The Purpose of this Document
This document is specifically to explain the token mechanics for DREAM, and assumes the reader already has an understanding of the DREAM project, cryptocurrencies, and token sales. Our Token Economy article explains more about the token sale.
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AI Driven Projects
By introducing a native token we establish a community and network whose incentives are aligned with business goals. This encourages a wide adoption of the platform and a strong community.
DREAM Token is a utility token integrated across the entire DREAM ecosystem and used to simplify payments and create new rewards systems — made possible through blockchain and cryptocurrency.
Token Use Cases
The token economy enables new payment methods and uses gamification to grow the ecosystem and train AI models.
The DREAM payment token is used for client-to-freelancer payments and direct payments for premium services on DREAM. Micro-payments and low-cost per-task payments will be made possible through state-channels. Deeper granularity with payments gives DREAM insights to learn and improve.
- Hire teams and freelancers — Hire freelancers and curated teams (note that the UI in the links is not representative of the future DREAM product).
- Hire strategic advisors — Experts brought into projects throughout the project lifecycle.
- Buy fixed-price gigs — Pre-packaged deliverables, from development to writing a whitepaper.
- Premium client features — Unlimited projects and invitations, private projects, API access, advanced reporting, and deeper insights on teams.
- Enterprise services — Corporate customers require high-touch services (account managers, project managers, etc.).
- Premium talent services — Freelancers will be able to pay for premium listings and promotions, enhanced profiles.
- Identity and reference checks — Users can verify their background; from university records to HR checks.
- Partner services — Most services can be presented through gigs, however for bespoke integrations partners can integrate directly, for example; AI Talent Bots, legal services, job boards, and business social networks.
DREAM Rewards reward engaged users for on-boarding and growing the ecosystem, and for training the AI system.
Benefits of Rewards Token
Traditional credit systems lock users into platforms; where credits can only be redeemed on platform or to provide discounts. DREAM rewards is unique as secondary participants may also benefit for developing the ecosystem.
Users must participate in the development and growth of the ecosystem in order to earn rewards. There is more incentive to earn rewards as the tokens are liquid — they can be redeemed within DREAM, or traded on secondary markets.
It would not be possible to create an integrated reward system without launching our own token, or without holding significant funds in advance. It would also be impossible to build a predictable and scalable reward model.
There will always be a level of oversight to DREAM Rewards, which is essential to maintain quality. This will prevent gaming of the system, for example; a users digital identity (via a partner service) would need to be verified before reward tokens being issued.
Through extensive product testing the freelancer profile completion process is partly gamified on the DREAM marketplace, providing incentives for freelancers to complete their profiles and become listed on the DREAM marketplace.
To further incentivise and encourage freelancers to complete the on-boarding process, specific actions will result in token rewards.
- Profile completion — upload personal photo, complete profile, link external profiles, connecting with partner reputation systems (weighted based on broader success).
- Profile approved — following review and approval of a profile (meaning the freelancer has met quality standards).
- Hired — getting hired by a client (weighted based on number of hires).
- Payment released — upon completion of work (encouraging transactions to stay on platform).
- Positive feedback — per-task and at the end of a project.
- Client Progression
The more a client uses the platform, the greater the rewards.
- Project approved — following initial review and approval (one-off).
- Escrow funded — when a project is funded.
- Escrow released — when a freelancer is paid.
- Freelancer referral — weighted based on the freelancers broader reputation from partners.
- Client referral — once payment has been released by the client.
The AI customer interaction, task generation, and team building system leverages continuous customer feedback to optimise it’s decision making capabilities.
- Chatbot interactions — suggestions for improvements and feedback.
- Freelancers — quality of suggestions and performance during the project.
- Teams — team structures and resource allocations.
- Tasks — tasks and plans; before and during the project lifecycle.
- UI — product improvement.
- User Engagement Score
Users will be incentivised based on their level of engagement on the platform (this is already developed for the one-to-one model). For example, an active customer who is running a project with multiple hires and positive feedback, will score higher.
This score will reflect result in a multiplier of rewards. For example, we would consider that a very active user providing feedback that helps train and improve the AI should be rewarded more.
DREAM already has built the platform to enable thousands of companies to accept DREAM Tokens for their services through our marketplace.
DREAM has already built a strong ecosystem of blockchain partners, and sharing reputation data between platforms underpins that. For some services, directly integrating value-add paid services into DREAM brings more benefit to DREAM users and expands the utility of the token.
For example, when a team is looking to hire a full-time co-founder, customers will be able to pay for job postings on leading decentralised job matching platform. Customers will be able to connect with investors through partner integrations too. Partnerships yet to be announced (May 2018).
Summary of DREAM Token Benefits
- Provides a more secure cross-border payment mechanism, enabling low-fee escrow services and micro-payments.
- Enables gamification of marketplace elements to grow both freelancer and client engagement.
- Aligns incentives of all participants.
- Enables liquidity for rewards.
- Provides long-term strategic stability and commercial benefits.
- Fiat Currency
- A fair question is whether DREAM Token is the optimal payment solution when fiat currency is more broadly accepted.
Regulatory & Cost
KYC rules vary per country and region, different banking relationships are required for payments, and settlements (paying freelancers) require bespoke solutions. Card schemes (Visa, MasterCard, etc.) are setup to allow merchants to receive payments, not distribute them.
A client deposit bank account is required to separate client funds, and the financial operations must be locally regulated, e.g. as a payment remittence company by the FCA.
Acquiring banks require funds to be locked for up-to 90 days to reduce their risk (especially with a marketplace model), meaning a large float needs to be maintained by the business for liquidity, whilst making immediate payments to freelancers. This impact cash-flow.
When building the business case for using Bitcoin for payments on DREAM we modelled that the cost of an international transfer using PayPal resulted in a 10% loss to the freelancer. With transaction fees up to 3% and forex costs, fiat is an expensive solution.
Outsourced Fiat Payment Solutions
An alternative option is outsource payments to a service such as PayPal or Stripe Connect, however the provider owns the customer relationship and can dictate the business model. Changes in polices can result in loss of payment services, and disputes can cause big problems.
Stripe Connect can only support payment settlements in 25 countries, emphasising the complexity.
Our experience with the DREAM marketplace is that customers and freelancers are happy to use cryptocurrencies, however the on-platform and token purchasing experience must be excellent.
DREAM Exchange is an internal DREAM product that provides two essential functions:
Frictionless payments for clients — Even with DREAM Token listed on popular crypto exchanges, the on-boarding and token purchasing process must be easy.
Supporting buy side liquidity — The value and stability of the token is dependent on customers purchasing the token.
Building a frictionless user experience is essential to encourage widespread adoption and engagement in the DREAM platform.
By developing an optimized and simple checkout process with DREAM, we will ensure that organic traffic (i.e. direct clicks from Google) does not suffer from drop-offs during the on-ramp to cryptocurrency adoption.
The following illustration shows the DREAM checkout page for Bitcoin.
Using a credit or debit card, customers will be able to purchase DREAM Tokens to pay for services within the DREAM Ecosystem, which may be stored in an on-platform wallet (DREAM holds the private keys), or in the user’s personal wallet.
The crypto industry moves fast and new solutions hit the market every few months. If a partner develops a solution that integrates into our checkout process and provides a seamless method to purchase DREAM Tokens we could use this solution.
A possible way this could work is to link an account to an exchange, similar to how a PayPal account can be connected to a subscription SaaS service. Upon checkout on DREAM, we would draw funds via the pre-approved exchange account.
In the short-term, using a widget such as the 0x conversion tool will allow users to seamlessly convert between ETH and DREAM tokens directly on the checkout page.
2 — Self-Build
Alternatively we will work with our advisors and external experts to build an in-house solution. DREAM’s advisors have extensive experience in liquidity solutions for tokens and FinTech, with Enclaves DEX being founded by Adam Dossa, one of our technical advisors. DREAM CEO, Richard Foster built an FCA-regulated payment system for Visa/MasterCard.
Providing easy on-ramps for users who don’t already own crypto-currency remains an industry wide challenge whose solution DREAM intends to lead from the front.
Regulation & Incorporation DREAM is working with our legal team to adhere to the GFSC Distributed Ledger Technology Framework in Gibraltar. This gives maximum flexibility and long-term stability to the project.
Acquiring banks are more receptive of a company regulated and incorporated in one jurisdiction, and when the client issues the token (i.e. DREAM Token).
As detailed in the roadmap on our website, the goal for delivering DREAM Exchange is Q4 2019. The development of DREAM Exchange is also dependant on minimal funding levels being met.
Exchange Listings Listing DREAM tokens on exchanges is essential to provide liquidity. The team is working with multiple exchanges and have a legal opinion to underpin the fact that DREAM token is a utility token.
Disclaimers Certain statements in this article constitute ”forward looking statements” that are used on the beliefs of DREAM and reflect the company’s current expectations. Such statements reflect the views of DREAM at the time the statements are made with respect to future events based on information available at that time, and they are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in those forward-looking statements. DREAM assume no obligation to update or revise these statements to reflect current information, events or circumstances, including changes in any risks or uncertainties that may impact them
The purpose of this article is to provide prospective purchasers of DREAM tokens with information on DREAM project to allow these prospective purchasers to make their own decision as to whether or not it wishes to proceed to purchase DREAM tokens. This article is not intended to be an offer to sell, or a solicitation of any offer to buy, any security or other financial instrument. The offering of DREAM token has not been registered, qualified, or approved under any securities, futures, financial instruments, capital markets, or exchange control legislation, regulation, or ordinance of any jurisdiction.
The purchase of DREAM tokens is only possible after the prospective purchaser has read, understood and accepted the Terms for the DREAM token sale. Each prospective purchaser will be required to acknowledge that they have made an independent decision to purchase the DREAM tokens and that it is not relying, in any manner whatsoever, on the company, its board of directors, or any other person or entity (other than such purchaser’s own advisers).
The DREAM platform isn’t just another untested beta program on a white paper… It’s live and being used right now to hire blockchain professionals. The token sale will enable DREAM’s innovative team to take DREAM to the next level by integrating A.I. and incorporating our platform token.
- Click here to browse talent, or sign up and list your services.
- Click here to learn about our project and read our whitepaper.
- Click here to learn more about our DREAM Rewards Campaign.
- Telegram: https://t.me/dreamtoken
- Twitter: https://twitter.com/DREAM_Ecosystem
- Facebook: https://www.facebook.com/dream.token/
- LinkedIn: https://www.linkedin.com/company/dream-ac
- Google+: https://plus.google.com/+DREAMEcosystem
- YouTube: https://www.youtube.com/channel/UCISkXKQ7V2TSb71W-x1B6zA
- Reddit: https://www.reddit.com/r/DREAMToken/
- Bitcointalk: https://bitcointalk.org/index.php?topic=2956231
- Bitcoingarden: https://bitcoingarden.org/forum/index.php?topic=29226
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