A primer for Interacting with the HatchDAO and the Token Engineering Commons.
Understanding xDAI
If you are new to the xDAI Chain, no worries! We have you covered.
What is the xDAI Chain?
The xDai Chain is a stable payments blockchain designed for fast and inexpensive stable transactions. xDai is used for transactions, payments and fees, and STAKE is used to support Proof-of-Stake consensus.
Why are we operating on the xDAI Chain?
The xDAI Chain is a stable and more cost effective network to operate a DAO. The gas costs associated with operating on Ethereum are too high for us to create, vote, and execute proposals associated with the Hatching process. The xDAI Chain provides us with fractional gas requirements, and enhanced token functionality that keeps the Hatching process affordable and pragmatic.
How do I connect to the xDAI Chain?
Within your web 3.0 wallet, you need to configure a custom RPC Network with the following information (if you have not already):
xDai tokens are transactional tokens on the xDai chain that are used to pay for the execution of smart contracts and other associated resource fees.
The xDAI token is a stable token (worth ~ 1 USD) created from locked DAI.
Where can I get DAI?
DAI can be purchased from almost any exchange. You will need to utilize your Web 3.0 wallet to acquire DAI from a decentralized exchange (DEX) such as Uniswap if you want to participate in the Hatch. Once you have DAI, you will be able to convert it into xDAI.
How do I convert DAI into xDAI?
You can acquire xDAI by converting DAI from the Ethereum Blockchain to xDAI on the xDAI Chain via the Token Bridge.
What is wxDAI?
Wrapped xDAI (wxDAI) is an xDAI token that has an ERC-20 wrapper that expands its functionality.
Why do I need to wrap xDAI?
Native blockchain coins like xDAI can be converted to wrapped ERC20 tokens that live on the same chain. This increases potential use cases for DEX applications, swaps, and DAO interactions. We will be using wxDAI to help improve the Hatching process.
How do I wrap my xDAI?
In order to co-vest funds during the hatch you will need to wrap your xDAI tokens via the xDAI Chain WrapEth Tool. This will convert your xDAI to wxDAI.
In the Hatch, are there multiple tokens? Which one do I get first?
Yes. There are potentially 5 different tokens that will be used during the Hatching process. Each of these tokens will play different roles within the Hatch DAO.
CSTK (Commons Stack Token)
TECH (Token Engineering Commons Hatch Token)
IHT (Impact Hours Token)
TEC (Token Engineering Commons Token)
HNY (1Hive Honey Token)
Are these tokens transferable?
Of the potentially 5 tokens you may use within the Hatching process, the CSTK, TECH, and IHT tokens are all non-transferrable. The TEC tokens will have a vesting period as defined by the parameters voted on by the Token Engineering community. TEC and HNY will both be transferable tokens after the Hatch is complete.
Understanding the Tokens Involved
What are CSTK tokens?
The Commons Stack (CSTK) tokens represent a non-transferable ātrust tokenā similar to a reputation token but with subtle differences. Issued by the Commons Stack Association, it represents the āskin in the gameā that trusted contributors have put towards accomplishing the Commons Stack mission.
What role do CSTK tokens have in the Hatch?
During the Hatch, CSTK tokens dictate the amount of funds any one individual can co-vest within the Hatch Raise. Along with this function, the CSTK token will represent voting power when deciding on the parameters of the Hatch DAO during the Pre-Hatch Phase.
How do I earn CSTK tokens?
When you become a member of the Trusted Seed and the Commons Stack Swiss Association you will be sent some CSTK tokens. Earning more CSTK tokens is dependent upon your participation in this Hatch and upcoming Hatches.
What are TECH tokens?
The Token Engineering Commons Hatch (TECH) tokens represent membership and voting rights within the Hatch DAO. These tokens will be used for initializing Commons parameters and voting to upgrade the HatchDAO into a Commons.
What role do TECH tokens have in the Hatch?
TECH tokens will be used for voting on parameters within the HatchDAO through the TokenLog application and the Dandelion Voting Dapp. After the Hatch is upgraded to a Commons, you will receive TEC tokens at a 1:1 ratio for your TECH tokens.
When do I acquire TECH tokens?
TECH tokens are minted after the pre-Hatch phase is over and the Hatch DAO has been implemented.
How much TECH will I receive?
The amount of TECH tokens you will receive is based upon your Hatch contribution (wxDAI) and the parameters set during the Pre-Hatch Phase. Additionally, TECH tokens will be minted after the Hatch Tribute for all IHT token holders as a reward for their contributions.
What are IHT tokens?
The Impact Hour (IHT) tokens represent the amount of Impact Hours provided by Token Engineering community members.
What role do IHT tokens have in the Hatch?
IHT tokens will be used for voting on parameters within the HatchDAO through the TokenLog application.
All IHT token holders will receive TECH tokens during the Hatching process as a reward for their contributions to the Token Engineering Community.
How are IHT tokens acquired?
IHT tokens can only be acquired by earning praise within the Token Engineering community. The amount of IHT tokens a member can receive, and what work is deserving of IHT tokens is explained here.
What are TEC tokens?
The Token Engineering Commons (TEC) token is the official token of the Token Engineering Commons.
What role do TEC tokens have in the Hatch?
The TEC Tokens will be sent to all holders of TECH tokens in a 1:1 exchange once the Hatch DAO has been upgraded to a Commons.
After the Hatch, the TEC tokens will be used for funding token engineering projects, and for conviction voting within the TEC Commons.
Why do I have to vest my TEC tokens after the Hatch?
This is up to the community to decide within the Post-Hatch DAO, and is designed to prevent unstable dumping of TEC into the newly created Augmented Bonding Curve. Once the vesting period is over, your TEC tokens will be returned to you.
Where can I purchase more TEC tokens after the Hatch?
You can purchase more TEC tokens directly from the Augmented Bonding Curve within the Commons DAO.
What are HNY tokens?
The 1Hive Honey (HNY) token is the official token of the 1Hive Community DAO.
What role do HNY tokens have in the Hatch?
The role of the HNY tokens will be for the 1Hive Celeste application which will be used in instances of proposal conflict.
What is Celeste?
Celeste is the Aragon Court built on the xDAI Chain. It will be utilized for dispute resolution.
Will I need to purchase HNY in order to participate in the Hatch?
No, HNY will not be required to participate in the Hatch. It will be required if you choose to challenge a proposal or decision within the Post-Hatch DAO.
Do you have to join the CSSA in order to buy tokens later?
No, the only purchasable token after the Hatch process is over will be the TEC token which can be purchased directly from the Augmented Bonding Curve, and the HNY token which can be purchased on HoneySwap. No membership is required to purchase either of these tokens after the Hatch is over.