gigify
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gigify

Tokenomics and NFT of gigify

Here at gigify, we’ve been silently observing and taking notes of the various trends within DeFi and tried to take the best fitting components and implement them in the tokenomics and NFT structure of gigfy. As always, we’ll try to reference where the idea came from, to give credit where credit is due!

Community over all!

We want to make it clear that we want to build a platform that rewards actively participating in using the platform, and rewards the gigify community.

We know that everything depends on the community!

Tokenomics

There will be minted 1 000 000 000 gigify tokens, and 100,1 000 and 10 000 tier 1,2 and 3 NFT’s.

Token flow

The gigify token will be a utility based token, that will be used to fuel the infrastructure of the platform. We’ve created the little graph below, to better showcase our thoughts:

Token flow of gigify

We’ve taken a page out of the book of the DAO projects, with redistributing token fees to the community, but we’ve added the redistribution of the different fees from interacting with the platform. This will create the base for rewarding the community.

ERC20 payment

As mentioned in our gigify explained article (https://medium.com/gigify/gigify-ea25e545fc7f), we are going to accept payment with ALL ERC20 tokens on the platform. There will be several upsides to this particular feature, that really will be a win-win-win for employees, employers and the gigfy community.

Benefits for employers/ project owners

The main benefit for the project owners is that they will be able to use the project funds to pay their employees and/or contractors that are working on their project, without the hassle, and potential risk, of converting their projects token into a fiat or a more mainstream token or cryptocurrency.

This will create the flexibility for the project owners to choose the payment token and/or currency that best fit their needs.

Benefits for employees/ freelancer

As an employee/ freelancer you will be able to get paid in the ERC20 token of your choice, and push back on the potential split between these tokens, by utilising the flexibility of the gigify contract.

This will greatly reduce your financial risk, when participating in new projects, as this will diversify your earnings, across different assets.

Benefits for gigify community

Due to the profit sharing model of gigify, the community will also benefit from having the feature of paying with ERC20 tokens. This is due to the fact of our fee structure also is built around accepting ERC20 tokens as a whole.

Project that use the gigify platform with their own token, will also pay their fees partially in the gigify token, but also with their own token. This way the gigify treasury will be filled with that particular token, this could be used in various different ways based on the actual utility of the token. And gigify will become a stakeholder in the different projects that use the platform, so if the project flourishes after using the platform, so will gigify.

The community will then be a part of the entire ecosystem of the blockchains, due to the fact that all ERC20 tokens are accepted, HODL’ed in the gigify treasury and used to pay passive income to the community.

NFT structure

We’ve designed a tier based NFT structure like many of the node projects, like STRONG, that will have different effects on the wallet holders say in the community and utilisation of the platform:

NFT tier structure

Again with inspiration drawn from the node projects around DeFi, we’ll construct a passive income engine for the users of gigify to benefit from. Furthermore, the higher tier NFT one holds the more one will have to say in the community.

Using contract funds as collateral

Another unique function we are planning on tying together with the token and NFT structure is the possibility to use the funds of contracts that are locked to your wallet as collateral and borrow $GIG or another token.

Since the taxable event in many countries are tied together with the transferal of currency, this functionality will delay your taxable event, which in turn will mean that if you’re planning to use the earned money for investing, then your potential profits will be greater.

This will of course be tied together with the NFT’s as the holders of higher tiers of NFT will be allowed to place a larger percentage of their contract funds as collateral.

Conclusion

We’ve tried to create a structure that will greatly benefit the community, and where the incentive structure is built to support the utilisation of the platform. We still have a long way to go with the calculations and modelling of the token side of the project, before we can give some actual numbers on how much the community will receive.

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