A primer for Interacting with the HatchDAO and the Token Engineering Commons.
If you are new to the xDAI Chain, no worries! We have you covered.
The xDAI Chain
The xDAI token
The xDai Chain is a stable payments blockchain designed for fast and inexpensive stable transactions. xDai is used for transactions, payments and fees, and STAKE is used to support Proof-of-Stake consensus.
The xDAI Chain is a stable and more cost effective network to operate a DAO. The gas costs associated with operating on Ethereum are too high for us to create, vote, and execute proposals associated with the Hatching process. The xDAI Chain provides us with fractional gas requirements, and enhanced token functionality that keeps the Hatching process affordable and pragmatic.
Within your web 3.0 wallet, you need to configure a custom RPC Network with the following information (if you have not already):
- Network ID: 100
xDai tokens are transactional tokens on the xDai chain that are used to pay for the execution of smart contracts and other associated resource fees.
The xDAI token is a stable token (worth ~ 1 USD) created from locked DAI.
DAI can be purchased from almost any exchange. You will need to utilize your Web 3.0 wallet to acquire DAI from a decentralized exchange (DEX) such as Uniswap if you want to participate in the Hatch. Once you have DAI, you will be able to convert it into xDAI.
You can acquire xDAI by converting DAI from the Ethereum Blockchain to xDAI on the xDAI Chain via the Token Bridge.
Wrapped xDAI (wxDAI) is an xDAI token that has an ERC-20 wrapper that expands its functionality.
Native blockchain coins like xDAI can be converted to wrapped ERC20 tokens that live on the same chain. This increases potential use cases for DEX applications, swaps, and DAO interactions. We will be using wxDAI to help improve the Hatch process.
In order to co-vest funds during the hatch you will need to wrap your xDAI tokens via the xDAI Chain WrapEth Tool. This will convert your xDAI to wxDAI.
Yes. There are five different tokens that will be used during the Hatch. Each of these tokens will play different roles within the Hatching process.
- 1.CSTK (Commons Stack Token)
- 2.TECH (Token Engineering Commons Hatch Token)
- 3.IHT (Impact Hours Token)
- 4.TEC (Token Engineering Commons Token)
- 5.HNY (1Hive Honey Token)
Of the five tokens potentially used within the Hatch Process, the CSTK, TECH, and IH tokens are all non-transferrable. The TEC tokens will have a vesting period as defined by the parameters voted on by the TE community. TEC and HNY will both be transferable tokens after the Hatch is complete.
The CSTK token is a non-transferable “trust token” similar to a reputation token but not exactly the same. Issued by the Commons Stack Association, it represents the “skin in the game” that trusted contributors have put towards accomplishing the Commons Stack mission.
During the Hatch, CSTK tokens dictate the amount of funds any one individual can co-vest within the Hatch Raise. Along with this function, the CSTK token will represent voting power when deciding on the parameters of the Hatch DAO during the Pre-Hatch Phase.
When you become a member of the Trusted Seed and the Commons Stack Swiss Association you will be sent some CSTK tokens. Earning more CSTK tokens is dependent upon your participation in this Hatch and upcoming Hatches.
TECH tokens represent the Hatch DAO tokens. These tokens will be used for initializing Commons parameters and voting to upgrade the HatchDAO into a Commons. The amount of TECH tokens you will receive is based upon your Hatch contribution (wxDAI) and the parameters set during the pre-hatch phase. TECH tokens will be exchanged for TEC tokens once the Hatch DAO is upgraded to a Commons.
TECH tokens will be used for voting on parameters within the HatchDAO through the TokenLog application and the Dandelion Voting Dapp. After the Hatch is upgraded to a Commons, you will receive TEC tokens at a 1:1 ratio for your TECH tokens.
TECH tokens are minted after the pre-Hatch phase is over and the Hatch DAO has been implemented.
The amount of TECH tokens you will receive is based upon your Hatch contribution (wxDAI) and the parameters set during the Pre-Hatch Phase. Additionally, TECH tokens will be minted after the Hatch Tribute for all IHT token holders as a reward for their contributions.
IHT tokens represent the amount of Impact Hours provided by Token Engineering community members.
IHT tokens will be used for voting on parameters within the HatchDAO through the TokenLog application.
All IHT token holders will receive TECH tokens during the Hatching process as a reward for their contributions to the Token Engineering Community.
IHT tokens can only be acquired by earning praise within the Token Engineering community. The amount of IHT tokens a member can receive, and what work is deserving of IHT tokens is explained here.
TEC Tokens are the official tokens of the Token Engineering Commons.
The TEC Tokens will be sent to all holders of TECH tokens in a 1:1 exchange once the Hatch DAO has been upgraded to a Commons.
After the Hatch, the TEC tokens will be used for funding token engineering projects, and for conviction voting within the TEC Commons.
This is up to the community to decide within the Post-Hatch DAO, and is designed to prevent unstable dumping of TEC into the newly created Augmented Bonding Curve. Once the vesting period is over, your TEC tokens will be returned to you.
You can purchase more TEC tokens directly from the Augmented Bonding Curve within the Commons DAO.
The role of the HNY tokens will be for the 1Hive Celeste application which will be used in instances of proposal conflict.
No, HNY will not be required to participate in the Hatch. It will be required if you choose to challenge a proposal or decision within the Post-Hatch DAO.
No, tokens will be available for purchase at market price after the Hatch process is over, purchased directly from the Augmented Bonding Curve or through secondary markets as they become listed.