THX allows you to pool funds and create rules to reward people. It is designed to give incentives to members of online communities, for example for organizing an event or contributing code. A fair distribution of rewards is governed by communal voting, effectively turning apps into simple DAOs.
Our aim is to integrate with established software, adding value to an existing user base. One could say it is an enhancing business model, instead of a disruptive one. Current integrations;
The THX token is both an utility and governance token. It allows you to setup reward pools and in the future will earn reward fees. End users of communities do not have to hold the token to participate in reward pools, we expect most people to transact in ERC-20 stablecoins like DAI and USDC or in future versions with community specific or even non-fungible tokens.
You can schedule a demo with me and read more about the latest version here.
We have a distributed five person team working from The Netherlands and Germany. We share a passion for open source, UX and blockchain technology. For more background on our team members check out our intro and pitch deck; https://thx.page.link/intro (PDF)
EU Horizon 2020 grant
Our project has been awarded funding from the European Union’s Horizon 2020 research and innovation programme as part of the sub-grant agreement no. 828888 (Blockpool.eu, see assessment)
Roadmap and funding goals
Up till now we have been bootstrapping with our own time and money, next to jobs that pay the bills. The full eight month roadmap includes privacy assessments (GDPR) and security audits leading to release on mainnet. We have to add fulltime engineering resources to accomplish this. The total funding needed is €235k. Approximately €30k is covered by the Blockpool grant, most of which will be paid upon completion of the planned milestones at the end of 2020.
DAO and other models :balance_scale:
Back in 2018 we programmed a DAICO to launch the THX token. We liked the idea of a project tap instead of a lump sum ICO and also that the contract could be resolved with funds remaining being distributed back to contributors. The code is still available on our github. In the end we abandoned these efforts due to regulatory issues and difficulties establishing a banking relationship in The Netherlands.
Now, we’re considering multiple options for issuance with a preference for a DAO on Aragon, but also an airdrop or direct sales to launching customers.
Our main consideration for a DAO would be to govern things like the reward fee and development funds and perhaps, in time, decentralize the protocol further by moving from a centralized administrative key towards a time enforced community managed address. This would likely also involve setting up a foundation next to the commercial entity that is maintaining the API which however centralized, eases integration immensely.
Questions to MetaCartel community
On behalf of our team I would love to have your feedback on the following;
- do you think THX is well suited for a DAO?
- which DAOs should we research (Aragon, Moloch, some other variations)?
- any experiences or things to keep in mind when setting up a foundation for our project.
- any other feedback on or suggestions for our product and general plan.
This post turned out longer than expected. I hope all of this makes sense looking forward to hearing from you all!