FAQ

General

How is thisapp different to other chats?

How will thisapp make money?

$THIS

Why does thisapp need a token?

$THIS is the core incentive mechanism given to users for building, curating, and improving the network. Examples of this include: administering lively groups, inviting/onboarding new users, hosting events, making bookings/purchases, and community moderation. Additionally, the token allows us to transparently distribute control of the network to the community members who contribute to building it. Note: $THIS tokens do NOT represent equity, debt, a claim on profits, or dividends and does not constitute any financial instrument of any business or organization.

What will I be able to do with the token?

You can use the token within the platform for several functions, including request tributes (4.3), Chat/event gating, peer-to-peer transfers, and making purchases/bookings. Most importantly, token holders can discuss improvements, propose changes, and vote on governance proposals.
For more information:

Will anyone be able to buy $THIS?

Once the token is listed on the major cryptocurrency exchanges, anyone can purchase the token.

How will I access my $THIS?

The best way to access your $THIS tokens is through your $THIS wallet. Or you can move your $THIS to a third-party wallet of your choosing.

What is a cliff?

Cliff is a short word for a probation period; upon expiry of the cliff, you formally own the tokens that have vested to date. If you leave before the cliff expires, you will not receive an allocation of tokens.

What is vesting? Why is it important?

Vesting is another word for unlocking; the vesting schedule determines the quantity and frequency by which your tokens will unlock. These times can vary depending on the project. Unvested tokens are locked, which means users cannot withdraw them until they are vested.
Vesting is a way to ensure long-term commitment to a project.

Will $THIS be like a stock?

$THIS will not stock, a form of equity, a dividend, or a profit return mechanism. Instead, the value is in its utility within the thisapp ecosystem. The token provides its holders and the community control and ownership of the network itself.
When it comes to governance and control, $THIS does have some distinct advantages over stock:
  • It’s finite: There will be a cap of 500 million tokens of $THIS, and no more or less will ever exist. That means $THIS cannot be diluted.
  • It’s equal in value: All tokens carry equal weight, as there is only one token class – one token = one vote.
  • It’s instantaneously global: Anyone around the world can earn and hold $THIS tokens.

Will there be tax implications?

Depending on where you live, there may be tax implications for earning and withdrawing $THIS tokens. Therefore, all token holders will be encouraged to do their own research and consult with a local tax professional for tax advice unique to regional and national regulations.

Points

How will I earn points?

Point generating activities involve; administering lively groups, inviting/onboarding new users, hosting events, making bookings/purchases, and community moderation.

Can I lose them too for being inactive?

You will not lose points for being inactive. However, as other users remain active and earn points, your position and weighting relative to other users will continually dilute.

How does the point system work once the fixed token supply has been reached?

The average $THIS distribution will decrease over time. Over time, the community may decide to conduct market purchases of $THIS to encourage further network participation or introduce mechanisms by which $THIS is absorbed back into the system (such as through within-platform payments).

Governance

Will there be a minimum number of $THIS tokens needed for governance?

No. Anyone with at least 1 $THIS in their wallet can participate.

Will I lose or "spend" $THIS tokens when I vote on a proposal?

No. The voting process considers the number of $THIS tokens in your wallet to calculate your voting power when you vote for proposals. No transfer of tokens will occur; all of your tokens will remain in your wallet.

How will my voting power be calculated?

Your voting power is proportional to the number of $THIS tokens you have in your connected wallet. The more $THIS you have, the higher your voting power on proposal voting.

Can I delegate my votes to someone else?

You can delegate or give your $THIS tokens to another wallet address. Delegation does not lock tokens; it simply adds votes to the chosen delegation address to add more weight in votes.

Will every token holder need to vote?

No, token holders are not obligated to participate in governance.