What is SIX and how does the SIX Network platform function?
Many of you may have stumbled upon the SIX token on the Bitkub trading platform and developed questions such as ; “What is SIX?” or how does the supporting SIX Network work?”
Worry no more as Bitkub Academy is here to answer your unanswered questions!
What is SIX Network (SIX)?
SIX Network (SIX) is a Thai cryptocurrency developed as the backbone of a new digital age using blockchain technology and smart contracts to establish wallet-to-wallet connections.
The creators of SIX aimed to build an ecosystem with transparency, credibility, security, and effectiveness in conducting a Digital Creative Economy by providing solutions to financial issues as such:
- SIX Digital Asset Wallet
- Decentralized Financial Services
- Wallet-to-Wallet (W2W) Decentralized Commerce
Additionally, SIX Network recently announced the Definix application in 2021, a Decentralized Finance (DeFi) platform facilitating automating trades of tokens, while also reducing difficulties of reaching exchange in assets for investors as well.
Definix is a Decentralized Exchange platform (DEX) that functions on-chain with a staking service on its platform as well.
SIX Network was established by Natthawut Puengcharoenpong and Watchara Emwat.
Natthawut is a tech enthusiast with 18 years of experience in building and fundraising tech firms in Southeast Asia, while also being the CEO of Ookbee as well.
While Watchara is also the founder of Computerlogy, a leading start-up company specializing in analyzing information, social media tools, and blockchain technology for businesses and organizations in Thailand.
Interesting technology and uniqueness of SIX
SIX Network aims to provide equality through the use of blockchain technology and smart contracts to establish a financial system that is truly decentralized through 3 main infrastructures:
1. SIX Digital Asset, which is a crypto wallet different from any other as it can store, connect, and trade digital assets without a central authority, while also being able to store any asset on a blockchain network, whether its songs, movies, digital content, or even digital financial interest.
2. Decentralized Financial Services, a decentralized financial system aiding content creators in monetizing their content as digital assets.
3. Wallet to Wallet Decentralized Commerce is a trading service that connects content creators to their buyers directly, making transaction fees obsolete. This can be used in cooperation with the SIX Digital Asset Wallet and smart contract as well.
SIX Network (SIX) is a cryptocurrency developed to support the concept of a new digital age built on the underlying blockchain technology to develop wallet-to-wallet transactions, while also establishing a just, transparent, and secure ecosystem for investors in their ideal Digital Creative Economy for content creators.
Additionally, SIX is also used for the following use cases:
1. Users can stake or farm with the SIX token to receive LI Tokens (Liquidity Investment Tokens), which are essentially secondary tokens to indicate the usage of services on the SIX network.
2. SIX holders can receive discounts on transaction fees as well.