WEPIX Token Whitepaper Post
WEPIX Token is the governance and voting control token for the WEPIXDAO, a Decentralized Autonomous Organization. Token holders will be able to vote on spending proposals, changes and asset allocations within the project. Funds raised through token sales will be used to purchase real-world revenue generating instruments and equipment, such as rental cameras, set lighting, lenses, tripods, etc.
Revenues collected will be sent to the WEPIXDAO treasury for further project development and/or to potentially reward token holders. Project proposals will be created by a governance committee in order to maintain cohesive and well guided decisions. WePix, LLC is a fully licensed and legal entity operating out of Phoenix, Arizona. All taxes and revenues will be reported through this company until future development of new business licenses.
WePix Photography and Rental Services seeks to expand to a global market through the introduction of the WEPIXDAO, a community-driven Decentralized Autonomous Organization and the use of a novel WEPIX governance token. This project is an evolution from our existing photography business, WePix LLC, which operates in contract photography, events, weddings, etc. Offering rental equipment to the public will generate a consistent stream of revenue for the business and allow for aggressive growth and further expansion in the future.
In the past with traditional business models all of the major decisions are made solely by the CEO, COO, CFO or other senior company members. Through the use of blockchain technology now we can make these financial decisions through the use of governance tokens, whereby the investors themselves can be in control. This allows greater community involvement and foresight into market conditions, thus passing on the success and rewards from the business directly onto the token holders.
Decentralized Autonomous Organization (DAO):
In order to achieve true decentralization and democratization of the process the utilization of a DAO is absolutely necessary. The WEPIXDAO will be funded solely by it own treasury that consists of several currencies and assets, mainly cryptocurrency. Once there is sufficient funding in the WEPIXDAO there will be spending proposals for the token holders to vote on, whereby real-life revenue generating assets such as cameras will be purchased.
Each phase of the project will be voted on by the governance token (WEPIX) holders and as the development continues the proposals will become more important. Examples include: changing the price of WEPIX tokens as the market fluctuates, deciding on which camera models to invest into, redistributing funds or potentially buying back tokens from investors.
To bootstrap the project and ensure a smooth a successful launch there will a formation of the Governance Committee, a select few individuals who will create new proposals. This also prevents a total free-for-all which will result in chaos or mismanagement/theft of funds. Their role is to oversee and guide the community through the voting process in order to best suit the needs and health of the project.
WEPIXDAO Treasury funds will be held in a various crypto wallets and in a basket of currencies. To begin the project we will hold HIVE, ALGO, BTC, ETH and USDC/USDT. By holding the funds across multiple assets we are reducing our volatility and potential losses in case one particular market drops. The precise ratios and assets will be further adjusted by the governance proposals.
Initial funding for the WEPIXDAO Treasury will be generated through the sale of WEPIX Governance Tokens via Hive-engine.com. A small percentage of token sales will also go towards the WEPIXDAO Insurance Vault to cover loss, damage or theft. These funds will be set aside until certain milestones are reached, at which point the spending proposals will be introduced and funds spent accordingly. Approximate goal for the first such proposal will be October-November, 2020.
Full transparency will be maintained at all times with all wallet addresses visible, verified and audited regularly; this is the true power of blockchain.
WEPIX Governance Tokenomics:
WEPIX Tokens are already available through hive-engine.com, a decentralized exchange running on the Hive blockchain (CLICK HERE). There was no presale, no "team tokens", 100% of the supply is available for purchase solely through the hive-engine DEX and trading for HIVE tokens.
Total supply is only 10,000 tokens, sold in stages that the WEPIXDAO determines. This extremely limited supply distribution model creates asset scarcity and promotes fairness by leveling the playing field a bit. Tokens will be available on the secondhand market (resale on hive-engine) but not sold OTC. WEPIX Tokens have a zero decimal precision meaning they are not divisible, you must buy/sell/send whole units of WEPIX.
Governance over the WEPIXDAO will be determined solely based on number of WEPIX tokens held divided by total of WEPIX tokens in circulation (that are being held in wallets, not on market). So for example if 100 WEPIX tokens are sold and you are holding 10 you will have 10% of the total governance voting power for proposals. If 1000 tokens are sold and you're still holding 10 your total power will only be 1% of the governance voting pool.
Blockchain Voting System:
Voting mechanisms will be controlled through hive-engine.com's platform. Within the wallet there is a feature to "send tokens", this allows you to transfer the governance tokens free of charge directly back to the @WePix account. Tokens are sent with a "memo" where the vote will be recorded. This action creates a unique and immutable voting record that cannot be taken back or altered in any way once sent. Upon recording the proposal votes these tokens will be returned to their rightful owners whereby they can be used again for the next time.
Since WEPIX tokens are running on the Hive blockchain, via the Hive-engine side chain, there are no transaction fees involved, meaning no wasted money on gas like with Ethereum. Transactions are sent using 3 second blocks which is 200x faster than Bitcoin, and the address system is as easy to use as an email. Participation will require a simple hive.blog account signup.
Through various spending proposal, project upgrades, design changes and so on the token holders will be able to shape and guide the project towards whatever direction they desire. This community driven investment vehicle will allow all participants to reap the rewards over time without too much individual risk or responsibility.
The next few months there will significant growth and expansion of the project with a full website and business cards coming soon, followed by our first WEPIXDAO proposals next month.
The sole blockchain project developer and CEO for WePix is @hotsauceislethal, a pseudonymous photographer, blogger, entrepreneur and experienced trader. For privacy and protection reasons he has decided to remain this way. He had previously created two successful blockchain projects, one on Steem (CANNA Token) and the other on Hive (VIP Token), also has a background in science, photography and cryptocurrency.
If you have any questions or concerns contact Lethal in the VIP Lounge Discord server: https://discord.gg/FBJVmtJ
DISCLAIMER: This WEPIX Governance Token White Paper v1 is for information purposes only. WePix, LLC does not guarantee the accuracy of or the conclusions reached in this white paper, and this white paper is provided “as is”. Purchasing WEPIX Governance Tokens does not constitute investing in a security, it is intended to be purely a utility token. WePix, LLC does not make and expressly disclaims all representations and warranties, express, implied, statutory or otherwise, whatsoever, including, but not limited to: (i) warranties of merchantability, fitness for a particular purpose, suitability, usage, title or non-infringement; (ii) that the contents of this white paper are free from error; and (iii) that such contents will not infringe third-party rights. WePix, LLC and its affiliates shall have no liability for damages of any kind arising out of the use, reference to, or reliance on this white paper or any of the content contained herein, even if advised of the possibility of such damages. In no event will WePix, LLC or its affiliates be liable to any person or entity for any damages, losses, liabilities, costs or expenses of any kind, whether direct or indirect, consequential, compensatory, incidental, actual, exemplary, punitive or special for the use of, reference to, or reliance on this white paper or any of the content contained herein, including, without limitation, any loss of business, revenues, profits, data, use, goodwill or other intangible losses.
WePix Governance Token Introduction Post