Proof of Contribution (PoC) is a consensus mechanism that not only validates transactions but also measures the level of contribution of each participant to the overall system. In a PoC system, decision-making and reward distribution are based on a participant's level of contribution. This incentivizes participants to contribute more to the system, leading to its overall growth and success.
The main objectives of this token are:
Contribution Reward System: The token aims to incentivize and reward users for contributing to the network. Through a transparent and fair system, users will be able to earn tokens for their contributions and efforts toward the growth and success of the platform.
Contribution-Based Voting: The token also aims to provide a democratic and decentralized decision-making process through contribution-based voting. Users who have contributed more to the network will have a greater say in the decision-making process, ensuring a fair and representative voting system.
Universal Knowledge System: The token aims to provide a platform for the sharing and dissemination of knowledge, where users can contribute their expertise and receive recognition and rewards for their contributions. This will facilitate a collaborative and open community, where users can learn from each other and contribute to the collective knowledge base.
Social-Level Contribution: In addition to individual contributions, the token also aims to recognize and reward social-level contributions, such as community-building efforts, charitable contributions, and other activities that benefit society as a whole. This will encourage users to engage in activities that have a positive impact on the community and the world.
Tokenomic:
The token will be designed as an ERC20 token. The initial supply will be 8 billion tokens, with an initial value of 80 million USD worth of ETH or equivalant ERC20 Token, which will be sent to the contract and locked forever. The initial conversion ratio will be called “WealthToContribute“ (WTC) and set at 100:1. The ratio will increase by 2% per year with a multiplier to increase the token supply for multiple use cases and fluctuate based on the token/ETH balance in the contract.
To maintain the integrity of the token distribution, there will be a group of verifiers who can approve any token distribution with their voting power. Each time the token distribution is less than 1% of the total supply, there will be a 7-day timelock and cooldown period if the distribution is approved. The group of verifiers will be able to vote with more than 51% to decide the list of members. There will be a total supply with 1% of no-approve withdrawal for this group member based on the list of members for each year passed.
People who own more than 5% of tokens will be considered super verifiers and can add to the list of verifiers without approval. However, each time they claim a no-approve withdrawal, they will need to deposit and lock their token equal to 5% of the total supply for 1 year. Super verifiers can reject any token distribution with the proper voting mechanisms unless there is another super verifier with more voting power to support the token distribution.
Additionally, there will be an option for approved distribution, allowing tokens to be sent to multiple addresses based on a smart contract design for organizational work.
The token distribution will be used to build different protocols focused on, but not limited to:
Education
Financial
Social issues
The borderless contribution reward system will distribute resources to individuals and organizations based on their level of contribution to the ecosystem.
Overall, this token aims to create a decentralized and democratic community where users can contribute to the network and be rewarded for their efforts, resulting in a stronger and more sustainable platform.