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It’s not a cryptocurrency, it’s not an NFT, it’s not a token. It is a chain story contract.
A chain story is an organically grown story created by an increasing group of people using a smart contract.
The idea is to create a continuing story by new authors using a smart contract. New authors submit their version of the next part of the story. Past authors of the story judge and vote on the story submissions of the new authors. A winning submission becomes part of the story and its author can now judge future story submissions. It is a story guided by its past authors and written by its new authors. The rules and how it works are enforced by a smart contract.
The story is about an Aavegotchi or Aavegotchis and their adventures.
Aavegotchis are adorable digital ghosts, the spirits of liquidated yield farmers. Find out more about Aavegotchis here: https://www.aavegotchi.com/
In the beginning there are no past authors who can vote on new story parts from new authors. So to jump start the story there will be a 7-day submission period where anyone can submit their version of the very beginning of the story. There can be many submissions from different people.
You will submit a form like this:
Notice that the last form field has you supply an amount of GLTR. GLTR is an ERC20 token on the Polygon blockchain. It is rewarded to people providing liquidity for Aavegotchi's currencies. When you submit the form all the data in the form fields and the amount of GLTR you supply are transferred into the smart contract.
Because there are no past authors to vote on the very first story part, the amount of GLTR supplied with a submission will determine which story part is selected and published as the beginning of the story. The submission with the most GLTR wins and is published.
Authors of story part submissions that did not win can withdraw the GLTR they submitted with their story part.
The GLTR from a winning story part is divided among past published authors, including the new author that just won, and is used as voting power for future story part submissions.
At the beginning there is only one winning story part and one author so the GLTR the author submitted becomes his/her voting power. The GLTR from the next winning author is divided in two and given to the first and second authors in the smart contract as voting power. The GLTR from the 3rd winning author is divided into 3 and given to the first three winning authors as voting power. This pattern continues with each round of submissions.
After the first story part, explained above, is selected and published the first round of submissions and voting begins. Round 1, as well as all rounds, start with a 7-day submission period. In this period anyone (except past winning authors) can submit any number of versions of the next part of the story that they would like to submit, using the same form shown earlier.
Each story part submission requires providing an amount of GLTR that will be transferred along with all the story part data into the smart contract. There is a GLTR minimum required which is 50,000,000 GLTR, which is currently worth $66.50 USD.
During the 7-day submission period people can edit their submission data.
When the 7-day story part submission period ends the voting period begins. The voting period continues for 7 days or until all past winning authors vote.
Past winning authors vote on new story part submissions using the GLTR they have accumulated from past rounds. Since this is round one there is only one past author, so he/she votes on the winning story part submission and that one wins. The winning story part is added to the chronological list of winning story parts in the smart contract and is published on our website.
The past winning/published authors evaluate the story part submissions based on their quality and how much GLTR is offered. The quality of the story is important because the project is likely to grow faster and attract more people with a good story.
Past winning authors are identified by the blockchain addresses used to submit story parts that won and are published.
The GLTR from the winning story part submission is divided among existing published authors and the new author. In this case there is one past published author and the new author so the GLTR is divided into two and allocated to both authors as voting power.
Round 2 works exactly the same as round 1 except now there are two past winning authors and they can both vote on new story part submissions. The submission with the highest vote score wins.
The GLTR from the round 2 winning submission is divided into 3 and allocated to the two past winning authors and the new winning author.
Round 3 works exactly the same as round 1 and round 2 except now there are three past winning authors that can vote on new story part submissions. And the GLTR from the round 3 winning story part submission is divided into 4 and allocated to the three past winning authors and the new winning author.
The pattern repeats for all other rounds.
There are no rules except for the rules enforced by the smart contract. Asking "What are the rules?" or "How does this work?" is the same as asking how the smart contract works. The smart contract will likely be a Single Cut Diamond, which means it will be an immutable smart contract that cannot be changed. The only admin permission in the contract is to adjust the minimum GLTR required for submitting story part submissions.
GLTR from a winning story part submissions stays in the contract and is allocated equally to existing published authors and the winning new author.
The GLTR from story part submissions that did not win can be returned to their authors after the voting period for their round ends.
The source of voting power for winning/published authors is GLTR that has been allocated to them in the contract. Winning/published authors can withdraw some or all of their allocated GLTR, but by doing so they reduce their voting power. There is no way to increase voting power other than to become a winning/published author and accumulating it over future rounds.
Anyone, at anytime, can supply the last story part, which is the end of the story, and pay 50 million USDC to convert the whole story into an NFT that they buyer now owns. The smart contract includes a function to execute this functionality which can be called from the project website or in other ways.
When the story is purchased all the GLTR used for voting power is frozen in the contract and it is no longer possible to submit new story parts. The 50 million USDC is allocated proportionately to all past winning/published authors based on how much voting power they have. Past winning/published authors can withdraw their portion of the 50 million USDC.
Let's create a great project!
We are looking for all kinds of help from all kinds of contributors. See the Contributors page.
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