Please note that this content was put out prior to Qredo's release of our new QRDO Tokenology on 20 July 2023. Please find the latest information here.
The road to a new tokenomics model has been long but we are nearly at the end. This note is to provide a window into what we have been doing and what lies ahead.
Our upcoming proposal, set to be released in the coming weeks, goes beyond just reinforcing economic value. It is intended to capture and reflect the alignment, social good, and incentives that QRDO token holders will enjoy. To that end, we want to use the appropriate nomenclature to describe it. Tokenomics is too narrow, so we’ve called it tokenology.
We have observed what works and what may be holding us back. And, we have also listened to you, our community and token holders, adjusting parameters of QRDO tokenomics in previous initiatives based on your feedback.
This update will be different. We intend to propose a sweeping upgrade to our tokenology that will lay the foundations for our future growth and decentralization.
As you may have seen, we are delighted to have formed a strategic partnership with the CryptoEconLab team at Protocol Labs to get this done. We chose CryptoEconLab because they are at the cutting edge of research and execution in the blockchain space. They are the driving force behind Filecoin, having successfully created a thriving and sustainable token economy.
Our partnership is a long term initiative, where the CryptoEconLab team has collaborated with the Qredo team to map out and model our new tokenology. Going forward they will contribute to Qredo Network governance and we are thrilled to have them as a seasoned contributor.
We intend to lay the groundwork for a token economy that is sustainable and sound. Absolute clarity on deflationary measures, supply and demand mechanisms, and inflation rates will be outlined in a Qredo Protocol Improvement Proposal (QPIP). This QPIP will be brought to our community to (1) review and provide feedback; and (2) vote on.
We have a number of converging efforts to support community voting. Our recently launched New Qredo web app gives our community greater ability to interact with governance platforms in a safe and secure way. And, our enhanced product dashboard will give token holders an at-a-glance window into their wallets, assets and dApps.
For governance and voting, we have chosen Snapshot for their excellent user interface. To make the experience easy, we have been working on a module which enables QRDO token holders to retain their staked QRDO on our Layer 2 blockchain but, importantly, still be able to vote with them.
We are on track to have the first of our third party Qredo Network validators after the QPIP vote and implementation of the QRDO tokenology.
This kicks off our road to further decentralization and Qredo Network’s delegated proof of stake consensus. More on that very soon.
Be on the lookout for the Qredo tokenology QPIP – coming in the first half of June!