What: Reputation as the fundamental building block towards mainstream decentralized finance (DeFi)
How: Wrapped KSH (WKSH) stablecoin depends on a single network custodian and a consortium of agents (TokenPesa DAO reputation holders). The PesaDEX is a hybrid decentralized exchange that swaps WKSH against multiple ERC20 tokens and is governed by the TokenPesa DAO
Why: Enable cryptocurrency mass adoption through an adoption ready stablecoin with global fiat gateway and hybrid decentralized exchange
DETAILS
Grant request for the development of TokenPesa MVP 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. TokenPesa DAO Token (TDAT) is the native DAO token
Initial Reputation Distribution
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Token holder automatic distribution – Q4 2019
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Staking TDAT for Reputation – Q3 2020
DAO reputation holders act as agents in the distribution of the Wrapped KSH stablecoin. The minting and burning allowance for agents will be directly proportional to the amount of reputation held by an agent.
Agents mint or burn WKSH by submitting a DAO proposal – if proposal goes through the DAO calls the WKSH contract initializing amount to mint/burn.
Minting: Once initialized minting, the agent sends X KSH + fee to custodian. Upon receipt of KSH the custodian sends transaction to complete the minting, thereby increasing the supply of WKSH
Burning: Once burning is initialized, the custodian sends X KSH – fee to agent account and sends transaction to mark the burning as complete; effectively reducing supply of WKSH
Nice to have: Implement PesaDEX on the Ethereum blockchain with the TokenPesa DAO as the sole admin for token listing and delisting
Total Time: 8 Weeks
Cost: $4,000
Design: $1,000 Development: 3,000
Team
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Vincent Muthee – Ethereum Developer and DAO Researcher
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Jay Lee – Blockchain Architect
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Jeremy Noh - SoliditySmart Contract Developer
Profit/Sustainability
Though the Wrapped KSH depends on 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.
Custodian fees: This is taken by the custodian at the time when an agent mints or burns Wrapped KSH tokens.
Agent fees: This is taken by the agent with whom the user exchanges Wrapped KSH tokens for the asset(KSH)
DAO Revenue: TokenPesa DAO will generate constant revenue from the PesaDEX trading and token listing fees
Experimentation
Cryptocurrency mass adoption
DAOcontrolling applications
Revenue generating DAO
Collaboration DAO
Hybrid DEX liquidity sharing
New financial intermediary model