Klaytn established economic growth and distribution as one of the core design principles. As such, Klaytn identifies economic entities that contribute to sustainable growth of the platform and provide compensation and support commensurate with each participant’s level of contribution. We thus operate two programs in which anybody can participate and receive rewards based on his or her contribution level, namely Proof of Contribution (POC) and Klaytn Improvement Reserve (KIR).
- Proof of Contribution (PoC) assesses the contribution level of all economic entities within the Klaytn ecosystem and provides rewards in KLAY that correspond to each entity’s level of contribution.
- Klaytn Improvement Reserve (KIR) is allocated for anybody committed to maintaining sustainable ecosystem growth through platform development or community building efforts.
*They are not ad hoc promotions but regular programs to be run while the Klaytn platform is in operation.
Proof of Contribution
Proof of Contribution is designed to encourage and incentivize all participants within the Klaytn ecosystem to spontaneously engage in economic activities by creating and exchanging values with one another. Such activities collectively build up an economy of circulating wealth that helps improve the stability of the Klaytn platform and also drives economic growth of the entire ecosystem.
In order to maintain the network and strengthen the economic growth at a greater scale, Klaytn compensates more diverse forms of contributions from a wider range of participants. In doing so, Klaytn rewards all economic entities in the Klaytn token economy that make meaningful contributions via transparent evaluation and incentive mechanism.
Proof of Contribution aims to assess the contribution level of all economic entities and provide rewards that correspond to each entity’s level of contribution. PoC primarily focuses on two types of economic entities: service providers and end users.
Service Providers
To achieve mass adoption of blockchain technology, it is important to implement and leverage widely popular blockchain applications to create a solid foundation of end users who discover value from such applications. Our service providers play a key role in the Klaytn economy as entities on the supply side. They not only create supply of services to satisfy our end users, but also serve as channels of new user acquisition and as anchors of user engagement. Acknowledging their contributions, Klaytn is designing PoC as an incentive mechanism for service providers to effortlessly join the Klaytn platform and enjoy sustained support as they continue to grow in our ecosystem.
End Users
Klaytn is currently reviewing the potential for enabling PoC an incentive mechanism for end users as well. Our end users are the fundamental driving force behind economic growth as the primary demand-side entities, creating valuable market signals by carefully selecting and using services and sharing reviews with each other. During the early operation period of the Klaytn platform, we will analyze the user behavior in order to formulate a method of quantitatively assessing a user’s contribution to the platform.
For more information on Proof of Contribution, please refer to Klaytn Docs — Proof of Contribution Operation Plan.
To apply for Proof of Contribution, fill out the PoC Application form.
Klaytn Improvement Reserve
Klaytn also operates the Klaytn Improvement Reserve (KIR) for sustainable ecosystem growth. As technology continues to improve and as the needs of users change over time, our platform must be able to quickly adapt to new circumstances that arise. To respond to such changes, Klaytn Governance Council will make spending decisions for three main categories to maintain Klaytn ecosystem:
Platform
Engage in research and development, and support infrastructure
Tools
Create better development environment and enhance developer experience
Community
Develop programs to encourage participation in the Klaytn ecosystem including community events, meetups, hackathons, etc.
*We encourage all participants in the Klaytn ecosystem to submit KIR proposals.
Committed to sharing the economic growth among service providers and users, Klaytn supports diverse activities and collaborations that can contribute to expanding the Klaytn community and triggering the mainstream adoption of blockchain experience.
Join now! The more meaningful contributions you make, the more rewards you are given. For more information, visit our official webpage at www.klaytn.com. We also updated the Token Economics & Governance Paper on the Technology page.
Cheers,
Team Klaytn
