- is this designed in a way that is extensible?
- we're going to need some TOS...
- the value of a gimbal is in the participation & contribution it helps to facilitate
- no ICO / protect the value of a gimbal from speculation
The gimbal token is pegged to ADA in the Gimbalabs Treasury. For the sake of this idea, let's suppose that 1 ADA = 10 gimbals. By pegging the value of a gimbal to ADA, we can disincentivize speculation in the token so that it maintains a predictable value.
Any holder of gimbals has the right to redeem their gimbals for ADA any time. The cost of the exchange is simply the transaction fee on Cardano network.
Gimbals are earned through participation and contribution to projects. See Scenarios below for examples.
ADA can be added to the treasury and exchanged for gimbals by anyone who wants to pay individuals or teams for work on projects.
Gimbalabs community members can get gimbals at a privileged rate, only paying network fees when they want to buy in. Assuming a tx fee of .17 ADA, this would mean that a community member can get 998.3 gimbals for 100 ADA.
Organizations outside of Gimbalabs can contract a flexible team by buying in at lower rate that creates revenue for Gimbalabs. For example, a company can hire Gimbalabs paying 1000 ADA and getting 9000 gimbals, yielding "revenue" of 100 ADA or 1000 gimbals in the treasury. The precise rate is a parameter that can be adjusted over time, and could even change based on demand for services. We could also set rates for anyone who wants to avoid the ADA step on onboard directly from fiat, or have different rates depending on the extent to which we're managing task delegation within a project.
Any holder of gimbals can exchange their gimbals for ADA any time, and there's good reason to do that: people need a paycheck for the work they do. So what's the incentive to hold gimbals?
One simple answer is that gimbals will have value because they ease the friction of paying others for tasks that need doing. Community members will be able to get quick help when needed from within the community, and we may eventually find ways to tie gimbal ownership to roles within the community (although this will be a work in progress for now).
There is also a financial incentive to holding gimbals. The Gimbalabs treasury will generate income, and those profits will be distributed proportionally, at regularly defined intervals, among gimbal holders. One example of treasury income is in the form of staking rewards, babel fees, and any other revenue from the Gimbal Stake Pool. In addition, part of the revenue generated when outside orgs pay for work (see above) will be designated as shared income for gimbal holders.
Immediately, we can use the Gimbalabs treasury to compensate contributors to tasks within the Gimbalabs community. Experiment #1 can serve as an initial example of this. We can pay developers who contribute to the playground, or even post tasks for hire to a place like http://gimbalabs.com/projects
As we onboard and train devs, we can pay for tasks that allow people to put their newly aquired skills to work.
Community members can add their own ADA to the treasury in exchange for gimbals, or use gimbals they've earned for prior work. Once they hold gimbals, they can offer to other community members who can support on tasks and projects. Anyone will be free to exchange gimbals with each other any time.
Like we've already done (informally) with Experiment #1, we can allocate funds to any project for use delivering on outcomes. As in the example of Experiment #1, we can give project leaders decision power to distribute those funds however they see fit to contributors.
When Gimbalabs gets hired to deliver on work for another firm, more gimbals will be created. Project budgets can be siloed, and once projects are launched, budgets will operate similarly to Scenario #3.
As a gimbal holder, I would like to invest in projects/ideas I see up for incubation. I do not have a skillset or time that allows for me to participate, but I would still like to benefit from the success of the project/idea.
- Present this plan to Gimbalabs community with a call for questions/input/refinements
- Team conversation: What are the correct values for each parameter? How can we best distinguish between revenue and shared profits?
- Draft a minting policy that allows for a flexible circulating supply of gimbals tied directly to the amount of ADA in treasury. Along the way, show how this policy will be automated with smart contracts.
- Create a Gimbal stake pool. Use a proportion of the Gimbalabs treasury as pledge. Delegate the rest of the treasury.
- Outline initial examples of gimbal use within GL Initiatives and GL Playground
- When possible, set up favorable Babel fees for transacting with gimbals. Create CSK/CoC resources showing how to set up Babel.
- Do people cash out right away, or hold gimbals? If they hold, why are they holding?