What is the utility of SQRL token?
- Sqrl wallet
- SQRL Sqrl Wallet
What is the utility of SQRL token used in Sqrl wallet?
SQRL token allows users to have Sqrl wallet pay for resource needs (RAM, CPU, NET) of their transactions. It also unlocks other additional Sqrl features.
Users can forget about any staking of NET or CPU and just pay 1 SQRL token per transaction. It's a different and much simplified form of resource management. There is a small fee for the tokens, but it's quite low and would generally be seen as a convenience fee. This means that casual users have an easy way to use Telos without ever needing to think about transaction fees (so it would be a bit like a two-coin system such as GAS on NEO or VTHO on VeChain). But it's at the service layer, so people can choose to use it while dapps and power users can continue to enjoy the benefits of feeless transactions which are a powerful feature of Telos for many.
SQRL tokens also have a sort of loyalty points usage within the Sqrl wallet to unlock new features.