Today we're releasing the official SENSO Lightpaper — a short yet comprehensive document that introduces you to our token, its use cases, and our plans for the near future. No time to read it? Here’s a quick overview.
The SENSO Lightpaper sheds light on important matters concerning the token development and its utility for the Sensorium Galaxy digital metaverse. Reading this document will answer some crucial questions, such as:
- What is SENSO? And how does it relate to Sensorium Galaxy?
- Why is SENSO structured like a cryptocurrency?
- What can Sensorium Galaxy users do with SENSO?
- Why is Sensorium Corporation burning SENSO?
- How is the SENSO supply currently allocated?
- Why is SENSO moving to a new blockchain?
In the nearest time, we will share an updated Whitepaper with further details on each token use case and its integration to specific mechanics within the alternate universe of Sensorium Galaxy.
SENSO Use Cases
SENSO was first designed as an in-platform currency for value transactions within the Sensorium Galaxy. We realized there’s more use cases.
NFT Minting: Inside the digital metaverse, users can easily monetize their passions. Sensorium Galaxy leverages NFTs to protect users’ digital identities and enable them and their AI-powered avatars to create digital collectibles. SENSO is used to pay for minting NFTs and listing them on the marketplace.
NFT Marketplace: Every participant of Sensorium Galaxy can use SENSO to buy and sell non-fungible tokens. Inside the metaverse, a decentralized marketplace allows professional and user-generated NFTs to be exchanged smoothly and fairly.
Decentralized Autonomous Organization: Holding SENSO gives users a unique chance to take part in multiple product-level decisions. Structured as DAO, the Sensorium Galaxy metaverse empowers every participant to be involved in the future of entertainment.
Game mechanics: SENSO tokens make Sensorium Galaxy a more engaging environment for everyone. Use tokens to explore new horizons, join VIP-only group activities, and get paid when completing tasks with exceptional performance.
Social Tokens (R&D Stage): Through SENSO, metaverse users could issue personal social tokens to themselves and their AI-powered avatars. These copyright-protected tokens push creators to build an economy around complementary monetization strategies. Holders of these tokens can get exclusive content access and all sorts of benefits straight from creators.
Migration to Substrate-based blockchain
Initially, SENSO was developed using the ERC-20 standard — a widespread solution that guaranteed access to nearly all Ethereum-compatible service providers.
Yet, the sudden increase in ETH value represents a direct threat to small-size transactions within the metaverse. To that end, SENSO will migrate to a new blockchain network — one capable of delivering competitive conditions that meet the needs of Sensorium Galaxy and all entertainment applications involved.
This new network is developed with Substrate — a next-generation blockchain technology framework. Aside from a sizable reduction in fees, the migration will connect SENSO to the vast Polkadot ecosystem.
Polkadot aims to become the internet of blockchains, where various application-specific blockchains are interconnected with each other and can exchange information and value.
$10 Billion Worth of SENSO Officially Burned
As anticipated in our previous announcement, Sensorium Corporation has officially burned 4.2 billion SENSO, leaving the existing token supply at 1.7 billion.
The token burn was executed at 15:30 GMT. For those who aren't familiar with the procedure, burning a token implies transferring them to an eater address — a public wallet that's permanently inaccessible.
Transaction details can be found here.
By the time of burning, SENSO stood at a rate of nearly $2.3 per unit. Based on that number, the token burn estimated dollar value was about $10 billion. To date, this is the biggest token burn in the history of cryptocurrencies.
This token burn represents an opportunity to reallocate tokens in a more effective manner. Here’s how SENSO allocation looks as of now: