Spice is an appreciation token that merges social network content and boosts the community. As per its whitepaper, if someone posts something that is worthy of recognition, the platform offers a Spice token as a form of appreciation. The digital token is built on the SLP (Simple Ledger Protocol) for the Bitcoin Cash blockchain, a decentralized crypto asset with a quick transaction service. SLP tokens are digital objects that can be received and sent using Bitcoin Cash transactions (Video). The asset is a decentralized cryptocurrency that aims to offer fast transactions.
The Spice team observed that the cryptocurrency world is changing and have a really tense atmosphere leading to a lack of fun. Hence, the Spice team developed this platform to change the idea of trading by rewarding good content with an interactive currency. Using Spicebot (social tipping platform), the token operates services that capture complete tipped content and aggregate it into an overview of the trendy content happening across multiple social networks. The asset has its Spice Faucet that allows users to unlock Spice tokens every twenty-four hours for up to one hundred SPICE tokens. Spice features SpiceFeed, which captures all the content in real-time and tips them in the form of Spice tokens. Besides, the platform aims to bring Spice Merch that seeks to hold Spice branded tees and other products such as laptops, consoles, etc.
SPICE is the utility token of the Spice platform. The asset claims to have a very robust distribution system. Three percent of total supply goes to burning, 10.4 percent goes to key opinion leaders, 15.4 percent goes to long-term development reserve, 5.6 percent goes to Spicebot, 3.6 percent goes to strategic partners, and 3.2 percent to initial marketing, challenges, and seedings. Cryptocurrency burning is when a fraction of tokens are sent to a wallet with no private key. This means the tokens are lost forever. Tokens are usually burnt to reduce availability and increase market value.
