Token: “A unit of value that an organization creates to self-govern its business model, and empower its users to interact with its products, while facilitating the distribution and sharing of rewards and benefits to all of its stakeholders.”
For simplicity sake and for those who are new to the concept, we are going to divide the concept into simple functional units. Since LALA World is a full financial services ecosystem, we are going to release the Tokenomics one by one to fully and clearly understand how each product and its Token Economics are going to be defined. Every product has its own unique Tokenomics and put together defines the whole ecosystem — LALA World. We envisage a world where LAL A Token is used to transact as a single mode of payment, especially the unbanked and unprivileged market – a 2 billion population that is yet to be financially included.
LALA Token is used by various participants in the ecosystem. The largest pool of users is real unbanked population. There are also investors holding the tokens which includes both short term and long term “Hodlers”
Migrants, unbanked and real Users: Earning tokens via 5 star completion and paying LALA services and products with LALA Tokens, earning tokens for referrals, rewards, promotions, KYC, document upload, paid for giving access to merchants & partners etc
Merchants and Partners: Paying annually as well per transaction basis, for accessing Users and their records (only via User permission, paying for services), advertising on LALA platform, but also earning Tokens via promotional activities, and accessing their services if any LALA World ecosystem wants via LALA Tokens
Investors & Bounty: can earn more LALA Tokens from exchanges to promote LALA ID adoption across the globe where they are by introducing merchants & Partners to the concept of LALA ID. Free rewards in LALA (best Community, Best projects, best LALA ID ratings, fastest, quickest etc., will all be there as ad hoc promotions to promote LALA ID. The Users and First users must be your best ambassadors.
We are also very aware and always calculative about the overall Token pool and how its going to pan out till 2020. It is very essential for LALA World more than anyone that we have a proper Tokenomics calculations based on various current and anticipated products. The receiving and giving away token models, and most importantly the “Sales” (read as partnerships) to spread Token usage should be very clear.We are considering each and every flow as product, partnerships, network and geographies are growing. Once we send out all products unit economics separately over next 2 weeks, we shall also release a more comprehensive Tokenomics model for the entire LALA World with full Token usage over next two to three years, every quarter. That should also help us to use different mechanisms to regulate the total LALA Token pool. Ideally we want to hold this pool optimally, (not big enough neither too small volumes), regulating it with the number of promotions, referrals, “Sales”, partnerships etc. and Active Users needs to derive Conversion metrics.
LALA ID MOVING TOWARDS DECENTRALISED RATING AND REPUTATION SYSTEM
LALA ID rating system is AI and ML based and now we are further planning and moving towards a decentralised rating system with many more features as described below. It is similar to many transactional or identity based reputation systems, plus advanced AI and ML, moving towards a pure peer to peer decentralised fashion. To see the future of LALA ID, we just examine few key fundamentals:
- LALA ID as a global Identity
- Services, Products and Transactional Nature
- Peer to Peer Referrals, Ratings, Documents and Reviews
LALA Score as a Reputational Element
LALA ID AS ONE SINGLE GLOBAL DIGITAL IDENTITY
LALA ID is your real world identity which signifies everything you do. We use a distributed hash table (DHT) to connect peers, and a public key cryptography is used to generate a global LALA ID identifier, via a random number (2^256), which is the private key of the User, representing a pseudonymous node on the network.
This can be used for:
- Authenticating network messages between peers
- Private keys used for initial authentication
- Subsequent key pair generated to encrypt subsequent messages between peers for forward secrecy
- Digitally signing Smart contracts & digital agreements on the subject and terms of transaction
- HD keychain for multisignature transactions
HD master private key = SHA256
Since the Private keys are long & complex, we are working on Twitter style self-generating usernames that act as memorable handle (e.g. @lala). We have also introduced LALA ID
as a login ID used along likes of Facebook, Twitter, Login with LALA
. If a user registers their LALA ID
handle, you will be able to search for that identity by that handle in the LALA Wallet
or LALA Partner
We intend to use Ethereum based smart contract system initially but we are already discussing and researching on other contracts and systems to have the following main components:
- Cryptographic keys to establish identity
- Semantic data to establish the terms and conditions of an interaction (e.g. money exchanged for a good/service)
- Digital signatures to create fraud-proof evidence that an identity agreed to these terms and conditions
Cryptographic hash of the contract, as a reference identifier, to create a tamper-proof record of the contract
This should also allow for:
- Transactional details linked to LALA ID
- Buy / Sell , Lending / Borrower and other Transactional details, terms and conditions linked to LALA ID
- Confirmed and recorded transactions and their receipts recorded with LALA ID for further data analytic and ratings
With our global expansion, current processes and development positioned in sync, we couldn’t be more excited for what’s to come as we continue to work tirelessly building the single-most powerful and trustworthy global ecosystem - Your LALA Word!
We’re truly humbled and grateful for the continued support from our LALA family, without whom this wouldn’t have been possible.
Thank you for being part of this incredible journey!