Many people have started thinking that cryptocurrencies, Bitcoin in particular, are on the brink of replacing our national currencies such as the US Dollar, British Pound Sterling, Euro, Canadian Dollars, and more. This is because cryptocurrencies have started to become very viable alternatives to traditional currency.
Cryptocurrencies exist to address weaknesses in traditional currencies which are, of course, backed by central banks and governments. This makes traditional currencies prone to corruption and manipulation, among a host of other issues.
Unlike traditional currencies, there is no governing body that backs Bitcoin and other cryptocurrencies which means they aren’t subjected to anybody’s whims.
Cryptocurrencies are completely decentralized, open source and transparent. This means that you can see all the transactions that have ever been done on the network and you can check and review the blockchain data yourself to verify the authenticity of each transaction.
Cryptocurrencies runs on highly complex mathematical algorithms to regulate the creation of new Cryptocurrencies and to make sure no double spending ever occurs on the network (remember, this is the Achilles’ heel of failed virtual currencies before Bitcoin).
One of the main problems of traditional currency is that these aren’t limited in number. This means that governments and central banks can print more money when they see fit.
When more money is printed and enters the economy, this reduces the purchasing power of our paper money which means we need to spend more for an item we’ve only spent a few dollars on before; this is called inflation.
Bitcoin, on the other hand, is a different story. The Bitcoin Protocol states that only 21,000,000 bitcoins can ever be mined and created which means that bitcoin is, in fact, a scarce resource.
Also, like national currencies, bitcoins are divisible, much like cents to a dollar. The smallest bitcoin unit is called a Satoshi, and it is 1/100,000,000 of a bitcoin. This means you can invest a few thousand Satoshis at a time until you finally get a whole bitcoin.
Another reason why cryptocurrencies are gaining in popularity is that it is highly portable which means you can bring it with you anywhere you go. You can do the same with physical money and gold. However, a large amount will lead to a heavy load on your wallet or bag.
Try putting a million dollars in a briefcase or carrying a bag of gold! It’s certainly not as light as it looks in movies.
With cryptocurrency, you have different wallet choices, all of which are highly portable, so you can easily make payments whenever and wherever you want.
The challenge faced today is that a barrier to entry exists for non-technical communities to generate their own tokens, and no mechanism exists to value them across a global framework. As a result, the Native platform is being developed to both serve as a use case for Communities as well as an opportunity for interested parties to support an emerging financial system.
Native is a platform which enables like minded people to create an economy and put their mental and financial resources together to pursue ant cause which they find worthwhile, this can be a game guru joining a gaming blockchain development company, a medic freak joining a medical blockchain company, a trader joining a cryptocurrency trading community, to contribute to ideas, collective decision making and help in developing such community of their choice. Communities are the essential components of Native, and to bring people of similar interest o a community is Native’s interest.
One of, if not the biggest reason you’d want to join an entrepreneurship community is the chance to learn from one another. Joining a community of like-minded people means that you have an increased chance of meeting someone who’s willing to take you under their wing and mentor you. Having a strong mentor who’s willing to guide you and give you the benefit of their experience means that you can avoid making costly mistakes that could potentially derail your startup and your career. In fact, it’s been proven that having a strong mentor can be the key difference between a failed and a successful entrepreneur.
Joining any community means that you have a chance to improve your professional and personal network.
Growing your network means you increase your chances of encountering positive opportunities through the relationships you develop. That could mean an opportunity to further your career, or meeting someone who is able to provide you with the help you need. You never know who you’ll meet when you join a community, and how they can help you and vice versa.
One of the biggest threats to an entrepreneur’s success is becoming isolated and losing their imagination. A fast way to failure in the startup world is never learning how to evolve and adapt, something that is very difficult to learn on your own. There are countless stories of people who thrive early on, but isolate themselves from others and stagnate creatively as a result.
No matter how talented you may be, or how smart you are, it is literally impossible to know and do everything by yourself.
It’s the reason why founding teams are more likely to succeed than startups with solo founders. The reason is that it’s impossible to do everything by yourself. There will just be certain areas or skills that you don’t have, or aren’t good enough in, that will hold you back from achieving your goals, and that is why the founding team o Native has come up with such beautiful idea such as a collective decision making in a community.
Having a community to rely upon means that you’re surrounded by people who know exactly what it is you’re going through/ what you are doing and whose chief aim is to make such better.
Entrepreneurship is said to be a lonely journey, and it often can be. It can feel like the weight of the world is on your shoulders when you have no one in your life to share your experiences with. It can feel isolating and, more often than not, most entrepreneurs give up because they just don’t have the motivation to keep going.
Raising capital through token issuance, replacing traditional Fundraising models such as bank loans, VC and crowd funding.
The ability to make collective decisions through the platform Polling and escrow features.
The recognition of, and ability to, gaining, redeem value within a global framework.
The Native platform provides the fundamental structure for valuing and operating Communities through their own unique tokens. It includes a set of decision-making tools, and provides templates to suit a variety of Communities to ensure that even those with limited economic and technical knowledge can participate in emerging financial ecosystems.
Communities are the building blocks of Native. Any local or digital collective that gathers around a common interest or mission can create a Community on Native.
Curators
The Curators are trusted administrators of Communities. They have the most thorough knowledge of a Community’s initial vision, and act as a filter to ensure that only relevant and potentially beneficial content is added for Members to view and vote on. Additionally, Curators approve or deny work completed by Community Members.
Members
The Members join Communities that align with their values, interests and goals.
Membership enables rights. Members are the ultimate decision-makers for capital deployment and critical decisions. They also have power to replace the Curator if necessary. Members can join and participate in multiple Communities.
• Native provides governance options are made simple to the user’s end and it doesn’t interfere with their ability to execute their ideas.
• Definitely native is commited to helping others launch unique community currencies with functional standard for example transactions, memberships, votes.
• NTV owners are eligible to guide community decisions.
• NTV can also fund & influences the policies of local derivatives project built on Native.
Native Ecosystem Architecture
The Native Ecosystem is comprised of the Native Token and Community Tokens. Both have similar functionality, so a general overview is provided first, followed by sections that explain the differences.
Tokens within Native are deployed as Smart Tokens – this means they hold a reserve in a base Token.
Tokens within Native at a transparent and fair market value. This is completed without a second party on the other side of the transaction utilizing the Bancor Protocol .
These Smart Tokens utilize a continuous token model , meaning they mint and destroy tokens as users interact with the Smart Contract. This is an alternative model to setting an arbitrary number of tokens initially and keeping the supply stable.
Communities have their own unique optimal splits and have options made available to them, during creation.
During redemptions, no funds is removed from the community fund. Tokens returned into Smart Token Contract are exchanged for base currency held in reserve.
Connector balances drop, when tokens are redeemed. Also, it ensures that liquidity for the token in question is reduced. Base currency is then sent to the Converter’s wallet.
Connector/Reserve and Token Pricing
To generate token prices, three variables are made use of:
• Connector/Reserve Balance: Base currency value that is held in reserve.
• Outstanding Supply: Tokens in circulation
• Connector Weight: Connector balance/Smart Token Market Cap
Connector Weight can be anywhere between 0 and 100. The greater the weight, the lesser the volatility.
Communities have the power to modify Connector Weights for:
Native intends to migrate to Aragon, once work is completed. Financial functions make use of decentralized solutions, while every other feature is centralised. This ensures that Native is able to offer maximum benefit to its users without having a single point of failure.
Dashboard
Access to communities is carried out via Web3 wallets. It also acts as the identity and transacting mechanism.
The dashboard displays all activities that are carried out within the community. Items such as membership history, proposals to be voted on and available tasks are all listed here.
Benefits of Community Currency.
Medium of Exchange: Transfer of value from one party to the other
Membership: Involves the exchange of NTV to the Community’s Currency. Amount needed is signified by the Curator, when creating the community.
Alignment of interests: Communities are free to assign some part of their funds to other projects or communities. It could be via a token swap or a purchase from an external party.
Community Funds
Every community has a fund that increases when new members join, members participation is high and revenues get recycled into the fund.
These funds are used to sustain growth and achieve goals. They can be used to handle projects, tasks or general activities like operations. Approved projects/tasks have NTV directly allocated to designated wallets.
GreenLife International is environmental awareness company, and they have an ongoing project in which they need the ideas of other intellectuals on the environmental field, with the aim to improve the living standard and ecology of different places. Skilled members are needed to carry out tasks.
By joining to Native, they are able to have their very own community, where others who share a passion for what they do can earn passage and be part of improving lives.
Native platform revolutionizes the way to create new communities where people and groups come together to potential their common interests and work to make their projects a reality.
Native allows communities to obtain the financial and mental resources of people or groups with common interests through the creation of launching unique community currencies with functional standards that allow them to finance their ideas and projects quickly, efficiently and safely.
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MORE INFORMATION & RESOURCES:
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Entry to @originalworks contest which can be seen
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