$GOOD Token Economy
Developing a supply and demand of $GOOD tokens to power a fairer economy
GOOD is the native token of Loominate, a decentralised social network and community platform for employees.
GOOD serves as a rewards token that users can use to pay for digital goods, unlock premium perks and to vote on initiatives and policies on Loominate.app. This utility token will be tradable on decentralised exchanges and be exchangeable for Ethereum, USDC and fiat.
The ownership of GOOD however, does not indicate legal ownership of Loominate.
Capturing the Value of Community Building with GOOD tokens
Community building and positive social actions have monetary value and the way Loominate captures that value is through GOOD tokens. Employees working in big corporations today are rarely rewarded for being a positive pillar and contributor in the workplace community. They are not rewarded for solving problems outside their professional remits even though they are verbally credited for contributing 'intangibly' and 'unquantifiable' to the growth and wellbeing of the organisations. GOOD tokens are created make these contributions 'tangible' and 'quantifiable'.
An independent economy of bottom-up change
Setting up an independent treasury and economy of rewards within the space where society incentivises and reward great work culture and communities will have a reverberating impact on the mental and social wellbeing our workforce. The positive consequences will be reflected in higher retention, more innovative bottom-up solutions and higher productivity.
Each GOOD token earned represents a value given to the behaviour of a user by her/his/their peers. The value of GOOD tokens grow as more cultural and community actions are generated and recognised, as well as when more companies realise how they can leverage on Loominate's partnership to scale great workplace happiness, innovation and community.
GOOD is the lifeblood of positive community and culture.
Retail investors who invest in and hold GOOD tokens are investing in the growth of a sustainable, decentralised positive corporate culture and communities that will hav
Overcoming institutional barriers with non-custodial community wallets
Users may sign up for a workplace chat space anytime and have access to most of the features on the platform with or without the company's subscription.
Organisations that wish to support their employees on Loominate without needing to buy, hold or own any crypto tokens, may subscribe to our Business for Good Subscription bundle. Each subscription bundle includes a mini bag of GOOD tokens that get airdropped into the respective organisation's community wallet by Loominate's team as part of premium Business for Good services.
GOOD tokens allow the workplace community to collectively determine how their rewards pool is distributed and utilised. Individuals are empowered to engage in conversations and take actions with their accumulated $GOOD tokens.
Total Fixed Supply : 100,000,000
No. of Tokens for Private Sale: 3,000,000
No. of Token for Public IDO: 10,000,000
No. of Bonus Tokens: 1,000,000
Only 100,000,000 GOOD tokens will be minted on the Polygon network.
- 10% will be traded in the IDO at a starting price of USD0.10 per token to raise initial capital for the startup.
- 3% will be available for sale to whitelisted investors who may purchase the token at discounted prices.
- 1% Bonus tokens will be earned by the IDO retail investors who hold for more than 6 months, 9 months and 12 months.
Chart visualising the intended LOOMI allocations
The vesting period of the tokens are designed such that less than 40% of the tokens will be in circulation for the next three years.
- Founders are subject to a progressive vesting period of 7 years including a 100% lock up period of the first 12 months from date of IDO.
- Investors & advisors are subject to a progressive vesting period of 5 years including a 100% lock up period of the first 12 months from date of IDO.
A bar chart visualising the circulating supply of LOOMI tokens over the next 7 years
Loominate was partly bootstrapped by the founders, their family and friends. They have the intention to continue building the business in a resource efficient way from startup to scale ups.
The Web3 space is an extremely competitive, dynamic and volatile space and the only way to build this is to build with a community we trust. We truly believe that our vision is possible only if we have enough insane folks, mavericks and believers who tag along even if it's just for cheerleading.
Even though the IDO is now the most popular mode of fundraising for web3 startups, we want to have our own team of strategic investors to keep us connected to the Web2 world, open doors in places we would never care to look, act as our sounding boards when times are confusing and be our kindred spirits when things get exciting. Our entrepreneurial spirits are mostly forged in the untamed crucibles of web3, degen crypto communities, plant psychedelics and ugly pixelated art nfts. We're pretty unhinged.
So one of the most important strategic business decision we made as a team is to find investors who are little bit kooky like us, but still saner than us in most parts.
We want investors who love what we do, the way we do it and to own a part of what we're building. The crypto community are great allies but we know it's important to have your own SWAT and black ops team.
So our strategy is to raise 40% from equity investors and the rest from the IDO. Equity investors will also be eligible to participate in Loominate's pre-IDO private sale at a discount.
Investors should invest in Loominate if they are passionately betting on one or all of the following;
- The growth of decentralised corporate culture & communities
- The growth of decentralised social media platforms
- The growth of web3 adoptions in the wider web2 communities
- The emergence & growth of decentralised Future of Work ecosystem, culture and norms
- The emergence of a more transparent and more innovative trade union system designed for and completely governed by the people.