SatoshiCity is set out to revolutionize the virtual world by providing a platform where users can buy, sell, rent, collect, and curate pieces of virtual land in the form of non-fungible tokens and enable them to strive towards “Greatness”.
LPI DAO is thrilled to new partnership, SataoshiCity — The SatoshiCity.world platform enables a virtual world where users can buy, sell, rent, collect, and curate pieces of virtual land in the form of non-fungible tokens. The platform will collect fees for all those actions, which will be converted to $CITY tokens.
Overview
The SatoshiCity.world platform enables a virtual world where users can buy, sell, rent, collect, and curate pieces of virtual land in the form of non-fungible tokens.
The platform utilizes its native token, CITY, to facilitate users to perform the following actions:
- Purchasing of goods and services on the platform
- Staking for additional discounts
- Participating in the system’s Governance
- Rewards for liquidity providers, Governance and platform participants
Token Functions
CITY is the core utility token of the SatoshiCity.world platform. The token is structured as a fixed supply token with core functions being:
- Purchase of goods, avatars, build armies, and avail services on the platform
- Staking for additional discounts and land and kingdom upgrading
- Rewards distribution for liquidity providers, users participating in system governance, users making purchases on the platform, and contributors, building on public virtual land
- Governance of the platform
Platform Functionalities
The SatoshiCity.world platform is a virtual world, enabling users to perform the following actions:
- Purchase pieces of virtual land in the form of NFTs
- Sell pieces of virtual land
- Rent virtual land
- Curate NFTs
- Build new features on the public virtual land
- Participate in virtual events
The platform will collect fees for all those actions.
A portion of the land will be reserved for the city itself. The platform will offer grants to independent 3D artists (collaborators/builders) for building amenities on the platform-owned land.
SatoshiCity.world will also allow users to pay a single fee and participate in virtual events held by the platform.
Platform Participants
At its core, SatoshiCity.world will enable the following platform participants:
- Investors/landowners — Users who invested in virtual land. They could become sellers and rent their NFTs at any point.
- Lenders/borrowers — Landowners can also use their NFTs as collateral for borrowing money.
- Buyers — Users opting to buy virtual land from landowners.
- Renters — Users renting virtual land from landowners.
- Curators — Users curating pieces of virtual land.
- Contributors/Builders — Independent 3D artists, building amenities on the platform-owned land.
- Independent users — Users coming to the platform to participate in virtual events by paying a single fee.
Lending and Borrowing
The platform will also offer lending and borrowing with land/storefront NFTs as collateral. The lending solution follows industry-standard functionalities of pooled lending and a dynamic, curve-based interest rate based on the lending pool’s current utilization.
Users who already purchased virtual land on the platform (borrowers) can deposit their NFTs in a lending pool. On the flip side, lenders deposit stablecoins in the lending pool. Initially, only loans in stablecoins will be made available. However, other currencies can be added later on. Lenders receive interest rate on their deposits as per the utilization curve (and formula) below:
Governance
In order to promote decentralized community governance for the network, CITY would allow holders to propose and vote on governance proposals to determine future features and/or parameters of the SatoshiCity.world platform, with voting weight calculated in proportion to the tokens staked. For the avoidance of doubt, the right to vote is restricted solely to voting on features of the SatoshiCity.world platform; the right to vote does not entitle CITY holders to vote on the operation and management of the Company, its affiliates, or their assets or the disposition of such assets to token holders, and does not constitute any equity interest in any of these entities. The arrangement is not intended to be any form of joint venture or partnership.
The decentralization of the project will be structured in 3 stages as follows:
- Early days — during this period, the team is in full control of the project, and no voting is done. This is because there will be bugs and events which require immediate hotfixes, and this cannot be done really democratically.
- Semi-decentralisation — during this period, the team is still in complete control of the project and can deploy hotfixes same as above, but for the non-urgent decision, it can take community input via a forum or even via off-chain voting like a snapshot — https://snapshot.page/#/
- Full decentralization
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