A DAO is like a bank account controlled by multiple people, with multiple people as decision makers comes the control over what is shared within the DAO. Anyone user can launch a DAO with one photo(Your Pixel NFT token) and one utility token(Your Pixel Utility token) locked against a #hashtag.
#Hashtgs are DAOs
How does the DAO application work?
From the Home tap the folder icon or press the folder icon from the bottom nav bar.
By default we create a DAO against your username, this is where you can find all your minted images(NFTs). You can manage the DAOs you have admin rights to, or else browse through the DAOs your data is part of.
Here you can manage the liquidity of your DAO, check for current members, allow access to others to co-own your photos. Upload new photos to your DAOs.
Tap the add photo button at the bottom to pop-up the in app gallery. Select the photos with complete metadata.
DAOs manager allows you add liquidity, withdraw and the control to burn assets(photos) from your DAOs and from any DAO that your assets might be a part of.
In order to form the rules for the consensus algorithm, we must look at things at a larger-scale, try to include a vast amount of similarities and organize input data points. Image data in the format of JPEG is vastly used and accepted by image sensors. Indexing six such data points available in the metadata of JPEGs, we lay a universal rule to identify image data and its base worth, six metrics to validate image data as authentic to be recorded on the distributed ledger. Every computer in the network agrees only to allow image data with these six data points before moving to the second step in the consensus.
In order to automate the whole process of money in exchange for photographs, we ended up dividing the liquidity available into three tiers.
Pixels are stable coins, for every dollar you get 1 Pixels. Pixels are only way you can buy liquidity tokens for money. You bring your dollar and exchange it for Pixels through dollarswap.
Pixel Range(Pr) is a liquid token, fungible in nature, you use Pr
for every image related transaction. You can provide liquidity to pools of images and own share of the entire pool.
Pixel Token(Pt) is the very Non-Fungible token that Pixelate issues against each valid photograph. Pt changes its fungibility depending on what the consensus layer it is fed to
How does Pixelate issues Pixel tokens(Pt) a Not so Fungible Tokens against each unique photograph?
First understand the different types of fungible tokens,
there are :
What if a NFT is owned by multiple FTs in a pool, creating their own pool of liquidity. We added a lifecycle to how NFTs should behave, through these stages of maturity it goes from being fungible to non fungible to being fungible again. One word bonding curves, refer to technical paper for more. We issue one Pixel token(Pt) against each image uploaded. We rate images on the basis of how good the exposure data is, the ratings are given relative to the image swap pool it’s being pegged. // A photograph pegged under #sunset will not have similar exposure to that of #sunny. Pixelate lends this base price and the token is available in an open market, open market is the gateway for the token to gain enough value to match the average selling price in the image pool. Pt can gain consensus and be considered “sold” if, 1) it gains 100 like votes or 50 comment votes or 30 share votes or 1 save vote or 2) the total amount of Pr is greater or equal to the average price of any Pt in the given image swap pool. If the image has enough Pr after the weekly cycle the image is minted as a NFT. In the last cycle this token now provides liquidity to its nave pool(s), these Pt can be mined for its data and the liquidity providers can earn dividend until the author of the token decides to burn the token. Well our Pixel tokens are not so fungible.
Pixelate issued Pixel Tokens (Pt) unlock the capacity for an average person to take part in a global economy. Financial inclusion of all with a smartphone camera, according to Stasta, the current number of smartphone users in the world today is 3.8 billion, and this means 48.37% of the world’s populaon owns a smartphone. Our protocols provide unmatched security and privacy as compared to tradional social networking sites. Pt can also trade physical commodies, imagine a decentralized Amazon. The enre landscape of blockchain industry is seeking to discover a commercial applicaon for blockchain. With this ongoing growth in DeFi’s NFT marketplaces and art, we are at a vital juncture where we might discover another ICO like bubble to pop. These marketplaces do lack an abundance of regulaons, Copywrite is one of the eminent fundamental of an art aucon. What is open and what is commercial? How does one enty illustrate all the guidelines? How do we describe a legimate distributed protocol, if we need to carry on interfering the policy? We adopt an asset class and govern that asset. The asset’s universal acceptance makes it truly decentralized. Jpegs are proof-of-spaceme, we just establish that at one stage and it decentralizes rest.
Decentralised👥 – As in no one person owns, Autonomous📑 – As in the decisions made will be inclusive and collective, lastly Organisation🏢 – As in an entity which is formed by a group of individuals.
Decentralised Autonomous Organisation(DAOs)
Any individual🙎♀️ can form a DAOs and minister🧑⚖️ the rules, participation with DAOs in form of uploading an image or social interaction results in staking your autonomy🦸♂️.
Brands and businesses🏭 can form DAOs and can engage with customers, from selling the products to getting feedback, all can be managed under one #hashtag.
Decentralised Finance, in regular finance🏧 banks hold all our money in a pool and lends💷 to those who need, in the decentralised way the pool🏊 is owned by nobody, everyone knows how money is there in the pool. The pool of money fixed⌛ with math formulas🧩 to automated a reward mechanism⛓️ for the ones providing liquidity🔏 to the pool.
The rewards mechanism and rates is autonomously governed📐 by the ones providing funds. The most common usage of DeFi is to exchange💱 two currencies, two 🧊pools🧊 of liquidity are created and balanced.
One side people demand👍 images other side photographers demand🤑 currency, two pools of liquidity to form one🌊 decentralised pool.
Authentication is our first priority and our very foundation of the architecture. While handling user data and generating value out of it, it’s unethical to mine their data for capitalistic growth metric. Shoving advertisements on faces of users is understandable to carry the systems operations, but keeping the entire portion of the pie for self is evil.
Our open market structure allows users to earn dividends over their data, full control over whom the data is shared with.