This is the third of a three-part series about what we’ve accomplished since we published version 2.0 of our whitepaper. In Part One, we looked at new PUBLISHsoft clients and PUBLISHalliance initiatives, while in Part Two, we provided details of some of our most noteworthy partnerships and achievements. In Part Three, we look at what we hope to accomplish by the end of 2019, including the development of a mobile wallet, the launch of a revamped token sale, getting listed on a number of crypto exchanges, the launch of a crypto swap market, and the implementation of a dynamic token economy and reward system.
Primarily, the wallet will enable users to securely store and transfer any PUBLISHprotocol-based dApp token and cryptographically sign off on transactions taking place within the network, thereby providing a seamless integration with the PUBLISHprotocol ecosystem. The app will also provide selective news headlines published by PUBLISHalliance members.
We plan to implement an autonomous token sale, also known as a safe token sale mechanism, whereby tokens would be sold and purchased by PUBLISH at algorithmically-determined prices, both prior to and after listing NEWS on crypto exchanges in Q3. Essentially, the mechanism calls for a token issuer (e.g., PUBLISH) to sell and buy tokens at a lower price toward the beginning of the token sale when the token supply is higher and at a higher price toward the end of the sale when the supply is lower, thereby effectively emulating the underlying utility of the token and the laws of supply and demand (see Figure 2 for an interpretation of a safe token sale). The mechanism is considered safe as it provides ceiling and floor prices that serve to disincentivize speculation and “pump-and-dumps.”
After a successful refunding campaign and coming off a long “crypto winter,” we are exploring options to list on several crypto exchanges by as early as Q3 of 2019. However, we understand that being listed on exchanges is not the be-all and end-all. We will also need to have in place a solid price defence strategy to limit undesirable price swings resulting from excessive supply and demand. Therefore, token supply will be more restricted earlier on when demand is low and less restricted later on as more publishers and readers join the PUBLISH ecosystem and demand for NEWS increases.
We have plans to launch a NEWS-based swap market, which will allow news platforms running on PUBLISHprotocol, to swap their tokens with other tokens including NEWS. NEWS will be utilized to enable conversions between any pair of PUBLISHprotocol-based tokens and pay listing and swap fees (see Figure 3).
PUBLISH employs micro- and macroeconomic models to ensure a healthy token economy and ecosystem. At a microeconomic level, NEWS is currently used within PUBLISHprotocol-based news websites (e.g. TokenPost Korea Edition) to reward users for engaging with their platforms. For example, users are rewarded with a fixed number of tokens for activities such as visiting its website, signing up for a new account, verifying their identity, logging in, reading articles, upvoting and downvoting articles, sharing articles, leaving comments, and posting on community forum boards. The result is increased traffic and advertising revenue for the platform on which the system is implemented.
In the future, PUBLISHprotocol-based news websites choosing to adopt NEWS as their underlying token, will be rewarded based on a dynamic token reward system. What this essentially means is that users can be rewarded a different number of tokens from one day to another even if they perform the same type and number of actions. The total amount of tokens distributed can be determined by the number of tokens purchased through income-generating activities.
To further gamify and incentivize users, a consumer ranking system is being developed. Rankings will be assigned to users based on the frequency, duration, and type of actions they perform relative to other users of the platform. A larger multiple will be applied to the token distributions earned by higher-ranking consumers (see Figure 4).
Additionally, token holders will be incentivized to stake, or lock up, NEWS in order to participate in the ecosystem and earn “interest” on staked tokens. Staking serves to ensure a system in which individuals and businesses are economically incentivized to act in the best interest of the ecosystem at large and contribute to the growth and development of the network.
At a macroeconomic level, an inflation mechanism and deflation mechanism (achieved through a buyback function) will be used to control supply and demand of NEWS. Tokens generated through inflation (currently set to 1/√n%, where n is equal to the number of years from mainnet launch) will be used to compensate NEWS stakeholders, including block producers, as well as to replenish the PUBLISHalliance reward pool (see Figure 5).
Publishers will also be rewarded in NEWS for fact-checking based on our proprietary proof-of-reputation model (see Part One of this series for more information about this initiative). Fact-checking will add intrinsic value to PUBLISHalliance and play an important social role in stemming the flow of unverified news. Once PUBLISHmainnet is launched, block producers (also known as “Super Publishers”) will earn block rewards in the form of NEWS tokens created by token inflation.
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