Consortium launching on WAX
This article is structured in the following way:
- Introduction
- How to use Consortium?
- Tokenomics
Introduction
Consortium is a decentralized web-app that enables communities to use their tokens to create polls and vote in them.
We launched Consortium on EOS mainnet back in March of 2020. While operating on EOS we gained a lot of invaluable knowledge. Now we're excited to bring you improved iteration of the app on WAX.
Special thanks to Galactic Hubs for supporting and Max Infeld for encouraging us to expand to WAX.
How to use Consortium?
Consortium is deployed to wax.consortium.vote. To interact with it you'll need digital wallet compatible with WAX mainnet (Anchor / WAX Cloud Wallet).
There are four things users can do:
- Add a community
- Create a poll
- Vote in a poll
- Stake
Add community
Anyone can add a community to Consortium. Once it is added, your community members can start creating polls, voting and staking. By adding a community you become its affiliate.
Being affiliate:
a) rewards you, if your community is active.
b) enables you to moderate (delete polls, change community info/images).
c) gives you the ability to determine the further development path for Consortium by being part of the Council (details in the tokenomics section).
Each community has their own feed with all the polls. Most popular polls will appear on top.
Create a poll
Anyone can create a poll.
Poll consists of three parts:
- Question
- Description
- Answer options
Currently poll can have up to five answer options.
Vote in a poll
By holding tokens of your community, you are able to vote. To vote you simply need to click on an answer option you would like to vote for.
By default your voting power will be equal to your token holdings.
You can only vote once in each poll.
Stake
Adding a community, creating a poll and voting issues your account Consortium's native token — POLL. The amount of POLL tokens you receive depends on the amount of POLL tokens staked for you community. More on that in the next section on tokenomics.
Tokenomics
Max supply: 10 billion POLL (same as TLM's max supply).
As mentioned in the last section, POLL token is issued for adding a community, creating a poll and voting.
Also, there is an Affiliate reward (5%), it is issued to the creator of the community on top of all the vote and poll rewards his community generates. (eg. voter receives 100 POLL, community creator receives 5 POLL)
90% of all POLL tokens will be issued for interacting with the app. 1% will be reserved for the holders of GOVRN token on EOS mainnet and 9% for Consortium's treasury.
At the start following amounts are issued :
500m POLL per community addition
10m POLL per poll creation
100k POLL per vote
Each month, the POLL rewards are halved. In total there will be 12 halvings.
There is a fixed fee to add a community, create a poll and vote. Fees are crucial part of the tokenomics because they make Consortium self-sustainable and prevent spam.
While we control the pollpollpoll account, majority of the fees will be used to provide liquidity for WAX/POLL or TLM/POLL liquidity pair on Alcor Exchange. This part of the tokenomics is inspired by Olympus DAO’s concept of protocol owned liquidity.
Part of the fees will be used to cover the RAM costs, since Consortium pays for the users’ RAM.
Rest of the fees will be kept in Consortium's treasury.
The pollpollpoll account, where all the fees are accumulated, will be put under multisig controlled by Consortium's Council. First 6 individuals/entities who add a community to Consortium will have an option to join the Council (multisig). 3/6 signatures will be required to use the funds from the treasury.
Initially, only TLM will be accepted to cover the fees. Should other communities on WAX be interested in joining Consortium, other tokens could be added. The fees will always be fixed in USD terms.
Currently the fee amounts are following:
0.49 USD to vote
4.9 USD to create a poll
490 USD to add a community
Once POLL halvings hit 12 (in 1 year), our proposition is to switch from inflationary to deflationary tokenomics. Max supply of POLL will be set to the Circulating supply of POLL. Instead of increasing the POLL in circulation it will start to decrease. Users will still be able to use any token to pay for the fees associated with Consortium but on the back-end, through Alcor, every token will be swapped for POLL to pay for the fees. Majority of the received POLL tokens will be burned.
All the parameters — fees, POLL issuance amounts, number and frequency of halvings are adjustable. Individuals in the multisig will be able to adjust all the parameters should they find it necessary.
If you have any questions, we can answer them via our Telegram group.
