Introducing AliceNet
This is the first in a 3-part series written by Troy Salem, VP of Engineering of AliceNet and Matt Barlin, CTO of AliceNet.
The global MadNetwork community is thriving because of the growing number of critical players joining in search of better authentication infrastructure. Now, we’re taking the next step in providing a trusted applications authentication environment for people, assets, and organizations by forking MadNetwork and developing AliceNet.
To this effect, all holders of MadTokens will now have the opportunity to migrate to the AliceNet token ALCA. We are glad to announce that all our supporters will get approximately 1.5 ALCA for each MadToken they are currently holding. Thank you to all our supporters and the fantastic community for making this possible!
Let’s take a deeper look at what you can expect to happen after the swap
As we forked MadNetwork to create AliceNet, we discovered the need to brand the token appropriately while keeping the token mechanism simple and user-friendly. Since AliceNet operates with a dual token model, we now have the ALCA and ALCB tokens.
ALCA is the new token that will be used for staking and participation in the governance system for AliceNet. This will unlock a host of rewards for users who want to participate in helping us grow and further develop the system. And ALCA is the gateway to this. Rewards will be distributed to user wallets in ETH and ALCA, but having ALCA will also be a requirement to become a validator in the AliceNet system.
Given the new ALCA we want to help our current MAD token holders to migrate their tokens to ALCA, allowing them to participate in the AliceNet ecosystem. During the transition period, we’ll assist all MAD holders in moving towards the governance token that will play a role in AliceNet. Acquiring ALCA tokens will make you a part of the new environment and governance model, exposing you to more benefits tied to holding ALCA. The reason we’ve been able to achieve this stems from the multi-layered functionality of ALCA tokens.
What are the roles and functions of ALCA?
From the perspective of ALCA holders, the token has many inherent benefits but staking it effectively makes them participants in the AliceNet network and part of the governance system. This means that ALCA stakers will directly benefit from activities and transactions in the system. Every time the AliceNet infrastructure is used, this will result in rewards being generated and distributed to ALCA stakers. To enhance this incentive mechanism, rewards will be distributed both in ALCA and ETH. Users can claim accumulated rewards directly to their wallets regularly.
Holding ALCA and staking it for longer periods will generate more rewards. At the same time, staking will unlock the function of participating in the governance of AliceNet. We welcome all community members’ ideas and contributions to how we can improve and build upon the current infrastructure and functionality of AliceNet. The governance system allows stakers to have a voice in that discussion and help us grow the value and reach of the infrastructure.
For those who choose to stake their ALCA early on once possible they will also have the opportunity to lock up their staked positions. Locking ALCA tokens will result in gaining additional ALCA rewards while continuing to produce staking rewards. Users can unlock their tokens anytime and forfeit their share of the final pool. The rewards are distributed based on the number of locked tokens, which determine what portion of the ALCA reserve pool the user will earn when the lockup period concludes.
To further secure and decentralize AliceNet, we will give ALCA stakers the option to become validators. Users must meet several requirements to be eligible to become validators. They need to have enough ALCA, five million at this time, and stake it for a set period. Anyone can register as a validator and receive rewards for helping us strengthen the AliceNet network as we launch this feature.
Validators run special nodes in the system and improve network accountability. Given the importance of their role, they also receive the most significant rewards. Over the course of the next few months, we’ll continue to expand our validator base in an attempt to stress test, ensure stability, and also test out some of the staking incentives considered for the network.
We encourage all MAD holders to start swapping their existing tokens for ALCA and start taking advantage of the new staking and locking functionalities. Keep in mind that initially, users can only hold a single ALCA position for staking for maximum rewards.
