Around 1000 AD, China started the Genesis of using legally valued money authorized by the government. They use shells which are made out of bronze called the chao. Now this government authorized and supported currency has become the major monetary system all over the global economic landscape. The functionality of these monetary systems is highly dependent on the support and the appreciation of the people that make use of it so far the government meet the daily needs of individual and society as a whole.
Over the years, there has been many form of financial instability based on these monetary system. But in the year 2008, the highest financial crashes was recorded in history. During this time, the first form of decentralized system of money (Cryptocurrency) which is not dependent on governmental or bank authorization and support named Bitcoin was proposed. Over the years, many other cryptocurrencies has been created by modifying the bitcoin algorithm.
Now the world of cryptocurrency has grown drastically, their tokens and values are now increasing day by day, people are now really investing in it, finance institutions are also growing their shares and the crypto world is really taking over the market. More than 1,500 cryptocurrencies and tokens were counted and their value is over $300B worth as of early year 2018.
The same way there is problem with the traditional monetary system, the crypto world also suffers some problem. In the crypto market, those that are not financially informed are now falling victim of scammers. Problems like fraudulence, illegitimate act, and even lack of access of laymen to relevant and appropriate utilities are rampant in the crypto market. On top of all these aforementioned problem,
The crucial challenge faced today is that there is no platform on which communities that lacks technical knowledge can spawn or procreate their own currencies, in addition to this, there is no method of comparing this communities against each other based on their values. This is due to the fact that any systems that are too large in scope cannot effectively meet the specific needs of everyone utilizing them.
Native creates a basic platform on top which communities can operate using their own local currencies. The valuing , operation and the mentioned currency will be backed up with a set of decision – making tools. In addition to this, Native will make available templates which will serve as model that can be followed by different communities. This is done so as to ensure that even the communities that lack economic and technical know how can take part in the forthcoming financial ecosystem. The core object of Native is community, if there is any form if local or digital collective that come together with a unity of interest or ambition, they have the chance to set up a community based on Native.
There are three core benefits to starting a Community:
- Generation of Capital by using issued token. This will replace the method used in raising funds traditionally (Bank loans, Crowdfunding and VC.)
- Communities will be given the ability to make collective decisions using Native polling feature.
- Ability to recognize and redeem values globally.
1. Curators
Curators are individuals that serves as administrator which are highly trusted by the community.
In order to make sure that only relevant and beneficial content are added on the community for people to view and vote on, Native has appointed some individuals that serves as administrator which are highly trusted by the community. This individuals possess the most thorough knowledge of communities initial vision, they are referred to as curators.
2. Members
Members are determined by the communities that match with their interests, objectives and values. They have the chance to join and participate in multiple community, they serve as the major determinant of decision making concerning arrangement of capital and they are also responsible for making crucial decisions in the community. Members enable users rights and they are also bestowed the power to check curators work and also replace them.
The native ecosystem is majorly divided into Community currencies and native token and they perform the same function.
Native Token
For all other currencies on Native, Native token (NTV) serves as the basic currency for the community. Membership is also provided to the native community using the native token. There is another token on native in which NTV holds a reserve, this token is called the Bancor network token (BNT). Native’s need could also be met using a combination of token held in reserve. Through a community Poll, Native reserves the right to make changes.
Native Token conversions will initially utilize the following split:
Community Fund - 50%
Smart Token Converter - 10%
Connector Balance - 40%
NTV initially will maintain a 10% Connector Weight (equal to Smart Token Converter) to ensure a significant pool of liquidity should users want to move back into BNT or ETH.
Community Currencies
The local currency used by each community is referred to as the community currency. The reserves of community currencies are held in Native token (NTV)
Initially, Community Currency splits are standardized to:
Community Fund - 80%
Smart Token Converter - 10%
Connector Balance - 10%
Native would carry out assessment on the performance of the first functional community. By doing this, community will be able to recommend and decide on split based on the size and type of community.
Community Valuations
Perfect valuations of communities has been provided by Native. Even though valued is generally arbitrary, the below mentioned categories aid a fair market value
- Reserve Balance/Connector Weight
- Curator - Is the Curator trustworthy? Are they an influencer?
- Values Alignment - How much value do Members placed on the Community and its mission?
- Number of Members - How many Members does the Community contain?
- Member Activity Levels – Are the members active enough?
- Community Fund Balance - How much capital does the Community Fund contain? Has it generally been spent wisely?
- Community Impact - What impact is the Community having on its Members and the World? If lots of impact is felt, people will be more inclined to support the Community.
- Value of Membership Benefits - What are the additional benefits of being a Member? Are they valuable?
- Current and Future Potential Revenue - Does the Community earn money? If so, how much? Is it redistributed fairly into the community?
Ecosystem Structure Implications
The Ecosystem of native is created in such a way that the interest s between all communities is aligned. Each community will also grow as Native grows in as much the same base currency is leveraged. Meanwhile. Its not possible for communities to contract when Native does because the total value that could be extracted by the community is the total amount of Native token that has been deposited into the community.
For the community, Native creates a user interface that ensures effective, productive and transparent decision making. For the meantime, all features of the native community will be very flexible and lean. As soon as the Aragon platform is fully functional, Native will migrate communities. Anything without a financial component is centralized to save on transaction costs. Items that require an escrow are decentralized. The goal is to provide maximum benefit, while ensuring that Native is not a single point of failure.
Dashboard
Users will get access to their various Communities using Web3 wallets. This wallet serves as the major means of identity and transacting mechanism on Native.
Community Currency
Every community on Native possess their own currency with various functions. It is niw in the interest of each community to incorporate additional functions
Medium of Exchange
The primary function of all currency is Exchange. Transactions that do not affect economies beyound the community are enabled by the community currency. This encourages local spending and alsi encapsulate the value of the community.
Membership
In order to join a Native community, users are required to convert Native Tokens into Community's currency. The amount of needed community currency is determined by the community curator. Once an individual become a member, they receive participation rights.
Joining a Community requires converting Native Tokens into the Community’s Currency. The quantity of Community Currency required is determined by the Curator upon Community creation. Once membership is acquired, the Member receives participation rights.
- Project
- Community Poll
Other Informations
Get to know about Native
- Native Platform
- Native Website
- Native Whitepaper
- Native Twitter
- Native Medium
- Native Telegram
- Native Youtube
This post is Submitted for Native Writing contest organised by 
You are free to be a part of the contest here