Kirobo’s model relies on the community as the key driver and enabler of its decentralized network’s operation
Kirobo, a decentralized application developer creating a safer infrastructure for Web3, unveils the tokenomics model powering its ecosystem of blockchain services. The model outlines the crucial role that KIRO holders will play in the network enabling its array of secure Web3 services by working as activators for conditional transactions. It also outlines the perks and benefits that holders of KIRO, Kirobo’s native token, will enjoy in its decentralized applications (dApps).
Kirobo’s services rely on the company’s unique conditional transaction technology, which allows users to create transactions that will only be executed in a specific scenario. The conditions can include a specific time and date, a target token price, or the presence of a specific NFT in the target wallet, as well as other variables. The technology is at the core of the backup function of Kirobo’s Liquid Vault, a secure non-custodial on-chain wallet with DeFi access and NFT support. The backup function transfers ownership of the Vault to another wallet, designated by the user, if they do not access their Vault for a set period of time, as a ward against private key loss. Conditional transactions will also power the upcoming inheritance function of the Liquid Vault, spreading its assets between designated heir wallets upon activation.
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The KIRO token, launched in November 2020 and capped at 2.2 billion maximum supply, works as the financial engine of Kirobo’s ecosystem. Besides its use for payments within it, the token is also used to incentivise the activators in Kirobo’s network, the users who trigger the conditional transactions on others’ behalf. Since any smart contracts lack the ability to automatically validate that a certain condition was met without a third party, activators take care of that, executing the pseudonymous transactions under specific terms to get a compensation in KIRO that a user deposits when creating a conditional transaction. Activators must also hold some KIRO to take part in the process. Going live in Q2 2022, this model will enable Kirobo’s network to function as a highly-decentralized and community-powered system where users take the lead.
In Q4 this year, the company will be expanding its tokenomics model to establish an exclusive activator community within its larger user base. While in the first stage, any user holding any amount of KIRO can work as an activator, in the next one, this offering will be limited only to those holding large amounts of the token. In another shift, the users creating a conditional transaction to use the backup or inheritance function will need to pay a network fee along with the activator deposit.
In the more immediate terms, the company introduces a tiered access policy for its Safe Transfer dApp that allows users to send assets to another wallet through a password-protected transfer with an “Undo” button. KIRO holders will receive perks and benefits in the dApp, broken down into four tiers to cover the needs of both retail and institutional users. The tiers are as follows:
- Users holding 0 KIRO in their wallet or Liquid Vault can do up to two Safe Transfers per month and access up to five of the latest transactions on their record.
- Users holding at least 3,500 KIRO can do up to 10 Safe Transfers per month, using Kirobo’s password generator, and access up to 20 transactions on their history.
- Users holding at least 6,500 KIRO can do up to 25 transfers per month, using the password generator, look up the last 80 transactions on their record, and get their own Address Book.
- Users holding at least 10,000 KIRO get up to 40 transfers, with a higher cap possible on a case-by-case basis. They can check up to 160 transactions on their history, use the password generator and address book, and export their transaction record as a .csv spreadsheet.
“Web3 must be decentralized and community-driven, which requires a healthy incentivization mechanism,” says Asaf Naim, CEO of Kirobo. “KIRO, our native token, brings just that to our own ecosystem, powering apps that make crypto and DeFi safer and more user-friendly. Crypto is the future and we want to help beginners take the first steps in getting there.”
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