The economic definition of Utility, is the measure of happiness, enjoyment or a sense of security that a person receives from a commodity or a service in comparison to many other commodities. Utility is basically seen as a measure of the value of one particular commodity, for various different people. In economics it is usually assumed that an individual is rational, if utility is maximized in their care about money and life, that is to say that if an individual chooses one particular commodity  from among many such in a group, the rationality of the individual is based on whether his option outweighs the rest in propelling their satisfaction. For example: if Sarah is given a choice between having soup or salad for lunch, Sarah’s mind immediately compares the value of each of these lunch options and quickly decides to have salad, which would give Sarah the satisfaction that she’s looking for from her lunch. Do bear in mind that there is no real measurement system outside of a theoretical framework.

Now with the understanding of how Utility functions, Let’s move on to the next part of the economic term (Utility Token)- Tokens, is essentially a metal coin or plastic disk that is used instead of money. (Disk, Cambridge Dictionary), or it is something that is given to someone with an intent to express an intention or a feeling (symbol, Cambridge Dictionary). For example: a token could be a piece of paper or plastic token that kids collect at an arcade or it could be a rose given to a person with the wish of expressing feelings, for them.

With the comprehension of these two units separately let’ look at how they work together to give us one key term to understand the basics of the blockchain technology and cryptocurrency. Utility Token, according to Decryptionary, “is a digital unit that provides exclusive access to a product or service. The utility token provides access in a way similar a ticket providing access to a sporting event.” Unlike regular tokens, they provide the element of buildability around the existing design of the token. The values of these tokens are derived from assumptions and the willingness of a third-party buyer who is willing to buy them at a higher price than assumed. Some token programmes such as Ethereum were built in such a way that other token programmes and games could be built on top of them, XcelToken is one such token system that is built on the Ethereum Blockchain, unlike many other tokens Utility tokens such as XcelToken have a ready use case, in this case (XcelToken), they can be used to book flight tickets and hotels while you are travelling or they could simply be used to buy a cuppa’ joe to take with you on the go.

The much awaited XcelToken upgrade is here! XcelLab, after much anticipation is finally rolling out the upgraded tokens from yesterday (10^th of May, 2019) to the 15^th of May, 2019. XcelToken is an ERC20 token on the Ethereum Blockchain Platform that is created to build, engage and foster a large crypto-community within the hospitality, retail and gaming sectors.

XcelToken is already adopted into usage on XcelTrip– an online travel booking platform where you can check-in at over 800,000 hotels and book tickets with over 400 airlines, XcelPay– a merchant POS and digital payment wallet through which you can now recharge your phones with 900 different carrier services and in 160 countries, with cryptocurrency. Soon after the upgrade the token will make your everyday transactions easy. Aside form this the utility token will be available on multiple exchange platforms to trade in on the 15^th of May, 2019 at 8 PM- PDT.