Your Economy, Your Choice
Latest news & Praise Leader Board: Oct. 24 — Nov. 6
We are in our third iteration of testing for the hatch 🐣 and as tech development speeds up, the next decisions the community has to make are some of the most important for the launch of the TE economy:
- How long should the Hatch be open to collect funds and allow participants to buy into the bonding curve?
- What factors should we use to decide the minimum and maximum amount of xDAI to initialize the bonding curve in the Hatch?
- What percentage of funds raised should go to the Commons funding pool to fund TE proposals to be voted on by the community? How much should be sent to the reserve, therefore increasing the return of the Hatchers?
This is your chance to share your voice! Imagine you could have helped to decide the parameters of the launch of Bitcoin… you can help steer our launch and will be covesting, so your feedback is incredibly valuable in this process.
The debate will be happening in the forum links above and we will be discussing in the next community call this Thursday, November 12 — add it to your calendar and we look forward to hearing your thoughts on the TEC Hatch.
Development Updates
Results of Test Hatch #1
The results are in! Test Hatch #1 was our initial test where community members, who have been contributing work and received impact hours rewarded from Praise, were able to test buying “TestTEC” tokens in a Hatch on the Rinkeby Test Network :
The test is now closed, but we gleaned some interesting learnings from the practice run and it gives us an example for what the hatch could look like. Find out if we met our Hatch goal and discover the parameters we used in the Hatch in this Forum post.
Bonding Curve 2.0
Meanwhile, the developers are hard at work on the second test of the bonding curve, where contributors will be able to send real money to the curve to test. Here’s a sneak peak:
We will provide more information before the Bonding Curve 2.0 test is released, but note that you should only test with a small amount (i.e. 1 DAI), or any amount you are willing to donate to the commons. All money sent will go to the common funding pool and it would take a Conviction Voting funding proposal to send any funds back to you.
Free xDai: Conviction Voting 1.0 is still live & waiting for you to submit a proposal
xDai is still up for grabs in our Conviction Voting common pool — more than 250 at the time of writing this article — for those who would like to test our Conviction Voting dapp. It is a chance to see how the process works, request your share by submitting a proposal, and vote by staking your test tokens on proposals. Check out our video walk through tutorial, guide and other links here.
We are integrating all of the feedback and learnings in each iteration and once live, the TEC will use 1Hive’s Gardens template which has a Bonding Curve attached to a funding pool that feeds into a Conviction Voting DAO, also known as an Augmented Bonding Curve. The TE Commons economy is intended to steward and reward the creation of public goods within the TE community.
Impact Hours Leaderboard
For participation, TE Commons community members and contributors are acknowledged via Commons Stack’s Praise Bot and then that Praise is quantified and converted into Impact Hours. Through Telegram and Discord bots and bridges, community members dish Praise to each other to recognize work.
Impact Hours will be converted into TEC tokens at launch. As voted on by the community, the intention is that each hour will be worth somewhere between $20-$200 of contributions covested into the Hatch 🐣.
Congratulations on the hard work everyone and thank you for your contributions to the Token Engineering Commons! 🥳 Here is the full list of Impact Hours awarded for work from October 24 — November 6:
Every contribution counts, and the Token Engineering Commons is incredibly grateful for its 138 active contributors that have earned Praise so far. 🙏 Here is the list of total Impact Hours to date:
🌱 Join the Community 🌱
We warmly welcome you to join and share:
👋 Pop by our Discord or Telegram channels, introduce yourself and share what you are working on
☎ Say hi on our weekly community calls at 2pm EST / 8pm CET on our general voice channel on Discord — add it to your calendar
💸 Submit a proposal for funding for your TE project
📑 Read more about our working groups and join one
📣 Follow us on Twitter & Medium to stay up to date on the upcoming hatch
*Token Engineering Commons members are also eligible to receive CSTK tokens from the Commons Stack for their Praise. To receive the tokens, members must apply to join the Trusted Seed. For any questions, reach out to @Liviade @GriffGreen @JessicaZartler on our Discord or Telegram.
This article was written by Jessica Zartler with edits by Livia Deschermayer and Griff Green.
