We achieved a successful Hatch process, and now we are going towards the Commons Upgrade.
Find the Label “We are here” to check where we are at the moment.
You can find more information about the Hatch and our next steps here.
This was the step-by-step guide to becoming a founding member of the Token Engineering Commons
Alignment:
- Do you want to Advance Token Engineering?
- Do you want to become a leader at the forefront of crypto-economic design?
- Do you want to help weigh-in on creating standards, educational opportunities and tooling to make validating token economic designs easy?
- Do you want to join the ranks of Michael Zargham, Simon de la Rouviere, Trent McConaghy and countless other token engineers to push this space forward together?
If you answered yes, then you want to become a Hatcher in the Token Engineering Commons (TEC).
What is the TEC?
The Token Engineering Commons is an emerging engineering society, i.e. IEEE, with the aspiration to advance token engineering. It will become a schelling point for the TE Community and will be underpinned by a regenerative token economy governed by its members that can be used to distribute funding to community projects without requiring donations.
What is a Hatcher?
A Hatcher is a founding member of the TEC. As a Hatcher, you will be an early adopter in the TEC with the privilege of initializing the bonding curve, giving you a large amount of governance rights in parameterizing and governing the newly launched Token Economy. Your Economy, Your Choice!
How do I become a TEC Hatcher?
The TEC has a closed Hatch in order to ensure that people who actually care about advancing token engineering are holding the governance power of this community. The TEC is underpinned by a token economy and as such can attract speculators who care more about personal profits than creating real value. Pure speculators are welcome to join the TEC after the Hatch.
We are utilizing the Trusted Seed to manage the onboarding process. This ensures Hatchers have reputation at stake and a legal structure to protect them individually while allowing the TEC to avoid a formal legal structure that would restrict its ability to evolve.
In order to become a Hatcher, you have to complete Phase 1:
Pre-requisites
- Apply to the Trusted Seed: The Trusted Seed is a community of value driven people in the blockchain space, curated by the Commons Stack.
- Activate your Trusted Seed Membership: The Swiss Association that underpins the Trusted Seed is a core part of the TEC’s legal strategy as it protects our members from some potential liabilities. Dues are 450 DAI but scholarships are available.
- Earn Impact Hours & increase your CSTK Score via Praise: Praise is awarded to anyone contributing to the TEC or Commons Stack. The TEC rewards Praise with Impact Hours which will be converted into TECH tokens during the Hatch. The Commons Stack uses Praise to increase Trusted Seed Members’ CSTK Scores.
- Dive in and Learn More: The Hatcher Outreach Working Group hosts a weekly AMA but if that time doesn’t work for you, we would love to schedule a call with you and tell you anything you want to know.
- Your Economy Your Choice: With your Impact Hours and CSTK Score you can choose our Mission Vision and Values as well as our Hatch Parameters. If you really want to go wild, you can even help us iterate and make proposals for both.
Now you are ready to Hatch the TEC.
The TEC deployment to a Commons will happen in 2-phases:
Phase One: The HatchDAO
- Check your CSTK Score: Depending on the Membership Ratio (one of the Hatch parameters to be chosen by the community) you may need to increase your CSTK Score to send in your desired amount of funds to the Hatch.
- Add xDai functionality to Metamask: The TEC will live on the xDai chain, and we recommend to use the Metamask chrome extension on desktop to be able to fully interface with all our community’s tools.
- Get wxDai: For technical reasons we need users to use wxDai to interact with our smart contracts. 1 wxDai = 1 xDai = 1 Dai and Dai is pegged to the US Dollar.
- Hatch the TEC: When the Hatch starts members of the Trusted Seed will be able to send wxDai to the Hatch which will mint TEC Hatch DAO tokens (TECH). These tokens will govern the TEC Hatch DAO. TECH token holders will be able to rageQuit and pull out their proportional share of the wxDai collected in the Redeemable pool.
- Impact Hours become TECH: When the Hatch Period ends, the people that have earned Impact Hours will be rewarded with TECH following the Cultural Build Tribute.
Next we upgrade the TEC Hatch DAO into a full fledged Commons with an Augmented Bonding Curve and a Conviction Voting governance system
Phase Two: The Commons Upgrade → We are here
- Design the Commons Economy: The community will use the Commons Config Dashboard to propose economic designs for the TEC and TECH token holders will use Tokenlog to choose the final parameters for the TEC economy. Your Economy, Your Choice!
- Perform the Commons Upgrade: Once the Parameters are chosen by TECH token holders, they will ratify the decision via the TEC Hatch DAO, sending all funds to the smart contracts that will make up the Token Engineering Commons.
- TECH token holders receive TEC: In the upgrade, all holders of TECH tokens will get TEC, and the TEC will be collateralized by an Augmented Bonding Curve. The TECH tokens will no longer have any collateralization.
NOTE! There will be a vote to upgrade to the TEC Commons. The vote will be open to all TECH (aka Hatch) token holders. The TEC Hatch DAO may decide to not upgrade into a Commons and remain as a basic DAO with similar functionality as MolochDAO, Metacartel and various other awesome communities in this space.
Now we are set! The TEC is ALIVE, so let’s get to work!
Visual Explainer for when the TEC is live (following the Commons Upgrade)
Now, onto advancing Token Engineering
At this stage the TEC will be fully formed and open to the general public to join via the Augmented Bonding Curve which will generate funds for the TEC token holders to allocate via Conviction Voting. This will support and coordinate continued value production for the token engineering community and act as a schelling point for deciding how best to advance token engineering as a nascent field of research.
The social layer that can be sustained by the underlying economy is the true focus of this project. By aligning incentives, rewarding true value creation, and creating a resilient social structure by following Ostrom’s 8 principles, we believe we can bring the token engineering community together under one discord to share ideas and build the tooling they need.
The TEC is a community with an aligned mission, vision and values first, and a token economy second. If you are interested in Advancing Token Engineering, please reach out to us and we will make joining our community easy for you.
Gitbook:
Hatch 101 in our gitbook.
Glossary:
You will find a great glossary of terms on our gitbook.
Twitter:
Follow @tecmns on Twitter for updates or reach out to us on Discord.