Approach
Tokenization
Prior to deployment of the $EARNS token, $USDC is the primary ecosystem asset. This enabled a more rapid product launch without needing to invest in building a full fledged token model prior to having a successful use case. This enabled the use cases to be field tested and the community to be built in advance.
$USDC will continue to serve as a rewards token following deployment of $EARNS. Rewards will be split between $USDC and $EARNS. All $USDC “saved” by distributing $EARNS shall be sent to the Earnscape treasury for the purpose of buying back $EARNS as needed.
Introducing $EARNS enables far greater gamification and optimization of the cost of value delivered.
Each $EARNS token could be said to represent a single tokenized "experience point", enabling them to be traded in ways otherwise not possible. These experience points can be ‘spent’ to unlock perks which improve user account attributes. This works the same way perks in CRPGs have the effect of improving gameplay in various ways.
Design Concept
Earnscape is a gaming platform, so $EARNS' design draws inspiration from gaming.
Inspiration
In recent Fallout games, characters receive points used to buy perks when they level up. These perks improve a character’s abilities, statistics, and performance. This is known as the SPECIAL system, where each letter is a perk category:
Strength
Perception
Endurance
Charisma
Intelligence
Agility
Luck
This concept is analogous to $EARNS. In the Earnscape ecosystem, the tokenization structure is called the TRAVEL system:
Decentralization and Security
$EARNS tokens, upon initially being earned, are deposited into a wallet contract created for each user.
When a new user registers an Earnscape account, an in-app wallet is created for them with vesting logic embedded. These wallets also facilitate interactions with the smart contracts which govern $EARNS staking.
The wallet linked to the user’s account is not custodied or controlled by Earnscape. The wallet is locally created by the Earnscape mobile app which never stores or shares the private keys.
The app uses a unique hashing algorithm built on SHA-256 developed in house. Each Earnscape user gets a unique wallet that can be restored if lost without ever storing the keys. This eliminates a key friction point to onboarding Web2 users while maintaining absolute decentralization.
Web3-savvy users can still save their private keys if they desire. This satisfies the need Web3 users have to control and save their keys and be able to transfer wallets to other providers without alienating Web2 users.
Earnscape's philosophy is to unlock the benefits of Web3 to all users globally without need for any special knowledge. This approach achieves that objective.
Last updated