IV-2. Project WITH Token Model
There are two types of tokens that are operated by blockchains on With Platform: 1) WIKEN and 2) WINT. The details and characteristics of each token are as follows.
WIKEN is a tool to purchase WINT on WITH platform. It can be purchased either from cryptocurrency exchange, or by exchanging with retained WINT in one-to-one ratio. The acquired WIKEN can be liquidated by selling on a listed stock market.
WINT is earned through activities on WITH platform and is also used as an index to evaluate contribution to the platform. “The Evaluation of Contribution Index” indicates that users possessing a greater number of WINTs are rewarded with relatively more WINTs for their future activities. WINT is used in various ways on the platform. For instance, WINT serves as a payment for doing certain activities (ex. Checking athletes’ medical information and teams’ information, having a direct contact with an agency etc.) on the platform. WINT can also be converted to WIKEN in one-to-one ratio after 30 days of vesting period.
[UPDATE] WINT is not developed and applied to WITH ecosystem. Foremost, the role between WIKEN and WINT is not quite distinguished as both are initially designed as utility medium. And there has been an issue on 30 days vesting period of WINT to convert to WIKEN since the vesting period is relatively too long for holders to bear market fluctuation. For these reasons, WINT is not currently applied to WITH ecosystem, and thus WIKEN is the only utility token for the services.
1. How to Acquire WIKEN [Update]
By participating in activities on WITH platform
Uploading information of athletes: WITH platform automatically collects and processes basic information of athletes. However, the users can earn WIKEN by uploading the athletes’ advanced reports that help them to be transferred or scouted. The uploaders can further achieve the points according to the number of views increased by other athletes, agents, teams, and fans, etc. If the given reports need to be authenticated during the procedure, it may take a few days before WIKEN are awarded. A third party can request for modifications in case of false data or disinformation. Under this circumstance, the users who have committed the error is penalized for a certain period of time with lower rate of WIKEN acquisition when they upload other information in the future.
Uploading information of clubs: Every user is allowed to view a club’s information with WIKEN payment. Yet, only the officials of the club have the right to upload, modify, and delete the reports. The clubs receive WIKEN for uploading reports, such as “a profile of a desired athlete”, “overall payroll and further willingness to expense”, and “a list of currently traded athletes”. The deleted data nevertheless remain in history due to the nature of blockchains. This feature, however, helps to prevent indiscriminate acquisition of WIKEN through unlimited repetition of uploads and deletion.
Uploading information of agents: Although WITH platform’s objective of protecting rights and interests of athletes without an agent remains unchanged, the platform’s role as a bridge between a club and an athlete remains indispensable. (Yet, the name of the club and that of the athlete are codified to protect their identities. Moreover, only those official clubs which have passed through identity verification procedure are allowed to be registered on the platform.) Therefore, on this platform, WIKEN are provided in the following successful cases after signing up with an agent account. 1)Receive a wish list of athletes from a club; an athlete from the list is successfully linked to the club after the list is delivered to the corresponding athletes’ pool. 2) Receive a wish list of leagues/ clubs from an athlete; a league/club is successfully linked to the athlete after the list is delivered to the corresponding leagues’/clubs’ pool. 3)When a certain number of views is reached after uploading a wish list of leagues/clubs to which an athlete wants to transfer.
Fan’s activities on WITH platform: Fans receive WIKEN according to a specified scheme when they post a writing on “information sharing community”, leave comments, and click “like” or “dislike”. In the “information sharing community”, fans are equally rewarded with WIKEN no matter which account they use. In other words, they are allowed to use other accounts (those of athletes, clubs, and agents, for example) apart from a fan account. On the contrary, in the “Transfer and Scout System”, fans cannot do anything apart from viewing the reports, and no WIKEN is awarded. The “Full Behavior List” concerning the activities that allow acquisition of WIKEN will be announced when the first version is released.
Sales of contents on the platform: The primary publisher of posted writings and videos on the “information sharing community” can decide whether the posts are viewed with a payment or for free, as well as their price if the posts are charged. If a charged post is officially purchased, WIKEN is given to the primary publisher after subtracting WITH platform commission from the selling price. Yet, it might take 14 days at maximum if originality of the corresponding video needs to be verified
2. How to Use WIKEN
Information Inquiry: Payment with WIKEN is required to view reports posted by other clubs, athletes, agents, or fans according to the types of reports. Yet, if the corresponding information is found to be false, the payment can be refunded.
Purchase of charged contents: As it has been illustrated in “IV-2, 1., 5. Sales of contents on platform”, the payment should be made by the number of WIKEN the primary publisher has determined.
[Update]Minting and Trading NFTs: Payment with WIKEN is required to mint or trade any WITH produced NFTs.
3. Inflation
WITH coin will begin with 5% of inflation in the first year (Y1, 2019) of token sales. The inflation rate will then decrease by 20% every year over the next 5 years (Y5, 3%). From Y10 (2028), the interest rate will be set to 1%. From this point, some of WIKEN generated through inflation will be provided to WIKEN holders.
[Update] We decided not to inflate WIKEN.
4. Coin Pool
[Update] As we decided not to inflate WIKEN, Coin Pool is not considered neither.
WITH Platform’s Coin Pool aims to improve liquidity between the platform users and clubs.
The ways to supplement Coin Pool are listed below.
Inflation: 20% of newly published WIKEN is stored in Coin Pool.
Sales through business solution: All WIKEN used for advertising activities (Target Marketing, Surveys, etc.) and fees for player valuation and utilization services of companies using the WITH platform will be deposited in Coin Pool.
5. Marketplace
Marketplace is one of the key features of the WITH platform, where practical use of WIKEN takes place. WITH Marketplace consists largely of two products. The first is the space rent for the sports activities, and the second is the sale of sporting goods. The space-renting and goods-selling companies will be given the opportunity to acquire WIKEN through transactions within the WITH Platform without purchasing WIKEN directly through the exchange. As WITH Marketplace users increase, and utility functions of WIKEN improve, the advantages of utilizing Marketplace (cost reduction, marketing, etc.) increase, therefore it is expected that participating companies will increase.
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