The Commons has several different technical components. The first that we have demo’d is the Hatch. While we break down the Commons into technical and cultural components, and then further break down the components into parameters to better understand the details and choices, the Commons must be designed holistically as all components must work together to create a healthy economy to coordinate value production within the Token Engineering Public Goods space.
Test Hatch #1 on Rinkeby
The first Test Hatch was set with a minimum goal of reaching 300 tDAI within 7 days, and 1 tDAI bought 10,000 TESTTEC. We did not end up sending 300 tDAI to the hatch so we tested the return functionality. The Test Hatch is still in the Return state and everyone is allowed to turn their TESTTEC back into tDAI, with a refund rate of 10,000 TESTTEC for 1 tDAI.
The Hatch Tribute was set to 35%, so, had we met the goal, 105 tDAI would have gone to the Non-redeemable Pool and 195 tDAI would have gone to the Redeemable Pool. There would have been 3,000,000 TESTTEC created for the people who sent tDAI to the Hatch and 1,080,989.1 TESTTEC Tokens would have been given to the people who earned Impact Hours. 1 impact Hour was set to a constant price, equivalent to sending 100 tDAI into the Hatch.
All tokens created during the Hatch were subject to a lock up period. There was an initial lock up of 3 days, generally called a vesting cliff, meaning for 3 days the Hatchers would be unable to sell any tokens. The tokens would have been completely unlocked 3 weeks after the cliff ends.
The opening price of the bonding curve would have been ~0.000645286 tDAI/TESTTEC (1,549.70 TESTTEC for 1 tDAI) making the TESTTEC Market Cap 1,948.40 tDAI and the on paper profit for the Hatchers that invested +516.23% (counting the exit tribute of 20%). The Reserve Ratio was set to 10%.
This thread is a great place to collect the most important points from the various other more detailed threads and eventually we will debate how to merge all the smaller parameter decisions into one coherent Hatch design, that fits with the overall Commons Design for the next Test Deployment.