What is an OLEscrow Account in the OLPORTAL Ecosystem? Purpose and Working Explained OLPORTAL.ai Follow Mar 11 · 3 min read

OLPORTAL introduced OLEscrow accounts with an aim to regulate the domestic rates that incur while buying or selling neurobots. Let’s see how this innovative system works.

During the Initial Coin Offering (ICO), 6.9 billion of OLCF tokens (ERC-20 tokens) were launched on the Ethereum platform. If there are remaining tokens that are not bought, they will be burnt. Soon after OLPORTAL integrates the Hedera Hashgraph platform to its ecosystem, we will provide the option to convert HHG tokens to OLCF tokens. They will be exchanged at the rate 1:1.

Operations conducted using cryptocurrencies in your OLWallet will be charged with a small transaction fee.

But where do the fees go? What happens to it?

It will be in safe hands. We have created the OLEscrow account to deposit these fees and facilitate other transactions.

Since the Hedera platform charges nominal fees, the fees for OLWallet transactions will be much lower than what is shown in the DAPPs, upon the launch of OLNet. It will accumulate in the OLEscrow account.

How does OLEscrow work?

All operations related to the purchase and sales of neurobots are carried out through the OLEscrow account. Transparency and privacy should go hand in hand while these transactions are made, which is why all operations concerning OLEscrow accounts are programmed by smart contracts.

The general idea is, when there is a deficit of tokens, the market price of the token will shoot up. But high volatility of tokens is not desired either. OLEscrow account will act as an independent “calming buffer” for a “wave generation pendulum” by aiding in the token economics development and minimizing the volatility of the token.

OLPORTAL provides users with the opportunity to earn passive money in a variety of ways. Users who have extended their technical skills and capacity for storage of data are eligible for rewards. But the question remains.

Where they will be paid from? What is the resource?

You guessed it right. They will be paid from the OLEscrow account. Likewise, payment is made for securing the legal network consensus (the “Notarization”).

The amount of remuneration is calculated using the following formula,

(Ʃhh+Ʃpr)(1+D₁ +Nab/Ne)

The sum of all fees on the Hedera Hashgraph platform + the fee claimed by the service supplier) * (1 +D1 + ( the amount of OLCF tokens activated from the last time they were burnt/ the total number of OLCF tokens issued).

Bilateral Operations through OLEscrow Account

OLEscrow account supports all the currencies available in the OLWallet bilaterally. That is, at both the input and output levels.

OLNet users are eligible to conduct all their transactions using fiat money or cryptocurrency, which includes ERC-20 tokens, regardless of the nature of the operation. Both plus (input) operations and minus (output) operations are supported. But during minus operations from OLEscrow accounts, cryptocurrencies will be first in the line, especially Hedera coins.

This system is followed to protect the OLCF token on the Hedera platform from “washing out” from the “incinerating” buffer.

Conclusion

As OLCF token accumulates in the OLEscrow account, the number of OLCF tokens with the users decreases. This results in a deficit triggering the demand for the tokens. While It is nearly impossible to forecast when OLCF tokens will disappear due to the influence of various independent factors, the OLEscrow account will ensure a longer term of existence. It will aid in the stability and growth of the OLCF tokens.

To understand what we are building at OLPORTAL, please connect with us –

Website | Telegram | Twitter | Medium | Facebook | Reddit | Linkedin | Instagram | Kakao Talk