Virtual Tokens Overview

Virtual tokens can be used to buy and sell digital goods and services on your platform. Depending on your implementation, tokens managed by Tilia can be backed by fiat currency (USD), and sellers may cash out these tokens for real-world value. This enables you to create a rich in-world economy for your users.

Virtual tokens are managed with two wallets:

  • Standard token wallets are used by buyers. Buyers purchase tokens on your platform, and funds are added to their standard wallet. Standard wallets contain tokens that can be spent within the system. Tokens in these wallets cannot be converted.
  • Convertible token wallets are used by sellers, creators, and other users who receive tokens on your platform. Convertible wallet tokens can either be spent or converted to fiat currency. Once converted, funds may be available for cash out through Tilia's payout process.

Depending on the terms of your agreement, users may be required to complete KYC before accruing a convertible token balance. Contact Tilia with questions regarding your terms. All users are required to complete KYC before accruing a fiat balance, regardless of terms.

Enabling Virtual Token Support

You will need to contact Tilia to enable virtual token support on your platform. In order to configure virtual tokens, we will need the following information from you:

  • Token Currency Code: A 3-character code for your token.
  • Token Display name or symbol: The user-facing name or symbol for your token, which can include Unicode characters.
  • Token exchange rate: The exchange rate of your token, both to and from USD. Conversion rate from USD affects token purchase transactions; Conversion rate to USD affects token conversion transactions.
  • Precision level: The level of precision you want your token to support.

Working with Virtual Tokens

Refer to the following guides for more information on the types of transactions available for virtual tokens: