What: Reputation as the fundamental building block towards mainstream decentralized finance (DeFi)
How: TokenPesa DAO on Ethereum and DeFi Substrate chain on Polkadot (Kusama) Network
Why: Enable cryptocurrency mass adoption through an adoption ready stablecoin with global fiat gateway
DETAILS
Grant request for the development of TokenPesa MVP (testnet release) and most importantly signal support for the initiative.
Effort:
TokenPesa DAO on DAOstack (Ethereum) – utilizes reputation based voting. Reputation is implemented as an ERC20 but is not transferable. Helps align DAO members along long-term goals while preventing vote buying schemes evident in token based voting systems.
We extend the reputation system implemented by DAOstack such that to serve as the basis for our Substrate chain consensus algorithm: Reputable Proof of Stake (RPoS) through a Chainlink integration
on Polkadot (Kusama)
TokenPesa DAO Token (TDAT) is the native blockchain currency for the DAO & Substrate chain. DAO reputation holders act as agents in the distribution of the Wrapped KSH stablecoin – TokenPesa Blockchain is the sole custodian for the stablecoin consortium. TDAT and WKSH will be pegged between Ethereum and the TokenPesa Substrate chain
The TokenPesa Substrate chain will also have native support for the Wrapped KSH stablecoin, allowing users to easily spend and interact with Dapps built on Polkadot
Nice to have: Implement PesaDEX on the TokenPesa Substrate chain with the TokenPesa DAO as the sole admin for token listing and delisting
Total Time: 12 Weeks
Cost: $7,000
Design: $2,000 Development: 5,000
Team
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Vincent Muthee – Ethereum Developer and DAO Researcher
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Jay Lee – Blockchain Architect and Rust Engineer
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Jeremy Noh - SoliditySmart Contract Developer
Profit/Sustainability
Though the Wrapped KSH is backed by a sole custodian, minting or burning of WKSH requires initialization by the DAO through an agent. TokenPesa will engage third party auditors, quarterly to affirm that all WKSH stablecoins are fully backed.
TokenPesa DAO will generate constant revenue from all PesaDEX trading and token listing fees
Experimentation
Parity Substrate (Polkadot) custom consensus
DAOcontrolling applications
Revenue generating DAO
Cryptocurrency mass adoption
Hybrid decentralized exchange