Echelon Prime (PRIME)

Echelon Prime (PRIME)

Most recent update: [April 1, 2024] 

What is PRIME? 

PRIME is the core cryptocurrency within the Echelon Prime Foundation, a pioneering Web3 ecosystem dedicated to advancing next-generation gaming. Launched as the foundational token of this ecosystem, PRIME facilitates the operation and development of innovative gaming models and economies, particularly through its integration with Parallel, a sci-fi themed trading card game. Its role extends beyond simple transactions, as it aims to incentivize participation, reward contributors, and stimulate growth within the new gaming paradigms. Unlike many cryptocurrencies, PRIME was not pre-mined, ensuring a fair and equitable distribution among the network's contributors and stakeholders.

The Echelon Prime Foundation envisions creating a robust platform where blockchain technology can bring about revolutionary changes in gaming. PRIME is instrumental in this vision, serving not just as a currency, but as a tool for engagement and innovation within the ecosystem. As participants interact with various aspects of the platform, from gaming to governance, they earn PRIME, aligning with the foundation's goal of promoting active involvement and contribution to the Web3 gaming sector.

Who is behind PRIME? 

The development and maintenance of PRIME and the broader Echelon ecosystem are managed by the Echelon Prime Foundation, headquartered in the Cayman Islands. This foundation was established with a clear mission to leverage blockchain technology in creating a transformative gaming experience. The team behind Echelon Prime is composed of experts with deep roots in blockchain development, digital economies, and gaming, all contributing to the strategic direction and execution of the project's objectives.

Their combined efforts have been central to developing PRIME as a utility token that powers the Echelon ecosystem. The team's expertise ensures that PRIME is not only a digital currency but also a vital component of the ecosystem's infrastructure, facilitating innovative gaming experiences and community-driven developments. This focus on creating a decentralized and participatory platform underscores the foundation's commitment to evolving Web3 gaming landscapes.

How does it work? 

PRIME functions as the utility token within the Echelon Prime ecosystem, powering a range of applications from transactional processes in games to governance mechanisms. Users engage with the ecosystem by utilizing PRIME to access various services and features, fostering a vibrant community centered around the Echelon gaming platform. The token's integration into the ecosystem allows for a seamless experience where players can earn, spend, and leverage PRIME in multiple ways, enhancing the gaming experience and contributing to the ecosystem's growth.

The Echelon Prime Foundation employs a consensus mechanism that validates and secures transactions across the network, ensuring the integrity and stability of the PRIME token. This mechanism is critical for maintaining a decentralized and secure environment, where users can interact confidently and reliably. Through staking, governance, and participation, users of the Echelon ecosystem contribute to its development and decision-making processes, embodying the decentralized and community-driven ethos of the Web3 space. 

The PRIME Token and Tokenomics 

PRIME tokens are currently available for sale on multiple exchanges worldwide. The maximum supply is capped at 111,111,111 tokens, and as of April 1^st 2024, the market cap for PRIME amounted to approximately US$776,857,551. The circulating supply of PRIME tokens is around 35,773,841.

The initial distribution for PRIME is broken down as follows:

• 30% to the Echelon ecosystem P2E pool
• 16.24% to PRIME ecosystem investors
• 15.4% to the PRIME ecosystem founding team
• 11% to the Echelon-approved primary NFT asset staking pool
• 10% to Echelon Prime Foundation's token reserve
• 4.6% to the Parallel Studios token reserve
• 4.26% to seed the PRIME staking pool
• 4.25% to Echelon-approved digital asset owners
• 2.25% to PRIMEset holders
• 2% to seed the PRIMEset staking pool

The PRIME token is purported to serve as a utility token to pay for transactions and services on the network and to also be used a liquidity mechanism for value transfers. It can also be used as a governance token.

Security 

Echelon Prime's security framework is anchored in its blockchain infrastructure, which employs a robust consensus mechanism to validate transactions and secure the network. This decentralized approach mitigates risks associated with centralization, enhancing the overall resilience and integrity of the ecosystem. Users participate in this secure environment, contributing to the network's stability and governance through activities like staking and voting, which reinforces the ecosystem's decentralized nature and collective security ethos.

The emphasis on security in the Echelon Prime ecosystem is paramount, with advanced cryptographic methods employed to safeguard transactions and user data. This commitment to security ensures that PRIME remains a reliable and trustworthy currency within the Web3 gaming sector, supporting the foundation's objectives of creating a safe, engaging, and innovative gaming environment.

Drawbacks and risks 

While Echelon Prime represents a significant innovation in the integration of blockchain and gaming, it is not without its challenges and risks. The success of the PRIME token and the broader ecosystem is contingent on widespread adoption and engagement, which can be influenced by market volatility, technological advancements, and regulatory changes. The reliance on a continuously engaged and active user base to maintain network integrity and value adds a layer of complexity and uncertainty to the ecosystem's sustainability. Furthermore, the development and expansion of the Echelon ecosystem are subject to the evolving landscape of Web3 technology

Finally, as common to many ERC-20 tokens and more broadly Proof-of-Stake networks, their blockchain architecture dictates that those with the most staked tokens will have the most sway in the network’s functioning. This effectively places richer wallets in a position of power. Thus, if one person or a group of entities can acquire 50% of the network’s voting power, they would be able to control it. 

Due Diligence  

Before listing PRIME on the VirgoCX Platform, VirgoCX performed due diligence on PRIME and determined that PRIME is unlikely to be a security or derivative under Canadian securities legislation. VirgoCX’s analysis includes reviewing publicly available information on the following:  

• The creation, governance, and location of PRIME and/or its primary development team; 
• The supply, demand, maturity and liquidity of PRIME; and 
• Legal and regulatory risks associated with PRIME.  

Statutory Rights under Securities Legislation 

VirgoCX is offering Crypto Contracts on crypto assets in reliance on a prospectus exemption contained in the exemptive relief decision Re VirgoCX Inc. dated May 30th 2022 (the Decision). Please be aware that the statutory rights in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under the securities legislation of each other province and territory in Canada do not apply in respect of the Crypto Fact Sheet to the extent a Crypto Contract is distributed under the prospectus relief in the Decision. 

Further Reading 

To learn more about the technology behind PRIME, check out these in-depth resources here: 

• The official site of PRIME
• Coinmarketcap’s overview of PRIME
• Coingecko’s tokenomics overview of PRIME
• Coinbase’s overview of PRIME, along with the relevant news and blogs related to PRIME.