When you hold the WORK token, every 14 days you get a share of the WORKOS (Workchain OS) tokens being distributed for that pay period.
There are basically two sides of the WORK economy, each providing incentives to the other side for them to do something vital to the iToken economy..
Holders receive rewards from workers and validate the work they have done.
Anyone who sends enough ETH to the contract address gets WORK tokens back automatically.
Holders want workers to add more tokens to WORK so that they can get them as a distribution every 14 days when a WORK pay period is complete.
Holders can validate workers with a minimum of 1 WORK token to provide them with incentive to add more tokens.
Workers produce value and add it to WORK, for validation by holders
Workers perform actions that improve the Workchain ecosystem or help it grow.
Workers seek validation from holders in order to get a percentage of the ETH reward when the period is complete, determined by their share of validations.
Workers can add as many ERC20 tokens as they want,
Each participant decides what WORK role they want to play..
Each side adds to the reward pool that is distributed to the other side at the end of each pay period.
Holders send ETH to the WORK contract address in order to get WORK tokens back automatically. With this, they can get a share of the WORKOS token distribution that has been added to the pay period (which is every 14 days). The ETH that holders have added during each period goes into the worker reward pool for those workers that got validated by holders. When a holder validates a worker by sending WORK tokens to the contract address of the WORKOS token, for example, the WORK tokens are reverted back to the available supply.
Workers don't need to get the WORK token, but do need to add other ERC20 tokens to WORK, such as their PDC tokens. Workers compete against each other to get holders to validate them more than they do other workers. If a worker gets 14% of the validations for the pay period, for example, then they would be scheduled to receive 14% of the ETH reward distribution at the end of the period (after signing for it).
Note that you would be buying from a decentralized smart contract that no one controls or can change the settings of. Along with others, your ETH goes into a reward pool for workers to compete against each other by adding their tokens to WORK and getting validated.
It is important to note that holders do not participate in WORK in order to profit, but to have the opportunity to get rewarded for doing work. The work that holders perform helps to maintain the health and vitality of WORK. If you, for example, bought $500 worth of WORK and, over the course of a few months received $3,275 worth of WORKOS and other tokens you are, in effect, getting rewarded for your own efforts (validating good workers, approving of work performed, etc.). Best of all, you still get to hold your tokens for as long as you'd like. There is no limit to the amount of rewards that workers can add, nor when they can be added.
The total supply of WORK tokens is 21,600,000, which is a little more than the total supply of bitcoin. WORK could, potentially, distribute hundreds of even thousands of other tokens, and each holder will be competing for their share of these rewards. The greater the percentage of the circulating supply that a holder has, the greater their reward can be. If, for example, a holder has 0.3% of WORK's circulating supply at the end of a pay period they will be scheduled to receive 0.3% of the holder reward pool.
WORK has two addresses. The 'contract' address and the 'token' address. When adding WORK as a custom token in MyEtherWallet you'd enter the token address (with 18 decimals). However, you'd send ETH to the contract address to get WORK tokens.
Getting WORK Tokens
Get WORK tokens by sending ETH to the contract address.
Validating Tokens to Reward Workers
Holders can increase the weight of a worker's potential reward by validating their tokens. If you want to reward a worker so that he is incentivized to increase your reward, you could simply send 1 or more WORK tokens to the contract address of the tokens that were added
It is important to note that your reward does not go to the worker directly. When you vote for them by validating their tokens, it simply means that you are increasing the weight of their reward at the end of the period.
How To Validate Workers
If a worker added his WXYZ tokens to WORK, for example, and I appreciated being rewarded with them, I could provide an incentive to them. Sending just 10 WORK tokens could, in theory, provide the worker with a reward worth far more than I paid for the 10 WORK tokens.
To validate tokens that a worker has added I can send any amount of WORK tokens to the address of the tokens that were added. The WORK tokens that I send do not go to the worker or the address of the token but will be reverted back to the WORK available token supply so that other holders can increase the worker reward.
Following is an example for where the HOT tokens contract address can be found on its Etherscan page..
Workers add value to WORK by adding their Ethereum-based tokens to it. Note that the minimum number of your tokens you can add to WORK is 1, with no upper limit.
Creating Your Own Tokens to Add to WORK
Some workers may want to create new tokens to distribute to WORK holders that represent their project or business. The process to create a new token takes about 2-5 minutes from your MyEtherWallet account [see the 'Roll Your Own PDC Token' page.] One worker could offer 1,000 of their XYZ tokens every period and price a service that they offer at 500 XYZ each plus 250 WORK validations, for example, or have each of their tokens represent an hour of their time. Another could offer products and price them accordingly.
In this way, the value of WORK increases on all sides. Holders get a distribution of every token type added by workers and may want to accumulate more WORK in order to receive PDCs that can be used to buy other types of goods and services. Those who possess 400 of your XYZ token but need 500 to buy something from you, for example, may be enticed to get more WORK in order to get a bigger distribution in the next period, which increases the worker reward. They might be able to get $100 worth of value, for example, by picking up $20 worth of WORK, while you get $300 in rewards. (How is this possible? This is due to how Workchain distributes costs and rewards among participants.)
Once you've created your own token you will be able to add them to any Wapp, decentralized exchanges, send them outside of Wapps, and more. You will have complete control over them, and they will exist in your wallet.
Distribution Periods for the Tokens You Add
The distribution period for WORK is set to "1". This means that if a worker added 600,000 tokens to WORK in any pay period, then at the end of that period 600,000 tokens will be distributed among holders. Other Wapps may have different distribution periods, however.
Signing for the Reward
Before holders or workers receive their reward distribution, they need to approve of the pay period. This is done by adding the first digit of their wallet address and the number of the day of the month. The user then turns this into an ETH decimal value by adding seven zeros in front of this number.
If your local date is November 5, for example ("5"), and the first digit of your wallet address is "2" then you will send 0.00000007 ETH to the contract address to sign for your distribution, automatically receiving whatever is due. (There is no need to worry about timezones.)
Note: If you receive an error, try increasing the gas limit of your transaction to 250,000 when it is being sent. Note that this is different than the gas price, which you can see a standard price for here
As a holder, there is no time limit for approving of work done in WORK. If you missed 13 periods, for example, and sign for the next, you are approving of the current and all previous periods and receiving the tokens for those periods that are due. Workers, however, must approve of the period before the end of the following period. If not, their reward will be released back to WORK for workers in the following period, whereby the worker must get validated again.
Please note that any value sent more than 0.00001 but less than enough for 1 token will be retained by the contract, as it would not meet the 1 token minimum nor represent a work block approval.
To see how to call functions in WORK contracts, click the link. In this way you can see things like the current price, settings, and other parameters. Workchain OS will present an easy way for users to perform these functions.
The WORK and WORKOS total supply is immutable, at 21,600,000 tokens each. It will be enough to provide economic bandwidth to a countless number of future PDCs and Wapps being added to WORK. A holder's share of the circulating supply is how buyer rewards are calculated. Note that if there is no more available supply, anyone requesting an automated refund from the contract will be remunerated at the current rate to ensure a supply to those who wish to hold WORK tokens.
How To Figure Out Your Current Holder Reward %
To figure out your current reward percentage, go to the token page on Etherscan and see how many tokens the WORK contract itself is holding.
Click the 'holders' tab, then click address number 1
On the resulting page, subtract the number that WORK holds from the total supply of 21,600,000.
The result will be the circulating supply. From this number, you can find out what percentage of the circulating supply you hold.
Creating your own Wapp to start a marketplace, utility, prize pool, project fundraising mechanism, and more using the open-source Workchain code is easy and takes about 15-30 minutes.
Wapps can be created for use cases such as:
- Service Pools
- Task Pools
- Prize Pools
- Buy/Sell Markets
- Rent/Lease Markets
- Consensus Funding
- Entity-level Governance
- Hybrid Models
...and much more. The possibilities are endless.
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