This is a summary of the episode about the Soonaverse (SV). All tags with @ are based on twitter profiles. There is no guarantee of completeness..
You can listen to the full episode on Spotify: https://open.spotify.com/episode/2b00SUxSWvCBWwfrwZvdMM?si=84e1ea542f5a43d5
Visit https://soonaverse.com/ to see by yourself.
The origin of Soonaverse:
The SV started with the topic “Build-VS-Burn” and after no one made the first step to build a voting mechanism for that they decided to do it and made a proposal to the IOTA Foundation (IF). After the IF gave green light for this project they (SV) soon came to the conclusion that there will be further need for this voting mechanism if the vote is to BUILD. So, shortly after that they all teamed up and started to build.
Why IOTA is the base for such a project:
Compared to other chains where you have to build AROUND the corresponding limitations IOTA has so many advantages like feeless transactions that there are countless ways to realize specific goals. This major difference (feeless transactions) to other protocols/chains made it possible to make completely new approaches and address use cases that couldn’t ever be built when you have high transaction fees. This also is one of the reasons why many other protocols have to move parts of their functionalities off-chain (e.g. Ethereum → Polygon)
Main goal of the Soonaverse:
“The SV is all about making voting free and securely on-chain” whereas on other chains you have to pay a fee for your vote. This opens the gates also for small investors who don’t have to pay a noticeable portion of their investment just to be part of the development, thus not being simply to some “whale only decisions”.
Evolution of Soonaverse:
At the beginning there was a very limited set of features in a desktop-only version and they expected around 500 to 1000 users which was surpassed in the first few minutes after launch so they even began to question if the system will hold but it seemed that it could have taken 10x more users. And this despite the SV not even being in an alpha state!
With the roadmap for 2022 being processed some sort of hyper adoption will kick in when the SV will expand over the borders of the IOTA protocol. Yep you heard right… it won’t matter which protocol you are on.
Similar to the IF focusing on interoperability SV is also aiming to do the same looking for millions of users with the IOTA community being involved at the earliest stage of that → “Interoperability of DAOs”.
Roadmap:
The roadmap is based on the community’s feedback also supporting communities from outside the IOTA bubble. They have a normal cadence of 2-week sprints–they try to add a new release about every 2 weeks. They also opened up their GitHub so that even before launch people could discuss and do enhancement requests so SV could make the best product they can.
What are DAOs?
Aside from the original meaning “decentralized autonomous organization” one of the SV guys gave a really great explanation: “a group of people with a shared bank account working towards a shared vision” and what’s even greater about a DAO is that you are totally independent from jurisdictions and can act worldwide no matter which sovereign state you live in. Try to see DAOs as an alternative to e.g. meta (facebook) groups but with the high possibility of changing something in the real world by enacting action by voting on proposals and using your group treasury.
Alliances:
Each space in the SV is totally free to set its own rules on how they distribute reputation points (XP) to their members. Those XP are tied to those little badges you can collect there for participating in the respective proposals, votes or other stuff. So in contrast to what many users might think, those XP are kind of “unregulated” and don’t necessarily give power to you. SV is creating a system so different spaces can collaborate with other spaces–they can form Alliances. But different DAOs may have awarded their XP using different criteria, so DAOs can set their own exchange rates to value the XP of other DAOs. For example, one DAO may allow exchange of XP from another platform at a rate of ½, but for another DAO they may decide to do a 1:1 valuation of the XP. Now members of the other DAOs can use their XP to vote on each other’s proposals.
Federations:
A federation is a bigger version of a DAO consisting of other DAOs and has its own treasury. A single DAO mostly will be specialized in a direction and thus prevent dilution of its original purpose. Federations will be able to get a big treasury and receive proposals from many individual DAOs, then all the DAOs in the federation can collectively decide on the distribution of funds to the different proposals. To fully shape a DAO it can be part of different federations and mirror its goals/expectations in the real world. E.g. a SaveTheBees-DAO sounds just like BZZZ but when this DAO is part of the AnimalPlanet-Federation suddenly you get an expanded picture of the SaveTheBees-DAO being pro-animal instead of just pro-bees. I hope you get the idea. Alliances and Federations in DAOs are an inevitability, and Soonaverse is the first to offer it.
Token launch pad:
This mechanism is allowing DAOs to develop and manage their own treasury and it is one of the possibilities to fund themselves. More will come over the year. Currently SV is actively seeking a partner to help them in terms of jurisdictional clarity. And as more and more projects are popping up they want to provide as many mechanisms to help those projects to get off the ground. This makes it possible to create your own token like e.g. the SOON-token which acts as the governance token of the SV. Building on top of Assembly will enable features which can’t be found anywhere else in the crypto world and you don’t necessarily have to pay a fee for interacting with the platform. There also will be service protocols / fee generating protocols for generating revenue for the treasury. As the core modules are fee-less there must be a mechanism to protect the platform from spams (= dust protection). To enhance your bandwidth you then can stake your SOON-token allowing you to take more actions then someone who doesn’t stake.
Please read the litepaper as they provide it on every corner (GitHub, Discord, Soonaverse or even under this passage right here) so there is no excuse like not having access ;P
Wen Soon-token?
“There is something in development”. They are working very hard and are very excited. As soon as more information becomes available they will share it with us. But they are working “on a clever way to get it into your hands sooner than you think”.
NFT marketplace:
On March 1st SV is deploying their completely fee-less NFT marketplace which they prioritize because they recognize the demand within the community for some mechanism for funding. This marketplace is a celebration of the creators as those designers don’t deserve to be charged for every action regarding their hard work. The key philosophy is to use the most stable technology that can be provided to the users of the system. They integrate as much of the decentralized elements that make their system prepared and primed for the transition into the final version of the IOTA protocol with just one click (which is a bit oversimplified).
Soonaverse NFTs:
Also on March 1st there will be a sale of their own NFTs which will have features that can’t be found anywhere else in the crypto world. The royalty structure (percentage of each trade of a NFT will go to the creator) can be configured by the DAO or the artist and there will be no whitelisting. A few days after the sale the platform will be opened to everyone. Shortly after the initial NFT sale (presumably still in March) the option to trade NFTs will be enabled on the SV marketplace. That means you will be able to sell your NFT instead of just being able to buy NFTs from the initial creator and as ShimmerNet and tokenization come into play you will be able to transfer your NFTs. In this early stage there will be limitations on what you can do with your NFTs but those won’t last very long. This way a DAO can’t only be funded by token sales but also by NFT sales which is a huge step forward in my eyes as you possibly reach more people, respectively another group of people with capital ready to invest. What’s also special about these NFTs is that you can use them across the system which will create a new way NFTs can be seen. Now they aren’t simply questionable NFTs without any purpose but resemble a key which opens multiple doors (just like a janitor’s bunch of keys).
It has to be emphasized that the Soonaverse doesn’t take any financial take out of these sales and everything goes to the creators or DAOs. → Free voting AND free sales!!!
One major thing about many DAOs is that they know what to spend their treasuries on but not how to refill them or keep them full, leading to many DAOs dying due to a lack of funding. With the implementation of the royalty system, a DAO could consistently generate income as it benefits from each trade of their NFT. Let’s assume the initial NFT is sold for 10$ with a 5% royalty percentage. Later the same NFT is sold for 250$ and it’s looking so awesome (besides of the aforementioned systemwide benefits) that someone buys it for 1000$ — -> 10$ + (0.05 * 250$) + (0.05 * 1000$) = 72.5$ So by selling a 10$ NFT the treasury would grow by 72.5$ just for these three trades of one single NFT. Even if it is sold for less than the original price the treasury still gets its 5% for as long as the NFT is being traded from one person to another… PER TRADE ! *personal note: THIS totally blew my mind!*
You can even get the royalties to some charity space or whatever you like (aside from creators and the DAO itself). It’s totally up to you as a creator. So every time a person is trading one of your NFTs they e.g. donate to a charity without this donation adding on your buy price. It just happens in the background if the creator chose to do so.
There will be NFT sets called “NF3” which is a mix of 3 different types of NFT designs: soonanauts, artifacts and aliens. When you collect one of each you can interlock them to a single image which then is called NF3 (NFT/NF3 … nice pun if read in english).
This will get you “super-combo-bonus-airdrops” meaning that if there is an airdrop to all soonanaut-holders and another airdrop to all artifact-holders and a third to all alien-holders you will get all of them by holding a single “NF3” and on top of that if you lock them together you get a fourth airdrop. There also will be special edition NFT sales, special access as a NF3-holder. And as if that wasn’t enough you still have all the attributes of the interlocked NFTs. So when you interlock a NF3 you don’t “burn” the single components with their inherent attributes in exchange for the NF3 but it gets all the attributes of the combined NFTs. With Assembly, NFT sets (NFTs owning NFTs) will also be a thing.
ALL THIS COMING ON MARCH 1ST!
NFT/NF3 prices and numbers:
600 MIOTA for a NF3 and respective 200 MIOTA for a NFT. This will be the only time to get the full package which is meant as a bonus for the IOTA community being the first in the SV. As the number of users will most likely grow into the millions the future offers won’t be that generous. Again this stresses what benefits you can get for being an early adopter. 5,000 NF3s which calculates back to 15,000 NFTs. So buying 1 NF3 will take 3 NFTs (soonanaut, artifact, alien) out of the supply. All of them are created by @iotaben and are 100% unique.
Future features:
Everytime something new is implemented related to NFTs this change will be backwards compatible so that you won’t miss anything if you manage to get your hands on one of these OG NFTs/NF3s. Some NFTs will give you special editing features whereas other NFTs will give you a certain discount on NFT sales. But those specialities will not all being baked in a single set of NFTs.
“Iotabots are creating a completely unique first time seen set of completely rarified designs” but they don’t gave more details yet but “owning the NFTs will be a good thing” … probably nothing :)
There are already more than 300 projects and DAOs in the SV and that even before NFTs where talked about in this relation. One can’t imagine what this means for the things to come in the near future!
@ThomasQvOG’s favourite colour:
Red.
Thank you for your patience with this summary. Hopefully you found it useful. Feel free to share :)
Cheers,
@CptBananu
