GIGS Token Economy
Last updated
Last updated
The core goal of the GIGS platform is to activate the Green Act based on small actions of many individuals, thus creating actual contributions to carbon reduction. The GIGS App is responsible for realizing the carbon reduction effect of small actions by individuals, measuring them, and distributing rewards.
Individuals would form inflation of GIGS tokens through small but meaningful climate actions through GIGS App. 3rd Green Parties including institutions, companies, or civic organizations will conduct substantial and eco-friendly carbon reduction activities to receive support from the GIGS platform to conduct.
DAO (Governance/ Community) of GIGS is in charge of screening these 3rd Green Parties, and users or members of 3rd Green Parties can also participate in such actions. Green Commercials are companies that sell eco-friendly products and advertise their products on GIGS App, and in return, they will be responsible for deflation of the platform by buying back/burning GIGS tokens.
The link between 'individuals - companies - institutions' centered on GIGS will form a circular cycle for carbon reduction, bringing about a continuous carbon reduction effect.
The amount of carbon reduction accumulated through individuals’ smartphone power saving mode is measured in GIGS App, and then used to purchase an accumulated amount of carbon credits to support 3rd Green Parties. Carbon credits being purchased/burned and Green Parties being supported will be determined by the governance of GIGS. Users can earn rewards from decision-making for Green Act by participating in such DAO.
While this process is on the inflation side, the GIGS platform serves as a marketing channel for green commercials and has the effect of deflating the GIGS token. GIGS App will be used by users and “value consumers” who are interested in climate action, which naturally makes GIGS function as an efficient marketing platform for companies that produce green products (such as recycled plastic products).
Brands such as Allbirds and Patagonia are succeeding by appealing to the younger generation of value consumers through their eco-friendly image. In line with these actions, going green has become a global dominating trend. Not only large corporations but also many small and medium-sized companies are producing eco-friendly products.
The GIGS platform will be utilized as a marketing channel for these companies, and the platform's marketing revenue will be utilized for buyback/burning, making the process responsible for the deflationary aspect of the GIGS token.
c) 3rd Green Parties
3rd Green Parties are organizations that exert practical climate actions including carbon credit platforms and related organizations, climate action civil society organizations, etc., while receiving support of the platform based on the climate actions made by individual participants.
They can present their climate action in the form of a proposal to the governance of GIGS, and request GIGS DAO to review the proposal by presenting an introduction to eco-friendly projects with timeframe/budget, and expected effects. The 3rd Green Parties that have received support through GIGS will continuously share the progress of their business and projects with GIGS DAO, receiving reviews for continuation. These achievements will result in substantial and significant levels of carbon reductions.
d) GIGS DAO / Green Community
The GIGS DAO/Green Community will discuss and make decisions on operations of GIGS Platform while utilizing its financial resources. It is open to Green Commercials, 3rd Green Parties, and individuals participating in GIGS Platform. The main decisions include the following:
Green Commercials to advertise
Green Parties to support
The amount and continuation of support
These governance discussions will take place in the community. After a period of discussion in the community, the agenda will be listed as a proposal after a certain period of time. An Agenda will be discussed for at least 5 more days before it is put to a vote. Proposals that receive at least positive feedback will be submitted to on-chain voting for a final decision. Locked-up GIGS tokens are used for voting, and users can earn additional rewards in exchange for participating in governance and voting.
Stewards members, who effectively operate and enforce governance, include general users, Green Commercials, and 3rd Green Parties. They play a practical role in making the GIGS ecosystem work through regular activities, earning rewards correspondingly.
