The SOLVE token is a core component that is integrated throughout our entire Care.Platform. It is used to streamline healthcare payments and was designed from the very beginning for real world utility.
SOLVE is the one token that empowers all healthcare needs.
It is an ERC-20 token, which is the standard for tokens on the Ethereum blockchain. This makes it easily compatible with all Ethereum Virtual Machines (EVMs) and easily adopted into Ethereum’s decentralized application (dApp) ecosystem.
SOLVE is native to the Care.Chain protocol so there is no need to worry about a token migration or swap. Our top-down layer structure allows us to make major updates to the platform without requiring any actions from the users. If you would like to learn more, check out our recent Solve.Care Roadmap article here.
In this part of the series, we are focusing on the utility and tokenomics of the SOLVE token.
It is used as a payment system between healthcare providers, government programs, B2B clients, developers, and patients. SOLVE tokens are used in three ways in the Solve.Care ecosystem – payments, gas, and fees.
- Payments: When a bill or request is sent for a specified amount, the receiver needs to pay that bill. SOLVE tokens are used as a global payment system on the platform, allowing healthcare providers to request payment from patients or insurance companies. For example, if a patient orders a prescription that costs $15, the pharmacy can send a payment request card with a value of $15. If the patient accepts, $15 worth of SOLVE tokens will be transferred to the pharmacy’s wallet.
- Gas: SOLVE tokens are also used as the gas of the platform. This means that they are used to pay for every healthcare transaction on the platform and in every Care.Network. Gas is the fee that is paid to the network to process a transaction. On the Solve.Care platform, SOLVE tokens are used as the gas fee to power the network.
- Fees: Some events on Care.Platform require network sponsors to pay a fee. For example, when a user creates their node, the sponsor would be required to pay a fee to create and maintain that node.
CEO Pradeep Goel explaining how SOLVE is a programmable payment token
Payments received for services or products can be redeemed in the Care.Wallet. For example, a doctor can redeem the payment they received from a consultation. Redemptions can be at either deposit value or market value depending on the settings of the network.
Validators receive rewards in SOLVE for validating events that happen in Care.Chain. Publishers receive payments in SOLVE for creating healthcare applications and listing them as Care.NFTs in Care.Marketplace, and reviewers receive rewards in SOLVE for reviewing Care.NFTs. Solve.Care’s platform revenue is collected in SOLVE and can be organized into four categories: Clients, Subscribers, Partners, and Marketplace.
Care.Platform is designed to provide healthcare solutions to thousands of healthcare companies and potentially millions of subscribers.
The revenue generated on the platform can be classified into four categories – client revenue, subscriber revenue, marketplace revenue, and partner revenue.
- Client revenue comes from insurance companies, government agencies, integrated delivery networks, and employers.
- Subscriber revenue comes from patients, employees, beneficiaries, consumers, and case managers.
- Marketplace revenue comes from transactions that occur on Care.Marketplace.
- Partner revenue comes from resellers, processing partners, integrators, and cloud vendors.
CEO Pradeep Goel explains the revenue streams of Solve.Care
The supply and distribution of the SOLVE token to help develop the Solve.Care ecosystem is important to the growth of the platform as well as the community.
There will only ever be a total of 1 billion SOLVE tokens that have already been minted. 350 million were released during the token sale and 650 million were reserved for the foundation, team, community, and to help facilitate the adoption of the SOLVE token.
In order to ensure that the distribution of tokens is done in a transparent and efficient manner, Solve.Care has implemented a Treasury Release Authority. This group is responsible for approving and amending the long-term token release plan, as well as approving each year’s token release.
The treasury release authority is made up of current members of the board and has the authority to approve and amend the long-term token release plan.
It also has the authority to approve each year’s token release. The authority reviews and challenges a business purpose proposal made by Solve.Care senior management before approving each release and the long-term release plan.
Within that approval, the authority approves the maximum amount of tokens that can be released in any one year following the schedule in the graph below. In the event that not all tokens are used during that vesting period then the remaining tokens can be subjected to a token burning or used in future periods.
The maximum number of tokens that can be released over the lifetime of the 15-year plan is 470 million, which does not include team tokens. Again, any unused tokens may be burned, used in future periods, or returned to the treasury at the discretion of the authority. The token year runs from May 1st to April 30th, and the new release plan replaces the previous plan of 12 months’ notice.
To date, Solve.Care has been very careful with the use of its tokens in the treasury, having only released 65 million of its (Team) tokens in year 4 to satisfy just over a third of its obligations to its team.
In fact, the company has not released any additional tokens since that point, which shows just how carefully the Treasury Authority manages their resources.
With only 36% of the Team tokens having already been released, the Solve.Care developers and administration have already managed to release six different layers of the Care.Platform, including the newly released Care.Chain. And, we proudly recognize our team’s hard work and accomplishments during these 5 years the SOLVE token has been circulating in the market.
Despite the challenging bear market conditions, we have been able to efficiently utilize the tokens by stretching their use to its maximum while actively working on the platform’s development. This impressive feat showcases our commitment to building a solid foundation for our platform.
All in all, we are proud of our efforts in making efficient use of our resources while still achieving our goals and reaching milestones.
However, now that the platform is near completion and that Care.Chain has been introduced, it is essential to improve access and availability to the SOLVE token. This way, we can ensure that the global community can access it and the various Care.Networks that are on Care.Platform.
SOLVE is currently available on popular centralized trading platforms including Upbit, Kucoin, Bittrex and more. SOLVE is also available on decentralized exchanges like Uniswap and 1-inch by using only a smartphone.
Solve.Care has identified five key areas of focus for the future:
- SOLVE availability and liquidity,
- Investments and educating the community,
- Investing in new Care.Networks,
- Investing in new partnerships,
- Developing Care.Chain.
These initiatives will lead to a significant adoption of Care.Wallet, Care.Platform, and SOLVE utility.
To achieve these goals, Solve.Care is working to make SOLVE more available and accessible around the world, invest in the community to drive engagement and adoption, invest in new Care.Networks and partnerships to expand the ecosystem, and roll out Care.Chain – a decentralized blockchain that will allow for the secure sharing of patient data across the various Care.Networks.
In summary, Solve.Care has developed a comprehensive Web3 platform for healthcare providers, patients, and stakeholders for the healthcare industry. The SOLVE token is at the center of the ecosystem, facilitating global payments, gas, and fees for transactions on the platform.
The SOLVE token is an integral part of the Solve.Care ecosystem, and its distribution is carefully managed through the Treasury Release Authority to ensure transparency and efficiency.
Solve.Care has been careful in its approach to token distribution through the Treasury Release Authority and is responsible for approving and adjusting the long-term token release plan.
Along with increasing SOLVE availability, Solve.Care plans to invest in the community, develop new Care.Networks, build partnerships and clientele. Furthermore, Solve.Care will continue to develop and expand Care.Chain, which will help drive engagement and adoption throughout the global healthcare community.
As Solve.Care continues to grow its user base, there will be an increasing utility and demand for the SOLVE token, especially when Care.Chain is launched and more healthcare providers and patients come onboard.
If you check out the chart below you will see weekly new accounts have reached a high that we haven’t seen in almost a year. This is in part due to our recent milestones including the release of our technical RoadMap, the launch of Care.Chain, and forging new tech and business partnerships. We are seeing an increased demand for the SOLVE token and expect it rise parabolically now that patients, doctors and institutions can start rolling out Care.Networks on the Care.Platform.
As a result, the SOLVE token is expected to become the one token that empowers all aspects of healthcare through utility, creating a win-win situation for Solve.Care and its users.
More information on Care.Chain can be found at: https://carechain.network/