ACORN: A Telos token for everyone!
Tired of ICOs and airdrops? Try out an UBI!
What is ACORN?
ACORN is a new token (crypto-currency) deployed in the Telos Network that has a new token distribution mechanism: an UBI (or Universal Basic Income).
One (1) ACORN token is created every day for every Telos account that has any ACORN balance or that has gone through the token registration process (see below). If you have a Telos account, you can earn 1 ACORN every day, merely for holding that account.
Why buy tokens with “real-world money” when you can just earn free tokens while doing absolutely nothing? ACORN is ideal for learning about UBI and crypto (an excellent excuse to download the Sqrl wallet and create a Telos account!), and for Dapps that just need something that is abundant, but still finite, to be provided as a payment for some resource or service.
In other words: it’s a token for having some fun!
All you have to do is:
- Download the Telos Sqrl wallet,
- Create a FREE Telos account,
- Add the ACORN token to your account, and
- Earn free ACORNs while you sleep!
Let’s get started!
Download the Telos Sqrl wallet
Go to the Srql wallet releases website on Github and download the appropriate binary release for your operating system (myself, I use the Linux appImage). You may have to scroll down a bit to see the links to the files.
Install and/or run the Sqrl program as appropriate.
Create a FREE Telos account
Once Sqrl opens up, you should follow all of the on-screen instructions. At some point it will allow you to create a free Telos account.
Add the ACORN token to your account
If you do not have any friends that already hold ACORN tokens, you can add the token to your account using the following recipe.
Inside of the wallet, do this (see screenshot below for help):
- Make sure you are connected to the Telos Mainnet (use the menu on the top-left corner);
- Click on the Tools tab in the top;
- On the left, there’s a panel with a menu with menu items sorted into different categories. Under the Wallet Tools menu category, click the Smart Contracts menu item;
- The input box that shows up asks for the contract name, so type acornaccount in that box;
- Another form will show up (see screenshot). Make sure the Actions tab within the new form is selected;
- In the Contract Actions drop-down menu, select the open item, and a new panel named Action Parameters should appear below it;
- In the owner (name) input box, enter your account name (the name of the free Telos account that you have just created);
- In the symbol (symbol) input box, enter 4,ACORN
- In the ram_payer (name) input box, enter your account name again;
- Click on Create Transaction. A window should open with a button that confirms that you want to send the transaction. Click that button.
If all went well, you should now be automatically entitled to one (1) new ACORN token every day!
For security reasons, there is a waiting period of two days before you can earn your first ACORN token. That is to prevent people from just creating and destroying accounts repeatedly to claim an infinite number of tokens. Two days from now you’ll be able to claim your first ACORN token, so just hold on!
After at least two full days have elapsed, you have to repeat this procedure to actually receive your first token (if you wait more than two days, you will collect more than one token — your due earnings will start accumulating since the first time you do this).
If you ever run out of tokens, you can always use this method (call the open action in the acornaccount contract) to claim any due ACORNs.
Bringing friends into ACORN
After you complete the previous step, you will be able to bring in friends into the ACORN game by just giving them some ACORNs that you hold!
When an user’s Telos account receives ACORNs from you, you will pay for the RAM cost of registering an ACORN wallet (token record) for them into their Telos account. So it is automatically added for them. Easy peasy!
The amount you transfer doesn’t mater. It can be as little as 0.0001 ACORN.
In fact, if you are unable to register your account, send me an e-mail and I will send you a small amount of ACORN and pay the RAM cost for you! Easier peasier!
(And don’t worry: if you send ACORN to accounts that already have ACORN, you will not pay for any RAM costs, as no records will need to be created in the receiving account.)
Claiming further ACORN tokens
The ACORN token works exactly like a standard EOSIO token, but with a twist: every time you send any amount of tokens to anyone else in the network, the token contract will pay you all the ACORN tokens that you are owed.
To collect your daily ACORNs, all you have to do is keep using the token. That is, as long as you are sending any amount of ACORN to anybody else — after all, the only thing you can do with a currency is spend it! — the system is able to check if you have to be paid, and it pays you accordingly.
For example: if you have 10 ACORNs, and you send 1 ACORN to a friend, but it has been 7 days since the last time you sent ACORN to anyone, you will end up with a total of 16 ACORN in your account after the transfer. First, your account will be credited the 7 ACORNs that you are owed (for the Basic Income from the last 7 days that you had not already claimed), and then 1 ACORN will be subtracted and sent to your friend.
You can check your balance at any time using the Srql wallet or a Telos block explorer website, such as telostracker.io.g
Community, resources, support, links
- Join the Acorn Telos UBI Telegram channel for chat/support
- www.acorns.fun is the best ACORN website so far
- Here’s a video on ACORN by Crypto Tim
If you have any questions, feel free to contact me and I will try to help!
If you develop a service that consumes ACORN tokens, let me know and I will list it here.
The source code for the WASM contract deployed at acornaccount can be found at https://github.com/fcecin/wubi/.