Savix

WeTeam designed Savix to be a currency token in order to avoid problems with regulation authorities. As soon as a token might be considered a security regulative issues become more complex. Unfortunately it can happen years after a token had been issued to the public that sudden legal decisions can have impact on tokens that have already existed long before the decisions is made. This leads to a huge legal insecurity for all members of a team creating innovative new DeFi products. In the long run we hope to be able to get a better insight into the legal aspects of Savix, especially with help of internationally experienced lawyers. But this takes a lot of time and money. Therefore members of the Savix team will not publish their personal data at the moment and stay officially incognito using pseudonyms. We are in the process of founding a legal entity, most likely a company which will take on all rights and responsibilities for Savix. As soon as the legal situation could be clarified our guideline for team members to stay incognito will thought over again.

Savix is a token with a predictable inflation mechanic built into the ERC-20 protocol. Newly generated tokens get distributed evenly to all wallets free of any gas/fees. A user has to simply hold the coin to receive his share every 2 hours.

The yearly inflation rate starts at 85% and decreases over time to 8% after 5 years.

Team Story

In spring 2020, while the Corona pandemic had led to the first lockdown in Europe, Anatol and Michael had first discussions about the future of Ethereum and what significance staking has within the Ethereum ecosystem. Discussing the profit opportunities of users participating in staking pools the question arose, if there couldn't be a way of generating staking rewards similarly, but avoiding the drawbacks pool-based staking brings, eg dependency on the pool operator, locking of tokens, not transparent reward calculation etc. Savix’ two founders decided to try it out and developed a new kind a staking mechanics integrated into the ERC20 smart contract: Protocol Based Staking! This was the starting point for Savix! The development of mathematics and the first version of Savix' smart contract took another 4-6 months still. The name Savix is derived from the term "Savings Book" due to Savix' analogy of offering predefined and transparent interest rates for its holders.

Legal Background and Team Visibility

We designed Savix to be a currency token in order to avoid problems with regulation authorities. As soon as a token might be considered a security regulative issues become more complex. Unfortunately it can happen years after a token had been issued to the public that sudden legal decisions can have impact on tokens that have already existed long before the decisions is made. This leads to a huge legal insecurity for all members of a team creating innovative new DeFi products. In the long run we hope to be able to get a better insight into the legal aspects of Savix, especially with help of internationally experienced lawyers. But this takes a lot of time and money. Therefore members of the Savix team will not publish their personal data at the moment and stay officially incognito using pseudonyms. We are in the process of founding a legal entity, most likely a company which will take on all rights and responsibilities for Savix. As soon as the legal situation could be clarified our guideline for team members to stay incognito will thought over again.