A Competition won in the global economy for the betterment of humanity
Not long from that time, more improved cryptocurrencies that are slightly modified with reference to bitcoin was developed. Report have shown to us that the overall cryptocurrency ecosystem which includes over 1,500 cryptocurrencies and tokens have been estimated to worth more than $300B as of April 2018, which has attracted interest from participants of financial markets to invest in the market.
Individuals are gaining more ground as the emerging financial technology develops day by day. A user that is partially technical can utilize a system of finance with equal or greater degree of functionality compared to traditional syetem of banking and fiat currency. An economist, Friedrich Hayek proposed a theory of money and how economies function, of which he won a Nobel Prize for.
He proposed in the The Denationalization of Money that Independent local currencies backed by a single reserve currency could create the conditions for a healthier global ecosystem.
There is need for more growth to be ensured within the economic landscape across the globe for communities. Thus, the need for a platform called "Native" that empowers this communities to realize their inherent values in a global economy comes into place.
What is Native?
Native is an Etherium-built platform that give strength or ability to communities to be able to generate their own special and unique token currencies and efficiently make use of a set of decision-making tools to manage their resources in an effective manner. Native is platform that makes available a common ground of unique features that works efficiently to attends to the needs of various types of communities, so that all of them will be able to participate in emerging financial ecosystem irrespective of the limited knowledge they possess technically and economically.
The challenges faced by communities
The challenges faced by various community is that the structures needed by those communities which are less technical to generate their own local currencies are unavailable, and the mechanisms required to value them against each other within a basic conceptual structure globally are not in existence. Another challenge is that it is always very difficult for a system with a wider scope to meet and satisfy the distinctive needs of all participants making use of them in an effective manner.
This challenges stated above are the main reasons a determined and intelligent team of professionals have come together to implement a platform called Native that it dedicated towards the creation of a user experience which is effective for communities to operate with powerful effect in an economy that is tokenized. Native is a network of communities that focus mainly on empowering communities to make decisions exhibiting social cleverness about how they grow.
What we meant by the word "grow" is the idea that growth has been measured as a relation to anything that the community itself values.
The aim of Native is to simply make it quite possible for various communities to put their unique local currencies with functional standard to launch. These functional standard includes but not limited to memberships, votes and transactions. The owners of Native token will be able to guide the decisions of community successfully through the backing of the governance features of Native.
The Native token owners will also be able to fund and posses the power to affect the regulation of local projects that are built on Native. Simple templates are made available for the delivery of all options of governance on Native, so that any user that do not have technical knowledge can still execute their ideas effeciently and effectively.
In one word, the team of Native is building a platform with an approach that is fair, inclusive and non-rivalrous to help bring about the growth of communities and help the communities realize their vision.
How does Native achieves that ?
The launch of Alpha platform on Mainnet by Native has been a major success. Due to this, Users can easily acquire the Tokens of Native Platform (NTV) and be a member of the pilot communities on the platform. With the possession of Metatask wallet, some ETH and an interest in any of the first pilot communities, someone can get started on the platform of Native. Only Cipher and brave browsers currently support Native Platform. You can start Native here now.
For us to better understand the working principles of Native and how it achieves its aims, there's need for us to clarify three concepts which are cryptocurrency, community and economy.
Cryptocurrency: Cryptocurrency is a new kind of value storage which leverages the blockchain technology, and Native is based around it. The reason cryptocurrency is important is because it makes it possible for its users to control and make choices about how value is being exchanged. It's totally transferable, reliable and it doesn't depend on government or banks. Relating all the features of cryptocurrency as stated above to Native, then some key points about Native are stated as below:
People that not have technical knowledge about cryptocurrency will be able to create and utilize their own digital token through Native.
The tokens can be transferred. it is also reliable and does not depend on any centralized currencies for its operation.
The designer of the system are the ones who design access to this medium of value storage.
it's a model with a decision having the default option being exclusion or avoidance.
Community: At Native, they have the belief that a community that function very well possess the basic features of sharing common perspectives, mutual interests and are committed collectively towards taking joint actions. Community is seen a massive act of moving imagination and motivation towards union or uniformity that have the capability of breaking records.
Economy: It's not an overstatement if I say working with communities helps in making good decisions. However, it doesn't make total sense if it's not connected to a system that causes change to occur. This is exactly where the idea of economy comes into play. An economy can simply be defined as a system of exchange and interaction and an accurate and effective use of resources. What this is trying to say about Native is that; it is an efficient means of transferring resources between people.
An Economy can also be defined as the large set of interrelated production and consumption activities that aid in determining how scarce resources are allocated. This is also known as a system of economy.
The definition stated above further expansiate on the idea of developing new systems of economy (scarcity) by Native. The goal of Native is to bring about the development of efficient economic tools that will help communities in making excellent decisions about how to utilize finite resources.
Native Ecosystem Architecture
The ecosystem of Native is made up of the Native Token and Community Currencies. The functions of this entities are similar and due to that, we will discuss the general design of the token before explaining those two entities one after the other.
- General Token Design
Tokens within Native are prepared and arranged for use as Bancor Smart Tokens, which means they get hold of a reserve in a base currency. The combination of this reserve with an autonomous market-making algorithm will make it possible for users to convert transparently between any two tokens within Native at a market value that is fair enough for the users.
A second party utilizing the Bancor Protocol on the other side is not required for completion to be reached. A continuous token model is being employed by these Smart Tokens, which means that tokens are minted and destroyed as users interact with the Smart Contract. The three important benefits of a continuous model are stated below:
At a calculated price, there is instant liquidity for Tokens.
The activity and size of the market are indicated in exact of careful conformity to truth.
Only tangible results determine the value of currency (meaning more token will be generated only when they are needed).
Some Points to Note about the Token
Deposits: When funds are transferred into a Token Contract, the funds are divided and can be sent down three different paths which include:
- Community Fund - Resource pool for community spending
- Smart Token Converter - Traditional Bancor Converter which modifies price
and supply based on connector weight
- Connector Balance - Direct addition of value to existing token supply
Redemption: There's an exchange of the token for base currency held in reserve when the Smart Token Contract receive the Tokens back. During a redemption, there is no removal of funds from the funds of the community. There is reduction in the balance of the connector when Tokens are redeemed and it also causes low liquidity in the token. The wallet of the Converter receives the base currency sent to it.
Connector/Reserve and Price of Token: Calculation for the price of token depends on three variables which are stated below with the formulas;
- Connector/Reserve Balance: This is the value of base currency enclosed within reserve.
- Smart Token Outstanding Supply: The number of tokens in circulation.
- Connector weight (CW)
The weights of connector is between 0-100%. The volatility increases when the weight reduces and vice versa. Community can put up a change to connector weight so as to lessen unforeseeable challenges; encourage expansion or stabilize value; and to be able to take in massive volatility swings in the general markets.
- Native Token
All other currencies on Native will recognise Native Token(NTV) as their base currency. The community of Native gets more membership through this Token. NTV is initially in full hold of a reserve in Bancor Network Token(BNT). The needs of Native maybe fully backed by the combination of tokens held in reserve. Native give room for modification If agreement is reached through a community poll. The Native token model is shown below.
The conversion of Native token will be splitted initially into 50% Community Fund, 10% Smart Token Converter and 40% Connector Balance. A connector Weight of 10% will be maintained initially by NTV to ensure a tangible pool of liquidity if users want to go back into ETH or BNT.
- Community Currencies
Each community have their own local currency which is called the community currency. Their reserve is held in the Token of Native (NTV). Community currency are initially divided into 80% Community Fund, 10% Smart Token Converter and 10% Connector Balance. The performance of communities will be assessed once we have functional communities at the first round, which will then bring about split recommendation over time based on the type and size of community.
Valuations and Implications of Native
The valuations of Communities on Native can be accurately provided through a framework designed by Native. A market value which is fair can be achieved through these major categories as stated below:
Connector Weight/Reserve Balance
Numbers of Members - How many members makes up the community
Curator - Can the curator be trusted? Is the curator a game changer?
Values Alignment - How serious is the members about the community and its missions.
Community Fund Balance - How much capital does the community fund has? Hope it was not spent lavishly?
Value of Membership Benefit - What additional benefit do I stand to gain as a member? Are those benefits really significant?
Member Activity Levels - How active are the members of a community?
Community Impact: Is the community having a positive or negative impact on its members and the entire universe? If they have positive impacts on them, then the community will flourish with lots of support from people across the universe.
Current and Future Potential Revenue - How much money does the community earn? that's if they are earning any money at all. And hope there is fair redistribution of the money back into the community.
Native Ecosystem Structure Implications
The ecosystem of Native is built to bring about an ally communities working together with a common goal. Making use of the same base currency ensures an equal development among Native and the communities at large. The amount of Native token deposited into a community determines the total value a community could derive.
Community - The bedrock of Native
The crucial component that forms the basis of Native are communities. A gathering of local or digital a community on Native. Those benefits include the following:
Raising capital through an act of giving out token, that replaces a traditional method of fundraising such as crowdfunding, VC and loans from banks.
The polling feature of the Native platform enhance the ability to make decisions collectively.
To be able to recognize and possess the ability to redeem value within a framework globally.
Setting Up Communities on Native Platform
- Discovering Communities
Look for a community of your choice and provide support for them through a purchase of their local tokens. Once you've purchased their token, a tracking of their value is activated and your vote will be used to measure your direct influence in the development of the community.
- Creating Communities
A decision about what you want to build the community around should be made. Then tokens can be sold and their value tracked. After that, an assessment of their direct input in the development of the community through the vote of members can be done.
The launch of Native came alongside 6 pilot communities which are stated below:
Earth Guardians: This is a Boulder, non-profit community based in Colorado that organizes programs for youths to give them confidence and strength, as well as help them gain ground most especially in environmental justice.
DOLO: This is a decentralised organization where stakeholders can acquire knowledge for free so that incremental changes can be made towards a future of smart education that is easily accessible, active and rewarding for all stakeholders.
SDG Futures: This is a decentralized community and developers of web and mobile applications through the combination of programming languages, frameworks and tools for the United Nations Sustainable Development Goals (SDGs).
Imaginal Films: This is a community of conscious film persons filled with enthusiasm. Conscious films are collectively developed, produced and distributed by viewers, filmmakers and funders convened in a single digital ecosystem.
Peace Accelerators: This is a non-profit organization based in New-York whose aim it to quicken the spread of global peace by applying a community-driven, tech-centric and future-forward perspective to bring up solutions that bring out the best in the emerging technologies for an improvement in the value of stakeholders and the community at large.
The Rick and Morty Crew: This is a group of supporters that are ready to support all forms of improvements that are Wubba lubba dub dub! in the community.
Core Features of a Community
Dashboard: The communities of users can be accessed via web3 wallets which forms the mechanism for transaction and identification on Native. A dashboard that shows a brief summary of all activities (such as informations about available tasks, active project proposals and history of membership) within the community is provided to the community.
Community Currency: Each community on Native has its own unique local currency to create the resource pool of a community, signify membership, create an alignment of interests and use as a medium of exchange for all communities on the Native platform.
Community Fund: Each community are in possession of a fund which grow through; new members joining, when members participate very well and recycling of revenues into the fund. Community funds is used to bring about improvement and achievement of goals. There can be allocation of funds to tasks, projects and general operations.
Project: The project to be carried out can be decided by members of the community. Thereby, helping them to be fully aware of the utilization of the pool of resources.
Polls: Members are granted the power to vote on polls towards building up feedbacks that will be taken back to the community.
Tasks: Community tokens are given to members for basic tasks which they perform and complete.
Curators: They are reliable admistrators of Native communities. They are very much aware of a community's initial vision, and the act as a mechanism to make sure that only significant and potentially useful content is added for community members to view and vote on. They are in charge of the member's work approval or denial.
Members: Members become part of a community that have like minds with them regarding values, interests and goals. It's only members that are granted series of rights. Members are the one who takes higher decisions for deployment of capital and under any conditions. When the need arise, members can replace curators. They can also join and participate in more than one communities.
Mr James live in an environment where disputes arises each and everytime due to differences in religions in that environment. He was very concerned about how to restore peace in that environment. Good for him, he found about Peace accelerators community on the Native platform. He purchased token and became a member of this community.
Now, Mr James can be a vital part of the decision making process and helps achieve the goals of this community. Through this community, the spread of global peace in this particular environment was accelerated through the application of a community-driven, tech-centric and Future forward perspective. Thus, a solution was devised and peace reigned again in that environment.
Native is a platform with the aim of enabling people to work on the things they legitimately have so much interest in. Thereby bringing out all their best and consequently improving their values as a participant in any of the Native community. People are free to join any of the first 6 pilot communities. Native give power to people to launch unique community local currency or token with functional standards that includes but not limited to votes, transactions and membership.
Watch this Introduction video about Native
Read More about Native
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