Introducing NFX: The digitally programmable Governance token of The Effect Network
We have entered a new age where the systems that govern the world are becoming more and more digitised. From banking and government to manufacturing and business processes we can now clearly see that the future is digital. With the birth of decentralised system architecture and blockchain technology we now have unique ways to build and accelerate on the innovation of digitisation. As new technological advancements are added to the existing array of systems we are challenged to adapt and expand on what is possible to create. Today we have decentralized systems that can be designed using cryptographic tokens attached to a distributed ledger to validate and track historical truths. Effect.AI is committed to engineer new models and systems with these new technologies to help humanity tackle challenges that we have never been able to solve in the past.
Tokenomics aka Token engineering is fast becoming one of the most exciting parts of new ways to engineer systems and networks. We feel, token engineering is the next step in building a healthy inclusive technological governance around the Effect ecosystem. Attaching these token models to a DAC/DAO stack give the Network transparency and trust.
The team behind the Effect.AI project feels a great responsibility to push the boundaries of these new systems and drive as much innovation in to The Effect Network as possible. The addition of the NFX token into The Effect Network is another integral brick in the foundation of The Effect Network and decentralization.
What is the NFX Token?
The NFX token is an essential addition to The Effect Network. NFX can and will have several features and functions for the Effect.AI team and community to take advantage of. NFX represents the power to access the Effect DAC (Decentralized Autonomous Community) and give those members the ability to change the rules of The Effect Network. As The Effect Network scales and its overall economic and social activities grow so will the importance of participating in governing the Network.
Building on EOS allows us to create this flexible programmable token where you can continue to build in features and rules even after it has been deployed. All the features of this token will be introduced and governed by those who possess NFX and put them to work in The Effect Network.
As we drive toward increasing decentralization within this Network, it is important to add these systems and technologies into the Network early. Our core community are the ones who should have the loudest voice in the future and the introduction of NFX and how it is distributed gives them that power.
What is the difference between EFX and NFX?
How do I get NFX?
NFX is generated by a Proof of Stake algorithm. The Effect.AI development team has built the Effect Staking Protocol. With the ESP comes an easy to use app to allow token holders to stake their EFX to generate NFX and manage their Effect.AI accounts.
You can find an overview of the Effect Staking Protocol and how to stake your EFX HERE. Or read the Effect Staking Protocol technical whitepaper HERE
What features will NFX have?
In the coming months we will release the Decentralized Autonomous Community (DAC) tech stack and governance structure of The Effect Network. At this point the holders of NFX will be able to gain access to the DAC environment and be able to use the features of the NFX token. The first 3 features that are proposed are voting rights, proposal creation and the distribution of Effect Force Network fee rewards.
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