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Tokenomics

This platform integrates a dual-token system, consisting of Wager Tokens and Governance Tokens.

Wager Tokens​

These tokens form the backbone of the platform's behaviour-enforcing mechanisms, serving two main functions:

  • Individual Bets: Users set up their own weight loss targets and designate a time for achievement. They then bet with the Wager Tokens on meeting these personal standards. Successful completion of the goal results in a rewarding return, whereas failure leads to the forfeiture of the Wager Tokens into the platform's reward pool.

  • Group Bets: The platform supports collective challenges where participants place their bets on their personal goals. Participants who fulfil their weight loss targets share the aggregated tokens, encouraging communal effort, and shared motivation.

  • Commitment Contracts: There's the opportunity to establish a formal Commitment Contract that specifies their weight loss aspirations and the measure of their wager. Falling short of the planned goal forfeits their bet, providing an additional driving force to stay on track.

Governance Tokens​

Allocated based on users' activity level with the platform, Governance Tokens give users' decision-making power over significant platform changes, representing a type of decentralised autonomous organisation (DAO) form of governance.

Reward System​

The platform upholds a rewarding ecosystem by allocating Wager Tokens to users who regularly engage in the platform’s health-focused activities, setting up a consistent cycle of motivation and participation.

Token Redemption​

The platform has established a token-redemption process to maintain token stability. This system permits users to exchange their Wager Tokens for wellness-related benefits, spurring continued motivation in their well-being journeys.

Performance Fees​

A to-be-determined nominal percentage may be subtracted from each wager as a fee, which will then be distributed among the Governance Token holders in the community. This fee structure motivates users' involvement in lending governance to the platform.

Summary​

In summary, by employing a two-token economy, the platform nurtures a dynamic, communal, and interactive ecosystem. The innovative structure, incorporating elements from other platforms, formulates an engaging and effective system that accommodates an array of user needs and behaviours.