Updated: Feb 11
Retired public service workers facing uncertainty surrounding their pension payouts have a new solution which aims to empower them to boost their income using a new cryptocurrency called SVCS. With major governments struggling to meet long standing deficits in their pension funds for public retired service workers, SVCS provides an alternative that uses established blockchain technology to help both individuals and institutions alike.
Some reports calculate that some public service pension schemes are underfunded by more than 25% and governments have been very limited in their options to resolve the complicated situation. Since these pensions are typically funded by money paid in by the current generation of public service workers (providing pension payouts for retired workers from previous generations), unexpected social changes and shifts in demographics can drastically affect the funds available to pay pensions. The age that retired workers can claim their pension has been pushed back ever further and governments are faced with cutting back public services or having to look to other problematic financial decisions to try to balance their books.
With increases in taxation being as unpopular as ever, there is a clear space in the market for private companies to offer novel solutions to these longstanding risks to society’s stability, safety and wellbeing. While there may not be a silver bullet for such largescale and complicated issues, the SVCS token (promoted by the team at Giving To Services), gives us an exciting glimpse into how decentralised financial (‘DeFi’) services can breathe new life into what might otherwise seem to be inevitable catastrophe.
As with most cryptocurrency systems, SVCS is based on public ledger technology (in this case it has been birthed onto the well established Ethereum blockchain), which means that it benefits from the same transparency and trustless design as do the most successful crypto tokens in the now $1 Trillion (plus) cryptocurrency market. While there are many cryptocurrencies that offer reliable anyone to send money and manage other international transactions with relative ease and low fees – they often lack a utility value that truly makes them useful. SVCS is very different!
Empowering Public Service Workers & Their Employers
While the fine details of some of the SVCS solution will not be made public until 2022 according the project roadmap, the basic idea involves several strategies to generate profits for SVCS token holders and support public services at the same time:
Increase in the value of the SVCS tokens. As with other crypto tokens, the price of the SVCS token can rise substantially as demand for it’s use increases. This means that anyone who has put money into SVCS will automatically see gains, though if the price drops they can also see losses too.
The SVCS Investment Fund: The SVCS team uses a large percentage of the supply of SVCS to invest into other cryptocurrencies and decentralised finance projects – with profits from those investments being made available to pay rewards to holders of the SVCS token. This enables all public service workers to easily access the powerful financial growth within cryptocurrency markets without needing to invest countless hours of their own time learning this often complicated area of financial technology.
Direct funding of key public services and related projects: Additionally, token holders can vote for carefully vetted public service projects to receive financial support directly from the SVCS payout pool, ensuring that they can both have a say in how SVCS is managed and help the most needy public service sectors.
Token gifting for individuals and public services: SVCS will be offering integrations and marketing packages for public service organisations, enabling anyone to give directly to them or their team – enabling us all to directly support those who work so hard to keep us safe on a daily basis.
Note: The investment fund and other funding features are planned to be launched in 2022. As of 2021, only the basic token features are publicly available. For more information on updates be sure to follow the team on social media and in the SVCS telegram channel.
SVCS Early Adoption
SVCS is already available for purchase on several exchanges and because it is an Ethereum ERC-20 token it can be stored in a wide variety of standard wallets – making it a great option for those who prefer to store their tokens on their own hardware devices.
The listing for SVCS on CoinGecko is currently the best place to keep track of which exchanges support SVCS, so head over there if you are interested in being an early adopter. While there can be no guarantees of performance for new crypto projects, it is certainly true that great ideas have a tendency to explode in the crypto space – so keep your eyes open for SVCS!
Additional bonuses are available for bulk purchases of SVCS in the early stages, so be sure to contact the SVCS team for more information and to ensure you don’t miss out.
Deeper into the details
If you’d like to learn more about the SVCS blockchain, the SVCS whitepaper is available to read, which describes the high level overview of the project and where it is headed.
Disclaimer: This blog is provided for informational purposes only and is not providing or intending to provide financial advice. All readers are advised to do their own research when deciding where to invest and to take independent financial advice from a professional concerning investment decisions.