Essentially, This is a bounty project for the Algorand greenhouse hack 2. We are Team Mayura. We have created a Social Token smart contract which can be helpful to creators to fundraise the money and provide perks to the users. This smart contract conforms to ARC20 standard and made additional events to stipulated functionalities on top of it.
ARC20 is a token standard in which every token in the network should be compliant to the stipulated rules and regulations set by the standard. So, Token often refers to asset or rights that are external to blockchain. The ARC20 standard defines the ABI interface of smart contract, the metadata and the functional implementation. As the token is retrieving from a smart contract, we call the this asset as "SMART ASA".
- An ARC20 is a smart ASA retrieved via Smart Contracts.
- Allows more functionality for the tokens such as Mutability and Transfer logic.
As we mentioned earlier that a token often refers to assets or rights that are external to blockchain. Similarly, A brand, community, or influencer can utilise "Social Tokens", a sort of cryptocurrency, to monetize themselves in ways other than the norm. Nowadays, a lot of influencers, famous people, and companies monetize their expertise or services through social media or other media channels. In the very laymen’s terms, Social token is something that would tokenize people rather things.
Mayura_Token is indeed a social token template built on top of ARC20 standard. The Token implementation entails the win-win strategy to both the creators as well as users. This lets prosperity among the community. Mayura_Token template lets the creators to design their desirable tokens that makes fans of the stipulated creator co-own a community.
- Get Community benifits
- Co-own benifits of the creator set by policy
- Could possibly co-own the part of creator’s incocome
This is pretty straightforward and strategic.
- Initially,unlike other crypto, the creator(Token creator) is the one who would peg to the created social token.
- The creator set specific policies and enforce certain properties to the users who hold his social token.
- The smart contract of the token should be compliant to regular ARC20 standard.
- With the policies set by the creator, he would possibly raise funds from the users who holds Token.
- As, this is a win-win strategy, the Token holders can use the token to get the benifits from creator to user.
- Users could trade, buy, sell the social token like as a regular crypto in the crypto exchange.
- Thus, users could have the economic incentives whenever the token price surges up.
- Thus, it could be a two way succeding business.