Proposal

Research, design, model and simulate a utility token ($TECKY) by applying Token Engineering (TE) techniques to promote value creation in the TE ecosystem.

Premise

The research starts with the fundamental proposition that there is a lot of underlying value in the TE ecosystem (TEC & TEA) in the form of knowledge, skills, expertise etc. Can we design a token ecosystem to capture and further catalyse flow of value?

The principal objective of the utility token's design is to capture value generated by applying the TE knowledge & expertise within and outside the TE Ecosystem.

Design Considerations:

This study will be performed with the following design considerations in mind.

Build on the existing $TEC token, which is already listed, to support the $TECKY token. $TECKY will not be listed on any exchanges and will only circulate within the ecosystem. $TECKY will be exchangeable for the existing $TEC with suitable conditions to curb debilitating speculation. It will be a means to drive the demand for $TEC token.

Dynamic supply: The quantum of $TECKY will be dynamic and based on the volume of transactions so that $TECKY itself does not appreciate in value. During periods of excess transactions, additional $TECKY will be issued, and during deflationary times of excess, the excess liquidity will be taxed out.

Soul Bound Tokens: We will consider using Soul Bound Tokens (SBTs) as part of the design. SBTs will not be purchased but will be issued to all eligible participants. Suitable assumptions will be made regarding SBTs as deemed fit during the study.

Reduced Configuration space: We will make reasonable assumptions to reduce the scope of work to fit constraints of this study. However, the reduced configuration space shall still be representative of the larger scope.

Research Direction:

As a purposeful token, $TECKY should not only facilitate flow of value but also incentivise value retention within the ecosystem by utilising the services and resources available within the ecosystem.

The focus areas which will be further developed during the study are as outlined below:

Rewarding Contributors: Contributors in any form could be rewarded with $TECKY based on group policies.

Support New Ideas: Assess & evaluate project ideas emanating from members including study groups. Fund shortlisted projects in $TECKY to support development of the project in lieu of equity/project tokens. The $TECKY received by the project to be utilised for services within the ecosystem.

Develop mechanism to capture perceived value creation potential of the supported projects in $TEC. Therefore, good projects will generate good value, which will be reflected in the price of $TEC.

Education: Investigate how $TECKY can be used to incentivise TE students & facilitate higher participation in the TE Academy ecosystem.

Access: $TECKY tokens to enable access to the ecosystem resources. For example, consultation with a expert or a case study etc

Attack Vectors: The study will also identify possible attack vectors and incorporate suitable mitigation measures.

$TECKY: $TEC relationship: Understand how introduction of $TECKY will impact $TEC with respect to the external markets.

Research Outcome:

The research will follow the TE principles and techniques for designing $TECKY. We plan to produce the following at the end of this exercise:

1. Visual Map capturing value flows between stakeholders
2. Machinations Model. If time permits, we will also look to develop a cadCAD model.
3. Simulations to showcase feasibility of the design
4. Recommended steps to be followed for implementation

Conclusion:

This will be a TE exercise to evaluate use of utility token to capture & grow the inherent and latent value in the TE ecosystem onto the existing $TEC token. If validated, a Proof of Concept can be designed and implemented.

Note that scope of this study has been limited to internal usage within the TEC/TEA ecosystem. However, there is a potential for such a system to grow into a much bigger scope involving external projects catalysing growth of Token Engineering with TEC at its centre.

To conclude, this is an exploratory study that will aim to establish the feasibility (or infeasibility) of using a utility token to aid in growth of the Token Engineering ecosystem and Token Engineering as an applied discipline.

Project Duration

We expect this study to be performed over a period of 02 months.

Funding Requested

We are requesting $6000 for this study. This value is much lower than what would be typically charged for such an exercise.

Team

Rohan Sundar

Token Engineering Lead - Fyde Treasury

Rohan has studied Applied Mathematics and Statistics from SUNY Stony Brook, represented the United States at the 2012 International Supercomputing Competition in Hamburg, Germany where he worked specifically on network design. Previous work includes health tech and energy tech, as well as building border surveillance systems for the defense department with custom machine learning models. In the web3 space, he has had experience creating custom market making bots for high frequency trading, has worked on a handful of smaller NFT projects (e.g. MintingPress), and is one of the members and was a local host educators for Token Engineering Academy. He is also a contributor to TokenSPICE - an EVM agent-based token simulator. Github | Twitter

Pravar Joshi

Token Engineer & ex-Founder in Cleantech with 12 years of experience in different domains. Alum of Entrepreneur First deep tech accelerator program. Graduate of IIT Bombay Twitter | LinkedIn

Jose Antony

Token Engineer | Financial Engineer | X-prize finalist

Jose brings with him several decades of experience in entrepreneurship and management. Twitter | LinkedIn

Keshav Chakravarthy

I'm a full stack developer with extensive experience integrating payments into ecommerce platforms like Shopify. Using Kafka message queues, I've implemented real-time notification systems for WhatsApp and email, ensuring timely delivery. I recently participated in the Encode Club Solidity Bootcamp in Q1 2023, which provided me with hands-on experience in developing smart contracts using Solidity. My graduation DeFi project involved creating a contract that leveraged Aave flash loans to generate profits. My current tech stack includes Elixir/Phoenix, and I have prior experience in Ruby on Rails. I approach challenges in a language-agnostic way, prioritizing functionality and efficiency to create adaptable solutions.

Github | LinkedIn