We would like to thank all of the community members, advisors and strategic partners that provided feedback in pushing forward an upgrade in Zoracles Protocol. Our governance token Zora 2.0 is now more functional, robust and most importantly, upgradeable for future development.
Zoracles Protocol developers have been tirelessly working over the last several weeks to create and test features that will enhance the experience of Zora token holders.
The following changes have been made to Zora 2.0:
Token Supply — Zoracles was launched with 100 Zora and each token represented 1 vote on the community oversight committee. As the project evolved, the committee and several community members felt we could be more inclusive by expanding our base of Zora holders.
Zora 2.0 increases our supply to 10,000 tokens. Current holders have received 100:1 Zora based on their current position on November 27th, 2020 at 16:00 UTC.
Let’s take a look further at how tokens have been allocated.
Partners: These are strategic relationships and agreements between Zoracles Protocol and enterprises such as dApps, exchanges, marketing/PR firms & VCs. The following represents the current partners allocation of Zora 2.0:
VC: 1,000 Zora
Uniswap: 200 Zora
Marketing: 1,000 Zora
Future Partnerships: 1,300 Zora
Community: Early supporters helped kickstart Zoracles Protocol and many took leadership positions in building a social media presence and facilitating strategic partnerships. Advisors also shared their experience and made early contributions in conjunction with supporters and our oversight committee.
The following represents the current community allocation:
Early Supporters: 500 Zora
Leadership: 300 Zora
Oversight Committee: 1,500 Zora
Advisors: 700 Zora
Developers: The core of Zoracles Protocol has been product-centric development. The team has 7 developers that are working to build a robust framework for confidential data for smart contracts. We envision a tight integration between our development and partners for “Snarks as a Service.”
The following represents the current developers allocation of Zora 2.0:
Founding Team (3): 3,000 Zora
New Hires (4): 500 Zora
The Founding Team tokens will not circulate until a vesting schedule is built into the protocol. This will leave roughly 5,500 tokens in circulation at time of publication.
You can review Zora 2.0 token supply here: https://etherscan.io/token/0xd8e3fb3b08eba982f2754988d70d57edc0055e6
Governance — In the beginning of the project, Zora holders with 1 token received 1 vote for any decisions or proposals for the oversight committee. We are keeping to this foundation but also extending the total amount needed to make a proposal given the new token supply.
Here is a visual representation of how the Zoracles Protocol Governance intends to function and propose changes:
To create a proposal you will now need 100 Zora or 1% of the token supply. This foundation will facilitate steering of the protocol but also enable our “Snarks as a Service.”
When a request is made for a custom Zk-Snark, the community has 3 days to vote and 2 days of timelock before a proposal is implemented. To pass a proposal, 10% of the token holders need to approve and development can kickoff.
You can reivew Zora. 2.0 governance contract here: https://etherscan.io/address/0x51b52abb0876d784f8139cf571a8ea23ccc5c951#code
Timelocks — This feature is instrumental for queuing proposals before they are pushed into a production environment. Within this window of time, if a bug or flaw is discovered by a majority of approving token holders, the proposal can be cancelled (see “expired”).
You can review Zora 2.0 timelock contract here: https://etherscan.io/address/0x7c6e017007c0923c8d00147b3011df75eeb80e0b#code
Zoracles Protocol is constantly involving and this document is a starting point for the future development of Zora 2.0 governance token. Our future direction will be decided by vote but some considerations for on-going development are founding team vesting schedules, multi-sig wallets for outstanding tokens & creation of a DAO built into the protocol.
Hopefully this gives you a clear overview of Zoracles tokenomics and we would be happy to address any comments or concerns in the community links provided below.
-The Zoracles Team
About Zoracles
Zoracles partners with DeFi projects using zero-knowledge proofs to provide confidential data to smart contracts. Their end-to-end solution entails VRFs to provide additional security measures for their “Snarks as a Service.”
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