About the Metacolony
Colonies come in many shapes and sizes, but at their most ambitious, will manifest something fundamentally new in the world: internet native organizations enabling people to collaborate and manage shared funds without needing to trust one another.
The Colony Network is designed as a
self-sustaining public utility: a digital commons available
to all, in which permission isn't needed and censorship not
possible. We think of it as infrastructure for next gen firms.
Nevertheless, infrastructure requires upkeep. Ongoing management and development will be needed to support the growth of a thriving ecosystem. The Metacolony is the colony responsible for that important work. Every colony needs the Metacolony, anyone may contribute, and it will be opening for business real soon.
The Metacolony will launch under the aegis of Colony Foundation Ltd., which will gradually cede control to the Metacolony's members.
Since Colony isn't a private company, the network fee won't go to one either. Fees go to the Metacolony to sustain ongoing development, security, and Colony's ecosystem incentive mechanism: BudgetBox.
The Colony Network levies a 2.77% fee on all Payments from each colony.
Fees paid in ETH or DAI go to the Metacolony to sustain ongoing development, security, and Colony's ecosystem incentive mechanism: BudgetBox.
Fees paid in other ERC20 tokens go to auctions. There, token buyers can purchase ERC20 tokens using Colony's Native Token, CLNY. The CLNY is then burned.
is the native token of the Metacolony and is required for:
Some types of activity in a colony require an amount of its native token, CLNY, to be ‘staked’ as a surety. Successfully performing the activity earns the staker CLNY and Reputation.
Reputation is earned by doing work, but
(as in life) decays over time. These network-wide
Reputation updates are calculated off-chain by
'Reputation Miners' who stake CLNY to compete to perform
them to earn CLNY and Reputation.
Wanna see how deep this rabbit hole goes?
The Colony Network levies a 2.77% fee on all Payments and Rewards payouts. Fees denominated in ETH or DAI are revenue, and are split between the Metacolony's working capital pot and its Rewards pot. Accounts holding both CLNY and Reputation in the Metacolony may claim a proportional share of its Rewards pot.
Fees denominated in any other Token are auctioned for CLNY, which is burned.
Colony is built by a distributed team of passionate nerds putting in blood, sweat, and pull requests all around the world. We're always open to welcoming kickass contributors.