The JoyStream Token
The JoyStream token (JOY) is an ERC20 token which will be issued on the Ethereum main network by August the 15th 2018.
It will not replace the usage of BCH as a transactional currency in the JoyStream application, and there will be no ICO.
At the time of the launch of the new chain, later in Q4 2018, the genesis allocation of that crypto currency will mirror the allocation of JOY at that time. A precise future snapshot block on the Ethereum main chain will be announced in advance.
The final live token contract address will be announced here on this blog only.
Our mission is to develop a media platform operated by its users. This operation will be exercised through a governance mechanism powered by platform token in our upcoming new chain.
This means that our most important immediate task is to foster an engaged community of users willing to play this governance role from day one.
Given this, JOY has two purposes
- Allocate future governance power to a wide and relevant a group of initial users, who will be ready to participate in governing the platform from the moment it goes live. By having a tradable token in the intermediate time, we will have a Sybil resistant way to get the tokens into the hands of these parties.
- If we have sufficient capacity, we want to add a minimal governance feature to this token prior to platform launch, which will allow the users to coordinate on how to spend a community fund towards worth while efforts that are proposed.
At the time of launch, the JOY token will be allocated as follows
Be aware that
once the main chain is live there will also be additional ways of earning coins, like consensus mining, non-consensus lottery mining and doing valued work.
Existing Community Members — 20%
This is anyone who has already been listed on our mailing list, joined our Slack channel or sent us in-app feedback. The reason we chose these groups was because they had already provided genuine email addresses, without any promise of tokens. Duplicate emails will not be removed.
The full 20% will be split among whomever shows up, so the fewer that show up, the more they get.
If you are in this group, you will soon receive an email notifying you of this, and you will within a few days after this receive an email about how you can claim your tokens.
Community Giveaway Fund — 30%
As we mentioned before, we have planned a number of ways of distributing tokens through a variety of means, however these are not all ready. This may include, but is not limited to, users
- doing proof-of-work mining against the token contract.
- on BCH mainnet satisfying some constraints.
- on Ethereum mainnet satisfying some constraints.
All these tokens will be fully distributed prior to the main chain going live.
JoyStream Company — 50%
Operational funding for core team, reward for early stakeholders and endowment of JoyStream Foundation. Read more about this here.