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The key aims of Bitcoin and other cryptocurrency protocols is the democratization of money and technology. Waves Blockchain platform has continued the tradition by introducing Waves Community Token, a new framework for community-based organizations.
[Note: This is a press release]
Introducing the Waves Community Token
The concept of Waves Community Token (WCT), built on the recently launched Custom Application Token (CAT) facility on its mainnet is not something new, but it is better than the closest alternatives the cryptocurrency community has seen to date. The Ethereum platform had earlier introduced Decentralized Autonomous Organization (DAO) with limited success, and Waves platform has learned from shortcomings of its counterpart to design a much better system.
Starting January 15, 2017, Waves will start distributing the WCTs among its community members. The initial distribution will involve 20 percent of total WCTs, and it will be circulated among all Waves wallet addresses. The number of WCTs per address will depend on their average WAVES balance between 1st and 15th January 2017. The distribution of remaining 80 percent of the tokens will follow in 8 separate installments of 10 percent each.
The WCTs will be distributed only to local Waves wallet addresses and any WAVES on exchanges and trading platforms will not be eligible to receive the tokens. The tokens are like any other custom application token (CAT) on the platform, and they can be traded, transferred and stored. WCT holders will be able to offer community-based ratings for newly launched projects, similar to voting. Also, asset issuers on Waves can seek services from the WCT and Waves community by distributing a portion of their crowdfunded tokens among them.
The creators behind Waves platform have ensured lifetime value to WCTs by making WCT holders eligible for a constant stream of asset rewards. The asset rewards and a phased distribution process encourages community members to hold on to their crypto tokens in local wallets instead of exchanges or trading platforms.
The ease of token creation and the use of WCTs will soon encourage businesses to create custom tokens representing items of real world value including currency, stocks, vouchers and more. It also gives the community to communicate their sentiment about any new project on the platform without risking funds.
As Waves plans to introduce new features in the coming days, the WCTs play a significant role in ensuring community participation in all its future activities.
Images courtesy of Shutterstock, Waves