Cryptocurrency before now was a thereotical idea that had so much speculation surrounding it. Early developers and adopters believed that it had the potential of solving the shortcomings of “traditional” fiat currencies.
There were general assertions that the traditional means of payment had flaws ranging from government monopoly, insecurity and delayed transactions, these problems and many others are currently being solved by cryptocurrency.
Here are some of the advantages of cryptocurrency over other traditional means of payments
- Highly Secured
- Free from Government’s monopoly
- Faster Transactions
- Cheap to maintain and transact on.
The first modern cryptocurrency to have existed is BITCOIN, it was developed and released in 2009 by Satoshi Nakamoto and it became the means of exchange that combines decentralization, user anonymity and record keeping through a blockchain. It was developed to have scarcity, so as to preserve its value in the market.
As time went on, several other cryptocurrencies started springing up, all these were to complement the features of bitcoin, maximize profit and further solve the problems created by Traditional means of payment.
Bitcoin became so popular and durable that several companies incorporated it as a means of payment or rather, a legitimate means of payment. Companies like WordPress, Newegg, and Expedia became merchants accepting payment in Bitcoin.
In 2015, Ethereum was developed and there were notable improvements on the very basics of Bitcoin's architecture, it uses smart contracts that helps fast track transactions and also prevents parties from going against agreements. another notable feature it had was the fact that payments could be reversed in cases where one party violates rules.
The blockchain provides the platform for the existence of these cryptocurrencies. More so, the blockchain in its structure holds transactional records where it makes sure it upholds transparency, decentralization and security. The security of funds recently have been so reliable with the use of blockchain technologies as it eliminates third parties
Blockchain technology allows all the network participants to reach an agreement, commonly known as consensus.
One very good thing about blockchain is that it digitally records data and with that way, a common history exists for all participants, thereby making it impossible for fraudulent activities.
In the Berkshires region of Massachusetts of the United States of America, over 400 businesses utilize Berkshares for boosting their relationship and also strengthening the economy. This shows the power of collaboration.
Every sector and community wants to develop their own token and get on board on the blockchain, but there is a big challenge to this as there are no structures in place to facilitate this and often times systems very large in scope cannot effectively meet up the needs of users. Also, there are no mechanisms in existence to make for value against each other.
A blockchain technology seamlessly addresses this issue and also encourages effective community collaboration. i introduce to you NATIVE
NATIVE is an ethereum based blockchain technology that provides communities with the opportunity to develop, operate and use their own cryptocurrency and also provides them with decision making tools that would enable them to effectively manage the community.
NATIVE encourages the association of people (communities) with common interests and allows the sharing of information between them. The platform has very easy technicalities that allow these communities develop their own local cryptocurrencies.
The very building block of native is communities, and any digital collective gathering with a common interest can create a community on NATIVE
Users can easily catch up with developments on time and only users in a particular community can view the details of their community. That is to say, users who do not belong to a particular community do not get spammed with messages. It also solves the problem of distance by providing a decentralized platform where users even far away can relate easily by just coming online on the platform.
HOW DOES IT WORK
Every member has a community they are interested in and they can support their community through purchase of their tokens which would give them membership right and other privileges. Your input will be accessed in the development of the community through your votes
This entails what you want to build the community around and in this feature, tokens can be sold and their corresponding values being tracked and then input will be assessed in the development of the community through member’s votes
After discovering and creating the group, there's need to contribute to the growth of the community. This involves making inputs from ideas, contributions and votes. Getting involved is one of the most important ways of improving and getting the best out of your community
BENEFITS OF CREATING A COMMUNITY ON NATIVE
- Collective decision making facilitated by NATIVE’s polling features and escrow features
- Redeeming and achieving value across a global framework
- Generation of capitals through token issuance as opposed to the old traditional means of fundraising like loans and crowd funding
TYPES OF USERS ON NATIVE
Curators on the native platform are administrators of communities and are very conversant with the initial vision of the community as well as goals. They make sure that only relevant information are made public for members of the community to view and vote on, thereby ensuring the integrity of the platform is maintained. They ultimately serve the role of approving or disapproving works completed by members.
If a community represents the core values, interests and goals of a person, then the person can become a member of them. Members choose communities depending on the agreement of their values with that of the community. These members are the decision makers of the community and decision are done through votes, they are powerful as they can influence the change of a curator. They are also allowed to be members of other communities
THE ARCHITECTURE OF NATIVE'S ECOSYSTEM
NATIVE’s ecosystem comprises of the NATIVE token and community tokens, with each having striking similarities in function.
GENERAL TOKEN DESIGN
Most of the tokens in the NATIVE platform are deployed as smart tokens are therefore hold a reserve in a base currency. In line with an autonomous market-making algorithm, this reserves ensures that users can be able to convert the tokens between any other currency within the ecosystem at a transparent and fair market value. A bancor protocol is utilized to complete this without a second party on the other side of the transaction.
The smart token uses a CONTINUOUS MODEL such that creation and burning of tokens occur as users interact through a smart contract
Benefits of the continuous model
Elimination of speculations on token values, ensuring that tkens are generated only when they are needed
Instant Liquidity of tokens at calculated prices
Accurate and realistic indication of market size and ongoing activity
Every token contract sent into a token contract is broken down and can be distributed across multiple wallets. These include:
- Community Fund – Pool for community utilization
- Smart token converter – Modification of prices and supply via connector weight.
- Connector Balance -- Direct addition of value to existing Token supply
The communities determine the split of every token and these communities have their own optimal splits as well as recommendations that were made available upon community creation. The token so generated is later being sent to the converter’s wallet
Tokens are exchanged for base tokens in reserves in cases where members want to leave a community. During redemptions, no funds is removed from a community instead are being exchanged. Connector balance decreases for redeemed tokens which ultimately reduces liquidity.
Base token being exchanged is then sent to user’s wallet
Connector/Reserve and Token Pricing
For token prices, three variables are put into consideration
- Connector/Reserve Balance- base token value held in reserve
- Outstanding Supply- Amount to tokens in supply
- Connector Weight- Connector Balance/market cap
To calculate Token’s price
The connector weight can be anywhere between 0 and 100. A general assertion is known, the greater the weight, the lesser the volatility. Communities can modify connector weights for
- Accommodate large volatility changes in general market
- Support Community expansion
Native token (NTV) is the base token that is being used in the ecosystem, it gives memebers the right and passage to be members of the native community. Most of the reserves are held in the Bancor Network Token. NTV will have connector weight of 10%, incase if the members want to toggle between BNT or ETH.
The initial split will be:
Community Fund - 50%
Smart Token Converter - 50%
Community Tokens are the local Token for each Community , the standard structure of this arrangement on the platform can be seen below
FIRST COMMUNITIES ON THE NATIVE PLATFORM
The earth guardians has a new leadership with a youth at the forefront. The main thrust of the community is to help educate and equip with tools for innovative solutions to challenges in the world. It is located in Boulder, CO and has a 3 members and the curator is Jaiia Cerff.
Members benefits include:
Voting on important community issues
Supporting projects that you like or care about
This is a decentralized community where multimedia content creators as well as viewers come to develop and produce conscious films. It has a total member of 5 and the curator is Michael Shaun Conaway. Member benefits include:
Voting on community leadership
Proposing and support of incoming projects
This is a decentralized and distributed communities and technology stack forthe United Nations SDG’s.
It has 2 members and the curator is Melinda Woolf
Some of the member benefits include:
Earning NTV by completing community tasks
Proposing and supporting of community projects
This is community-driven, tech-centric individuals that are committed to fostering peace globally through diverse events and campaigns. It is located in New york and the curator is Susanna Choe and Christopher Salata. The member benefits include
Propose and support projects
Develop skills and create impact
This is a decentralized open learning organization that works towards a future smart education, it has 4 members and the curator is Ven Gist. Some of the member benefits include:
Opportunity to earn NTV through projects
Vote on community projects
The Rick & Morty Crew
This is a decentralized community that is made up of collective of fans committed to embracing all things wubalubadubdub!. It has 10 members and the curator is R&M.
Some of the member benefits include
- Vote on community leadership, projects and tasks.
EXPECTED NATIVE PLATFORM COMMUNITY TYPES
The NATIVE platform will extend to at first five general categories of communities listed below and capital raised will be used to fund the various activities of the community types.
The community is being managed by an individual curator or a group of individuals collectively known as curators. The breakdown is for the next five years.
Every community is provided with an interface that will facilitate for an effective and transparent decision making. What was being made use of initially was the centralized solutions, but items that require an escrow are decentralized. To that end, native ensures that it offers benefits without any track of failure.
Users are only able to access their communities through web3 wallets, this serves as an identity and also a transacting mechanism. Each community dashboard shows all the activities within the community which incorporates information such as projects, tasks and membership history
FUNCTIONS OF COMMUNITY TOKENS:
Medium of Exchange
This enables transactions to scale through and also is needed to encapsulate the community’s value and support local spending
For a member to be a part of a community, it is expected that they convert the native tokens into a given community’s token. Once the membership is acquired, the member receives participation rights.
Alignment of Interests
Communities are free to allocate some part of their funds to other projects or communities. This could be through a token swap or purchase from an external party
Community funds grow through
- Acquisition of community token
- Joining of new members
- Project Proceeds
They are used to increase growth and also achieve the goals of the community.
COLLECTIVE DECISION-MAKING TOOLS
Projects are initiated by the curator via the curator panel. Every project initiation is subject to available funds in the community and the following decisions are made before a project is proposed:
How much time members have to express their support or rejection of the project.
Where the project funds will be deposited if the project reaches quorum.
Where the proceeds will be deposited if the project generates revenue.
Funds are escrowed in a new smart contract when projects are proposed and there is a limited time for members to decide for or against the project. If project reaches quorum, it means that funds will be allocated for the project.
Polls are votes that directly do not trigger disbursement of community funds and are made by members. Before a poll is initiated, members would have to vote on it and this voting has a time frame. If poll gets to quorum, then poll is successful.
Tasks are created and are added to the dashboard by curators, members execute tasks and need to claim them to be able to do this. Every work is reviewed and once it is accepted, completer receives the bounty and it is usually paid out in NTV
Impact makers is an organization with young zealous people with the aim of stopping child trafficking and child abuse. The drive to make the world a better place spurred their coming together. They started carrying out offline sensitization within their locality, people showed so much interest and started contributing so as to be a member of the organization and also help reach out to a greater audience.
There was need to diversify and bring in more efficient hands, so the team stumbled on the Native platform and decentralized their community. New users were able to join from various parts of the world and collectively decisions were made to achieve greater success. The users benefitted from the decisions making and also earned NTV tokens.
Native is not just building the popularity of the blockchain technology, but also promoting collective efforts by individuals with common goals.
There is power in team work and any community on the native platform is heading towards the right direction. Also, the idea of having your own community token would serve as a motivating agent towards its adoption by individuals.
Members of the community also get rewarded by being a part of the community, there is a decentralized and equal opportunity for everyone to contribute towards the community through the various votes they render. It is worthy to say that the Native platform is a success and an upliftment platform.
A lot of ideas that needed global collaboration died off because there were no platforms to popularize and provide exposure. Ideas with the native platform will go global thereby making more people aware of such things. It is not distance limited in that you can access it from wherever you are in the world.
Passions, ideas are expressed fully with native and this is a step ahead for the technological world as well as the blockchain technology. I see the blockchain benefitting more from this as it is trying to attain global adoption.
MY VIDEO ON NATIVE
MEET THE TEAM
MORE INFORMATION & RESOURCES:
This is an originalworks sponsored contest
All images were sourced from the whitepaper and website unless otherwise indicated.