🔸Nexbox token
Last updated
Last updated
We wanted to give our community of supporters something worthy to hold onto, so we have designed our NEXBOX token and everything around it in a mutually beneficial way: For everyone believing in us, as well as for Nexbox as a project, depending on a strong, stable community and user base.
This mindset has been factored into the utility surrounding our token, meaning the possibilities and options NEXBOX holders are given, and also into how we handle the distribution and vesting (time-lock) of the NEXBOX token.
What’s a token good for, if you can’t do anything with it? There are situations when this doesn’t apply, but mostly, this is a legitimate question. Following up, we will elaborate on what the NEXBOX token can do for you.
Expressing one’s faith in what Nexbox does through holding our NEXBOX token is the shortest route to direct benefit: For all Nexbox services & solutions that charge a fee, everyone holding 5.000 NEXBOX or above gets a significant discount, which gets even more significant when holding 50.000 NEXBOX or above!
Oftentimes, when taking part in a crypto project’s staking program, one is required to lock tokens inside a smart contract. We at Nexbox want to give our community the best possible service & experience, so we thought that through And came up with a model for staking rewards that’s both safer and easier to use than the previously established standard.
When locking tokens in a smart contract for any sort of bonus program, the worst case that can happen is getting both your tokens and your reward taken from you. Without that, the absolute worst case is getting no reward at all — Still not something desirable, and something that’ll never happen with Nexbox, but we prefer not forcing our users to trust us (or anyone else) more than they have to.
To operate as trustlessly as possible, Nexbox lets everyone with more than a certain amount of NEXBOX in their wallet automatically participate in our staking program. It’s as simple as that!
The share rate is used for calculating each user’s share among the entirety of NEXBOX tokens that are being given away as staking rewards and will be explained in detail further on.
Users holding 5,000 NEXBOX or above are assigned a base share rate of x1. Users holding 50,000 NEXBOX or above are assigned a base share rate of x2. Users with less than 5,000 NEXBOX do not participate in the staking reward program (base share rate = 0).
The staking period (from one payday to the next) is one month, during which the minimum of 5,000 NEXBOX / 50,000 NEXBOX needs to be held at all times. When a user’s balance drops below one of those threshold values, the share rate is adjusted/nullified for the current staking period. Previously accumulated rewards that have not yet been claimed do not expire.
Each 1st of the month, rewards are calculated and made available to participating users to be claimed directly (and only) through Nexbox.co
NEXBOX tokens that have been used for liquidity providing also count towards the staking program. When locking 5,000 NEXBOX tokens or more for liquidity, users get an appreciative reward of a +20% share rate.
Our long-term supporters will be rewarded with a bonus that even grows with time: Starting from the second consecutive month of staking up to the tenth consecutive month, long-term stakes get a growing bonus on their share rate. The bonus then stays constantly peaked at the highest level until staking ends, or one decides to leave the staking program.
• Month 2: +5% share rate
• Month 3: +10% share rate
• Month 4: +15% share rate
• Month 5: +20% share rate
• Month 6: +25% share rate
• Month 7: +30% share rate
• Month 8: +35% share rate
• Month 9: +40% share rate
• Month 10: +50% share rate
With our roots deep within the community, we at Nexbox see it as an absolute necessity to let our users & believers benefit from our success, as it is theirs just as much as it is ours. Therefore, 25% of all Nexbox income is reserved to be distributed among our community.
Anyone holding 5,000 NEXBOX or above automatically participates and is eligible to claim their share through our staking & payout dashboard. Payout shares go along with our staking model, meaning that the same conditions, multipliers, and bonuses apply.
Right when we started, it to us how the community has a very special place in our hearts and in the way we engineer our project – Keeping an attitude that’s generally open for suggestions and discussion is one thing, but there is nothing more directly democratic than getting our community involved through open, public voting on certain matters that set the course and direction of our project’s development.
We came up with a way that balances each user’s individual power behind a vote, and the actual amount of tokens that users have when voting. As with our staking program, users don’t have to lock tokens anywhere to participate in governance voting.
Governance voting is his through our website at nexbox.co, with anyone holding 1 NEXBOX or above at a certain point in time being eligible to vote. This certain point in time is arbitrarily chosen by the Nexbox team for each voting, meaning that a snapshot of the blockchain from one to a few days before the voting will be used to determine the list of eligible voters.
Subjects for voting and options to be chosen from are either proposed solely by the Nexbox team or as a joint effort between Nexbox and the community. Community members are always invited to reflect on what’s going on with our project and bring up new ideas and directions, which will then be discussed and can eventually lead to a governance vote being held.
Votings go on for a limited time (usually a few days), after which the results are evaluated and presented transparently. Each user gets a single vote that cannot be changed or withdrawn once cast.
Best of all: Nexbox Transactionless Governance is free to use and guarantees manipulation-free voting by using Ethereum signatures.
Aiming to provide a fair and democratic approach to the way the Nexbox community is involved in project-related decisions, the initial idea was to weight users’ votes 1:1 by tokens held, linearly. This would mean that the vote of someone 26 holding 10,000 NEXBOX would count like the votes of two people each holding 5,000 NEXBOX.
This seems reasonable at first, but when you realize that it would take 20 (!) individuals holding 5,000 NEXBOX each to realize a 50–50 voting result versus one single person holding 100,000 NEXBOX, it quickly becomes clear how this model would not honor the value of the individual, the human being that consciously decided to go with Nexbox and believe in what we’re doing.
To get as close as possible to that actual “power to each individual” fairness that our project stands for in everything we do, we successfully elaborated a different model, which best balances individual power and the significance of tokens held. Kindly have a look at the “Technical” chapter for further detail.
