We are introducing the Candao features overview, based on Whitepaper, which you can find at the official website candao.io. This significant portion of knowledge will help you better understand our revolutionary ecosystem.
The Social Space of Candao – A High-Level Overview
Let’s look at the functions featured by our platform from the user’s standpoint. On a high level, Candao is simple in using the social platform with many functions prepared for you. Transparent and entirely safe social media based on blockchain are the destination of digitalized future. Here you can find several of them.
The breakdown of Candao products
Now we will overview our products that Candao continues to make an effort to deliver and improve. In this section, you will find a short description of the product and the approximate release date to the market. Analyze the following table.
|Product category||Product name||Short summary||Approximate release date|
|Social space and interactions||Matchify||The central boards of Candao members are recommended by an AI engine that manages feeds, potential connections, and content.||Q3 2022|
|Social space and interactions||Metascan||The scanner of all activity performed by wallet addresses associated with Candao members, both cross-chain and intra-chain.||Q4 2022|
|Social space and interactions||Candao-chain||Unique chain (activity log) containing all on-chain wallet interactions performed by Candao ecosystem participants.||Q1 2023|
|Social space and interactions||Candao Messenger||Desktop, web-based, and mobile applications allow Candao members to chat, stream, and perform atomic swaps of fungible and non-fungible tokens||Q 2022|
|Launchpad, business activity, and e-commerce||CandaoPad||Progressive launchpad allows investors to join at any stage of IDO (the later you join, the higher the price), and allows investors to vote on the IDO budget’s gradual release based on KPI performance.||Q1 2022|
|Launchpad, business activity, and e-commerce||CandaoShop||An E-commerce platform that enables the purchase and sale of goods and services.||Q2 2023|
|Launchpad, business activity, and e-commerce||CandaoGroup||The Candao Engine allows members to create groups, guilds, or task forces (in other words, creating new, separated digital identities, similarly to how conventional legal entities do).||Q2 2022|
|Social tokens||NFT Digital ID||Every Candao account has a unique NFT that is upgraded based on the account owner’s level of authentication.||Q2 2022|
|Social tokens||Brand tokens||Brand liquidity pools are used to facilitate the trading of fungible tokens, which can be generated on-demand in any amount.||Q1 2022|
|Social tokens||Assets||NFT Items can be minted and distributed throughout the Candao network. They can be sealed with CDO tokens to ensure their bare minimum value is maintained (value can be unlocked by burning NFT).||Q2 2022|
|Social tokens||Activity tokens||On-chain transactions involving a Candao account are recorded using a special type of token – Activity. To begin, there will be tokens for Likes, Dislikes, and Subscriptions||Q3 2022|
Tokenomics and token economy
Remember, Candao is a decentralized social network (abbreviated “DSN”). It incorporates a significant amount of blockchain and decentralized finance (“DeFi”) technology. We would like to introduce our types of tokens to you. There are several different types of tokens used in Candao:
- Native token – CDO,
- Social fungible tokens: personal and brand tokens, activity tokens,
- Social non-fungible tokens: Candao Digital NFT-ID and NFT assets.
Here you can find technical details related to the CDO token.
In general, CDO token will be used as:
- “Fuel” for interacting with the Candao ecosystem. At times, microscoping interaction fees (i.e., “gas”) and a small CDO commission will be required to access or trigger certain Candoao ecosystem functions (e.g., forming a guild or minting new activity tokens). This way, Candao ensures a consistent revenue stream for buyback and making strategy while also ensuring the product is not attacked by bots or suffers from fake activity volume.
- Value-bearing asset. The CDO token will not be burned. Rather than that, all revenue streams from Candao will be used to execute a “buyback and make” strategy. In other words, all Candao revenues will be converted to CDOs and then redistributed to ecosystem participants in the form of staking, liquidity, or ecosystem rewards.
- Means of rewards distribution. CDO, along with a few of the protocol’s other internal tokens, is used as a network reward. Participants in the Candao ecosystem will be able to earn rewards by staking CDO tokens, which will act as additional liquidity on decentralized exchange pools. Additionally, users’ rewards will be proportional to their activity within the Candao network; in other words, the more users participate, the higher their rewards will be.
- Means for governance. Additionally, the CDO token is used for governance purposes. Each ecosystem participant with a sufficient number of tokens will be able to submit voting proposals for the continued development and improvement of Candao. Eligible CDO token holders will also be able to vote on whether or not to accept or reject submitted proposals. Participating actively in ecosystem governance results in increased rewards for stakeholders and liquidity providers.
- Treasury and reserves. A portion of the total supply of CDOs is being held in ecosystem treasury and reserves. They will be used to further develop Candao (via development grants, for example) and to bolster CDO’s market position (e.g. by extending liquidity on centralized exchanges, entering into strategic partnerships, etc.).
- Development fund. As previously stated, the development fund will be established using a part of the CDO’s treasury and reserves. The Candao team will use it to continue the project’s growth in accordance with the public roadmap. Additionally, it will be used to award grants for the implementation of community-submitted ideas and improvements that have been approved by the governance panel.
Technically, the CDO token will be minted as an ERC-20 token and gradually bridged to other chains (with BSC and Polygon being at the top of that list). CDO tokens will almost certainly appear on additional blockchains in the future, such as Terra or Solana.
To fully utilize Candao products, each user must have a predetermined amount of CDO on hand at Polygon. There will be three options to enter into possession of CDO tokens on Polygon:
- buy CDO tokens directly from Polygon-based DEX,
- buy CDO tokens on a centralized exchange and transfer them to Polygon wallet,
- use the Candao CDO bridge.
Below you can find a scheme of funneling CDO to interact with Candao platform.
To complete your knowledge of the CDO token, take a look at the two charts below. There, you can find the CDO circulation model and allocation and distribution schedule with is visualization on a diagram.
Candao social tokens
Candao social tokens have a wide range of usage. Through tokens and wallets, the social token concept converts social network interactions into blockchain-based transactions. This is used in the case of:
- non-custodial approach,
- community self-organization,
NFT ID is Candao’s primary and most significant social token. Members of the community are assigned a unique NFT (non-fungible token) upon their first login, containing attributes identifying their Candao profile.
NFT ID has four levels of authentication. Each of them gives you new possibilities assigned to your account.
NFT ID is designed to provide viewers with a visual and statistical summary of on-chain metrics, including (but not limited to) the following:
- portfolio and value of digital assets held,
- assets held, staked, locked in liquidity pools,
- list of transactions,
- average volume generated by the account during past [n] days/months/years,
- top [n] wallets interacting with NFT ID,
- on-chain creation date,
- the biggest single transaction,
- biggest/smallest/average historical value of assets held,
- visuals for the above metrics.
Let’s move to the topic of personal tokens (PT). Unlike NFT IDs, personal tokens are fungible assets, which means they are divisible and transferable in decimal amounts, in contrast to NFTs, which are separate, non-divisible objects (i.e., you can only transfer them as a “whole”, transferring “half of the NFT” is technically impossible).
Personal tokens are associated with NFT IDs; for each newly created Candao account, [n] Personal Tokens are generated. If an account is created as a result of a referral from another account, the recommending account receives an automatic 10% bonus on all PTs associated with the newly created account. PT can be listed on an open market and bought and sold by other Candao ecosystem participants at any time. Holders of PT tokens must convert available funds into a liquidity pool in order to do so. Please refer to the following tables to see how the prices of PT tokens change as their circulating supply decreases. In this case, we will analyze the Initial liquidity value of 1,000 CDO tokens.
- PT tokens can be bought and sold only by CDO ecosystem participants (wallet address entering into transaction must have Candao digital ID).
- The maximum amount of PT tokens that a single wallet can hold is – 1% for Standard NFT ID – 5% for Bronze NFT ID – 10% for Silver NFT ID – 15% for Gold NFT ID.
- Single purchase/sell transaction of PT tokens can involve no more than 5% of the total PT circulating supply.
PT tokens are bound by the NFT ID of their original NFT account. Candao uses that connection to read the current parameters of the originating NFT ID. Hence, the PT token name displayed in the Candao ecosystem is presented as the NFT ID account name.
Now it’s time to discuss the brand tokens. At first, we should check the differences between the PT and BT tokens:
Brand tokens can be subjected to additional customization; for example, owners can choose their icon, name, abbreviation, and even include links to external products in their metadata.
These customizations are saved in a separate “Brand NFT” stored on-chain, similarly to how PT token attributes are read from the NFT ID. Brand tokens can be connected with anything-products, social profiles, webpages, or campaigns, and are intended to be promotional, value-bearing, speculative assets.
Asset tokens and activity tokens
When you already have the complete information about personal and brand tokens, we will move to the topic of the asset tokens and activity tokens. Let’s start with asset tokens.
Assets tokens are NFTs that can be compared to “items” that can be minted in a specific quantity by Candao ecosystem participants. Members of the Candao social platform will gain access to asset forgery, allowing them to create and customize their own social assets. The following customizations will be included:
- assets quantity,
- the value of the single asset,
- asset graphic thumbnail,
- picture/Video/Sound connected with the asset,
- initial value locked inside the asset (in CDO tokens),
Once the above parameters are set, Candao will calculate the CDO cost of minting these assets (a small % CDO commission fee will be included). If the user accepts the cost and effectively approves the minting transaction, his newly created assets will become available on his Cando profile.
Now discuss the activity tokens. The last of the social tokens used by Candao are activity tokens. They are fungible tokens minted globally and distributed across every Candao account to track its social interactions with a social network.
Initially, there will be 3 types of activity tokens circulating in the Candao network:
- subscriptions (follows).
The total supply of each of these tokens will be set at 10 trillion, and each newly minted account will receive 100 000 tokens from each category.
Loyalty and activity appreciation
Candao appreciates members contributing to maximizing the tokens’ profitability by holding them long-term. The more CDO tokens you keep locked in staking vaults or CDO liquidity pools, and the longer you keep them there, the stronger your position among Candao community members becomes. Check the “Average Staking Score,” which is the average amount of CDO tokens staked or locked on a liquidity pool over the last 12 months.
Average staking score is used for developing account “level”, which in turn – is a key decisive factor on how many rewards a specific CDO holder is getting:
Stakes and liquidity providers will be able to choose between standard staking (in which staked assets can be withdrawn at any time) or lockups. Locking CDO tokens or LP tokens means they can’t be revoked until the lockup period is over. In return, the stake/LP provider locking in his funds gets an instant staking score that would have been generated after lockup time.
You can also check the appreciation model related to the products below.
We presented a lot of comprehensive information about our ecosystem. If you would like to learn more, check out our website candao.io where you will find our Pitch Deck and Whitepaper. If you want to learn more about how CDO tokens are embedded into products, Matchify, Candao Messenger, Candao Pad, Candao Shop, or Candao Groups, check out our Webinar available on you YouTube – https://www.youtube.com/c/Candao/videos.