The Matoken

Even though I didn’t have immediate plan to issue any tokens, the more people opposed to it, the more I started thinking … “Why not issue Matoken?”.

In this case, KeyMesh is giving away tokens just as early community rewards without specifying any of their utility.

So what can we do with Matoken? I do have a few use cases in mind.

The second use case is for various voting which I am currently doing on Twitter. I am keen to find out if there are any differences if I ask same question to anonymous Twittersphere compared to token holders.

I am initially thinking about giving tokens to testnet (rinkeby) address of the participants who attended to BlockParty on both mainnet and testnet. What’s the point of issuing tokens on testnet? The first reason is that I don’t want to pay fee for air dropping to lots of people without knowing if they actually respond to it or not. The second (related) reason is that I can easily trash and reissue tokens with as many minting policy as I like as issuing test tokens have no value. The third (and the most important) reason is to make the intension clear that this does not have financial value (at least for now).

Once I verify that giving tokens to users actually adds some value, then I can later swap testnet tokens with mainnet tokens as Status.im actually did.

The easiest way to issue tokens are to issue (or air drop) equal amount to each participant eg: 100 Matoken every time you attend an event. However, if I want to have some weighting to reward early adopters, I could do something like eg: 100 * BlockParty deposit so that people who participated before ETH value appreciated will have more tokens (NOTE: deposit price has changed 1ETH -> 0.05ETH -> 0.02ETH) to make deposit amount between £10-£20.

In addition to participants, I can also reward meetup volunteers. One of the bottlenecks of organising larger events are to check in large number of participants. I recently created a feature to allow people with white listed addresses to be able to check in participants on behalf of meetup organisers. I can use tokens to incentivise volunteers to check in as many participants as possible.

I can also give Matoken to people who have contributed to various votings as my current twitter polling is not getting lots of participation.

As the name suggests, Matoken minting power is solely controlled by me and no guarantee that the token utility tied in to BlockParty forever (I may issue another Matoken if I end up doing another project). Also I may abandon it if I find it there are no use or trash and start from scratch if I want to change the minting policy, so please don’t take it too seriously. It’s just an experiment.

There are lots of interesting Token utility models proposed by various people but none of them haven’t really battle tested yet. Testing tokens on mainnet are hard not only designing right incentive models but also make sure that your utility tokens do not violate regulations. By issuing tokens on testnet, it will be easier to experiment various models while not committing financially. If you have more ideas for token issuing policy and token usage, please feel free to comment.

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