Purpose and Utility
What purpose has DUA as a token and what utility it brings to the ecosystem?
DUA is an ERC20 token designed to incentivize and reward users for actions and activities across the dua ecosystem. It acts as a unit of value exchange. The system allows users to earn and spend their tokens for services inside the platform. It also fuels the sovereign-self identity solution called dua ID.
DUA can take three key roles within the ecosystem:
- Unit of Value Exchange
- Gate (Access)
- Payment Method
DUA acts as a unit of value exchange inside the dua.com app. It creates a transactional economy between buyers and sellers. This economy consists of features that allow users to earn value and spend it on services that are internal to the inherent ecosystem. DUA can be earned by doing active work inside the app.
We have identified critical actions inside the app that make the environment safer and healthier. When performed by the users, these actions can enrich their reputations and let them earn tokens. Earned tokens can be used directly inside the app by purchasing different services such as Premium or In-App packages. Creators and businesses can take advantage of DUA by purchasing ads and accessing millions of in-app impressions. Users can also use DUA to navigate in DeFi through our in-app wallet.
DUA also acts as a payment gate. It is needed for running dua IDs both for businesses and individuals. To create and update reputation on-chain, the set of smart contracts around dua ID requires payment in DUA. It can also incentivize the usage of our smart contracts.
DUA is a very efficient payment method and transaction engine. It requires no middlemen to be transferred and is sent and received in real-time. It can be sent worldwide instantly to another user's address. The recipient can pay with it for services inside the app or can choose to interact with DeFi protocols via our wallet. We think of the tokenized dua ecosystem as a virtual ‘nation-state’ and the dua wallet as your self-custodial bank.
With the launch of dua biz and dua friends, DUA can be used for microtransactions, tipping other users or creators for services performed in the app. For example, Ben, a dua Biz user, is looking for a freelance job in the app and matches with a startup founder searching for a logo designer. After agreeing to work together, the designer delivers the logo to the employer in less time than planned. For that service, the startup founder pays the designer directly within the app and also includes a tip in DUA.
The full experience of the app is only available to premium users. We want to link this to our token and give users full or discounted access to premium membership if they use DUA as a payment method.
Advertising is one of our core competencies. Creators and businesses can advertise their products and services and get millions of impressions within the large dua customer base. We will provide a way for advertisers to:
- Stake DUA and receive discounts on advertising with us
- Paying for ads, whether staked or not, will be done in DUA
The virtual world is revolutionary but cannot replace real-life events. While we virtually connect fragmented communities globally, we aim to do the same IRL. We will organize real-life exclusive events where our verified members can hang out, match, and meet. Events are only accessible to app members who can verify that they have acquired a lifetime membership as an NFT. Our NFT membership collection will contain a fixed number of issuances and will be announced in the future. Once the NFT collection is sold out, dua users can become members of the club by simply repurchasing it on the secondary markets or lending the NFT from another member for a limited time.
We will collaborate with event organizers to make this a unique IRL experience for our users. Being an owner of our NFT membership club can give dua users access to worldwide events organized by our partners.
In our vision to protect millions of users against censorship and enable them to store and save their past online reputations, we will develop a solution where each individual can create their own sovereign cryptographical identity, which they will generate and hold alone, without any third party involved in its storage.
For our utility token to achieve widespread usage, we have devised it as one of the core ways that entities pay for and use our dua ID system. To use any of our smart contract suites, whether that be:
- Verifying Entities
- Allowing updates to reputation from such entities
- Oracle correctness
- Reputational check-ups by third-party entities
This way, we create a demand among individuals and companies needing a trustless identity with reputational elements available across web3 protocols.