Biobit acts as a utility token based on Ethereum Network (ERC-20 standard), In order to facilitate financial transactions.
The number of Biobit tokens issued is 20,000,000. Over 85% of the total issued tokens (17,000,000) have been transferred to the reward pool. The reward pool tokens will be distributed through the Proof-of-Contribution (PoC) mechanism. 10% of the total is reserved for the Zarela team and 5% will be distributed through three phases for development.
The Zarela network operates on a proof-of-contribution (PoC) model and each Ethereum transaction is considered a contribution.
Biobit tokens can be used by Zarela and all other individual businesses (up to 1 million) connected to the data platform smart contract as their utility token.
The maximum Biobit token amount is only 20,000,000.
The Zarela smart contract and vesting contract lock up 97% of all Biobit tokens.
Each 590 Zarela's day, the number of rewarded Biobit tokens is halved.
The lifespan of each token released from the Zarela reward pool is 45 days, and after that, and any token that hasn't been distributed after 45 days will be disposed of and no longer accessible.
The code for Zarela is all available on GitHub as open-source, under MIT licesnse.