$OIT
Open Info Token (OIT) is the governance token distributed to the community through Open Info.
The different ways in which OIT can be obtained and utilised are explained here. Each 1k OIT represents one governance voting right in proposals put forth for the Core Team to execute. The tokenomics of OIT will also be discussed. OIT enables the Core Team to operate Open Info in a decentralised manner, with no central authority making decisions regarding any actions or products. Participating OIT users will receive incentives for their input into the project. Future use cases for OIT will also be touched on.
Purpose
Open Info depends on high-quality, large-scale data to function efficiently. OIT finances the development and marketing of the products incubated by the Core Team. OIT motivates users to contribute to Open Info by creating and/or reviewing data. These contributions help to improve the quality and quantity of Open Info’s data, which in turn makes Open Info more effective.
In addition, OIT serves to prevent the principal-agent dilemma. This dilemma arises when an agent of an organisation makes decisions on behalf of another person or entity within the organisation, which could have a negative impact on that person or entity. This typically occurs when an agent acts in his or her own self-interest rather than in the best interests of the organization.
Utility
The OIT token serves as a fundamental utility within the Open Info ecosystem, providing token holders with governance rights through decision-making power. The project team consists of the core team and all token holders. This structure resembles an assembly-type DAO where a large number of members interact in decision-making with an agency via smart contracts.
By holding OIT tokens, the community gains voting rights, allowing them to propose and vote on important matters such as project upgrades, resource allocation, and strategic initiatives. This decentralised governance approach ensures that decisions are made collectively, minimising the principal-agent dilemma and empowering token holders to shape the future of Open Info Products.
Value
HODLing OIT provides access to premium features across all products developed by Open Info, unlocking enhanced functionalities and capabilities. These premium features include privileged access to CTRFD status, granting users exclusive benefits and insights related to wallet health.
While premium features are available through OIT, it is important to note that all products within the ecosystem will always offer a base tier that is free to use. The base tier ensures that users have access to essential services and functionalities without any cost.
- For VRFD, the base tier includes openly searching data, enabling users to retrieve information without limitations.
- For Wallet Health, the base tier allows users to view the number of potential insecurities within their wallets.
By offering a combination of premium features and a free-to-use base tier, Open Info aims to cater to the diverse needs of its users while maintaining accessibility and value for all participants within the ecosystem.
Reward
Beyond governance, the OIT token also serves as a reward mechanism within the ecosystem. Active users on the web app can earn rewards in the form of OIT tokens for their participation, contribution, and positive impact to VRFD. These rewards incentivise users to actively engage with the platform, contribute their expertise, and drive the growth and success of the ecosystem. With a strong focus on transparency and decentralised decision-making, the utility of the OIT token not only aligns with the interests of token holders but also fosters a vibrant and collaborative community-driven ecosystem.
Positive feedback loops are established within the ecosystem to align incentives and drive active participation, fostering a vibrant and engaged community. Rewards are provided to users who actively engage with the ecosystem in various ways. This includes:
- participating in governance processes, where users have the opportunity to shape the direction of the project.
- active involvement in the incubation of any products, from testing to utilizing.
- contributions to the quantity and quality of data are also incentivised and rewarded.
By incorporating airdrops and bounties as specific reward mechanisms, Open Info encourages and acknowledges the valuable contributions made by its community members, fostering a dynamic ecosystem where participation, engagement, and collaboration are key drivers of growth and success.
