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3.0 – $THIS
With the issuance of the $THIS token, we can provide use-cases that were previously impossible and address some of the core problems created by incentive misalignment plaguing networks today. $THIS will have a fixed supply of 500 million tokens, meaning the total number of tokens in circulation can never surpass that amount.
3.1 Token Mechanics.
Below is an outline of the planned token mechanics. The token distribution and point allocation algorithm will be determined in conjunction with data we collect on our path to product-market fit.
Drawing inspiration from Jad Esber & Scott Kominers ‘Novel framework for reputation-based systems’, thisapp will feature a dual token economy.
Points: Non-transferable reputation signal.
- Users earn Points for pro-social activity and active contribution. Point generating activities involve; administering lively groups, inviting/onboarding new users, hosting events, making bookings/purchases, and community moderation.
- There will be an unlimited supply of Points to maintain incentives for new participation and ongoing engagement. The inflationary dilution will also encourage ongoing activity and engagement from long-term users. As inactivity will result in their Point totals declining in proportion to other active users.
Early users will have the opportunity to earn points before the release of the token. Once the token is released, early point holders will be rewarded accordingly.
$THIS: Transferable rewards dispensed to holders of points.
- Point holders are issued $THIS tokens in regular intervals based on their total Point balances.
- There will be a fixed supply of 500 million tokens to encourage long-term value, and, as a result, the average total distribution will decrease over time. The deflationary nature of the distribution curve will ensure that early contributors are disproportionally rewarded.
Concave distribution.
3.2 Token Distribution
- 1.Team/Early contributors: 26%.
- 4-year release schedule, 1-year cliff, released monthly.
- 2.Early token purchasers: 24%.
- 2-year lock released monthly.
- 3.Community Incentives and Rewards: 50%.
- Unlocked at network launch and distributed over time in accordance with community incentive and reward program.
The investor/team allocations are validated by the additional risk assumed by undertaking the progressive decentralization approach.
Click here to request the proposed cap table for a breakdown of ownership allocation between the team, investors, and the community.
The figures mentioned above are estimates and may change over time.
3.3 Token utility.
The $THIS token has a number of uses, including:
Governance. $THIS token holders can discuss ideas for improvements, propose changes, and vote on governance proposals. Given that each token represents one vote, users who hold more tokens may have a more significant influence over how the network develops.
Request Tribute. Thisapp features a social graph that allows users to search for any other user on the platform. When a user receives a message from someone outside their network, it will be directed to their 'requests list' to avoid spam. While this solution is effective, it's not perfect. Important messages often get missed. The request tribute allows users to implement an economics-based filter to avoid missing important messages.
- The user sets a minimum tribute (USD equivalent of $THIS tokens) that someone from outside their network must make to contact them directly. The recipient only receives the tribute if they reply.
Chat & Event Gating. Users can token-gate Chats and events with a minimum deposit for entry. Token holders will also have the ability to access thisapp community chats, and events.
- The user sets a minimum tribute (USD equivalent of $THIS tokens) that someone must deposit to gain access to a given Chat/event.
Peer-to-peer transfers. Leveraging the power of the Avalanche protocol (4.5), users can make transfers to other users globally. Transfers achieve finality within a matter of seconds, for a fraction of what it would cost to make a bank transfer without compromising on security.
Bookings & purchases. Users who stake a specified quantity of tokens will be able to access discounted bookings & services.
3.4 Community Governance.
Community governance can be enabled once sufficient decentralization is achieved. Navigate to section 5.1 ‘Progressive decentralization’ for further details. Below is an outline of the planned governance process; the exact procedure for implementing the governance process will be determined in conjunction with the token release.
- Following the Braintrust model, proposals can begin either as open text or code to be considered and discussed by the ensemble of stakeholders. Proposals are ultimately subject to a formal, on-chain vote. Following a period of community examination, ultimate implementation and deployment of approved, coded proposals are overseen by the community’s representatives.
- On-chain voting happens via a native voting portal which is ungated and visible to any community member for participation or observation.
- Off-chain discussion will occur within designated groups on thisapp.
- Off-chain voting will be held on thisapp.
3.5 Avalanche $AVAX.
We plan to launch the $THIS token on the Avalanche network. Avalanche is the first blockchain that has been able to maintain speed, scalability, sustainability, and decentralization. The key difference between Avalanche and other decentralized networks is that the consensus protocol leverages sub-sampling and transitive voting. As a result, Avalanche is one of the fastest blockchains featuring sub-second finality, high throughput, and strong safety guarantees while still preserving competitive levels of decentralization. In addition, the validator set can potentially grow unbounded without driving up the latency times—a unique attribute that other platforms have been unable to match. And finally, Avalanche is fully compatible with Ethereum assets.
Given the Avalanche ecosystem is still in its infancy and token models are continually being researched and developed, the $THIS token may be assigned a number of additional functions in the network beyond those defined in the scope above.
Last modified 11d ago