Deeds: The Cornerstone of the World of Meeds
Meeds strives to be the standard measure of engagement, usable by any organization grappling with disengagement issues and seeking to take action. Our goal is to create a worldwide system that is accessible to all. Through the Meeds Hubs, any organization can offer incentives to its contributors. To provide access to the Meeds software, we have created the WoM, a decentralized platform.
TL;DR: If you’re in a hurry or have a specific question, check out our Deeds FAQ at the end of the article.
While the Meeds project founders initially outlined their vision in writing, they have been primarily focused on its implementation so far, providing little explanation until now. This article is part of a series that covers in detail all the concepts outlined in the Meeds whitepaper :
- Part 1: How To Improve Engagement at Work with Meeds Token
- Part 2: Deeds: The Cornerstone of Meeds World of Meeds
- Part 3: Breaking the Mold: Meeds’ Open and Decentralized Approach to Subscription Models
Table of Contents
Meeds Distribution Dilemma
Meeds’ mission is to improve working relationships, and the Meeds software has been developed from the beginning under an open-source LGPL license. This license provides organizations with great freedom of access, allowing them to install the software on their premises and maintain control and sovereignty over their installation. However, this model presents some challenges. The technical skills required to implement and maintain Meeds can be a barrier for many organizations.
Today, the other distribution model for software is Cloud SaaS. Although it effectively solves the access problem, it has the disadvantage of being centralized, with costs borne by the service provider and typically charged as a subscription fee. As a non-profit organization, this model is not entirely consistent with Meeds’ purpose.
To make Meeds more accessible to a wider range of organizations, a new distribution model was necessary.
Introducing the WoM
The World of Meeds (WoM) was created as a solution. The WoM offers a free hosting service to members of the Meeds DAO, funded by people acquiring NFT licenses simply called Deeds. These perpetual licenses grant free access to the public services of the WoM and are transferable to others without constraints.
Any holder of a Deed token is entitled to start a Meeds Hub within the WoM.
Initially, the servers that host the WoM are operated exclusively by authorized providers. However, when the technology is available, the entire hosting platform will eventually be decentralized as a trustless network of nodes. That said, while this tradeoff on decentralization had to be done for now on the software hosting platform, the issuance of Deeds and launching of Meeds Hubs are already trustless and strictly governed by on-chain smart contracts.
Acquiring Deed NFTs
Deed NFTs are acquired on-chain in several steps.
Step 1: Stake some Meeds
Firstly, one must stake a number of MEED tokens into a smart contract in the protocol. The deposit acts as a sort of on-chain pledging mechanism that incentivizes participants not to exploit the protocol opportunistically or disadvantage others.
This staking mechanism, lets you enter and support the Meeds ecosystem by locking a part of your capital in the protocol. Nevertheless, you can adjust the size of your staking deposit at any time.
When you stake, xMeed tokens are automatically minted and transferred to you as proof of deposit. Owning xMeeds is what makes you a de facto member of the Meeds DAO as it’s proof of your commitment to the Meeds project.
Step 2: Accumulate Minting Points
But there is an incentive to more Meeds staked. Indeed, by holding xMeeds, you gradually gain the right to mint a Deed in the WoM. This works by accumulating minting points until you have enough to claim a Deed in the WoM. You will continue accumulating minting points as long as you maintain your staking deposit.
Step 3: Mint a Deed
When you have enough points you can pick the next available land slot in the WoM and mint a deed. When you mint a deed, your minting points counter will reset. You can acquire multiple deeds consecutively, and there is no maximum limit to the number of deeds you can mint.
How long does it take to get a Deed?
The time it takes to have enough points to redeem a deed depends on the rate of accumulating minting points, which is determined by the number of xMeeds held. Simply put, holding more xMeeds allows for faster deed acquisition. However, note that the rate of point accrual does not increase in a linear manner with your xMeeds balance. To maintain fair access to all investors, the point calculation formula is logarithmic.
For example, for holders of less than 10,000 xMeeds, the accumulation rate increases rapidly to 164 points per day. However, doubling this rate would require ten times more xMeeds (100,000). Therefore, depositing a large amount of capital does not guarantee the speedy acquisition of all the WoM’s deeds.
A simulator is available for members of the Meeds DAO to estimate their accumulation rate and acquisition delay.
It’s worth noting that while minting points are linked to a single address, xMeeds can be transferred between accounts to facilitate your minting strategy.
Inspired by City Building
The WoM is modeled after the way cities grow and develop. Cities have been the cornerstone of civilization for over 12,000 years and have been responsible for more innovation than any other aspect of human history.
When a city wants to expand its economic activity, it typically begins by designating areas and developing infrastructure, such as roads, buildings, networks, and a range of services to attract businesses. With the right conditions, an entirely empty area can be completely built up within a few years. Real estate developers invest in constructing buildings that they sell, and companies can set up their activities there. Some businesses purchase their premises, while others rent them based on their needs. Additionally, some businesses may move to different locations that are larger or offer different services.
In the WoM, anyone can acquire their own plots of virtual land (deeds), which they can use to gather workforces for their businesses or communities. Landlords are free to buy and sell their deeds to others, much like how real estate developers invest in and sell buildings in a city. The infrastructure and services provided by the WoM help users create thriving communities and attract more contributors to create value.
The Seven Cities of the WoM
But the WoM is not infinite. It’s a workplace metaverse that will ultimately be composed of exactly seven cities: Tanit, Reshef, Ashtarte, Melqart, Eshmun, Kushor, and Hammon. Each city has a predetermined maximum number of deeds and is bigger than the previous.
The cities are not pre-generated but built progressively when deeds are minted. Also, only one city can be under construction at a time, others will be opened successively as they reach capacity. Additionally, a delay between the start of construction of each city is enforced in order to give them time to flourish instead of encouraging speculative behavior.
The infrastructure and services provided by the cities help users create thriving communities and attract more contributors to the ecosystem.
Tanit is the first city of the WoM. It began construction on May 1, 2022, a few days after the publication of the Meeds white paper. Its purpose is to implement all the WoM primitives and test the system.
It’s important to note that the WoM construction will be driven by demand, as people earn and stake Meeds and then manage to mint their Deeds. Therefore, we predict that Hammon, the ultimate megacity with its 100 million deeds, will not be under construction before 2042.
Four Kinds of Deed
Not all deeds within a city are the same. They come in varying types and quantities. Four types of deeds have been defined, each with its own capacity to accommodate various kinds of organizations:
- Common: 100 contributors
- Uncommon: 1,000 contributors
- Rare: 10,000 contributors
- Legendary: unlimited contributors
Deeds minted in the cities are distributed based on their type. The most common type is the Common deed, accounting for 60% of all deeds of the WoM. The Uncommon is the second most abundant type, with a distribution of 30%. The Rares are even scarcer, making up only 10% of all deeds in the cities, while the Legendaries are the rarest of all, with less than 0.1% of the total deeds distribution.
How Long to Mint?
Indeed, acquiring scarcer deeds requires significantly more minting points. The waiting time to acquire a deed can vary from one month to several years, depending on the number of xMeeds deposited and locked in the protocol.
The scarcity of deeds in the WoM is designed to prevent speculative behavior and encourage the creation of thriving communities within the WoM.
In summary, the WoM has four types of deeds, each with its own capacity to accommodate organizations. The scarcity of deeds in the cities is carefully distributed, with the Common deeds being the most abundant and the Legendary deeds being the rarest. Because acquiring deeds requires accumulating minting points, the waiting time can vary depending on how much you’re ready to deposit in the protocol.
Understanding the value of Deeds
Deeds are digital assets that possess a tangible value that is determined by several factors:
- Hub Access: Firstly, they have a utility value based on the benefits attached to them in the WoM such as the right to run a dedicated Hub.
- Scarcity: Also, deeds exist in finite numbers and are categorized by rarity. This means that they hold an intrinsic value.
- Transferability: Moreover, deeds are NFTs, which allows for their transferability and the possibility of buying and selling them on secondary markets such as OpenSea where they have a market value.
Minting vs Purchasing
OpenSea is an NFT marketplace that provides a safe environment for deed transactions. This platform offers various sales models such as auctions, and its main advantages are visibility and speed. Buyers and sellers don’t have to wait for a specific period before processing their transactions.
While purchasing deeds from an NFT marketplace is fast and convenient, minting your own deeds comes with its own advantages. As a minter, you retain 1% royalties on all future sales of your deed, forever. This incentivizes early supporters of Meeds in line with the momentum of the market.
Moreover, minting your own deeds preserves your capital. After minting your deed, you can withdraw part of your deposit and use your Meeds to reward contributors in the Hub. Alternatively, you can let your deposit generate yields and minting points by maintaining your Meeds deposit.
Deed Rentals
In the WoM, owning a deed is a requirement for opening a Meeds Hub. However, not all organizations may have the necessary capital to immediately purchase or mint a deed by themselves. Fortunately, there is another option available and it doesn’t require making a large upfront investment.
The protocol allows deed owners to lease their unused properties to others. By doing so, they transfer the right to run a Hub to a lessee while still retaining ownership of the deed. The rental terms and prices can be set freely and transparently displayed in the Deed Rentals Marketplace. In a future article, we will dive deeper into the mechanics of the rental marketplace.
For Meeds owners, acquiring and renting out a deed is an excellent way to generate a passive income. This allows them to benefit from the value of their deed without needing to actively use it themselves. By renting out a deed, Meeds owners can support the growth of the WoM ecosystem while generating revenue at the same time.
For new communities, renting a deed is an easy and fast way to get started with low upfront capital before they decide to mint their own Deed.
Future of Work Cities
The WoM project is a long-term endeavor, and it will take years to come to fruition. In the meantime, work habits and organizational structures will continue to evolve, so the white paper outlines a flexible system that can adapt to changes as they arise.
To that end, the white paper suggests that WoM cities create their own governance and funding mechanisms based on a tax system. These taxes will feed into the treasury of each city and will be managed by elected councils in charge of allocating funds as needed. Deed holders will have a say in how the treasury is allocated, essentially functioning as a DAO.
The funds in the treasury could be used for the betterment of the community, such as financing grants for projects, acquiring more deeds, or improving the city’s infrastructure and services. In addition, there could be physical world services such as access to co-working spaces, catering services, travel planning, and corporate concierge services. While the white paper outlines some foundational aspects, the ultimate direction of the WoM project will be determined by the members of the Meeds DAO and City Councils.
The WoM project offers the opportunity for individuals to own property, build equity, and generate passive income based on their efforts. With a flexible and adaptable framework, WoM cities can evolve and grow over time, fostering a dynamic and self-sustaining ecosystem.
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FAQ
What is a Deed?
A deed is a unique location in one of the seven cities of the WoM where it gives you access to benefits.
Why are Deed NFTs?
Deeds are unique digital assets that can be exchanged, but not divided. All these characteristics are carried by the NFT standards.
How to obtain a Deed?
To get a deed, you have to mint it on the contract.
What’s the WoM?
The World of Meeds(WoM) is the decentralized protocol built by the Meeds project where organizations gather their contributors to create and share value.
What are the Seven Cities?
The seven cities are successive evolutionary stages that the WoM will go through as deeds will be minted. Their names were borrowed from the Punic pantheon.
What are Meeds Hubs?
A digital workspace that is dedicated to an organization. It is used to coordinate work and incentivize contributions.
How do I get a Meeds Hub?
To get a Meeds Hub you need to either own a Deed or rent a Hub. Then start the Hub to gather and reward your contributors.
What is an xMeed?
xMeed is the governance token for the Meeds DAO. They give you weight on the Meeds DAO governance and let you mint deeds.
How do I get an xMeed?
By staking Meeds in the xMeeds contract.
What is the Meeds DAO?
A Decentralized Autonomous Organization made of the community of xMeeds holders. The Meeds Association intends to progressively hand over control of the Meeds protocol and treasuries to the Meeds DAO.
What is the Meeds Association?
The Meeds Association is a non-profit incorporated in Switzerland to seed the Meeds project. It exists to provide legal ground, lay out the vision, bootstrap a community, and then hand over control of the project to the Meeds DAO.
