The huge and lively community that both Bitshares and Steem have built around their ecosystems clearly indicates that within those models is the key for crypto mass adoption. Therefore Whaleshares emerges as the best combination of the two experiences, it has all of the advantages of the Bitshates and the Steem models with none of their weaknesses.
Whaleshares prides itself of being a Mutual Aid Society (MAS) Decentralized Autonomous Cooperative (DAC).
Let’s start reviewing what are the key features needed for any organizations to be called a true DAC.
- Decentralized Autonomous Control Layer: A fault tolerant, community approved infrastructure is required to diminish attack vectors from malicious parties. Such structure should be enforced via coded trustless contracts.
- Decentralized Autonomous Governance: No party or small groups of individuals should have enough stake to dictate the Governance guidelines nor have the authority to establish and control structure. Instead of that, each stakeholder should use its vote to reach a majority consensus. This consensus is required for determining issues that concern the whole community such as annual inflation percentages, fees, how long the tokens have to be staked, etc. finally, Autonomous Governance also enforces decisions about who earn the privilege and the rewards for producing blocks, as well as removing from that position any block producer that is ill-behaving.
- Decentralized Autonomous Service Control: Decentralized Autonomous Service Controls grant users between the DAC the ability to provide and get services with a trustless coded mechanism, on which no central authority nor middlemen are required.
MAS. Dan’s creations
In 2014 Dan Larimer explained a concept wherein community members locked value on a blockchain to earn the right to allocate newly minted tokens to one another.
Together the DAC concept and the MAS concept provides communities the possibility to create a bank-like fund. That fund will be leveraged on the Blockchain technology to become a less decentralized and more transparent economic circuit than the ones we have at present days. The MASDAC provides the mean to tokenize the creation of new communities and create an ecosystem where communities members can be rewarded for their community-fo valuable activities
From those ideas Whaleshares was created, a platform capable of seeding projects and empower token-backed communities.
How can we apply the concepts of that theory into reality? The answer is Whaleshares
Whaleshares leverages Bitshares-based tokens whose value lies on the stake each member of the network have locked on a platform similar to the Steem and Golos chains. Whaleshares tokens can be seen as the means to gain the distribution and advertisement power of a whale on the chain. Since they work on Bitshares DAC and MAS-based chains, the whaleshares token can be seen as the first scalable multichain utility token. Furthermore, because of it being an open source project, more decentralization is achieved since anyone can create their own.
Whale tokens can be employed at the Bitshares Blockchain, these token create a mechanism of payment for valuable work from users that have created value for the platform.
The initial distribution will be airdroped to specific demographics within the Bitshares ecosystem, 21 million Whalestake token were sharedrop as follows:
- BTS: 70% (14.7m)
- Whaleshare: 10% (2.1m)
- Brownie.PTS: 10% (2.1m)
- WSL launch team: 10% (2.1m)
Whaleshare inflation will start at 100% and will be halved each year of operation. The inflation is intended to ensure the funding of ongoing blockchain processes and rewarding shareholders who lock away value into the community. The inflation is recommended to bottom at 5% of token supply with no more of 1% of the inflation going to Block producers. The inflation is high in the early stages to incentivize users to share and create content on the platform when it has the greater risk. This model has been proved right from many other DACs experiences.
Whaleshares economy foundation lies within the sharing concept, each member of the ecosystems know how to maximize the advantages of tokenizing assets. Also, they know how to give value to these tokens by leveraging activities that are valuable to the stakeholders in the community. The cycle is filled when the individuals are rewarded for sharing and creating value for the community.
Earned via community rewards, must be locked away to gain acces to Whalestake
Give users to a % of the inflation on the chain and a % of the bandwidth Power Down =100%-inflation
Vested power expended when sharing content and rewards. Refills 20%/24 hours
Whaleshares will be initially run by 21 DPoS Block producers elected by the stakeholders in the ecosystem. The stakeholder (those who have Whalestake) can vote Block producers via a 1:1 token-to-vote weighting.
- Block producers “vote-buying”: Block producers might have incentives to use a fraction of their earning to reward the ones that vote for them, ths might be considered vote-buying and is the community consensus that will determine if it is a acceptable situation or not.
- Minimum requirements for blockproducers: A community debate will be held to determine the lower acceptable standards that each Block producer should have. This might be enforced by an adhoc Governance or by a constitution.
- Information sharing restrictions: The community will decide what kind of ruleste the information shared should follow, otherwise risk being demonetized, censored, or even banning some faulty user from the platform.
- Arbitration (demonetization and censorship): Communities can create payed roles to rise moderators within the community to arbitrate content on the platform.
The last year around 10,000 users from all around the world had proven the usefulness of the utility token. At this moment, Whaleshares counts with a community of 6,000 active users that besides knowing in detail the concepts of both MAS based chains and DACs, they know how to efficiently use the bitshares crosschains utility tokens to increase value propositions on MAS chains.
Whales swim in groups in a custom period of time, the community will come together to individually or collectively act as a venture capitalist. Thus projects proponents will have the proper chance to communicate with the community and the community will receive a stake in the funded project.
Whalesahres’ Paramount, sharing is caring if any user finds a content valuable enough to reward the content creator, then the rewarder user should also be willing to advertise it to his followers thus raising more awareness for the content. With this mechanism, an auditable list of users rewards is clearly visible for everyone. Even more, users are incentivized to reward only the content they truly think is valuable.