Important: The Workings and Tokenomics of ETX

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The Workings and Tokenomics of ETX


Introduction

This document outlines the functionality and token economics of the ETX cryptocurrency, as well as details of the ways in which it can be earned and spent.

The first part of the guide mainly focuses on ETX’s place within the large scope of what we are calling the “Emerging Technology Ecosystem”, which centres around the online community, emerging.technology, as well as a new concept for a tech-based income industry known as Emerging Tech Monetization, or ETM.

The second part of the guide largely focuses on the actual mechanics of the ETX cryptocurrency.

This document is part of ongoing work, that will include the development of the systems mentioned here, as well as additions to and adaptations of this document in future revisions.



Outline of the Purpose of ETX

Overall purpose of ETX


ETX is a means of quantifiably assigning value within the ecosystem that is based around the Emerging Technology community (ET) and the concept of Emerging Technology Monetization (ETM).

By using ETX in this way, we can tokenize the contributions of individuals that engage with the system and who work to advance the overall goals of the system itself.

Once a user has earned this quantified and stored value, they are able to use a number of mechanisms which have been built into the system in order to then gain benefits and advantages.

In this sense, the overall goal of ETX is to act as a tool of assigning value to the activities of users of the Emerging Technology ecosystem, and then allowing those users to easily reap the rewards of their actions, within proportion to their contributions.


ETX as a mechanism for value transfer within the Emerging Technology Ecosystem

The Emerging Technology ecosystem is designed to provide access to a wide range of tools that allow varying types of users to gain benefits that may positively influence their personal and professional lives.

In order to gain these benefits, the ecosystem is set up for users to benefit the most from it when they contribute the most to it.

When the actions of users provide value to other users of the ecosystem, such as an when an experienced user creates content to explain to new users how to complete a certain task or activity within their field of expertise, we create an amount of ETX and transfer that to the user that provided value to others.

The aim of this system is to provide a proportionate amount of tokenized value to users as they have created for other users by their actions.


ETX as a mechanism for the incentivisation of user-friendly, tech-centric content production

One of the core goals of both the Emerging Technology platform, and ETM, is to incentivise and facilitate the creation of content relating to new technologies that can be easily used as learning materials for people that aren’t necessarily technically-trained or from an academic background.

ETX is a tool for manifesting these goals, with users that create the kinds of content that will benefit non-technical and technical people alike being rewarded with ETX for doing so.

In this way, ETX is used as an incentive within a larger plan to create large volumes of community-member-generated content that is beneficial for people with varying levels of formal scientific training, and particularly for those who have little or none.


ETX as a mechanism for the growth of Emerging Tech Monetization (ETM)

We believe that ETM has the potential to redefine the way that much of the world generates income, and to those ends, the ETX token is used as a way of spreading the exposure of ETM.

Directly within the Emerging Technology platform, this is by rewarding users that share the details of the community elsewhere online and with their social network in a way that leads to the exposure of the Emerging Technology ecosystem and its growth.

Indirectly, this also relates to the incentivisation of the creation of relevant content on the platform, which then acts to build the exposure of the community and of ETM as a whole as well.



ETX in the Larger Emerging Technology Ecosystem

What is the Emerging Technology Ecosystem?


The Emerging Technology Ecosystem consists of 3 facets: The Emerging Technology platform, the concept of Emerging Technology Monetization (ETM), and the native cryptocurrency that links the first two facets (ETX).


The goals of the Emerging Technology Ecosystem as a whole are:

  • To facilitate the creation of large volumes of content that people with and without a technical background can use to engage beneficially with emerging technologies.

  • To facilitate the creation of a wide range of new ways to earn an income using emerging technologies.

  • The identification and cataloguing of existing methods of generating an income that fit within the definition of ETM.

  • To provide a central location, Emerging.Technology, for anyone that is interested in emerging technologies, ETM, and finding new ways to make money online to come together and collaborate.

The goals of the Emerging Technology platform are:

  • To act as the central meeting place within the Emerging Technology Ecosystem.

  • To provide a curated repository of the tech information that is created as a part of the other goals mentioned.

  • To act as the major supply and demand factor in the ETX network, with ETX both being created and spent there.

The goals of Emerging Technology Monetization are:

  • To organise the research and publication of methods of generating an income with the use of emerging technologies, that doesn’t require a person to gain employment, launch a startup or join academia.

  • To expand to scope of the ideas of “remote work” and “online self-employment” to commonly include the use of emerging technologies.

  • To take a central role in the growth of this new industry, and to inspire more groups and individuals to align themselves with this work.


How is ETX related to the Emerging Technology community?

ETX is the native cryptocurrency of the Emerging Technology community (https://emerging.technology) and is used as a means of barter, reward for contributions, and token for accessing features on the platform.

When an amount of ETX is held on the Emerging Technology platform, it is a virtual representation of a corresponding amount of the actual ETX that is stored on the Ethereum blockchain, and owned by the corresponding user account.

All interactions involving ETX within the Emerging Technology platform can be carried out using these virtual unit representations, with users then being able to deposit ETX to balances on the platform, and to withdraw ETX from these balances, by using the ETX management tools within user accounts.


How is ETX related to ETM?

ETX is the representation of tokenized value when a) ETM content is created on the Emerging Technology platform, and b) activities are taken by users that increase the exposure of ETM.

As well as this, ETX will be the token that is used to access a wide range of tools that relate to ETM, such as the Emerging Technology Marketplace and the Emerging Technology Data Marketplace.

Finally, ETX is to be used as the primary medium of exchange between users within the ETM industry and the ecosystem that we are working to create.



Ways to Earn ETX

Creating Long-Form Tech Guides and Reviews (R1)


Within designated areas on the Emerging Technology platform users are rewarded for creating long-form content, such as guides and reviews, that conform to guidelines relating to quality and purpose.

Content rewarded in this way must be:

  • aligned with the description of acceptable content in each area.

  • original, both when compared to other content on the Emerging Technology platform, and elsewhere online.

  • created by a Junior Member or above (50+ posts)

  • have a minimum number of words (Project Reviews: 600 words, Guides: 1000 words, ETM Methods: 1200 words, Research Simplified: 1200 words)

  • within the daily limit for each area (Project Reviews: 10 max per day, Guides: 8 max per day, ETM Methods: 5 max per day, Research Simplified: 5 max per day)

This long-form content can be produced in the following areas:

  • All “Guides”, “ETM Methods”, “Project Reviews” and “Research Simplified” areas.

The rewards for this type of content are as follows:

  • Projects Reviews: 10 ETX per rewarded post

  • Guides: 20 ETX per rewarded post

  • ETM Methods: 30 ETX per rewarded post

  • Research Simplified: 40 ETX per rewarded post


Engaging with the Community in Positive and Productive Ways (R2)

Within designated areas on the Emerging Technology platform users are rewarded for creating discussion content, such as chats and answering questions, that conform to guidelines relating to quality and purpose.

Content rewarded in this way must be:

  • aligned with the description of acceptable content in each area.

  • original, both within other content in the Emerging Technology platform, and elsewhere online.

  • created by a Junior Member or above (50+ posts)

  • have a minimum number of words: 100 words

  • within the daily limit for all areas: 20 posts per day can receive R2 rewards

This discussion content can be produced in the following areas:

  • All “Chat” and “Questions” areas.

The rewards for this type of content are as follows:

  • 1 ETX per rewarded post.


Rewards for Content Views (R3)

Within designated areas on the Emerging Technology platform users are rewarded for the number of views from real users they get for posts they create.

The rewards for this type of content are as follows:

  • 10% of the total reward for content production (R1 and R2) each week is assigned as the reward for content views at the end of each week.

  • That 10% is then split proportionately between all qualifying content that receives at least 100 real unique visitors over the week.

  • The greater the number of unique visitors to a piece of content, the greater the percentage of the total 10% reward its author will receive.


Building the Exposure of the Emerging Technology Ecosystem (R4)

Users on the Emerging Technology platform are rewarded for referring new members who then go on to become active members of the community.

Referrals rewarded in this way must be:

  • The referral and sign up of new users that have never been a part of the community.

  • Only after the referred user has created 10 valuable posts that align with the provided guidelines *

  • Only after the referrer clicks the “Claim Reward” link in their “Your Referrals” section.

  • Only after a moderator has assessed the claim and approved a reward.

* "valuable posts" mean posts that are not spam, and that add value to the community.


The rewards for referring new members are as follows:

  • 5 ETX per qualified referral


Moderating Content Production (R5)

Moderators on the Emerging Technology platform are rewarded for ensuring that high-quality member activities are rewarded.

Moderators receive a payment for the content and referral moderation where:

  • R5 rewards are calculated at the end of each week, at 9% of the total amount that is generated by all other rewards (R1-R4, R6), which is then split between all moderators according to the number of content moderations they have completed.

Moderators receive an automatic base payment where:

  • A base of 1% of the total amount generated by all other rewards will be equally dispersed amongst all moderators equally.


Checking Moderation Decisions (R6)

Any user that is a rank of Full Member or above is able to officially submit a moderation check, which is a request for the admins of the Emerging Technology platform to check a decision that was made by a moderator.

Users can participate in this process if:

  • They rank at Full Member or above.

  • An amount of ETX equaling the total value of the reward for the decision in question is staked in the user’s account first.

The results of this process are:

  • If the moderation check is deemed by Admin to be correct: the decision will be overturned, a notice will be given to the moderator in question, and a reward of 50% of the total value reward given for the item will be paid to the member that created the moderation check.

  • If the moderation check is deemed by Admin to be incorrect, within reason: the decision will be upheld, the moderator will be notified of this event, and the ETX staked by the member will then be unstaked.

  • If the moderation check is deemed by Admin to be grossly incorrect or is deemed to have malicious intent: the decision will be upheld, the moderator will be notified of the event, the ETX staked by the member will be confiscated and burned, further action may be taken.



Ways to Spend ETX

User Upgrades


Account upgrades are available to Emerging Technology members that would like to access new features on the platform.

This includes becoming a Reviewer, becoming a Merchant, and becoming a Citizen, as as well as payments being available in fiat, there is also the option to pay for upgrades with ETX.


ETX Bounties

Junior Members and higher can create bounties in the “ETX Bounties” section of the community.

This is where they offer ETX in return for other members to complete tasks, with transactions being made between members.


ET Earn

ET Earn is an area of the community where users can complete tasks in order to earn BTC.

While accessing ET Earn is free for all users, upgrades can be paid for which increase the amount of BTC that a member can generate.


Marketplace

The marketplace allows users to create a kind of commercial listing, which may include employment positions, products and services for sale, and upcoming events.

Users are welcome to create listings that involve payment in ETX, and also payment for the listings that Merchants and Citizens create can be made in ETX also.


Data Marketplace

The data marketplace is a place where coders, data scientists and businesses and interact and trade data.

Like the marketplace, the fees paid for listing on the data marketplace can be made in ETX, but unlike the marketplace, all transactions on the data marketplace must be in ETX.


Partner Discount Codes

We will be partnering with a number of service providers in the areas of emerging technology in order to allow ETX owners to convert their tokens into discount codes that can be used on the platforms of our partners.

A section within the user account area displays all available discount codes and their price in ETX.


Ongoing Developments

While we currently have plans underway to build the features listed here, there are also many other opportunities which we have either not yet fully explored, or that we may not have even realised are potentially opportunities yet.

If you have any suggestions for ways that you would like to be able to spend ETX within the Emerging Technology ecosystem, feel free to contact us with your suggestions (rewards provided for novel ideas which we end up implementing).



Distribution Mechanisms

Timings for Distributions:


Long-form guides and reviews: R1 rewards are paid at the end of each day for the 24 hours proceeding.

Productive and positive discussions: R2 rewards are paid at the end of each day for the 24 hours proceeding.

Rewards for content views: R3 rewards are paid on a weekly basis.

Referring real, active users: R4 rewards are paid at the end of each day for the 24 hours proceeding.

Moderating: R5 rewards are calculated at the end of each week, and are calculated at 9% of the total amount that is generated by all other rewards (R1-R4, R6), which is then split between all moderators according to the number of content moderations they have completed.

Checking moderation decisions: R6 rewards are paid on a weekly basis.


Virtual On-site ETX + On-chain ETX Token System

There are two representations of ETX, with one being an on-chain cryptocurrency that runs as an ERC-20 token, and the other being a virtual representation of all ETX held in the main ERC-20 holding address, that functions only within the Emerging Technology platform.

Whenever a virtual ETX token is created or destroyed on the Emerging Technology platform, this change to total supply will be reflected in the number of on-chain ETX tokens held on the Ethereum blockchain.

In order for a user to convert their virtual ETX tokens into on-chain ETX that is transferable to any ERC-20 compatible wallet, the user must submit a request to withdraw from the platform.

Once the withdrawal is complete, the virtual ETX are then deleted from the platform and the user is free to transfer them to another wallet or exchange.

Likewise, in order to deposit ETX onto the Emerging Technology platform, a request to deposit ETX must be completed, at which time upon approval the tokens are transferred to the main ERC-20 holding wallet, and an equal amount of virtual ETX will then be credited to the user’s account on the Emerging Technology platform.


Bonuses for Early Adoption

ETX will be distributed over a period of 36 months. The 36-month distribution period will be divided into 6-month sections, where different bonuses will be applied to all content production rewards (R1-R3).

These bonuses are as follows:
  • Month 0 - 6: 150%
  • Month 7 - 12: 140%
  • Month 13 - 18: 130%
  • Month 19 - 24: 120%
  • Month 25 - 30: 110%
  • Month 31 - 36: 100%

For example, the base rate for creating an ETM Method guide is 30 ETX, however within the first 6 months of the launch of the token this reward will be 45 ETX.


Bonuses for Forum-Specific Content Production

As well as the previous bonus, content production in forums will receive bonuses if the amount of existing content in that forum is below a given threshold.

The bonuses for long-form guides are measured by the total number of threads, and are as follows:
  • Under 10 threads: 5x

  • Under 25 threads: 4x

  • Under 50 threads: 3x

  • Under 100 threads: 2.5x

  • Under 500 threads: 2x

  • Under 1000 threads: 1.5x

  • Above 1000 threads: 1x

The bonuses for all other rewarded content in Chats and Questions forums are measured by the total number of posts, and are as follows:
  • Under 100: 5x

  • Under 250: 4x

  • Under 500: 3x

  • Under 1000: 2.5x

  • Under 5000: 2x

  • Under 10000: 1.5x

  • Above 10000: 1x


Bonuses for Early Referrals

During the period of rewards being provided for referring new users to join our community, bonuses will be applied to this referral rewards depending on the total number of members in the community.

These bonuses are as follows:
  • Up to 1,000 members: 400%

  • Up to 1,500 members: 350%

  • Up to 2,000 members: 300%

  • Up to 2,500 members: 250%

  • Up to 5,000 members: 225%

  • Up to 7,500 members: 200%

  • Up to 10,000 members: 175%

  • Up to 15,000 members: 150%

  • Up to 25,000 members: 125%

  • Above 50,000 members: 100%



Staking and Burning

Staking


Staking functionality will be introduced to the Emerging Technology platform in the future, and will serve a range of functions including allowing access to voting, and the reduction of the velocity of transactions.

Initially, staking won’t be active within the platform, but announcements will be made when this functionality is integrated.


Burning

Burning will take place after the 3-year period of the growth of the token supply.

Burning of ETX will be conducted at the Emerging Technology platform, and will be carried out by a given percentage of all ETX that is paid to the platform being destroyed, prior to the remaining amount being pushed back out into the ecosystem.



Allocation

No Token Sale


The aim of the ETX cryptocurrency is to provide the ability for value to be created and transmitted throughout the Emerging Technology Ecosystem.

As a result of this, and because the Emerging Technology platform is already developed, the choice was made not to conduct a token sale but instead to place a focus on rewarding early adopters and those users that use their knowledge to take actions that align the most with the mission of Emerging Technology Monetization.

Our desire is to heavily reward value-creating users and those who will help the token and community to become strong, as opposed to those who will invest the most in the project.


No Investors

In-sync with the previous point, we are also not taking any investment in relation to the ETX token from private investors.

As long-term members of the cryptocurrency community, we remember seeing large numbers of retails investors have their investments driven into the ground by private investors that secured tokens at a fraction of the public cost during the ICO boom.

We would like to assure our community that ETX is completely investment-free and its value is based solely on the value created within the Emerging Technology platform.


36-Month Distribution Timeframe

ETX will be distributed over a period of 36 months via the mechanisms explained in this document, as well as any others that are incorporated into the Emerging Technology Ecosystem over that period via announcement.

Throughout the 36 months, the supply of ETX will be gradually reduced via the bonus systems mentioned above.

Upon the completion of the 36 months of distribution, no further ETX tokens will be produced and the existing supply at that point will become the total supply for ETX, with a burn phase commencing until 50% of the total supply of ETX has been reached.


Token Allocation

All ETX tokens will be distributed in the follow way:

Emerging Technology Management: 10%
Emerging Technology Moderators: 5% for moderation duties + 2% end of distribution phase mod bonus.
Partnership Development: 2%
Security: 1%
Emerging Technology and ETX Marketing: 10%
IETMR: 10%
Public Release: 60%


Moderation Bonus (End of Distribution Phase)

An amount of 2% of the total supply of ETX at the end of the 3-year distribution phase will be assigned for moderators that continue their roles after this phases has ended.

The 2% will be divided into 24 equal parts and will be paid to moderators on a monthly basis for the 24 months following the end of the distribution phase.

Each 24th will be equally divided between all moderators that have worked in their normal roles for the prior month.


Partnership Development

2% of total supply will be dedicated to the creation of partnerships between Emerging.Technology and other platforms, tools and services, in order to continually expand the number of places that ETX can be used.

Because of the importance of growing the demand for ETX, this process has been given its own allocation within our token supply model.


Security

1% of total supply is dedicated to maintaining the security of the Emerging Technology community and the ETX token, and will be allocated for hiring and working with security professionals to achieve these goals.


IETMR

The Institute for Emerging Technology Monetization Research (IETMR) is to be the primary organisation responsible for the development of ETM, including researching new ETM methods and tech-based income-generation opportunities, as well as the publication of these ideas on the Emerging Technology platform and elsewhere.

Because the growth of ETM is heavily tied to the growth in total use of ETX, and the overall exposure of the Emerging Technology Ecosystem, we are dedicating 10% of the total supply of ETX towards the establishment and growth of the IETMR.


Vesting

All tokens distributed to Emerging Technology Management will be vested for a period of 12 months as they are assigned. As these distributions are calculated and applied in 6-monthly periods, the first release that will be at the end of month 18 and the last will be at the end of month 42.

All tokens distributed to moderators will be vested for a period of 1 months. As these distributions occur monthly, the first release that will be divested will be at the end of month 2 in their role as a moderator.


Releases

Partnership Development: Calculated and released at the end of each calendar month for the previous month.

Security: Calculated and released at the end of each calendar month for the previous month.

Marketing: Calculated and released at the end of each 3-monthly period for the previous 3 months.

IETMR: Calculated and released at the end of each 6-monthly period for the previous 6 months.


Burn Period

Upon the completion of the 36-month distribution period, a burn period will begin where over time the total supply of ETX will be reduced by 50%.

This will be achieved by an amount of 0.005% of each payment to the Emerging Technology platform being destroyed throughout this period.

As well as a burn of publicly held ETX, the ETX held by management will also be gradually burnt at the same rate that the public supply of ETX is being burnt, with calculations on this made at the end of each month.



Related Documents

The ETM Manifesto

Emerging Tech Monetization (ETM): The Genesis Guide

What is the ETX Token?

How to Withdraw ETX to an Exchange
 
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