ObolCOIN, more than a simple token
ObolTRADE Will Retain 50% Trading Fee Discount When Using OBOL
Along with the launch of the exchange, ObolTRADE hosted a giveaway of ObolCOIN. OBOL is an ERC20 token built on Ethereum. The total supply is limited to 180 million OBOL, after which no more coins will be created.
You can use OBOL to pay your fees on the ObolTRADE exchange. While you can still choose to pay your fees in the cryptocurrency you’re exchanging, ObolTRADE offers a rebate as an incentive to pay fees in OBOL. In your first year of membership on ObolTRADE, fees are discounted 50% when paid in ObolTRADE. With every subsequent year of membership, the fee discount decreases. By your fifth year using ObolTRADE, there is no longer a fee discount for paying in OBOL.
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ObolCOIN is used as the exchange platform internal token – it is used as a rebate cashback system to help offset commission fees.
NAME / Symbol
ObolCOIN / OBOL
OBOL IN HISTORY
A natural continuity…
Obols were used from early times. According to Plutarch they were originally spits of copper or bronze traded by weight, while six obols make a drachma or a handful, since that was as many as the hand could grasp. Heraklides of Pontus in his work on “Etymologies” mentions the obols of Heraion and derives the origin of obolos from obelos. This is confirmed by the historian Ephorus on his work On Inventions. Excavations at Argos discovered several dozen of these early obols, dated well before 800 bc; they are now displayed at the Numismatic Museum of Athens. Archaeologists today describe the iron spits as “utensil-money” since excavated hoards indicate that during the Late Geometric period they were exchanged in handfuls (drachmae) of six spits, they were not used for manufacturing artifacts as metallurgical analyses suggest, but they were most likely used as token-money. Plutarch states the Spartans had an iron obol of four coppers. They retained the cumbersome and impractical bars rather than proper coins to discourage the pursuit of wealth.
In Classical Athens, obols were traded as silver coins. Six obols made up the drachma. There were also coins worth two obols (“diobol”) and three obols (“triobol”). Each obol was divisible into eight “coppers” (χαλκοί, khalkoí). During this era, an obol purchased a kantharos and chous (6 pints or 3 liters) of wine. Three obols was a standard rate for prostitutes.
The Future of the ObolCOIN
ObolTRADE is promoting the adoption of the OBOL token in the hopes that it will drive customer loyalty. The rebate, of course, is a nice perk for lowering trading fees. But even after the rebate decreases, users are still likely to own leftover OBOL that they might as well continue to use. The more its adoption grows, the more valuable and useful it becomes.
Right now, OBOL’s primary value is within the exchange. This makes OBOL unique among most new coins since it already has a practical use case. Most investors will get the highest ROI out of cashing in on the OBOL rebate. However, in the future, it’s possible the value of OBOL could grow as an asset. For the earliest investors, they’ve already seen a large return on OBOL. It’ll be interesting to see if investors continue to take the rebate or hold OBOL in hopes that it will appreciate.
If ObolTRADE sees continued success on its current level, it will certainly implement more features and programs. These new capabilities and add-ons will all likely use the OBOL coin. Their ICO Launchpad is one early example of an added feature using the OBOL coin. There are likely to be many more.
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