Native - engage seamlessly with the blockchain
INTRODUCTION:
Right from time immemorial, man has always figured out a way to engage in exchange of products and services. History shows that, man initially started with the “trade by barter” scheme, where products/services owned were exchanged for products/services. Subsequently, man moved unto the use of fiat currencies for the exchange of products/services.
In the year 2009, the Bitcoin blockchain technology was launched, and this brought about the exchange of products/services in a trustless, effective and more efficient manner. Since then, the blockchain technology which was initially restricted to the financial sector, has been modified and improved to work in diverse sectors such as the health sector, the mobile sector, etc.
While the blockchain technology enabled the exchanges to be done in a trustless manner, the blockchain is not entirely free from downsides. Some of these downsides to the blockchain technology includes: fraudulent activities, absence of structures to enable non-technical users use the blockchain. While considerable and noticeable efforts are been made to curb the fraudulent activities on the blockchain, the same can’t be said about the issue facing the non-technical users.
However, what if I told you that there was a platform that enables non-technical users to create their own unique cryptocurrencies, and also enable them to compare these cryptos with other cryptos within that same platform. Let’s take a nosedive into NATIVE.
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NATIVE:
NATIVE is a platform that provides structures for users to create a set of decision-making tools and unique cryptocurrency for their respective communities. This cryptocurrency can then be used to value the community and also compare with other communities existing on the NATIVE platform. The best part of this is that, users with little or no economical and/or technical knowledge can also engage themselves in the NATIVE platform.
A community on the NATIVE platform, directly refers to a group of individuals who choose to come together with a common interest, to enable them achieve a common specified goal. For starting a community, benefits exists. These benefits includes:
1 Ability to raise capital via token issuance
2 Ability to make effective, efficient and collective decisions
3 Ability to redeem values within the NATIVE platform
In a community, there are different types of users, viz-a-viz Curators and Members.
Curators:
These are trusted users that act as administrators of the community. They are well equipped with the knowledge and workings of the community, hence, they are able to ensure that only contents that would propel the community closer to the achievement of the set goals are viewed and voted for by members. As administrators, Curators also have the vested power to approve or deny jobs done by community members.
Members:
These are users that join the community, when they discover that the community interests and goals align with their own respective interests and goals. As members of a community, users have a right to be involved in the making of decisions concerning the affairs of the community. If and when the need arises, members can replace a curator. Members also have the opportunity and freedom to join and engage in numerous communities.
Features of a Community:
NATIVE provides communities with an intuitive interface. This is to enable the effective, efficient and transparent making of decisions. NATIVE would migrate Communities to Aragon, but this would be done when the platform is fully functional. However, at this time, the community’s features would be “lean and malleable”. Some features includes:
Dashboard:
To access their respective communities, users require the Web3 wallets. The Web3 wallets serves as both an identifying and transacting mechanism with the NATIVE platform. Once a user has access to his community, a Dashboard which is unique to that specific community displays an overview of all activities existing within that community. These activities could include project proposals, available tasks, membership history, etc.
Community Currency:
Each community on the NATIVE platform has it’s own unique currency. This currency has some primary functions. However, additional functionalities could be added by the community, if needed, in an independent manner. Some primary functions includes:
- Medium of exchange
- Membership – for a user to become a member of a community, NATIVE tokens must be converted into community currencies. The number of community currencies required is specified upon the creation of the community by the Curator.
- Alignment of Interest – all communities have the same base currency, which is the NATIVE token. This means that there is an alignment of interest between communities in the NATIVE platform. To further bolster this alignment of interest, communities can allocate part of their community currency to other projects and/or community(ies), either by a token swap, or by purchase.
Community Fund:
Communities on the NATIVE platform possess a unique fund, and this fund tends to grow over time, due to
- New Members joining
- High level of participation from members
- Recycling of revenues generated into the fund
The community fund can be allocated to approved projects, tasks, etc. and this pushes the community a step closer to it’s specified goals.
Collective Decision Making Tools:
In a community, all users are carried along when it comes to decision making, whether it comes to the approval of projects, polls, and/or tasks, every community member is carried along.
THE ARCHITECTURE OF THE NATIVE ECOSYSTEM:
The NATIVE ecosystem consists of both the NATIVE Token and the different tokens of the different communities. The NATIVE tokens and the different tokens have similarities and they also have some uniqueness. Before looking at the uniqueness, let’s take a look at the similarities.
Similarities of the NATIVE Token and the different tokens of the different communities:
Bancor Smart Tokens:
All tokens that exists within the NATIVE platform are deployed as Bancor Smart Tokens. This means that, these tokens each hold a reserve in a base token currency. With this reserve, it is possible for users to convert one token into another in an effective, effortless, efficient, transparent and fair manner. Via the Bancor protocol, this conversion would be done without the need for a second party on the other side of the transaction.
Continuous Token Model:
All tokens that exists within the NATIVE platform also utilizes a continuous token model. This means that these tokens are minted and destroyed dynamically, as users engage with the Smart Contract. This is effective and efficient. Some benefits of the continuous token model are:
- Instant Liquidity for tokens at specified price
- Display of the sizes and activities of the market in a precise and accurate manner
- Value of currency is based on evidence, instead of assumptions
Deposits:
When funds are sent into a token contract, they can take one or more of three paths. These paths are
- Community Fund: this is the resource pool that is strictly left for community spending
- Smart Token Converter: this is the traditional bancor converter. It’s main purpose is to modify the price and supply of tokens, all depending on the connector’s weight
- Connector Balance: this is the addition of the value of the funds deposited directly to the existing tokens in supply
Each token in the NATIVE platform has its own split, which is unique to it. The splits are decided by the communities which the tokens belong to. A recommendation is provided to the community upon creation.
During deposit, the token that is been converted to is then generated and then, sent to the converter’s wallet.
Redemptions:
When tokens are returned back to their Smart Token contract, the tokens are exchanged for the base currencies in the reserve. It should be noted that no funds are removed from the community during redemptions.
When tokens are redeemed, the balance of the connector experiences a reduction, and this also results in the reduction of the token’s liquidity.
During redemption, the base currency is sent to the converter’s wallet.
Connector/Reserve and Token Pricing:
Check out the image below:
Uniqueness of the respective tokens in the NATIVE platform:
NATIVE Token:
This is the base currency for all other tokens on the NATIVE platform. This token is responsible for providing membership to the NATIVE Community. The NATIVE token holds a reserve in the Bancor Network Token (BNT). If the combination of tokens held in reserve is required for NATIVE’s needs, NATIVE reserves the right to modify the tokens held in reserve if agreed upon through a community poll.
NATIVE Token conversions will initially utilize the following split:
Community Fund - 50%
Smart Token Converter - 10%
Connector Balance - 40%NTV initially will maintain a 10% Connector Weight (equal to Smart Token Converter) to ensure a significant pool of liquidity should users want to move back into BNT or ETH.
Community Currencies:
Community Currencies are the tokens which are unique to each community that exists within the NATIVE platform. The community currencies hold their reserves in NATIVE token.
Initially, Community Currency splits are standardized to:
Community Fund - 80%
Smart Token Converter - 10%
Connector Balance - 10%
Once the first round of Communities are functional, NATIVE will assess Community performance. Over time this will allow for split recommendations based on Community size and type.
Valuations and Implications:
Community Valuations:
Each community on the NATIVE platform are valued by a framework. To enable the fair valuation of each community on the NATIVE platform, the follow categories are looked into:
- Reserve Balance/Connector Weight - Described above
- Curator - Is the Curator trustworthy? Are they an influencer?
- Values Alignment - How much do Members value the Community and its mission?
- Number of Members - How many Members does the Community have?
- Member Activity Levels - How active are the members?
- Community Fund Balance - How much capital is in the Community Fund? Has it generally been spent wisely?
- Community Impact - What impact is the Community having on its Members and the World? If lots of impact is felt, people will be more inclined to support the Community.
- Value of Membership Benefits - What are the additional benefits of being a Member? Are they valuable?
- Current and Future Potential Revenue - Does the Community earn money? If so, how much? Is it redistributed fairly into the community?
Ecosystem Structure Implications:
The NATIVE platform was created in a way to ensure that interests between communities existing on the platform are aligned. Since the base currency is the same for all communities existing on the NATIVE platform, it means that as the NATIVE platform grows, each community would grow, since the total value a community can collect is equal to the amount of NATIVE Tokens which were initially deposited into that community.
Use-Case:
Jimbo wants to create a company based on the blockchain, however he is not tech savvy. This makes him less interested. He hears about NATIVE, and then he decides to give it a trial. With NATIVE, Jimbo can create a community, specify the goals, and can be rest assured of getting members whose individual goals are aligned with the community’s goals. Over time, Jimbo’s community is populated with members, and it experiences tremendous growths, since all members are involved in the decision making. This is made possible by NATIVE.
CONCLUSION:
The NATIVE platform is set to bring an influx of new users into the blockchain sector, due to the fact that users don’t have to be tech savvy to engage with the NATIVE platform.
Infact, NATIVE is set to be the next big thing.
Link to tweet:
https://twitter.com/okiTwiTs/status/1049702198706356224?s=19
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