innovative use of NFTs and a planned transition to a DAO structure contribute to its uniqueness, emphasizing a decentralized, ethical, and value-driven approach in the digital currency domain.
Total Supply: The total supply of $FAITH tokens is 369,369,369,369. This supply is fixed, aligning with the deflationary nature of the token.
Airdrop: A significant portion, 332,432,432,432.1 tokens (approximately 90% of the total supply), is allocated for airdrops. This is a unique approach, prioritizing widespread distribution to the community.
Liquidity Pool: 33,243,243,243.21 tokens (about 9%) are allocated to the liquidity pool. This ensures that there is sufficient liquidity in the market for $FAITH transactions.
Team: A relatively small portion, 3,693,693,693.69 tokens (1% of the total supply), is reserved for the team. This allocation is modest compared to many other cryptocurrencies, emphasizing the community-focused nature of the project.
Burn Rate: Every transaction involving $FAITH incurs a 3.96% transfer rate, which is then burned. This burning mechanism makes $FAITH a deflationary token, as the total supply will decrease over time with each transaction.
The Fire and The Pool:
The Fire: A mechanism where $FAITH holders can voluntarily burn tokens, contributing to the deflationary aspect. Additionally, 50% of unclaimed airdrops will be sent to "The Fire."
The Pool: This allows holders to voluntarily increase the liquidity pool once XLS-30D (a technical standard on the XRPL) goes live. Similarly, 50% of unclaimed airdrops will be directed to "The Pool," enhancing liquidity.
Tier System: The tokenomics also incorporate a tier system for holders, categorized into Diamond, Gold, and Visionary tiers, based on the percentage of the original airdrop quantity held. Each tier comes with different benefits, encouraging holders to retain their tokens to maintain or achieve a higher tier status.