Goodbye MN8 ticker, hello EMT! We arelive on EOS main net!
We started this journey over 12 months ago and back then we were excited to use the MN8 token ticker. Our followers loved it and when the talented Chi Yusuf redesigned our brand, we even used it as our logo!
But as the EOS main net was released, we discovered EOS tokens could only use a-z and 1–5 in the ticker. We toyed with ‘EMANATE’ but discovered it would be too long for many exchanges.
After a community poll last week (the first taste of our decentralised governance) the community decided on EMT as the ticker.
You can view the Emanate EMT token contract right here on bloks.io:
The token is built on top of Nathan Rempel’s claimable.token meaning that all tokens need to be claimed by the recipient in order for Emanate as an issuer to recover RAM quicker. We will assist in this process.
Emanate has also built a range of vesting schedules for our various token holders, we may be the first EOS project to build this functionality, so we will make it open source in our github soon.
All tokens will be locked within a ‘InitialLock’ period which is controlled by the Emanate development team. We have set a hard expiry of March 30, 2019 but we intend to unlock it much earlier. The lock is designed to prevent premature trading while token distribution is still in progress.
So what will EMT tokens do?
The EMT token that we’re selling and airdropping is the important asset to own if you’re interested in Emanate. It will be used in all of the following ways:
Access to the network
If you want to operate on Emanate and earn income for your contribution to the network, you will need to hold EMT and you’ll need to stake it in order to claim your place. All income payments will be made in Emanate’s secondary currency, a stable coin that is minted and burned as value comes in and out of the ecosystem. Emanate will always treat this internal token as having a value around 1c USD.
EMT tokens will be used as a voting tool within the Emanate DAC. The community will gain more governance over time and will eventually decide on the major ongoing development issues.
Ability to earn
In order to earn income from Emanate, both payment for your plays as an artist, or reward payments as an active token holder, you will need to stake tokens.
Artist will earn a small income just for being ‘active’ and staking. Being active will mean regularly uploading music, following other artists and keeping token staked. EMT needs to be staked in order to earn pay for plays.
Users who create playlists can earn income, they too need to stake EMT. Playlisters who stake EMT fall into the category of ‘active listener’ and they can earn rewards.
Moderation will be a critical aspect of community quality control. Any listener will be able to flag content as poor quality, pirated or offensive. Moderators who stake EMT fall into the category of ‘active listener’ and they can earn rewards.
Record labels will need to stake a significant amount of EMT in order to run a label on Emanate. Once staked, they can earn a % share from their artists as agreed by the contracts.
Right now, Emanate is in demo mode and we have no need for nodes. However, Emanate will eventually need a node network for decentralised storage and potentially, a side chain of our own. Node holders will need to stake large amounts of EMT but this is a future concept.
Emanate will soon announce and Emanate Reps program which may just be the easiest and most exciting way to grow your EMT stack and to help the network expand. More to come.
So what’s next?
Those who registered for Airdrops will start to get their tokens this week.
BagDrop Bounties will begin loading for token holders who create content and support the project.
The public pre-sale is open now, with an Early Bird Bonus available for the first two weeks.
Emanate has a demo/prototype build available for private viewing. Many of the above functionalities will be included in our Alpha release in May 2019.
Visit the refreshed https://emanate.live for details.
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