Introduction
Since 2009 till now, blockchain technology has taken the financial world by surprise and has gone beyond being just a decentralised platform that facilitates peer to peer financial transactions. Every single technology launched on the blockchain can now be able to introduce their own tokens in which they operate with. However, these tokens introduced are to some extent having some limitations in terms of how they are created which includes the fund paid to developers and technical personnel to put together working protocols in which these tech can operates. Individuals are gaining more ground as the emerging financial technology develops day by day. A user that is partially technical can utilize a system of finance with equal or greater degree of functionality compared to traditional syetem of banking and fiat currency. An economist, Friedrich Hayek proposed a theory of money and how economies function. According to Hayek, stability emerges as a ‘spontaneous order' of the market not through a politically influenced decision by the central bank. In Hayek's proposition, customer-citizens could choose the monies they expected to offer a mutually acceptable intersection between depreciation and appreciation in order to avoid inflation or deflation through price stability(which is a shared purpose bewteen the duo) – something the central banks fail to achieve as they are prone to artificial change interest rates.
There is need for more growth to be ensured within the economic landscape across the globe for communities. Thus, the need for a platform called "Native" that empowers this communities to realize their inherent values in a global economy comes into place.
Native Ecosystem
Native Platform is a blockchain based ecosystem where participants can build or join communities and create value by participating in community projects. Communities on Native Platform can create their own local currency which can be used to power all projects within the community. In addition to this, it also has voting tools to allow the community to make decisions democratically and decentrally, about the use of funds and other tasks or projects of the community.
Types of Users of the Native Ecosystem
NATIVE is a place everyone having same interest or mission can togetherly achieve their aim. Though, you might have a vision or an idea in your locality that seems awkward with the people around you, yet you believe some others will be interested in it.
- Members
They are the users that are members of a Community and have the same common interests. The votes of the members are those that decide changes in the policies of the community, as well as other tasks, such as replacing or choosing a new Curator.
- Curators
They are in charge of approving or denying the contents that the members contribute through a voting system. They define the standards that regulate a community and ensure that the content complies with the regulations of the Community.
THE ARCHITECTURE OF THE NATIVE ECOSYSTEM:
The NATIVE ecosystem consists of both the NATIVE Token and the different tokens of the different communities. The NATIVE tokens and the different tokens have similarities and they also have some uniqueness. Before looking at the uniqueness, let’s take a look at the similarities.
Similarities of the NATIVE Token and the different tokens of the different communities:
Continuous Token Model:
All tokens that exists within the NATIVE platform also utilizes a continuous token model. This means that these tokens are minted and destroyed dynamically, as users engage with the Smart Contract. This is effective and efficient. Some benefits of the continuous token model are:
- Instant Liquidity for tokens at specified price
- Display of the sizes and activities of the market in a precise and accurate manner
- Value of currency is based on evidence, instead of assumptions
Bancor Smart Tokens:
All tokens that exists within the NATIVE platform are deployed as Bancor Smart Tokens. This means that, these tokens each hold a reserve in a base token currency. With this reserve, it is possible for users to convert one token into another in an effective, effortless, efficient, transparent and fair manner. Via the Bancor protocol, this conversion would be done without the need for a second party on the other side of the transaction.
Deposits:
When funds are sent into a token contract, they can take one or more of three paths. These paths are
- Community Fund: this is the resource pool that is strictly left for community spending
- Smart Token Converter: this is the traditional bancor converter. It’s main purpose is to modify the price and supply of tokens, all depending on the connector’s weight
- Connector Balance: this is the addition of the value of the funds deposited directly to the existing tokens in supply
Each token in the NATIVE platform has its own split, which is unique to it. The splits are decided by the communities which the tokens belong to. A recommendation is provided to the community upon creation.
During deposit, the token that is been converted to is then generated and then, sent to the converter’s wallet.
Redemptions:
When tokens are returned back to their Smart Token contract, the tokens are exchanged for the base currencies in the reserve. It should be noted that no funds are removed from the community during redemptions.
When tokens are redeemed, the balance of the connector experiences a reduction, and this also results in the reduction of the token’s liquidity.
During redemption, the base currency is sent to the converter’s wallet.
Connector/Reserve and Token Pricing:
Check out the image below:
Advantages of Starting A Community
- Recognition of and ability to redeem value within a global framework.
- Is easy to raise capital through bank loans, token issuance and through crowd funding.
- Native's polling feature is the medium use to raise a better collective decision
Advantages Of Joining A Community
- Propose and support projects to be aunched by the community.
- Participation in community governance.
- Join like minded individuals to promote your interests and build towards achieving a recognized, global and positive goal.
- Develop skills, increase impact and even earn NTV(Native Tokens) by completing community tasks.
USE CASE SCENARIO
David loves American football , it is his favorite sport and he loves watching games from several different European leagues. However, his city doesn’t have a local soccer club so watching a live game is very difficult for him, and the formation of local players is pretty much non-existing because there aren’t places where young people can train or even practice the sport. He is dissapointed because he doesn’t have a strong presence in his community. he discovers Native and start his own local community about American football. Suddenly, the member's list starts to exponentially grow as the local interest in soccer was bigger than expected. After some time, the community is large enough that they decide to start a fundraising campaign to build a soccer field so local people can play in it. The campaign is a complete success and the construction of the soccer field starts.The members are now very happy with this and have future plans to build more fields so more people can play the sport
Conclusion
Native Platform will forever change how communities are built and operate. It boasts a decentralized ecosystem where people with similar interest form communities to pursue their passion. It empowers community members to make decisions and lets their voice count. It creates a sustainable blockchain-based economy to assist these communities achieve their goals. In the long run, Native Platform will help all interest groups form a united front to tackle all the problems that have eluded society in general.
For more information
- Native Platform
- Native Website
- Native Whitepaper
- Native Medium
- Native Telegram
- Native Twitter
- Native Reddit
- Native Facebook
- Native YouTube
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