The growth of Cryptocurrencies is simply amazing! From a very small beginning when Bitcoin was launched in 2009 till now, blockchain technology has taken the financial world by storm. Blockchain technology has gone beyond being just a decentralised platform that facilitates peer to peer financial transactions. It now provide solutions and have found applications in medicine, education, business, government, insurance and many other sectors. It threatens to dismantle centralized systems and render them obsolete. The figures below suggests that the progress made by blockchain technology as of April 2018, is enormous:
Number of cryptocurrencies and tokens: +1,500
Amount raised in ICO's alone in 2017: +$4,000,000,000
Putting the huge figures above in perspective with the potential for mass adoption, blockchain technology is set to completely transform how we live and do business in many secttors. The possibilities are simply endless.
Though blockchain technology has seen remarkable advancement in many ways over a short time, glaring technical and functional challenges remain unsolved. These bottlenecks have limited the scope of blockchain application and its ease of penetration into established centralized systems. In order to consolidate on progress already made and facilitate further breakthroughs, these challenges must be swiftly addressed. Consider some of the challenges and a unique proposed solution for solving them.
Statement of the problem
While blockchain technology has been hailed as the next big revolution of our time, the following are some challenges that have discouraged the masses from participating in this unique financial system:
1. Blockchain technology is too technical: This is one of several prominent challenges affecting cryptocurrencies. Everything about it requires some level of technology literacy to do them. Being able to comprehend and manipulate complex blockchain systems is a pre-requisite to participating in the system. For example, to do basic things such as create a wallet, exchange cryptocurrency, monitor the financial markets or handle other cryptocurrency instruments is very difficult for some people who are not technology savvy. If that is the case, then imagine the difficulties that average individuals or even groups will face if they are to create their own cryptocurrencies . It is almost an impossible feat.
So there is no blockchain facility on ground that empowers ordinary people with common interests to create their own coin and use it to transact within and finance the activities of the group. This discourages mass adoption of cryptocurrencies.
2. Lack of community coin valuation structures and liquidity challenges: Even if there exists somewhere remotely unknown a blockchain structure for the creation of local community cryptocurrencies, there is no global framework that serves as a unit of valuation to measure and compare local community coins against other communities. The absence of this facility and the communities as well have created a huge vacuum between blockchain technology and a large community of local interest-based groups that would have adopted crytocurrencies in mass. Again there is the big issue of coin liquidity when building communities. Community-based token suffer lots of price volatility when members buy or sell in them in the market. The negative liquid nature of the tokens discourage trading velocity in the system and always threatens sustainability of the coin and community in general.
3. Systems with global target audience unsuitable for local communities: Apart from blockchain-based solutions, there are centralized institutions where interest-based communities thrive and transact based on the groups inclination. However, these platforms have a global appeal and hence are very unsuitable for local communities let alone individuals. For example, freelancing platforms organize participants according to their area of interest, but lack the facilities to suit each group's or individual's preferences. In addition, they are not decentralized and cannot leverage the limitless advantages of blockchain technology.
These are some of the challenges facing blockchain technologies. They challenges have lingered until recently. This article examines a proposed blockchain interest-based communities platform that creates a decentralized economy of members participating in the activities of various communities. This platform is called Native. How does it work?
Introducing the solution - Native Platform
Native Platform is a blockchain based ecosystem where participants can build or join communities and create value by participating in community projects. Communities on Native Platform can create their own local currency which can be used to power all projects within the community. Community members can exercise some rights such as creating projects, voting to facilitate decision making, participating to execute community projects, and earning local tokens by doing tasks for the community.
Native Platform also empowers communities to thrive through its governance instrument which allows community members to participate in collective decision-making. It also creates a means to measure the value of each community in relation to other communities through the native base coin. A decentralized liquidity network which is part of each community facilitates swift and fair currency conversions between communities on Native Platform and any other cryptocurrencies.
Built on Ethereum and with the non tech-savvy in mind, Native Platform hosts tools and templates designed for easy use and deployment. This ensures that participants with limited technical know-how can participate in community activities easily. Basically, any group of people working towards a common goal are welcome to create value from their passion and get rewarded on Native Platform.
Native Platform is founded by Jake Vartanian, who previously founded Cryptodex - the first Token Launch Consulting firm. He realized that the value of a project depends not only on the utility of the product, but also on the community using and supporting it.
How does it work?
Communities can grow and thrive on native when new members work hard and raise the value of the economy. The following information outlines how a new entrant starts on the Native platform:
1. Purchase the Native Platform Tokens NTV: Currently, users can buy Native Platform tokens which is the base coin for any activity on the platform, Native Platform tokens are now available on Mainnet so early birds are welcome to obtain this utility which gives them access to the facilities of Native Platform.
2. Create or join a community: There are 6 communities now that new users can join on Native Platform. Try to go through each one of them to see which appeals to you. If you cant find any community of interest, you can create one
3. Get Involved - grow the community: Now that you have found or created a community of interest, participate actively to build its economy. The value of any community grows as more members are actively creating or supporting projects, tasks and participating in other activities. Purchase their coin and start to exercise the full rights of members - voting, supporting projects, doing tasks, etc.
Fundamental structure of the Native Platform
There are two major groups of tokens on the Native Platform. They are the Native token and the community currencies. Understanding their basic design, transaction capability and function will enable potential community members see why Native Platform has a superior structure to facilitate community development on the blockchain. Here is a comprehensive rundown of the general nature or design of tokens on Native Platform.
Token structure: Tokens on Native Platform are modelled after Bancor Smart Tokens. Bancor Smart Tokens are ERC20 compliant tokens with an added feature that facilitates direct trading of the tokens using their own smart contracts at pre-made prices designed to automatically reflect market demand and supply. To achieve this in-built liquidity, each token is connected to a reserve currency and holds the balance of the token it is connected to. Hence, this allows users on Native Platform to exchange any token pairs at a fair market price. Tokens on Native Platform are highly liquid.
To further strengthen their built-in liquidity mechanism, Smart tokens on Native Platform use a continuous token model. Unlike today's systems where a pre-determined volume of token is minted at coin launch, continuous token models mint tokens on demand and dispense them according to the terms of each smart contracts. This model ensures that tokens on Native Platform are highly liquid and are traded at a fair market price which reflects the current values of each token, instead of trading tokens based on price speculations.
Deposits: Community members can transfer funds into a token smart contract to initiate a transaction. How this fund is divided is unique to each community as designed when the community was formed. However, the fund is sent across the following 3 channels:
(i). Community funds: The community fund is meant to facilitate community-based transactions or spending. From this fund-for example-community members who accomplish tasks advertized by the community receive the payments for the work done.
(ii). Smart Token Converter: Smart contracts on the Bancor protocol are programmed to automatically adjust token prices to reflect supply and demand. So some parts of the fund sent to a smart contract is kept in this converter.
(iii). Connector balance: Here, token value is directly added to the existing token quantity when a transaction is done.
The above 3 channels receive a portion of any funds sent to a smart contract according to community specifications.
Redemptions: A community member might decide to withdraw their funds at any time and leave the community. At other times, they might decide to convert tokens to another community's currency. When this happens, the tokens are exchanged with Native Token (NTV). The community fund remains intact. The fund is withdrawn from the connector balance. Then the Native Token (NTV) which is the reserve currency is sent to the wallet of that member.
Connector/Reserve and Token Pricing:
The following 3 parameters determine the price of a token at any given time:
- Connector/Reserve Balance - Value of Base Token held in
- Outstanding Supply - Number of Tokens in circulation
- Connector Weight - Connector Balance (defined above)/Market
The community as a core feature of Native Platform
Native Platform is community driven with complete decision-making toolset designed to help communities realize their inherent value in an interest-based ecosystem. The Native team have reached out to willing participants and based on the result of interactions created five categories of communities. they are as follows:
- Local Theatre
- Community Funded Projects
Based on the above five categories, Native Platform launched with the following six communities:
- Earth Guardians
Earth Guardians is a community that gives youths a voice on issues relating to environmental justice.
- Imaginal Films
Imaginal Films is a community of film developers, fans, and multimedia investors where members contribute ideas for the development of acceptable multimedia content
- SDG Futures
SDG Futures work around issues relating to UN Sustainable Development Goals to promote a true democratic future for humanity
- Peace Accelerators
Peace Accelerators want to achieve global peace through participating in various community projects and events.
DOLO wants to promote a future of smart education where everyone can be educated no matter their circumstances
- The Rick & Morty Crew
The Rick & Morty Crew is a collective of fans committed to embracing all things wubalubadubdub!
Community Roles on Native Platform
Users can join Native Platform and take up one of the following roles:
1. Curators: These are communty administrators with a detailed knowlege of what the community is all about. Their job includes - but is not limited to - filtering content meant for the community to ensure that it aligns with community goals and objectives.
2. Members: Members are users that join the communities created on Native Platform. Since Native Platform runs a democratic system, members have the power to collectively install and remove curators. They also vote on critical decisions such as how community funds are spent and other things.
Each community can create its own token which can be used for transactions on the community. Each community token hold their reserves in Native Token (NTV). Community members can define additional functions for their token. By default, each community token has the following functions:
Medium of Exchange: Every currency should have the primary function of serving as acceptable means to pay for services rendered on the community. However, each community can only use their token within the community, but not outside of it.
Membership: To join any community, the user must first purchase Native tokens which will be used to exchange for the community tokens. The amount that must be exchanged can be modified by community vote. However, each community curator determines our much tokens should be converted to community tokens by new members.
Alignment of interest: Because the Native token must be purchased to start, this already aligns the community interest on the platform. Communities are still allowed to swap tokens or map out a portion of community funds to other projects or communities. This creates a collaboration opportunity brings more communties together to align their interests.
How some features of Native Platform facilitates collective decision-making
One of the key features of Native Platform is that community members are empowered to contribute in making critical decisions that affect the community in question. This is a democratic governance system where each person's voice counts. Unlike current freelancing communities where platform owners make all top decisions, sometimes to the detriment of its members, Native Platform ensures that all members have equal rights to air their views and influence decisions made in the community. To that end, Native Platform put in place tools that will enhance this process. They are as follows:
**Projects: ** Curators can send project proposal to the community who must approve it before it can be executed. However, the community must have sufficient funds to cover the project before they are considered. Community members will make several decisions about each project. For example, if an approved project generates revenue, members must decide where the generated funds will be deposited. These decisions will give each member a sense of belonging and a feeling of being responsible in community activities.
Polls: Polls represent an avenue for community members to vote on decisions. Members pre-determine the length of time that each poll is allowed to remain. At the end of the polling period, if members reach a consensus, the poll is considered successful. Otherwise, the poll will be labelled invalid. Again, community members make some decisions regarding pools.
Tasks: Curators are responsible for creating tasks. When tasks are created, community members are allowed time to claim the tasks if they have the skill or resources to accomplish it. Again, the following decisions must be made regarding tasks:
- How much time a Member has to complete the Task once it is
- How much NTV the Member will receive in return for completing the
- The criteria for successfully completing the Task
How is Native Platform Unique
The short answer is - in many ways. Consider the following:
Mode of operation: Many communities today are so centralized that the views or opinions of members are relegated to the background. Few guys at the top control the whole economics. The result is that people put their money where they have little or no control. Native Platform gives back the decision-making power to the members. The system if fully democratic and decentralized. People will now be happy to put their money where their voice counts.
A unique economy: Giving communities a sustainable economy to accomplish their goals is as important as anything. Finance is a critical part of any sector. Unfortunately, today's centralized communities lack localized financial mechanism to sustain their goals. Native Platform gives communties the platform to create their vision as well as the financial mechanism to sustain those goals. Any organization or group without a unique financial system to sustain their goals will definitely die no matter how noble such goals are.
Passion-driven: People are willing to do anything to pursue and sustain their passion. Native Platform builds on this principle. instead of bringing together a heterogenous crowd, Native Platform gathers people into communities based on their interest. With the kind of zeal they have for their interest, these communities will form a united front in pursuing and realizing their goals with all their resources.
I would love to create a community on Native Platform
By profession, I hold a degree in Computer Science. I love computer graphics and animation - everything multimedia. I will love to create a community of Computer Multimedia enthusiasts, developers and designers on Native Platform. In this community, we will use our skills to engage in multimedia projects such as graphics design, 3D animation, Cartoon networks, Cinematography, on the rest on them. We can even market our projects on the platform and invite interested members of the public to join our community in order to have access to our multimedia productions. I will name my community DISCOVAIT. Multimedia projects are very much in demand in today's IT world. So my DISCOVAIT will appeal to people who look for such materials for personal use or for corporate engagements.
Frequently Asked Questions about Native Platform
The following are some questions that potential community founders and members would love to have their answers.
- Is there a fee for joining Native?
- Why use Ethereum and Bancor to back to liquid reserve? Is this the best option?
- Can Communities decide how many tokens to issue?
- Who can become a Curator?
- Does Native support wallets other than Metamask & Parity?
- What is the total supply of Native Token?
To read the direct answers of these questions and more, click here
Robert loves playing computer games and likes joining any group online to play those games. While searching online for a fresh group to join, Robert stumbled upon PlayIt244, a gaming community on Native Platform. He decided to investigate how to join. He found out that it requires buying some Native tokens. He purchased the tokens, joined the community and is now enjoying everything in this amazing community.
Native Platform will forever change how communities are built and operate. It boasts a decentralized ecosystem where people with similar interest form communities to pursue their passion. It empowers community members to make decisions and lets their voice count. It creates a sustainable blockchain-based economy to assist these communities achieve their goals. In the long run, Native Platform will help all interest groups form a united front to tackle all the problems that have eluded society in general.
Native Platform Partners
The video below explains Native's vision
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