Wow what an emotional roller coaster.
This is the founder of the YGY project here to give you some updates on what we have in store on the short term as well as provide some answers to questions that people have had.
First, what is coming:
You may have noticed that there is a locked YGY wallet. This is our initial “rewards pool” wallet. These tokens are going to be distributed to the community though a staking process that we will begin soon. After this wallet is expired the only way YGY will be distributed is through the Regenerator. This will be a limited time event and set the initial stage for the build out of YGY. We will provide unique incentives within this period to accumulate YGY at an advanced rate as well as obtain special rewards pertaining to our Boost systems. Additionally, we will also use this opportunity to give a base example of our governance structure in action!
a quick note on that governance:
Some people have been asking me questions about the governance system and commenting that it is quite complex and the average user will be hard pressed to navigate the full range of variability that can be induced through voting.
Anyone who follows governance knows that participation is actually very low and effective solutions to incentivize participation simply do not actually exist in meaningful ways… yet.
We are creating an experimental governance system which at it’s heart is built with gamification in mind. Experienced thinkers will see quickly that giving control over global variables within the platform as a whole poses many unknowns in terms of the forces that act upon them. Let us remember that any Governance system deployed to the main net contains many unknowns. YGY is an experimental platform.
Back to what we were saying:
As a way to introduce you to YGY Governance we want to give you a simplest case scenario for effecting a variable within the system.
We will provide an opportunity for wallets to stake ETH in order to earn an emission of YGY until the Rewards Pool is expired. This ETH will be used in both increase the YGY/ETH LP as well as Repurchase YGY on the market to build the LP+ and Regenerator’s initial YGY treasury.
Governance: Wallets with YGY can stake into two weighted pools for altering the global % of staked ETH that is used for the repurchasing portion of the ETH stake. Of course this will be on a capped scale… We will account for the user’s deposit and allocate to them an emission of YGY from the Rewards Pool wallet over time which they can claim.
Furthermore, Wallets which contain a specific amount of dXIOT within them will be allocated an additional reward… not in terms of increased YGY emissions but in terms of a secondary token that we will be announcing soon. This secondary token will be part of the boost system for our Yield Farming platform and offer unique rewards within that environment. These rewards will only be available during this limited time as we distribute the YGY Rewards Wallet.
We will continue to provide information for you regarding this as we develop… If you have been following your GitHub you will have seen that we have more of the team assembling and we should start to see activity there soon.
Please join us in discord if you have any questions.