Token Overview
Chirp Wireless’ goal to enable a global and decentralized wireless internet requires a permeable and large enough economy that can embrace new and evolving technologies while creating ongoing incentives to accelerate its growth.
The Chirp Token ($CHIRP) is the native protocol token and is designed to enable the mechanics to fulfill the above vision. New blocks on the blockchain determine token emissions. The price of $CHIRP token is derived through market forces, namely supply and demand.
The proposed tokenomics is planned to support its first growth stage, the IoT network, and its emission schedule is designed to promote a balanced economy.
Chirp’s vision encompasses future network expansions to other communication protocols and technological deployments, within the current deployment of rewards distribution. These expansions should result in added utility to the network, thus making Chirp’s ecosystem larger and more valuable.
$CHIRP Token Utility
$CHIRP has five main purposes:
Enables access to network usage, namely the ability to convert $CHIRP tokens into Access Badges;
Reward network participants for ensuring network coverage (through gateways);
Governance;
Investment and speculation;
Enables access to the wider Ecosystem.
$CHIRP Supply
$CHIRP has a supply of 300,000,000 (300 million) tokens. The tokens are minted through time. In order to cover liquidity necessities throughout the first year of operations, 10% of tokens will be pre-minted. New emissions start at 17% of the projected supply per annum, and are reduced every two years. Part of the logic is to factor in the cost decrease cycle of the gateways and its underlying technology.
Access to the Network
Access to the network will be granted through the purchase of different Access Badges, that grant different types of access: from monthly subscriptions for various devices to pay-per-data. Pricing will ensure competitiveness, to boost user adoption.
The pricing will be denominated in its fiat-value, and can be paid through different payment mechanisms, all resulting in the conversion of $CHIRP into its dollar value.
Payments are processed through a payments intermediary. With the growth and evolution of the network, other mechanisms can be established including those that enable decentralized payment processing.
Access Badges
Purchasing access to Chirp network will entitle its user to an on-chain badge (utility token) that will reside in the user’s Chirp wallet.
These Access Badges are non-transferable, meaning they are tied to a single user and contain metadata pertaining to the underlying amount of $CHIRP converted. This will add a layer of transparency as to the amount of $CHIRP that is taken out of circulation. This is to ensure that the entire community is aware of the revenue generated by the network, as this information will reside on-chain and therefore its access is permissionless. Secondly, it will also have utility, as they contain information to help profile its users for future benefits.
Last updated
