LORE Token($LORE) is the native utility token of Gitopia. Gitopia leverages LORE as the primary means to govern, secure the blockchain, and provide a default mechanism to store and exchange value.
LORE will act as the reserve currency in the Gitopia ecosystem while ensuring the platform’s public blockchain’s economic security through staking.
We are implementing a phased rollout to enable Gitopia Tokenomics Model to compensate collaborators on the network properly. The plan is phased out in 2 steps:
- Stabilize the staking set to establish economic value for LORE Token with the launch of Mainnet.
- After this initial phase of network bootstrapping is complete, we’ll begin work on the Gitopia Economic model, which will incentivize collaborators and stakers to participate in the network long-term.
LORE token utility
- To bootstrap engagement on Gitopia
- As staking tokens, LORE can be “bonded” in order to earn block rewards. The economic security of Gitopia blockchain is a function of the amount of LORE staked. The more LORE tokens that are collateralized, the more “skin” there is at stake and higher the cost of attacking the network. Thus, the more LORE tokens there are bonded, the greater the economic security of the network.
- LORE token is the basis for governance in the Gitopia ecosystem. The user who owns LORE tokens can propose and vote for amendments that affect the platform’s features. Each vote has a different weight based on the number of tokens staked by the voter.
- As a mode of exchange for frictionless transactions to host code and collaborate. As a spam-prevention mechanism, the LORE token is used for transaction fees. The fee is very minimal in order to avoid friction.
- To sponsor/tip a user developing and contributing on Gitopia
- To fundraise for projects hosted on Gitopia
- Medium of payment and exchange for open-source development on Gitopia
These are some of the use cases of the LORE token under the Gitopia ecosystem. In future blogs, we will talk about Tokeneconomics, supply, vesting schedules, and much more.
Till then stay tuned to Gitopia!
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