#### What is Vow? Vow (VOW) is a unique [cryptocurrency](https://www.coinbase.com/learn/crypto-basics/what-is-cryptocurrency) that aims to decentralize the creation of discount vouchers by allowing retailers to [mint](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/glossary/mint) and distribute their own Voucher Currency. This innovative approach seeks to bring cryptocurrency into the real world, with no fiat conversion required. Vow's core utility lies in its ability to be locked in a [smart contract](https://www.coinbase.com/learn/crypto-basics/what-is-a-smart-contract), granting retailers the capacity to distribute unique discount vouchers, denominated in units of v$ (v£ or v€ etc), for up to 5x the $ value locked. This process is facilitated through a [Layer 2](https://blog.coinbase.com/scaling-ethereum-crypto-for-a-billion-users-715ce15afc0b#:~:text=Layer%202s%20are%20commonly%20called,transaction%20data%20back%20to%20Ethereum.) (Aventus), resulting in instant, [gas](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/glossary/gas-fee)-free transactions for end users and retailers who wish to redeem the discount vouchers. Vow's unique token-economic model aims to incentivize every retailer to become part of a massive distribution and acceptance layer around the world. #### How does Vow work? Vow operates by allowing retailers to lock VOW [tokens](https://www.coinbase.com/learn/crypto-basics/what-is-a-token) in a smart contract, which then enables them to distribute unique discount vouchers, denominated in units of v$ (v£ or v€ etc), for up to 5x the $ value locked. These vouchers are built on a Layer 2 (Aventus), which facilitates instant, gas-free transactions for end users and retailers who wish to redeem the discount vouchers. The Vow ecosystem is designed to be a holistic, decentralized, closed-loop, alternative financial system, with the VOW token serving as a decentralized reserve currency for the entire ecosystem. The ecosystem also includes multiple “discount voucher currencies” (eg vINR, v$, v£, v€) orbiting $VOW. #### What are the potential use cases for Vow? Vow's primary use case is to provide retailers with a new method of incentivizing sales by distributing their own Voucher Currency. This process aims to bring cryptocurrency into the real world, with no fiat conversion required. The Vow ecosystem also provides a unique solution for financial institutions, offering them additional fees on transactions they are already processing, and indirect benefits from increased payments and larger basket sizes at participating retailers. For end users, Vow offers a simple and convenient way to save money, with rewards tied to their existing payment methods and instant push notifications reminding them of their savings. #### What is the history of Vow? Vow was initially issued by Vow Limited, a Jersey-based company registered in July 2020. The company was granted the authority to legally commence operations and distribute the VOW tokens through a consent issued under the Control of Borrowing (Jersey) Order, 1958 ("COBO") from the JFSC. By July 2023, Vow Limited had achieved its initial goals of distributing the entirety of [minted](https://help.coinbase.com/en/pro/getting-started/general-crypto-education/glossary/mint) VOW assets, with VOW tokens now held by over 27,000 community members around the world. The Vow Ecosystem Foundation, registered in February 2023, was granted approximately 1/3 of all minted $VOW tokens post their initial distribution, by Vow Limited. The Foundation operates for the benefit of the entire Vow community, applying and administering these assets to promote the use of the VOW tokens.