Token Curated Registries (TCRs) are a structural block of decentralized applications based on fungible tokens (FTs) and digital shortage.
They are growing fastly and becoming one of the hottest “Token Building Blocks” for decentralized blockchain appliances.
The container for TCRs is far-reaching, everything from a simple white list to full covered decentralized governance.
In this blog, we will discuss some design prototype for TCRs and potential scenarios.
We are not here to know the Schelling point parameters, nor have we have built these TCRs. This is for design thinking and scenario exploration to urge for innovation in the community.
Theoretically, a TCR is a registry of listings generated by token owners.
A stakeholder holds a portion of tokens to perform an action, i.e. adding, deleting a listing. Token owners can vote on whether to accept or refuse the action using their tokens.
A majority wins the vote and the action is acknowledged or rejected.
The new list is updated and should become more priceless given the improved listings and staked tokens are now out of the movement.
Perhaps it is a limited list of exclusive members who have admission to VIP services.
Token holders, acting in their individual self-interest will produce a precious list by obtaining and staking a number of token supplies.
The more listings bet, the scarcer the tokens; the more important the list, the more valuable the tokens.
Here are some major blockchain startups that are using TCR in their organization to grow and become more powerful. The list is given below:-
MetaX is trying to create an Ethereum-based blockchain called adChain which allows advertisers to find dependable publishers and provides parties with a platform for tracking advertising impressions.
In their paper, the company claims that their scheme is more transparent than existing ad networks and better at preventing deception.
The first code of behavior under development for adChain is a TCR which shows a list of trustworthy, non-fraudulent publishers for advertisers to place their advertisement.
The superiority of the registry won’t be verified by MetaX in any way; instead, it will be handled by the publishers themselves following the conventions of a TCR. The token used by Ethereum-based blockchain is Adtoken (ADT).
A token sale took place in July of 2017, which raised $11.5 million USD. 1,000,000,000 ADT were issued. The adChain network is listed to be live on the Ethereum mainnet in May 2018.
District0x permit the creation of decentralized marketplaces and society applications, which they call districts.
District0x runs on the network called as Aragon and IPFS. The Ethlance was the first district launched, a freelance online job board focusing on Ethereum, in early 2016.
Since then, they have created another district called Name Bazaar, which allows anyone to buy domain names on the Ethereum Name Service.
They are planning for another district called the Memefactory, which will allow users to “generate and trade provably rare digital assets on the Ethereum blockchain.”
District0x incorporates TCRs in the form of the District list, which according to the white paper, is “decentrally preserved district whitelist, storing the testimonial of districts which have been granted right to use to the district0x Network.” When a district is taking apart of the District Registry, it shows that the district has been accredited by token holders as a non-malicious and costly addition to the district0x Network.
District0X held a token sale in the winter of 2017 for their District0x Network Tokens (DNT) which raised $10 million USD. 1,000,000,000 district0x Network Tokens were issued, with 65% going to participants in the first round of the token sale, 25% going to founders, 1.5% going to advisors, 0.5% going to early contributors and the remaining 8% in reserve.
Messari is a new business enterprise from crypto entrepreneur Ryan Selkis also known as TwoBitIdiot which intends to produce an industry list of reputable crypto projects.
Due to its global nature, government directive of the crypto space is currently patchwork and under the influence of various countries, districts and states.
In a lengthy blog post, Ryan noted that CFTC (Commodity Futures Trading Commission) member Brian recently called for the industry to mull over forming a self-regulatory organization. Since crypto projects are unsurprisingly decentralized and thus self-governing, Ryan sees the opportunity for organizing this group as a token curated registry.
As with other TCRs, a list would be created having high-quality, rightful crypto projects.
These original members of the TCR would then manage who could join by the voting system outlined above.
If unbeaten, Ryan sees Messari as a way for the crypto industry to regulate itself and minimize the number of regulations imposed by governments on the crypto industry.
The project was just proclaimed at the beginning of April, so the project is still in its embryonic phase and there have been no plans for an ICO revealed or any further financial details.
Ocean Protocol is a planned decentralized platform to allow for marketplaces of the kind of big data used for artificial intelligence systems.
With Ocean, consumers and providers will be able to buy and sell data that could be used in autonomous vehicles, medical research or other applications which require hefty amounts of data.
The TCR portion of the plan manages entrance to the Ocean network for parties such as data and network service providers.
The method is similar to other TCRs, with one difference, according to the white paper. In the Ocean Protocol, there is something called risk-taking, where prospective members can have current members vouch for them.
Under this set of connections, a current member puts their token deposit at possibility on behalf of the new member.
In return, the present member gets a split of a little of the token pay packet from the new member. All the additional mechanisms of the TCR work basically the same as other systems like adChain.
The Ocean Protocol Foundation is based in Singapore. A company called BigchainDB will build up the protocol and system for Ocean Protocol.
One more company called DEX is building the marketplace framework. The ICO date is 7th March. Total delivering of Ocean Tokens will be 1.23 billion. The public Pre-Launch target raise is €3M / $19M for 3.6% of the token supply. The distribution will be 65% keepers, 25% acquirers, 20% founders, 17% to the Foundation.
At their early launch, they will create a TCR which will be a list of dermatologists that consumers can contact directly for medical services.
According to the white paper, 134 million MedCredits (MEDX) will be issued in an ICO planned for March or April of 2018. 70% will be obtainable for token sale participants, 20% percent will go to the MedCredits team and 10% will be held in escrow for partnerships and incentivizing physicians.
They are currently accommodating registrations for the pre-sale, which is not open to U.S. contributions.
The use of token-curated registries has caught on since its early conceptualization.
While the idea has yet to be tested at large scale over time, many crypto entrepreneurs think the idea has value.
And with the launch of many new crypto networks in 2018 that are incorporating TCRs, investors will soon have a superior idea of their utility.
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