TOKEN’s genesis and status

TOKEN’s genesis and status

Back in August 2018, I launched TOKEN and blasted my LinkedIn comrades with the news. It took a matter of weeks to attract over 70 notable experts (later dubbed “dexperts”) most of whom fired up MetaMask, got some test-TOKEN from our faucet and started making test assessments of projects on our Rinkeby test network deployed curation market.

This original curation market was the fruits of ACT Foundation‘s project aimed at decentralizing grant making decisions and fixing some of the problems with the NGO space. It was the result of 18 months full time development by a talented team of two Ethereum devs.

In October 2018, Simon Cocking published in Irish Tech News an idea that Paul Scott and I were working on called a Combined Token Offer. It aimed at solving the conundrum of “burning tokens” and what this meant for the project’s underpinning tokenomic model. Basically, we sought to create an instrument that could secure and leverage these assets.

It was not a very well thought out idea, but neither was the publication supposed to launch some new groundbreaking instrument or protocol. It served its purpose because it spawned informal conversations with investors, funds, VCs and projects which fuelled our considerations and deliberations.

Out of these debates coupled with advances in DAOs, DEX’s and curation markets (mainly coming from the grant funded and open source sectors it should be noted) stunning new possibilities for the TOKEN platform began to crystallise. A new end-to-end blockchain ecosystem for project funding began to take shape and, as pieces of the jigsaw appeared, so we were able to return to smart contract and platform design.

More soon …

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