Main features of the Vanity Token

By: Jayson Derrick
Jayson Derrick
Jayson lives in Montreal with his wife and daughter, loves watching hockey, and is on a lifelong quest to… read more.
on Sep 24, 2021
  • Vanity Token is the first ever token to provide wallet addresses for major cryptocurrencies.
  • Vanity is 'aiming to be the distribution leader of their product for companies accepting cryptocurrency'.
  • Key features include an anti-dumping system that restricts $VNY investors to one sell order per day.

Vanity Token is the first-ever token to be created on any blockchain that provides wallet addresses for Bitcoin, Ethereum, Binance Smart Chain, Litecoin, and Dogecoin chains, Vanity Token said in a Friday press release.

‘Completely secure’

The addresses that are generated via the Vanity Marketplace are ‘completely secure’ as only the original requester of the addresses can gain access via the private key, according to the press release. The Vanity team creates a string of code known as a partial private key that is based on the customer’s public key.

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Once the customer receives the string, they will then need to merge it with the original private key through the Vanity platform.

Vanity token

Vanity wanted to provide a Marketplace for customer wallet addresses based on the Vanity token ($VNY). The token is the only accepted payment method within the Vanity ecosystem. Vanity explained:

Vanity is aiming to be the distribution leader of their product for companies accepting cryptocurrency, miners looking to sort their rigs income, holders that want to instantly recognize their wallet from a multitude of others, people looking to display their customized wallet, users feeling safer sending crypto to an address they recognize, and many more.

Functionality

These are some of the key details of the Vanity token, according to the press release:

LP Auto-Deposit: Each transaction with $VNY is taxed for a total of 10%. Of this, 2% is deposited within the $VNY smart contract. Whenever a user deposits 500,000 $VNY, the smart contract will wait for a sell to swap half of the tokens into BNB. This will be deposited in the Liquidity Pool and locked for three years.

Anti-Dumping System: Each $VNY investor is subject to just one sell order per day, up to 10% of their holdings. This will be implemented to the major holders once the Liquidity Pool reaches a sustainable level.

Deflationary System: The $VNY tax includes a 2% fee on each transaction. The proceeds are sent to the burn address which will reduce the circulating supply.

Reward System: The $VNY tax also includes a 4% redistribution to holders. The sum that each holder receives is based on their total $VNY holdings, giving the user an opportunity for passive income.

Marketing/Vanity Wallet: A 2% $VNY tax is sent to a marketing wallet recognized as the OxFEE0FEE0 address. The purpose of this tax is to fund marketing and server management.

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