What Is Workchain?
A workchain is a permissionless, shared public organization that runs on smart contracts. It allows people to claim rewards for producing and discovering economic value and exchange that value with others in a decentralized way. It is a method for transforming the most underutilized human capital in the world – the ability to think and do – into intangible assets by channeling disorganized intention into purposeful and directed actions.
Workchains do not require any centralized third-party to be productive. They allow trustless validation of activity that has occurred within a block of time via decentralized and distributed authority over an organization.
The mechanism that powers workchain is the Infinite Token Offering (ITO).
The ITO is designed to be an SEC-friendly, labor-based mechanism that is far more community-driven, open, extensible, and rewarding to all participants than previous, similar token-based schemes. It is also structured to run indefinitely, allowing it to serve as a permissionless layer under any new or existing entity that operates without a definite end point.
If the power of blockchain is for anyone to 'be their own bank', the power of workchain is for anyone to 'be their own economy'.
Distributed Ledger Technology
Distributed Organization Technology
Permissionless, shared public ledger in a peer-to-peer network
Permissionless, shared public organization in a peer-to-peer network
Consensus: Mining based on proof-of-work or validation based on proof-of-stake at the ledger level.
Consensus: Hybrid 'organic' consensus based on proof-of-productivity and proof-of-labor, at the organization level.
Purpose: Trustless validation of transactions to transfer value via decentralized and distributed authority over a ledger (e.g., bitcoin)
Purpose: Trustless validation of work to produce value via decentralized and distributed authority over an organization (i.e., an ITO)
Does not require any centralized third-party to verify transactions
Does not require any centralized third-party to verify work
Transactions made secure and immutable by cryptographic hashes
Work made productive and rewardingby tokenized incentives
Blocks mined or forged and rewards earned by a few, select participants
Work blocks validated and rewards earned by all participants
Block reward in a single native currency
Work block rewards in multiple non-native currencies as well as native currency
High cost and complexity of meaningful participation
Low cost and complexity of meaningful participation
ITOs — The Heart of Workchain
Endless Rewards. Continuous reward schedules as long as there is participation, without end dates. Workchains – and the ITOs within them – can reward a person’s labor forever.
No Need for Exchanges. Send Fantom or Ethereum tokens to an ITO smart contract address and receive ITO tokens back automatically. The rate you get depends on how many other wallet addresses have requested tokens before you. Send the tokens back to automatically request the return of your stake, at a rate that has either remained the same or increased.
Transparent Market. The ITO price is always a multiple of the number of transactions (where the token was obtained) — plus one — and its genesis value. Each ITO determines its own parameters for the minimum and maximum number of tokens the first n addresses can obtain, as well as its genesis value.
Continuous Rate of Inflation. ITO prices are designed to only increase — not decrease —without token burn, in order to secure the economy.
Resistance to Scams. Standard ITO smart contract code is designed to be incompatible with cheating. Feeding into the ‘self-aware’ economic organism of workchain, a continuous flow of human intelligence can move consensus away from malicious – or unproductive – actors.
Resistance to Malicious Attacks. The ITO mechanism turns actions that are intended to harm the system into actions that have an overall benefit to its economy.
Flexible Blocks. Token distributions align with work blocks, which are periods of time for validation of productive activity. They can be set to daily, weekly, bi-weekly, monthly, etc., according to the needs of the workchain.
Open Participation for Producers. Anyone can join an ITO and become a work producer within seconds.
Competitive Producer Rewards. As a reward for their labor, producers receive funds staked by agents during a work block. The more a producer's contribution is validated in comparison to other producers the more rewards they will receive for their labor. Their position can change at any time during the work block, depending upon the fluctuating positions of other producers as jobs are validated.
Open Participation for Agents. Anyone can become a work agent within seconds. And, for a minimal stake, receive the tokens of all projects in the ITO at the end of each work block.
Competitive Agent Rewards. When a work agent stakes Fantom they receive the ITO's native tokens. In addition, they will receive rewards in the form of tokens of other projects and entities. The more ITO tokens that an agent has in comparison to other agents, the more rewards they will receive in consideration of their greater workload. These values can change at any time during the work block, depending upon the fluctuating positions of other agents.
Endless Distributions to Agents. As a reward for their labor, agents will receive token distributions every work block. Once the work block is verified, the agent receives the distribution and can do as they want with it. This can continue for as long as they are staking.
Freedom to Roam. A work producer may decide to become a work agent and vice versa. This can be easily done by using two wallet addresses instead of one.
Endless Participation From All Sides. There is no limit to the number of agents in an ITO, nor the number of producers, nor the number of its token distributions or other rewards. The greater the level of participation, the greater the rewards for labor in the workchain.
An Endless Supply of Valuable Tokens. Work producers are provided with incentives to continuously add more valuable tokens to each period's distribution. Additionally, their producer rewards help them to obtain more tokens from different projects outside of the ITO ecosystem and add them to the ITO.
Permissionless. Tokens from any blockchain can be submitted via Fantom's interoperability protocols, without any permission needed whatsoever. (If Fantom workchains are used.)
No Need for Oracles. Workchain relies on collective human intelligence rather than needing to access data through outside services, making it more secure and less centralized.
No Need to Look at Charts. The success of each ITO depends upon the immutable parameters set forth at genesis, as well as the evolving dynamics between work agents and work producers. The irrationality of cryptocurrency markets is transformed into a clearer picture of value that is based on more easily-perceived and measurable market traits.
A Level Playing Field. Transparent, everyone can get all relevant information in an ITO at the same time. ‘Inside information’ does not provide any material advantage to any party. Parties conspiring together are limited to conspiring to benefit a workchain’s economy.
Decentralized. A true ITO is designed to be completely independent and incorruptible, offering the same rights and authority to everyone after it is deployed – including its creator.
Endlessly Extensible. New functionality can be added onto workchains via smart contracts at any time. Simple workchains can quickly self-organize into more complex or disruptive ones.
Limitless. An ITO runs without end. It allows value based on the promise of future labor to be used today for an endless variety of reasons, like the money in your pocket.
Autonomous Refund of Stake. At any time, agents can request a refund of their stake simply by interacting with the ITO's smart contract. Any tokens they've received as a reward can be kept, and serves as payment for their labor.
Organic Consensus. Traditional blockchains have a winner-takes-all consensus approach that invalidates most of the resources used in the validation process. Workchain uses a multi-tiered, dynamic algorithm where every validation forms part of the composite picture of consensus. This all-take-part approach ensures that there is no loss of productivity or idle resources, and is more rewarding for more participants. Further, as the nature of work is to evolve without end, the picture of consensus changes each work block, never needing to reach finality.
Omega Point. If there is more demand than supply of ITO tokens, the ITO has reached the omega point. When reached and as funds become available, agents requesting refunds of their stake will get the current, more favorable rate of exchange as an unsecured loan. This unsecured loan facility acts as a kind of 'golden parachute' for older agents to return ITO tokens to the contract. This can help satisfy the demand of new labor participants and keep the economy healthy and robust, as well as help curtail token oversupply.
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