ApeCoin- All you need to know about the new ERC-20 token
ApeCoin (APE) is an ERC-20 token used within the APE ecosystem launched In mid-March of 2022. ApeCoin is the ecosystem’s governance token, allowing ApeCoin holders to participate in ApeCoin DAO. ApeCoin will also be used to access games, merchandise, events, and services offered by participating developers, merchants, and service providers who join the APE community.
What is ApeCoin?
ApeCoin is an ERC-20 standard blockchain created in March of 2022. ApeCoin will be used as both a governance coin and a utility coin within APE ecosystems. There are five use cases for APE coins: 1) Decentralized Autonomous Org (DAO), 2) Governance/Vote Payouts, 3) Internal Exchange, 4) Third Party Services, 5) Merchandise and Events. Let’s take a look at each one individually.
- The Decentralized Autonomous Org (DAO): or DAO for short – is perhaps ApeCoin’s most revolutionary use case. Members will use ApeCoins as a form of governance to decide how APE should be structured and built. The goal is to mimic how we work in actual human societies, but without human flaws that can lead to corruption. This voting mechanism means our developers will focus on creating products that the community truly wants and not those that might just make them richer. We are still working out all of the details for our DAO governance system and are looking forward to feedback from everyone once it’s released.
- Governance/Vote Payouts: ApeCoins will also be used as a governance coin for vote payouts within APE ecosystems. The more ApeCoins a user holds, the more weight their vote will carry when deciding how to spend APE’s funds and which projects should be built next. This means that ApeCoin holders can earn money by voting on projects they want to see developed. The best part is that anyone can participate in these vote payouts even if they don’t hold any ApeCoins, making it truly democratic and inclusive for everyone.
- Internal Exchange: ApeCoins will be used as utility coins for internal exchanges within APE ecosystems. This means that developers and users can use ApeCoins alike to buy and sell products, services, and assets from other members of our ecosystem. We’re still working out all of the details on how these exchanges will work exactly. Still, we’re looking forward to providing a truly decentralized marketplace where anyone can buy or sell anything they want.
- Third-Party Services: ApeCoins will be used as a utility coin for APE and members’ third-party services. Most of these services won’t even require ApeCoins in order to use, but they are open to accepting them if users prefer. These will include data analytics on your investments, digital marketing campaigns that help drive traffic and sales, and physical assets such as sculptures or other merchandise products. Again these details are still being decided upon, so we can’t provide many specifics just yet, but we hope that everyone is excited about what we have planned for our ecosystem. If anyone has any ideas about services they want to see built, please don’t hesitate to reach out and let us know. 🙂
- Merchandise and Events: ApeCoins will be used as utility coins for merchandise and events within APE ecosystems. This means that members can use ApeCoins to buy merchandise, tickets, or other services offered by APE or by other members of our ecosystem. The exact details are still being worked out. Still, we hope that these will include things like limited-edition merchandise only available through our ecosystem, exclusive ticketing for certain events such as meetups or conferences, and live stream viewing parties for certain games/events/concerts/etc., etc. We’re looking forward to providing more details on these soon.
Where can I buy it?
The best place to buy Ape Coin is on an exchange. APE is currently being traded on a variety of exchanges, including Idex, Token Store, EtherDelta, and Cryptopia. As these are all exchanges, it’s up to each exchange whether or not they support sending or receiving transactions in APE. More importantly, as Apecoin has only just been launched, there isn’t much trading volume yet, so now may not be a good time to get involved.
What should I do with my coins once I get them?
There are a few options for what you can do with your APE. The simplest is just to keep them in an Ethereum wallet, as these are safe and easy methods of storage. For long-term investment, it’s recommended that you store your tokens in MyEtherWallet (MEW). You can also move them over to a Ledger Nano S or Trezor for more advanced security measures. If you want some hands-on playtime with ApeCoin, there are lots of fun ways to use them.