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The SatoshiCity.world platform is a virtual world where users can buy, sell, rent, collect, and curate pieces of virtual land in the form of non-fungible tokens. The platform will collect fees for all those actions. A portion of the land will be reserved for the city itself.
Users will be able to upgrade their land on multiple levels by staking CITY tokens. The platform will offer grants to independent 3D artists (collaborators/builders) for building amenities on the platform-owned land.
The platform will also hold virtual events and allow users to pay a one-time fee to participate.
CITY is the core utility token of the SatoshiCity.world platform. The token will be structured as a fixed supply token. The core functions of the token are:
- Purchase of goods and services on the platform
- Staking for additional discounts
- Rewards distribution for liquidity providers, Governance and platform participants
The token sale will be structured as a staged approach with the following audiences of each of the stages:
- Seed sale
- Private sale with primary target audience VCs
- Public sale, aimed at the general public
SatoshiCity.world will enable users to pay fees on the platform with any cryptocurrency but will convert those to CITY tokens on the back end.
Staking the CITY token will grant users additional discounts. The discount will be based on the amount of CITY token staked as follows (example numbers):
Staking is also required for upgrading one’s virtual land. There will be multiple levels of upgrade, depending on the number of CITY tokens staked.
The platform will enable a decentralized Oracle service, providing a consistent fair value estimate of the pieces of land. The estimation will be based on recent sales in the same district and other auxiliary data.
Users buying virtual land will not be required to pay transaction fees, as opposed to users selling their land.
The platform will also offer lending and borrowing with land/storefront NFTs as collateral.
The platform will distribute rewards to users who perform the following actions:
- Contributors, building on public virtual land
- Users participating in system governance
- Users making purchases on the platform
- Liquidity providers on Pancake for the CITY/BNB pair
The rewards will be distributed from a fixed supply reward pool. The rewards will be distributed on a daily basis and will be based on the outstanding tokens in the pool. For example, 0.10% of the outstanding tokens in the pool would be distributed on a daily basis between all groups of people eligible for rewards (the exact percentage allocation, to be determined later). The above setup means that:
- The reward pool can never be depleted since the rewards are always distributed as a percentage of the outstanding tokens in the pool.
- The rewards get less and less over time (Bitcoin style), but the net USD value of the rewards might increase in case the price of the CITY token increases.
- This rewards mechanism provides capped inflation and is compatible with fixed supply tokens (as opposed to perpetual inflation)
The rewards distribution will look something like this (as cumulative % of all tokens in the reward pool):
The platform governance will be facilitated by staking the CITY token in the governance contract of the platform. Staking for longer duration yields more voting power. Voting power will be determined by the formula:
- is voting power
- is the number of staked tokens
- is a multiplier based on staking duration
The multiplier M is to be determined during the complete tokenomics modeling, but its general form will look something like this (based on stake duration in weeks):
The platform's governance will have three distinct stages:
- Early days - during this period, the team is in complete control of the project, and no voting is done. This is because there will be bugs and events which require immediate hotfixes, and this cannot be done democratically.
- Semi-decentralisation - during this period, the team is still in complete control of the project and can deploy hotfixes same as above, but for the non-urgent decision, it can take community input via a forum or even via off-chain voting like a snapshot - https://snapshot.page/#/
- Complete decentralization - during this stage, the project is fully decentralized, and all decisions are made via a strict procedure, and all voting is done on-chain.
During Stage 3, the platform’s governance rules will be based on state-of-the-art governance systems such as UniSwap or Compound.