Foundation for Interwallet Operability Token Use Roadmap
This document will change over time and should be considered an ongoing discussion with the FIO Board and the FIO community.
The Foundation for Interwallet Operability has received and will receive FIO Tokens as described below.
The purpose of this document is to provide transparency to the community on the currently planned uses for these FIO Tokens. This is a roadmap only and the exact uses of Foundation FIO Tokens may change over time. This document will be updated on a periodic basis to reflect that.
The Foundation is a Cayman non-profit entity with the mission of advancing the capabilities and adoption of the FIO Protocol blockchain. The Foundation is governed by a Board of Directors of up to nine persons. Those Board Members have the ultimate authority to decide on the use of Foundation FIO Tokens. On a day to day basis, the Board may delegate operational authority to the Managing Director of the Foundation to execute on the Foundation’s plans who has control over this wallet. The main foundation wallet is currently a 5 of 7 multisig which can be viewed here. In addition, a 3 of 7 “warm wallet” can be viewed here.
The Board initially is a group of industry representatives who came together to support the FIO Protocol project. In the future, we intend to ask the block producers to deploy system contracts to support a Decentralized Autonomous Consortium (DAC) on chain using eosDAC technology. No later than one year after FIO Protocol mainnet launch, the Board will be selected from a list determined through a vote tally consisting of FIO token holders who register with the FIO DAC whereby 9 of the stake-weighted top 12 vote receivers will be eligible for a Board seat, provided they meet all other eligibility requirements established by FIO’s board from time to time. The Board is not directly elected by token holders to comply with Cayman law and to ensure the Board can avoid becoming subject to jurisdictional law of any other country due to the citizen makeup of the Board.
- Foundation FIO Tokens will not be used for voting or proxying for voting for FIO Protocol Block Producers. The Foundation intends to remain a neutral entity which will give recommendations and evaluations on block producer candidates.
- Foundation FIO Tokens will not be used in voting for FIO Board members.
- Foundation FIO Tokens will not be used in voting on any worker proposal or referendum systems developed in the future.
A maximum of 1 Billion FIO tokens will ever exist. Updated information about the token distribution can be found on the knowledge base which includes the following categories:
- Genesis Token Grant: 41.6M tokens
- Daily Token Generation: 150,000 tokens per day up to a maximum of 181.3M that are distributed over a multi year period through the end of 2023.
- Protocol Income: 5% of the FIO Tokens paid to the protocol as fees for capabilities of the blockchain.
- FIO Address Giveaway: 125M tokens that can only be utilized to purchase resources on the FIO Blockchain for other persons/entities.
The Foundation has four primary uses for its token supply (from all Sources of Foundation FIO Tokens):
- FIO Address Giveaways. Promotional campaigns to pay for FIO Addresses for a large number of early adopter users to encourage adoption from the 125M FIO Address Giveaway tokens. These tokens are programmatically locked from transfer and can only be used by the Foundation to pay for FIO Blockchain resources (e.g, FIO Addresses). The Foundation will run campaigns with various FIO integrated products whereby users can obtain a FIO Address for free for one year from the time of public launch so they can begin to utilize the great features of the FIO Protocol. While those are free to the user, the FIO blockchain requires payment of FIO tokens which will be made out of this token pool. The criteria for deciding which campaigns and which members are eligible for these giveaways will be determined by the board with input from the block producers and FIO community.
- FIO Integration Incentives: 28 companies became involved in the FIO Protocol project before Mainnet launch and signed Memorandums of Understanding to integrate the FIO Protocol into their projects. They obtained the right to an integration airdrop of FIO Tokens that came with a lockup schedule upon completion of their integration. The Foundation will continue to offer integration incentives for a period of time for which this time period is at the sole discretion of the Foundation to additional wallets, exchanges, and crypto payment processors that desire to integrate the FIO Protocol. Tokens utilized in this manner are anticipated but not required to have a lock up schedule associated with them. The criteria for deciding which projects will be eligible for integration incentives will be determined by the board with input from the block producers and FIO community.
- Partner and Ecosystem Incentives: The Foundation intends to cooperate with other elements of the blockchain ecosystem including other protocols and intends to create some programs for enabling them to participate in the economics of the FIO Protocol.
- User Adoption Incentives: The Foundation anticipates running contests and promotions from time to time that encourage users to utilize their FIO Address, FIO Requests and/or FIO Data. Some of these will have prizes that are paid in FIO Tokens
- Exchange Listing Promotions. When conducting listings of the FIO token on various exchanges the Foundation may allocated FIO tokens for marketing and awareness activities. Users of exchanges are target users of the FIO Protocol.
- Foundation Operations: The Foundation will have operational costs including but not limited to:
- Funding of proposed FIO Protocol and related SDK enhancements through contracts, grants and contests for the improvement of the FIO Protocol.
- Activities to build awareness and promote education about the FIO Protocol.
- Business development activities to work with additional prospective FIO Members and Partners to accelerate adoption of the FIO Protocol.
- Corporate, general, administrative and legal expenses.To fund these operations, the Foundation will sometimes compensate providers in FIO tokens. In other cases, the Foundation will sell FIO tokens either in private transactions for FIO tokens that are on a lock schedule or by selling on the open market at market prices in order to raise non-FIO resources to pay for the activities above.