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Introducing token forging

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As previously mentioned, World Builder isn’t a single project. It’s an ecosystem. It’s a think tank and incubator that will launch several projects, and help other people launch their own projects as well. To create a more unified system, and to create a number of interesting economic dynamics, we’re creating a token forging system.

Most token based projects release tokens as part of an ICO. However, this system is really just a security sale. And tokens that aren’t representative of actual ownership really shouldn’t be securities related to the operation. So we’re promoting a different route.

Using WRLD, people will be able to forge new tokens for related projects. The amount of WRLD needed to forge a new token will depend on a number of factors, established by the project developers. However, a number of aspects will be universal to each project. First, a TRX fee will be needed in order to become a smith for a given token. The second is that as more people try to forge tokens, the cost to forge will increase, and only decrease as time passes. This process in some ways simulates limited resource capacity in mining and other similar tasks, and creates a PVP environment.

Moreover, the WRLD that’s given to the project will not be distributed immediately. It will be locked out of circulation. The exact rate at which a project will be able to reclaim the tokens will be set by the team, but will generally be about 1% per month. In this way, the total amount of WRLD in circulation will decline as more people forge tokens and more projects emerge. As a result, there will be a constant fluctuation in available tokens, creating a more dynamic ecosystem for WRLD.

Example Forging

Here’s a very simple example of how the forging system will work, using the Arcadium token as an example. You can learn more about Arcadium by visiting its official Telegram channel.

There’s still a lot of work to do, and we’ll be beta testing the system for a while. However, as the project grows, we’ll release more details and open the process up to additional members.

Make sure to bookmark the World Builder site, and if you want to start collecting WRLD, just grab some from the faucet.

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We’re developing an ecosystem, not a currency

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A lot of projects seek to create what they believe to be cryptocurrencies for their projects. And there are plenty of reasons to develop cryptocurrencies. However, WRLD is not a currency, and never was meant to be one. Instead, WRLD is the foundation for the ecosystem that we’re building. It’s one reason why we chose to create one trillion tokens, and to use a fixed supply TRC-10 token, rather than a TRC-20 token with a mutable supply.

As a think tank and incubator, World Builder plans on supporting numerous projects. Some of these projects will provide entertainment. Others will provide financial services. Others still will help promote monetization of daily activities and important activities that are generally poorly monetized, such as social engagements and scientific publishing.

WorldCoin’s Use

If WRLD were to be used as a currency, fixed supply would be problematic. Fixed supply tokens lead to deflation, and deflation is not good for the health of a currency. But as a fuel, it’s fine. And that’s what WRLD is. It’s the fuel that drives the operation of related projects.

As part of the project, we’re developing a modified TRC-20 token standard that allows for continuous minting of new tokens, using WRLD. So long as a person has WRLD, they can send it to the TRC-20 contract of one of our projects, and get tokens from it. WRLD that is contributed will then be distributed to the contract/project managers to be used for their future operations.

Preventing Hyperinflation

Wait! If a person can just keep sending WRLD to the contract and keep getting tokens back, won’t that lead to a rapid inflation in the supply of the new token? It would, except that each contract will store the WRLD for a period of time. The project managers will only be able to pull a small percentage each month. This process will temporarily reduce the supply of WRLD, driving up its value.

At the same time, the return on minting will decline, as more people mint the token, so more WRLD is necessary to mint the same number of new project tokens. With each new token minted, within a given period of time, it’ll be harder and harder to mint additional tokens, but the supply will never be capped entirely. In this way, token generation for the projects continue, but not without some kind of bound.

Interest in Tokens

One can think of it mining using WRLD, or one can think of it as an interest system, where a user freezes WRLD, and in return they obtain interest in the token of their choice, all while supporting the ecosystem, as a whole. This economic model is very different from the economic models used by most cryptoassets today.

People who have a lot of WRLD will be able to generate a lot of tokens for our project, so even if WRLD doesn’t have too many functions yet, now is the time to grab it, either through the faucet or through an exchange like Poloniex. It’s inexpensive right now, but it won’t be for long.