Tap (XTP) is a project that allows users to manage and track their cryptocurrency and real-world economy together in one project. The users are allowed to trade, store, send, and receive crypto assets and real-world currency. Users can register themselves, complete the KYC process, and fund their bank account via bank transfer.
The project solves two major concerns linked with cryptocurrencies. First, the project stores all the assets in a multi-signatory cold/offline storage to ensure the security of the assets. Cold storage is an offline wallet in the form of a pen drive used for storing cryptocurrencies. Second, users can spend cryptocurrency as a utility with lower transaction and conversion costs making crypto assets cheaper. Users can also withdraw traditional currency from an ATM using Tap Card in exchange for crypto assets or real-world economy. According to the whitepaper, the project aims to promote mass adoption of cryptocurrency and blockchain technology in the real world setup.
The platform aims to offer Tap cards that can be used in stores, ATMs, or online shopping. The user doesn't have to pay an annual fee or delivery charges to avail the card, receive notifications for every transaction, and freeze their cards if lost. Besides, users seek to enjoy free transfers with other Tap account holders. The project's interest program allows users to earn up to 8 percent weekly on trading. The users can earn a Bitcoin as a reward when they invite a friend with a personal code and complete registration.
XTP is the utility token on the Tap project that runs on ERC-20 token standards. The users can utilize XTP to pay transaction/exchange fees and receive discounts within the project. Users are allowed also earn higher card levels for better user terms by staking XTP. Also, the user can't use staked XTP anywhere until the staking period is over.
Moreover, each month the project removes 10 percent of the profit tokens from the circulating supply permanently while reducing the total supply.
