Launching the DIMO token
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DIMO is a user-owned connected vehicle platform that enables drivers and fleet owners to earn $DIMO tokens for providing data from their cars, trucks and eventually more IoT assets. That data will be useful to data consumers and app developers who will build next generation peer-to-peer car sharing, insurance, vehicle financing, ride hailing apps, and more on top of DIMO.
We intend to enable registered drivers to start earning rewards in February prior to the on-chain distribution of tokens in late Spring / early Summer 2022. To register visit https://app.dimo.zone. Read on to learn what the $DIMO token is, as well as how it’ll be distributed and used.
Drivers who connect their cars to DIMO are our single most important constituent. We also deeply value those who help build the technology and grow the network in other ways, as well as those who build applications on DIMO.
The goal of a user-owned network is for the control of the platform to reside with the contributors and stakeholders. Mobility itself is decentralized, and we think that the control of digital mobility infrastructure should be too.
To that end, we’re announcing the $DIMO token — a governance token that will be distributed to our participants and will give this broad and diverse group the ability to initiate proposals, vote on them, and control the direction of the DIMO project over time.
We also recognize the role that a token can play in establishing powerful networks effects — accelerating the breadth and depth of the extended DIMO ecosystem. By distributing tokens to drivers and requiring data consumers and app developers to acquire and stake the token, we create strong long-term alignment across stakeholder groups.
Drive-to-Earn
One of our major goals for Q1 2022 is to launch “Demand Signal”, a fair and simple system for distributing token rewards.
Once live, weekly distributions of 1,000,000 $DIMO will be split amongst registered drivers. The proportion of those tokens that each driver gets will initially be based on the number of miles they drive, how rare their car is on the DIMO network, how they’ve connected their car, and how their car is powered.
This is meant to provide the initial demand signal — we want to reward drivers based on how valuable we expect their data to be in the future once the network is more mature. In the future, new demand signal from DIMO data consumers and app developers will supplement and possibly entirely replace our initial issuance formula. For example, an energy utility company may put up a pool of $DIMO to supplement rewards for people who charge their vehicle at times when the grid isn’t at capacity.
Someone with a rare electric vehicle, who connects via the DIMO Hardware Miner, and drives across the country will earn far more rewards than someone with a common gas car, who connects via a software API, and drives back and forth to the grocery store.
The rewards plan can always be altered by $DIMO token holders, but the planned formula for network launch is visible here.
Other ways to earn
Driving won’t be the only way to earn $DIMO. Users will earn up to 100 $DIMO per each new user they sign up, using their referral link. In order to earn the full bonus, the users they refer will have to prove that they’re legitimate users of the platform by connecting their car, streaming data, and earning tokens.
Software developers, hardware engineers, vehicle decoders, designers, and others will also be able to earn $DIMO as they contribute. A separate pool for contributor bounties and grants has been allocated in the issuance plan.
To get involved, join our Discord here.
Pathway to launch
We still have work to do before we can start issuing the blockchain based $DIMO token to users. We expect to go live with on-chain token distributions in late Spring / early Summer 2022.
Fortunately, users won’t have to wait that long to start earning. Starting in February, we’ll allow users to start accumulating points which will entitle them to a portion of the retroactive distribution of tokens for early users once the token goes live. These off-chain points will not exist on any blockchain, only on our servers (like Reddit Karma or Facebook Likes). Hypothetically, if a user earns 1% of all points earned by all users in the pre-mainnet phase, they’ll earn 1% of the retroactive airdrop.
Disclaimer: in-app “off-chain” balances prior to launch are not a guarantee of a future token distribution as we may have to alter our plans according to ongoing regulatory evaluation, software testing, and feedback from the community.
Information about the token
The token was minted as an ERC-20 token on the Ethereum mainnet with a 1,000,000,000 token supply. It is currently being held in a multi-signature wallet controlled by the DIMO core team prior to the public launch. You can read more about our plans for the initial distribution here.
The contract address for $DIMO is 0x5fab9761d60419c9eeebe3915a8fa1ed7e8d2e1b. Please always confirm that you are interacting with this contract address and not that of a fraudulent imitator. $DIMO is a governance token and has no economic value or claim of financial rights. This blog post is making no guarantees about the nature of the token or its distribution, which are subject to change based on continued legal, tax, and other design considerations.
Join the DIMO Community
Why wait? Connect your car. Own your data. Earn tokens (coming soon 😉). Follow us on Twitter (@Dimo_Network) and join our Discord.
