ABSTRACT
The Open Campus Foundation announced EDU Chain in April 2024. The EDU Chain Principal Node Sale was also announced earlier in May 2024, with the ultimate goal of enabling fraud proof detection and enabling decentralisation and participation in the $EDU token economy by the supporters of the project and the broader Open Campus community.
To realize Open Campus’ vision and establish EDU Chain’s position as the leading education-focused blockchain, it is imperative to invest sufficient resources to bootstrap and establish a vibrant ecosystem of network validators, developers, institutions, developers and other participants.
Following a survey of the market of the earmarked token reward of comparable node projects, we propose that 15% of the total $EDU supply be reserved for node reward distribution, in order to increase the competitiveness of the Principal Nodes.
MOTIVATION
EDU Chain will be core to Open Campus’ mission to establish a decentralized platform for its growing community of educational institutions, edtech companies and other partners to build decentralized applications. Most importantly, $EDU will be the native gas token for EDU Chain, it is anticipated that all on-chain activities will establish the chain as the primary value accrual mechanism for the $EDU token.
After having performed analysis of other recent checker node programs, we believe that the proposed supply to be allocated will help bolster the demand for Principal Nodes by offering competitive rewards to Node Operators. This will help set EDU Chain on solid footing going forward.
We therefore propose to earmark 15% of the total $EDU supply to be distributed as rewards to active operators of Principal Nodes.
ABOUT THE AUTHOR
Will Fan, the CEO and Head of School at NewCampus, one of Southeast Asia’s leading challenger business schools. Under Will’s leadership, NewCampus has reached over 130,000 managers and partnered with more than 500 prestigious brands.
As a core partner to Open Campus, Will was instrumental in establishing key initiatives from the ground up. His strategic role includes launching OC-X, an accelerator that supports over 50 companies in the future of work and education space, collectively serving 20 million learners.
Will also spearheaded the OC100 competition in collaboration with Forbes Web3, significantly boosting visibility and engagement with Open Campus.
Beyond his executive roles, Will is deeply committed to community engagement. He regularly explores new ideas and opportunities to enhance community benefits, focusing on building infrastructure to reward both loyal users and newcomers.
SPECIFICATION
- Quantum of rewards: 15% of the total token supply or 150,000,000 $EDU tokens
- Distribution timeline: The rewards will be distributed linearly to node operators over 3 years.
- Rewards Eligibility: Only active Principal Node Operators will be eligible to claim rewards if they have been selected to validate blocks. Principal Node Key Holders who have not been active node operators will not be able to claim rewards.
- Distribution Mechanism: Principal Node operators will have an equal chance to take turns validating blocks being sent to the EDU Chain sequencer.
RESOURCING
The token rewards allocation of 150,000,000 $EDU to be earmarked and released for ongoing reward payouts to the Principal Node operators.
RISKS & DRAWBACKS
The additional tokens released as node rewards will increase the circulating supply over the course of three years. Although the EDU Chain ecosystem and as a result, more token sinks will continue to emerge, it is critical that token emissions are carefully monitored.
GOALS FOR THIS PROPOSAL
The objective of this proposal is to authorize the allocation of 150,000,000 EDU tokens as token rewards to be emitted over the proposed distribution timeline to active Principal Node Operators, in return for their efforts to secure and decentralize EDU Chain.
Well done.