Upcoming Decentralization of EKOKE SNS

Governance SNS Project Governance
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Greetings IC fam, it’s the EKOKE team! We’re thrilled to announce our upcoming SNS DAO proposal!

EKOKE is ready to unveil its SNS DAO and will initiate decentralized real estate operations once key milestones are met. Below are vital aspects of our journey.

What is EKOKE?

EKOKE is an innovative tool that aims to innovate the real estate industry. Here are some key points about EKOKE token:

  1. Tokenization of Real Assets: Ekoke focuses on the tokenization of real assets, allowing digital representation of real estate properties. This enables tokenization, installment sales and self-financing in the real estate market.
  2. NFT Marketplace: Ekoke token also contributes to creating an Non-Fungible Token market dedicated to real estate. NFTs represent unique digital assets and can be linked to specific properties, providing a new way to trade and invest in real estate.
  3. Built on ICP Blockchain: Ekoke token is built on the Internet Computer blockchain, which ensures security, efficiency, and reliability for real estate transactions. The ICP blockchain offers velocity and robust document conservation.
  4. Finite Supply and Deflationary Mechanism:
  • Ekoke Token has a limited quantity of 8’880’101 pieces, designed to resist inflationary pressures.
  • It employs a deflationary economic model, leading to a decrease in circulating supply over time. This scarcity enhances its potential as a defense mechanism against inflation.
  • The token’s extended 99-year lifespan adds stability, serving as a long-term hedge against inflation trends.
  1. Autonomous Governance by DAO: As Ekoke Token evolves, it transitions into an autonomous phase managed by a Decentralized Autonomous Organization in Wyoming US state. This decentralized governance structure enhances transparency and resiliency.
  2. Rewards for Digital Property Holders: Ekoke Token serves as a rewarding instrument for holders of digital assets. Investors participating in the Ekoke ecosystem may benefit from its deflationary nature and potential value appreciation over time.
  3. Real Estate Compliance: The property description from EKOKE is based on official documents such as the title deed, cadastral survey, energy certificate, electrical system certificate, and other pertinent documents as required by local laws. It also includes geolocated and dated photos of the property and the identity documents of both the seller and buyer. EKOKE validates these documents for accuracy before they are included in a property-specific NFT collection, which provides a basic description for prospective buyers. Access to sensitive data is restricted to lenders only. Once the debtor and the seller fully settle their debts, the NFT representing the property is deleted.
  4. Network of Real Estate Agencies and Lawyers: The identities of both the buyer and seller are verified through local real estate agents and lawyers.

Dapp:

SNS YAML file:

whitepaper:

Technology Architecture

Tokenomics

Roadmap

Github

Proposed Token Distribution

Total Supply: 8 million EKOKE tokens

Initially distributed:

  • 24%: Reserved for the EKOKE DAO Treasury
  • 30%: Reserved for NFT rewards
  • 12%: Allocated for swap to decentralize governance and raise funds for the SNS.
  • 15%: Allocated to the EKOKE team and advisors with a dissolve delay of 6 months. These neurons will be vested quarterly over 48 months following the SNS Swap, distributed equally each quarter
  • 3%: Allocated to investors, vesting over 24 months.
  • 1%: Allocated to airdrop.
  • 3%: Allocated to LBP Pool.
  • 3%: Allocated to ERC20.

Ledger transaction fee: 0.00001 EKOKE token

Governance

Every participant involved in the decentralization swap, including the Neuron Fund, will be granted tokens distributed across 5 EKOKE neurons of identical value. Each neuron will possess dissolve delays staggered at 0, 3, 6, 9, and 12 months respectively.

The EKOKE team and its advisors will be allocated tokens through a bundle of 16 neurons, each with a dissolve delay of 6 months. These neurons will undergo quarterly vesting over 48 months post-SNS Swap, with equal proportions disbursed each quarter. No EKOKE tokens will be allocated to the team and advisors during the SNS Swap.

Private Sale investors will be provided with a set of 12 tokens in the form of equivalent neurons. These neurons will not have any dissolve delays and will unlock linearly from 0 to 11 months post the SNS swap, with equal proportions unlocked each month.

Transaction fees in EKOKE tokens that must be paid for ledger transfers 1.000 e8s
Number of EKOKE tokens that a rejected proposal costs the proposer 0.0128
Minimum number of EKOKE tokens that can be staked in a neuron 5
Maximum voting period for a proposal 4 days
Proportion of voting power needed for a proposal to be accepted 3%
Minimum neuron dissolve delay to vote 6 months
Maximum dissolve delay bonus 2x
Maximum age for age bonus 6 months
Maximum age bonus 1.25x
Percentage of total supply that will be generated annually for rewards 1.50%

SNS Swap

12% of the total supply of EKOKE tokens is proposed to be distributed via an SNS decentralization swap.

Swap participation parameters:

The total number of EKOKE tokens to be swapped 1’065’612 121
The maximum ICP to be raised 369’000
The maximum ICP of Neurons fund 369’000
Maximum ICP per participant 369’000
Minimum number of swap participants 36
The minimum ICP to be raised (otherwise swap fails and icp returned) 36
Minimum ICP per participant 1

For more details and the latest updates on EKOKE,

visit our EKOKEtoken.com,
and talk with us onOPENCHAT

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Please explain how you plan to achieve a deflationary mechanism for the token. In other parts of your posts (and in the SNS init file), you mention a positive voting reward rate, which appears to contradict the goal of making the token fully deflationary.

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Hi Bjoernek,

The deflationary mechanism of the Ekoke token is achieved through two main strategies: transaction fees and periodic token burns. Despite the positive voting reward rate, which incentivizes user participation, these deflationary measures effectively reduce the total token supply over time.

Transaction fees are applied to various activities within the ecosystem, and a portion of these fees is used to buy back and burn tokens. This continuous reduction of the circulating supply aims to counterbalance the issuance of new tokens through rewards and ensure a gradual decrease in total supply.

Additionally, Ekoke conducts regular token burns, which are events where a predetermined number of tokens are permanently removed from circulation. These burns are based on the platform’s revenue and usage, aligning the token supply with the ecosystem’s growth and value creation.

Together, these strategies are designed to maintain a balance between rewarding active participants and promoting long-term value by making the token more scarce over time.

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Ok, so you are essentially stating that there will be both inflationary mechanisms (voting rewards) and deflationary mechanisms (transaction fees that will be regularly burned). However, this implies that the system is not guaranteed—by the protocol itself—to be deflationary, and there is no assurance of a strictly limited token supply. I believe it’s important to make this clear to potential swap participants.

Additionally, I strongly recommend conducting a local test of your SNS set-up and initialization file. The current init file does not appear to be properly formatted, and some parameters seem to be missing. Testing will allow you to double-check and correct any issues.

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Thanks for the suggestion; we’ll run a local test to ensure all settings are complete.

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I would like to reiterate the point I made earlier in this thread regarding the tokenomics description, which I find misleading.

The amount of inflation or deflation is a key consideration for participants in a swap. Therefore, I believe it is particularly important to describe this aspect very clearly.

The EKOKE whitepaper and proposal state that the token has a finite total supply and is designed with deflationary tokenomics. However, in practice, the EKOKE setup does not implement this on a technical level; instead, it includes inflationary mechanisms similar to those in other SNSes. Although you mentioned a plan to burn tokens, including fees, on a regular basis , this action is not enforced by the protocol itself. Therefore, it is incorrect to claim that EKOKE has a finite total supply.

Side note: Having both inflationary and deflationary mechanisms as such is totally fine. However, my primary concern is that these should be clearly described, so that swap participants can make an informed decision.

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Hi EKOKE team,

There appears to be an issue with the SNS init file. It sets the minimum dissolve delay at 6 months, but the swap participants will receive a neuron basket with dissolve delays of 0, 1, 2, and 3 months.

As a result, at genesis, the dev team will have 100% of the voting power and thus fails to meet the goal of decentralizing the dapp from the start. You can verify the voting power distribution using the SNS tokenomics analyzer.

Many thanks to @peterparker for pointing this out.

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The app lists this note “This is just a demo of the marketplace. The marketplace is not live yet. You can view some mocked real estate properties, but you cannot buy them.” Can you please advise when you plan to launch? Is there anything blocking you from launching?

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The Ekoke DAO project is designed for long-term development, requiring governance initially managed by the founders. However, over time, token distribution will establish effective decentralization. Tokens are distributed in a “mining-like” process, where individuals who tokenize their homes receive token rewards as incentives.

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Currently, the marketplace serves as a demonstration of how home tokenization will function. We’ve begun reaching out to real estate agencies in the United States and Italy to introduce and promote this service and product to a broader audience.

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This approach does not align with the core principle of a decentralization swap, which aims to decentralize governance from the start :slight_smile: Maybe seed funding would be a good alternative.

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Hi everyone,

I wanted to let you know that DFINITY plans to reject the EKOKE SNS proposal for the reasons discussed above. In particular:

  1. The SNS is not decentralized at genesis, as the development team has 100% of the voting power. This contradicts our SNS voting guideline.
  2. The description of the SNS tokenomics appears to be incorrect. It states that the token supply is limited, whereas it actually includes both inflationary and deflationary mechanisms.

Please note that I have not conducted a detailed review of the project and its initialization file, so there may be additional issues that haven’t been identified yet.

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As personal advice, you might find more success after you launch, onboard users, and discover more product market fit.

Have you considered this option?

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Hi Bjoernek,

we understand the point and we have acknowledged our mistakes.

We’d like to know whether we can still try with a new proposal, but we’d like to hear from DFINITY whether it’s acceptable.

We want to have a ICRC2 token as a reward for those who buys our NFTs representing the installments to buy real estate, but we are sure that this token wouldn’t be compatible with the SNS token, since we need to distribute it only from our reward canister and this takes many years to happen.

Despite that, we still like the idea of making this project decentralized with the SNS, since we’d also like to have the possibility for the community to vote whether to accept real estate agencies submission in the EKOKE network.
So we’d like to know whether we could launch the SNS with the SNS token as the governance token, compatible with the distribution that the SNS expects, and have also the other ICRC2 token, launched by us at the creation of our DAPPs.

We’d like then in case, but we need to plan that, to reward with a certain supply of this token people who have joined the initial swap.

In case you think this solution would be good for an SNS, please let us know. We would also like to know whether there is the possibility to propose another SNS creation proposal and if so, if there is a certain time that must elapse between the rejected proposal and the new one.

Thanks for your time,
EKOKE Team

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Hi Jennifer,

at the beginning we weren’t considered the SNS, so we actually had considered what you mean. But we’d like to make the project decentralized, so we’ll still to go with that if possible after changes.

We both think the SNS gives much more visibility, which would otherwise harder to get, and we still consider the SNS to be the best option to give users the possibility to partecipate in the vote for submissions for our real-estate network.

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Hi EKOKE Team,

thank you for reaching out! For ensuring a successful re-submission, I would recommend to consider the following points

  • Make sure to meet all the criteria outlined in the SNS voting guidelines. These guidelines establish minimum standards regarding the amount of information and analysis necessary for the community to make informed decisions. They also set minimum standards for decentralization and security.
  • It is generally recommended that projects aiming to launch with SNS have a working product, demonstrated product-market fit, and some level of community traction.
  • If a project seeks contributions from the Neurons’ Fund, higher standards apply. This requires significant on-chain Open Internet Service functionality. Given that, according to the EKOKE roadmap, most functionality is still to be implemented, seeking a contribution from the Neurons’ Fund could be challenging.
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Do you have any identified properties you will fractionalize?

How do you deal with tenet laws, leases, utilities?

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Ok thanks for your reply.

Just a final question, is there any delay to wait before propose the SNS again? I mean we aren’t going to do that very soon, but still.

Thanks in advance

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Only one SNS proposal can be open at a time. Beyond this, I am not aware of any additional restrictions.

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Ekoke’s primary focus is on selling properties, not renting them.

We have identified specific categories for fractionalization: high-value homes, properties located outside major urban areas, residences occupied by seniors wishing to sell their ownership yet remain in their homes for up to 10 years, and properties appealing to investors who prefer not to pay the full capital upfront.

The Ekoke token functions as a utility token, facilitating fractional and installment sales. It is structured this way to comply with both national and international regulations, ensuring it does not qualify as an investment product.

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