💲Tokenomics
Credit DAO($CD) Token
$CD is Credit DAO's credit rating token, which can only be produced with the Proof of Time (POT) mechanism using SBT-CDP (EIP-5114 protocol). It can be used to evaluate the contribution and credit rating of Web3 community members to the DAO organization, and the platform revenue and equity are allocated according to the rating priority.
Allocation
Name: Credit DAO Toekn ($CD)
Network: Polygon Network
Total Supply: 100 million
Deflation: 40 days increase in the cycle of POT credentials exchanged for every 10 million $CDs produced across the network.
Deflation: 10% of the fee goes into the black hole, to 21 million pieces.
Smart Contract: 0x56F4D3019680B992e2e18533385293710b44010D
| Distribution | Amount | Description |
|---|---|---|
Mined by PoT | 90,000,000 | Output by Proof of time |
Airdrop | 10,000,000 | Shared by First 1 Million Volunteers |
Update on Feb 17 2023:
The new mining pool contract is compatible with the old mining pool contract.
The equity value of some addresses of the old contract is not compatible with the equity value of the new contract, and the revenue may be burned during this cycle.
Proof of Time (POT)
Proof of Time (PoT) is a decentralized consensus algorithm mechanism that works by selecting validators proportionally based on their ranking scores and fixed entitlements. The ranking score over time is a numerically weighted metric assigned to each verifier by the algorithm based on each verifier's historical experience (the accuracy of the node's verification event data) and other verifiers' experience with that node. Eliminates POW and POS from depriving smaller players of power, resulting in a fairer consensus mechanism algorithm. \
The mechanism for reducing production in the Proof of Time (POT) of Credit DAO Token is that for every 10 million $CDs produced across the network, the voucher cycle increases by 40 days until all 100 million tokens are produced.
Handling Fee
A 30% handling fee will be charged for the transfer of $CDs, which will be paid by the seller, i.e. if A wants to transfer 100 $CDs, he will need to pay 130 $CDs. 50% of the handling fee charged will be for the guild, 20% for the management committee, 20% for the foundation and 10% for the destruction.
| Handling Fee | Guild | Destruction | Management Committee | Foundation |
|---|---|---|---|---|
30% | 50% | 10% | 20% | 20% |
Credit DAO Proof (SBT-CDP)
Credit DAO Proof (later referred to as CDP) is Credit DAO's decentralized identity credential, or DID (Decentralized Identity), also known as Self-Sovereign Identity, an identity framework based on open standards. It uses digital identifiers and verifiable credentials that are owned, independent, and can be exchanged for trusted data.
CDP is closely related to the on-chain identity portrait as the DID of Credit DAO, and the user's behavior on the chain will be recorded on CDP and used as the carrier of PoT (Proof of Time) to achieve self-value aggregation and revenue.
The first 1 million people can participate in the airdrop after receiving the CDP, and the proceeds of the airdrop are produced in real time/reduced periodically.
| Airdrop Phase | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
Airdrop Amount | 36 | 27 | 20 | 15 | 11 | 8 | 6 |
Daily Rewards | 0.1 | 0.075 | 0.05556 | 0.04167 | 0.03056 | 0.02222 | 0.01666 |
Number of Claim | 10K | 20K | 40K | 80K | 160K | 320K | 370K |
It is required to have BABT for user to participate in the Airdrop;
It is required to claim the airdrop rewards within 30 days, if not, the account will be defined as evil soul and lose the airdrop spot;
One person, one account, multiple accounts will be defined as speculation.
Soul Bound
Soul bound refers to the binding of certain passes to publicly visible, non-transferable (but possibly revocable by the issuer) passes. These accounts are called "souls", and the passes bound to them are called "soul bound passes".
Unlike the common pass types today, "soul-bound passes" are non-financial and are more often used to indicate a certain identity or affiliation. In Credit DAO, users can bind to Polygon wallet to get CDP for soul binding, and at the same time, users can also bind to each other through soul contracts to get a certain percentage of the $CDT revenue of the subordinate souls, as follows.
Own equity value ≥ subordinate equity value can get 10% of the output of direct push credentials.
5% of the output of the direct push credential for own equity value < subordinate equity value.
Your equity value is 0, and there is no gain.
Equity value refers to the unit of measurement of your equity and contribution in the platform， which can be divided into 2 parts, personal equity value and team equity value.
How to get personal equity value?
Get credit vouchers to get the corresponding personal equity value.
How to get team equity value?
Invite and promote users to participate in Credit DAO early participant airdrop, each time you successfully refer users to receive airdrop, you will get 0.01 team equity value. When a subordinate purchases a Credit DAO voucher, the superior will also receive the corresponding team equity value, please see the NFT Credit DAO voucher interface for details.
NFT Credit Voucher
Value credit voucher are the core mechanism of value credit rating. After users bind their addresses to obtain CDP for digital identity, they can consume $CD to exchange for value credit voucher, and the benefits brought by different levels of voucher vary, as follows.
| Type | Personal Equity Value | Cost ($CD) | Output ($CD) | Max Holding |
|---|---|---|---|---|
Junior | 0.01 | 10 | 11 | 10 |
Intermediate | 0.1 | 100 | 120 | 4 |
Advanced | 1 | 1000 | 1300 | 2 |
Premium | 5 | 5000 | 6750 | 1 |
Super | 10 | 10000 | 14000 | 1 |
After the February 17 update, the voucher output cycle will be extended by 10 days after the end of each cycle, and around this time next year the overall production will be halved compared to now, and you will also see a countdown to the reduction in the interface.
And in this version of Credit DAO, the Premium and Super voucher can not be bought, only if the first Credit Ambassador occurs, the two will open to all our users.
Super voucher need to wait for the first Credit Representative to appear across the network to open
Credit Guild
The Credit Guild is a system of contribution rights within the Credit DAO ecosystem. Both individual users and key opinion leaders can become members of the guild by sharing and inviting them. Guild members will receive a team equity value, which will be used to receive fee dividends and value credit credentials from users in the relationship network. Details are as follows.
| Team Level | Team Assessment | Team Equity Value requirement | Handling Fee Dividends | Extra Gift |
|---|---|---|---|---|
Credit President | At 3 Invitees own 3 team equity value. Personal equity value reaches 0.1. | 10 | 20% | Intermediate Voucher |
Credit messenger | Have three credit presidents in the team, and at least 500 CDP holders in the team. | 50 | 15% | Advanced Voucher |
Credit Ambassador | Have three credit messenger | 300 | 10% | Premium Voucher |
Credit Representative | Have three credit Ambassador | 1500 | 5% | Super Voucher |
● Extra bonus vouchers do not occupy the maximum amount of holdings and can exist at the same time as other vouchers.
● Teams can obtain rank status and enjoy the right to dividend and governance when they reach the corresponding conditions of assessment and equity value.
● The team can establish a guild after being promoted to the president, and the president can publish the contact information and guild content, and all members in the guild can see the president's contact information.
● This will be uploaded after new version launching on Feb 17, 2023.
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