Cryptocurrency development is all well and good unless your tokenomics aren’t economically sound. When our team developed TEE-coin (TEC), we started off with the maxim that a cryptocurrency should be indispensable at the corresponding platform’s protocol level.

We’ve seen too many examples, through extensive market research of utility tokens being slapped onto a platform without any real rhyme or reason. So, in contrast, we made TEC an integral part of ChatTee, our rewards exchange and merchant platform. We like to say that if ChatTee is the body of the project, then TEC is its soul.

What exactly Is TEE-coin (TEC), and how can I earn it?

To understand how TEC works, you’ll first need to understand ChatTee, the platform where it resides. ChatTee is a platform that takes reward points from loyalty programs of all stripes and converts them into TEC. With your ChatTee wallet full of TEC, you can then shop at the merchants partnered with the ChatTee platform.

Exchanging rewards points isn’t the only way to get TEC, however. You can also top-up your TEC wallet using other cryptocurrencies like Bitcoin, Ethereum and many more in the future. However, there are even juicier ways to get TEC.

When you shop with partnered merchants and leave them reviews, you automatically earn TEC in your wallet. You can then spend that TEC with any in-network merchants you please.

Another way to earn is by opting in to receive push-notification ads from ChatTee partner merchants. When you view the advertisements, you receive more TEC in your wallet. Again, just like the TEC earned from leaving reviews, you can spend it with any merchant in the network.

Finally, we value ChatTee shoppers and TEC token holders’ contribution to the in-network token economy. So, we’ve built in a rewards system which gives a portion of the fees paid by merchants back to the platform’s users.

In effect, TEC enables an entire ChatTee token economy seamlessly benefiting both merchants and shoppers. Perhaps the best representation of the token economy the TEC Million Club, which we’ll explain next.

TEC Million Club

ChatTee is all about giving back. While we highly value our merchants, the platform wouldn’t gain traction without the amazing 40,000+ users who have joined the platform so far.

Accordingly, we want to say thank you while also providing an incentive mechanism for holding TEC in the long term. Encouraging a base of long-term TEC holders does come full circle for merchants, too. A broad base of TEC holders means token price stability, liquidity, and support, which benefits the whole ecosystem.

The way TEC Million Club works is simple. Hold a monthly average of 1,000,000 TEC in your wallet, and you’ll receive a monthly reward allocated from 25% of the fees paid to the platform by merchants. Your rewards are paid out at the end of the following month, and are divided in accordance with the amount of TEC in each wallet (hold more TEC, earn a larger share of the rewards).

Token lock-up

To address the concerns that the price may fall sharply due to the increase in market supply when we put a large amount of TEE-coins on the market, we will lock up 93% of the 72.4 billion TEC owned by TEE-COIN which translates to 67.2 billion TEC.

During the period from Nov 1, 2019 to the end of Oct 2020, which is announced as the lock-up period, 67.3% of the entire amount of TEE-coins will be frozen. With this lock-up, out of the 72.4 billion TEC only 419 million TEC will be released every month on the first day of each month starting from Nov 2019. If the full amount of 419 million TEC is not released to the market within that month, the remaining TEE-coins will be locked up again for another 120 months.

The purpose of this lock-up plan is to simplify the calculation of the amount of TEE-coins that need to be supplied to the market and to maintain a stable and predictable environment required in order for TEE-coin holders to make transactions.

TEE-coins owned by team members (excluding 0.5%) and partners will be locked up for 36 months once TEE-coin is listed on an exchange. Subsequently, only 45.9 million TEC from this pool can be sold on the market each month. This is equivalent to just 0.21% of the entire amount issued.