RoleCoin ICO details
Start Date: 2018-6-15
End date: 2018-12-31
RoleCoin – Proof-of-progress for education.
RoleCoin: A digital currency that tracks, measures and rewards the skill and career development progress of its recipient.
STEAMRole helps the workforce of the future discover whom they can become and how to get there.
RoleCoin and its accompanying blockchain dashboard provide proof-of-progress to education, career, and economic development focused organizations, impact investors and foundations.
RoleCoin is the digital currency that fuels and incentivises an ecosystem of steamers, role models, the companies that recruit them, and the organizations that develop them.
Simply, RoleCoin is the currency of the STEAMRole network. All transactions require RoleCoin and all rewards are paid in it. The coin will serve an important function in incentivizing the actors in the network to help grow it further. Whenever a contribution is made on the platform, the contributor is awarded in Rolecoins.
Rolecoin’s Proof-of-Progress (PoP) protocol will leverage Stellar Lumens Blockchain technology. Stellar was designed from the ground up to support efﬁcient trading. Using Stellar’s blockchain, any RoleCoin can be bought and sold immediately on Stellar’s decentralized exchange by means of Stellar’s native offer mechanism. Holders of Rolecoin will not have to rely on a third party exchange to list or make a market for them. STEAMRole will embed Stellar’s exchange into its Proof-of-Progress dashboard for easy access. A Rolecoin wallet will also exist within each user account on STEAMRole’s network.
Traditionally, tokens have been issued on the Ethereum network. However, Ethereum is not always the ideal choice for ICOs. Recent expansion of application on the network has led to slowing transaction times and increasing transaction fees. Additionally, Ethereum’s Turing complete smart contracts are unnecessary for some tokens, including RoleCoin.
Stellar token’s smart contract capabilities, including multi-signature authorizations, generate dividends, limit who can hold tokens, and will fully satisfy the requirements of RoleCoin. Transactions using Stellar are near-instant, with the median transaction speed being 5 seconds. Just as importantly, fees on the Stellar network are currently less than a penny.
While Stellar is less expressive than Ethereum, the simplicity of its transaction model creates fewer pitfalls and hence can improve the security of applications that do not require the full generality of Turing-complete smart contracts.
Simply put, Stellar’s model of atomic multi-operation transactions leads to more auditable code, limits uncertainty, and decreases the risk of harm from any actors who may seek to exploit program vulnerabilities. Moreover, Stellar offers issuers the ability to freeze tokens in the event there is misuse.
Users of the platform can earn or mint Rolecoins (ROLEs) by partaking in activities that enhance themselves and/or the platform. There are both commonalities and differences based on the type of STEAMRole member the user is.
The different ways to mint are as follows:
- Every time a member invites someone to join the STEAMRole Platform they are rewarded 5 ROLE
- When a new member joins the platform they are rewarded 10 ROLE
- Can mint additional coins every time a Roadmap skill is completed and validated. Each validated skill earns the STEAMer 5 ROLE
- Can mint additional coins by following at least 10 STEAMRole Models. Upon successfully following their ﬁrst 10 role models, the STEAMer will earn 10 ROLE
- Every time a role model provides additional resources, like inspirational (story clip) videos, they earn 5 ROLЕ
- Popular role models can also earn Rolecoins by producing webinars that STEAMers pay to access, via a set number of ROLE
The allocation of the tokens used to incentivize the growth of the network will follow a proof-of-progress (PoP) protocol as explained in the previous section. As the network grows, and more Rolecoins are mined, the number of Rolecoins awarded will be automatically reduced.
RoleCoin’s blockchain will automatically do a weekly difﬁculty adjustment to keep the number of newly mined Rolecoins that are awarded following proof-of-progress consistent with its value at the time of ICO. Should the value of RoleCoin increase over time, the number of awarded Rolecoins decrease. Conversely, should the value of RoleCoin decrease, the number of awarded
Rolecons will increase as per the following formula: Rn = Ro(Po/Pn)
The RoleCoin blockchain, once fully mined, will consist of 1 Billion RoleCoin.
- 35% (350,000 mil.) of the tokens (i.e., Rolecoins) will be allocated through ICO and pre-ICO sales.
- 30% (300,000 mil.) of tokens are mined through the Proof-of-Progress protocol. They act as rewards to anyone participating in the network.
- 20% (200,000 mil.) will be distributed to founders and shareholders who provided funding to STEAMRole prior to the RoleCoin ICO.
- 15% (150,000 mil.) will be held in reserve by the company for future employees, advisors and contributors to the RoleCoin ecosystem.
Use Of Proceeds
- Tech Development — Engineering Team, Server costs, etc
- Sales – Sales team and resources for signing of corporate partners and onboarding educational merchants