GriffGreen
commented
3 years ago hahaha I don't know if people want to vote for this...
I will close this issue tomorrow after people had time to read the response:
The TL;DR Context
- Everyone who gets Praise (about 450 people) earns Impact Hours.
- Impact hours = GOVERNANCE! IH holders get 10-25% of the TEC Hatch tokens depending on how much is collected in the Hatch.
- Impact hours = MONEY! The value of 1 Impact hour will be ~27-160 wxDai depending on how much is collected in the Hatch.
Each point explained
-
It's simple... Praise gets quantified into Impact Hours. Here is the crazy spreadsheet where every praise was assigned a number of Impact Hours. In the first tab you can see the complete list of Impact Hour holders.
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The exact % of governance power given to the people with Impact Hours is a curve dependent on much we raise: If we raise 800k, IH holders get 25% of the TEC Hatch tokens If we raise 3mil, IH holders get 20% of the TEC Hatch tokens If we raise 14m, IH holders get 10% of the TEC Hatch tokens
The more we raise, the more relative governance is given to the people that put money in #AlignedIncentives
- The exact value of an Impact Hour is best calculated by relating it to how much wxDai it would take to mint the same amount of TEC Hatch Tokens. This is based off of an assumption of about 10,000 IH, if we have more than that then each IH will be worth less. If we have less than that then each IH will be worth more.
Assuming no intervention, because some impact hours will not be claimed (only legal members of the Trusted Seed on the day of the Hatch will be able to recieve IH) This is a good estimation for the value of an impact hour. If the number of Impact Hours are increased by the winning praise
If we raise 800k, 1 IH = 27.41 wxDai If we raise 3mil, 1 IH = 77.07 wxDai If we raise 14m, 1 IH = 159.82 wxDai
The more we raise, the more each IH is worth #AlignedIncentives
Below is a table with a bit more detail about 2 & 3, one important note is that TEC Hatch Tokens can be "Ragequit" and wxDai can be pulled out if people don't like the a vote, the direction of the TEC, or just want some money out. (TEC Hatch Tokens are non-transferable so will have no market value) The Ragequit value of each Impact Hour is actually the Ragequit % multiplied by Impact Hour Rate.
Simulated Hatch Outcomes
| #Total wxDai Collected (wxDai) | Total Supply held by Builders (%) | Impact Hour Rate (wxDai) | Backer's RageQuit (%) | |
|---|---|---|---|---|
| Minimum Goal | $800,000 | 25 | 27.41 | 73.5 |
| $1,000,000 | 24.45 | 33.25 | 74.04 | |
| Target Goal | $3,000,000 | 20 | 77.07 | 78.4 |
| $5,000,000 | 16.92 | 104.66 | 81.42 | |
| $7,000,000 | 14.66 | 123.62 | 83.63 | |
| Maximum Goal | $14,000,000 | 10 | 159.82 | 88.2 |
I hope that clears up the terminology used and various incentive schemes and interaction layers and clarifies the token structures, ownership and value.
For a complete understanding of the Hatch DAO Parameters see the summary of the chosen Parameter set: https://github.com/CommonsBuild/TEC-Hatch-Vote/issues/83
papa-raw
paulhaas
jessicazartler
liviade1
As an early hatcher and supporter of the Commons I am increasingly confused about the terminology used and various incentive schemes and interaction layers. I think it would help to clarify token structures, ownership and value.
We may be overengineering for a legal reality that no one may ever care about,
And under engineer for humans that care and want to help and understand their value.