The Waves platform has announced the launch of a new token called the Waves Community Token (WCT). The launch is a part of its recently introduced Custom Application Token (CAT) facility on the mainnet. These new token will be distributed after January 15, 2017.
The intention behind the launch of the new token is community-based KYC/screening of new assets. The new token distribution will enable Waves to foster community engagement in the next nine months.
Initially, 20 percent of the WCTs will be distributed across all existing Waves wallet addresses based on their average WAVES balance between 1st and 15th January 2017. The initial distribution will be followed by 8 similar distributions in tranches of 10 percent each time.
Waves community members are required to have their balance in Waves local wallets in order to be able to receive the WCTs. Whereas, any Waves tokens on exchange platforms are not eligible for WCT distribution.
Rather than just being an alternative to Ethereum’s DAOs, Waves Community Token improves upon it by offering better security, reliability and can serve a number of purposes. But in a feature similar to DAO, WCT enables members to offer community-based ratings for new projects launched on Waves platform.
Moreover, asset issuers on Waves platform will also be able to distribute a proportion of their crowdfunded tokens to the WCT and Waves community in return for various services.
Waves Community Token (WCT), like any other Waves CAT assets, can be traded and transferred freely. What gives the toke a meaningful lifetime value is the WCT holders’ eligibility to receive a constant stream of asset rewards. The WCT distribution timeline further incentivizes long-term holding of the tokens in the local wallets and in turn encourages keeping them away from exchanges.
The straight forward functionality offered by Waves platform makes it easier to use compared to other platforms like Etherum. This makes it easier for companies seeking to launch their own crypto-tokens choose Waves over other blockchain platforms. Finally, Waves plans to use a decentralized voting mechanism for an accurate reflection of community sentiment about new projects without putting funds at direct risk.
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