OG Labs: Social tokens lead DAO and NFT to the next energy level
Editor's Note: This article comes fromOurea Boundless Community (ID: ourea_community), reprinted by Odaily with authorization.
, reprinted by Odaily with authorization.
Social Tokens are tokens supported by the reputation, service, and brand of an individual or organization, and act as a strong driver of community and personal value growth.
The following are the main arguments and controversies discussed: Social tokens are regarded as minimized DAOs and projects (Social Token = Minimized DAO/Project), investing in it is equivalent to investing in a commercial angel round. Social tokens are regarded as the quantification and long tail of social capital. Social tokens and NFT have a strong ability to go out of the circle, which may be the real application explosion of the blockchain. Social tokens can be used as super power amplifiers of NFT. The bottom layer of the DAO system is hollow, but a combination of individual social tokens can rebuild the foundation.
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Tokenization of social capital
Social Tokens are tokens supported by the reputation, profitability, related services, and brands of individuals or organizations, and act as a strong driver of community and personal value growth.
In essence, this is a continuation of the early concept of Ethereum, namely the tokenization of all things (Tokenlization), and the discovery of the long-tail market of "the world is flat". Social capital is the reality in the human mind. In fact, it is easier to be quantified and stored by the encrypted world in the form of community consensus.
The social token is a quantification and long tail of social capital.
And Rally was attacked not long ago, which caused a devastating blow to the social tokens issued on it. Just the day before the attack, OG Labs discussed whether the restrictions on the distribution platform were reasonable on Rally
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The significance of issuing social tokens
Individuals and groups can quantify their own social capital by issuing social tokens to manage and proliferate it, including: To represent rights and interests and manage the community by issuing coins; Build revenue for creators based on subscriptions, NFTs, and more; interact with followers; personal financing;
Encourage positive behaviors and multiply social capital.
The most important part is that the existence of social tokens will ensure that the value generated by social capital (such as fan relationship) is earned by creators and loyal fans. Possible use cases include: Personal Financing (Bowie Bonds) Membership (KramaDAO) Fan economy (Chiliz, Fyooz) Subscribe (ALEX) Community Branding (FWB)
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If one class of social tokens is regarded as a project, then it must include the following elements: ERC20 Token, distribution method, treasury, use, and community.
distribution
It only makes sense that social tokens need to be distributed to the community after they are minted. Most social token issuers already have fans or a community base, so most of them are distributed using public sales, curve auctions, mining or other pledge methods. A small number of people want to achieve community expansion and proliferation during distribution, and can also reward specific behaviors in the community. This often requires the distribution of Discord/Telegram robots such as Tip.cc and Collab.Land.
use
use
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treasury
treasury
The treasury is mainly used to save those social tokens that have not been distributed after being minted. But if the community token project is regarded as a minimal unit with complete DAO/Project functions, then the treasury can be used to store diversified assets as the basis of community tokens, such as the NFT artwork in the Whale treasury, and even use the treasury for Serving community-based VC or personal initiative funds.
The second type of treasury rarely has social tokens, and lacks platform support for issuing social tokens. Therefore, most issuers currently need to use multi-signature tools and DAO tools to manage them. But the proliferation of multiple assets in the treasury is an indispensable foundation for social tokens.
Social tokens will serve as the blood of community operations, incentivizing value-creating behaviors, so there is a lot of management work. This requires a large number of auxiliary tools, including robots that automatically pull and kick people and verify data on the chain; tools and services for recording community data after regular community activities are also needed; on major community carriers such as Twitter/Discord/Telegram Tools for quick transfers; bounties and a full bounty system.
Minimized DAO/Project
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Social Token = Minimized DAO/Project
During the discussion, we got a very exciting point:
That is, social tokens can be regarded as minimal projects, and investing in social tokens is equivalent to investing in a series of commercial angel rounds.
By accessing snapshots to verify votes and using multi-signatures to manage assets, most social tokens have the three elements of Token, governance, and treasury, which can be regarded as the minimum verification of DAO. As long as these three elements are in place, through token-based governance and collective control of community assets, an effective production network will be formed in terms of social relations.
The current social tokens often serve creators, but in fact, as an issuer of social tokens, there are many things to choose to create or services to provide, and developers and football stars can be counted; and can be incentivized for certain behaviors , let the community participate in collective creation, and build an effective knowledge production network.
This can be seen from the history of Whale. At the earliest, it was DIYed by WhaleShark, a personal NFT collector, on the Roll platform. The early personal attributes were very strong, and it can be regarded as his private token. The NFT vault behind $Whale is even completely controlled by WhaleShark alone. The management and valuation of this vault is entirely up to WhaleShark.
Project/DAO = Multiplication of social tokens
Once ownership is revealed to the community, decentralization is irreversible. During the gradual distribution process, Whale removed its personal color and started standardized operation: the NFT behind Whale was stored in a multi-signature-controlled treasury at the suggestion of the community; snapshot voting governance was also enabled; Whale was also used to reward The value of the treasury continues to increase for creators who create NFTs for the community. $Whale is finally presented as an NFT project, with a bottom-up verified NFT production network.
So we get the second corollary, the project can be seen as the multiplication of social tokens. We can combine multiple social tokens to synthesize a new token, and this DAO or project has a fractal relationship with the subordinate personal tokens, which is a bottom-up emergence.
Imagine that if both AC (founder of YFI) and SBF (founder of FTX) have issued social tokens, and they choose to cooperate in a new project, they can take out a certain amount of personal tokens and put them into the project treasury as collateral and endorsement.
From this perspective, we found that most of the DAO software such as Aargon and DAOstack on the modern blockchain is a top-down system. There is a huge hole in this design. On the contrary, its influence is dispelled under a kind of egalitarianism, creating a void.
However, the combination of individualized and atomized social tokens can re-establish the foundation for DAO, and generate crypto-native community capital by depositing social tokens in the treasury.
Related links:https://www.yuque.com/immzog/gndzuv/htfofg
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Value Capture and Constraints
Social token issuance platforms are the foundation of social tokens. We discussed Chilliz, Zora, Roll, Rally, Fyooz, and StakeOnMe, especially the restrictions on the issuer of the issuance platform.
As a veteran issuing platform, TryRoll has imposed a large number of restrictions on the social tokens issued based on the consideration of value capture: Based on the issuance of social tokens by TryRoll, it limits the total issuance to 10 million; The early platform will manage 8 million tokens for you and unlock them to the issuer on a monthly basis; The platform draws 12% of the total amount of tokens based on value capture;
TryRoll provides a centralized hot wallet that allows internal transfers (foreshadowing the development of tools).
During the discussion, there are opinions that the restrictions made by the TryRoll platform are unreasonable. The distribution platform should only provide some practical suggestions, and open third-party development documents and tools to give everyone room for imagination and third-party developers. API that provides Programmable Revenues. At the same time, social tokens should be able to exist independently of the platform, and must support the import and export of tokens.
The current social token track does not have a complete closed loop. The social platform only has simple issuance capabilities. Users need to find community robots, multi-signature tools, snapshots, auction and distribution tools by themselves in order to fully run a social token project. .
Panoramic Ecological List of Social Tokens
[2] We've picked out interesting designs that include a lot of wealth codes.
