OpenChat CHAT
About
What is OpenChat?
OpenChat is a fully featured, decentralized chat application, running on the Internet Computer blockchain. It has direct messages and private groups like WhatsApp and Signal, public groups like Telegram, and “communities” which are like Slack workspaces or Discord servers.
It is a responsive, progressive web application (PWA) which scales to take advantage of any screen size and integrates with devices in a similar way to native apps, including push notifications. You can find the full development roadmap here.
The app is open source and runs as a collection of canister smart-contracts. It is possible to see the code running on any canister at any time with a link back to the particular version in source control and to independently verify this is true.
A canister is created for each user which holds their direct chat data, links to the groups/communities they are members of, and also serves as a wallet allowing OpenChat users to hold and manage tokens. Each group and “community” is also implemented as its own canister. This architecture will allow OpenChat to scale to 100s of millions of users.
OpenChat users can send messages to each other containing tokens such as ICP, ckBTC, ckETH and soon ckUSDT and so can be used for global remittance.
The main point of difference between OpenChat and similar apps, is that it's governed as a DAO.
What is the CHAT token?
OpenChat has an associated utility token called CHAT.
- It can be staked as neurons (very similar to ICP neurons) allowing token holders to participate in the governance of OpenChat by voting on SNS proposals, and by doing so, earn voting rewards. These rewards increase the longer the tokens are staked and so token holders are incentivised to act in the long term interests of OpenChat.
- It can be used by OpenChat users to pay for Diamond membership and other premium features.
- It can be used to reward contributions to the evolution or growth of the OpenChat service either through automated user rewards or by SNS proposal.
CHAT has an initial supply of 100M tokens. 2.5% of the total supply is minted annually to reward neuron holders for participating in governance by voting on proposals. CHAT can be burned to reduce the supply. Over time as the revenue earned in CHAT tokens for premium features grows, it is anticipated the burn rate will meet or even exceed the minting rate allowing the CHAT supply to become stable or even deflationary.
What is the OpenChat SNS DAO?
The OpenChat DAO operates and steers the direction of OpenChat using an on-chain automated system called an SNS.
Changes to the OpenChat SNS DAO, which include the treasury of ICP and CHAT tokens, the various tokenomic parameters, and the OpenChat dapp itself, can only be made by the OpenChat SNS governance canister upon successful execution of proposals which are voted on by 10000s of CHAT neuron holders.
The OpenChat SNS DAO itself was created automatically upon adoption of this proposal by the Internet Computer's automated governance systemm, the NNS. It initiated a public swap event on the 3rd of March 2023 when 2,375 participants deposited a total of 1M ICP tokens to the SNS in exchange for 25M CHAT tokens. When the swap concluded the OpenChat SNS DAO became active.
The initial CHAT token distribution was as follows:
- 52%: Reserved for the SNS treasury & under control of the OpenChat DAO
- 25%: Distributed to the public by the NNS run swap event
- 15%: Allocated to the OpenChat dev team which vests over 4 years
- 8%: Allocated to DFINITY for providing seed funding which vests over 2 years
A small proportion of the treasury has been transferred (by proposal) to liquidity pools on various decentralized exchanges leaving the large majority to fund on-going development and other contributions, and to algorithmically reward OpenChat users. By rewarding 100,000s of engaged users with CHAT tokens and neurons the aspiration is to create a huge team of advocates incentivised by the success of OpenChat.
Who are the founders of OpenChat?
OpenChat was founded by 3 software developers Matt Grogan, Hamish Peebles and Julian Jelfs. They originally met and worked together for several years building a platform for online travel agencies.
Meeting in the 1990s Matt worked for many years with the founder and Chief Scientist of DFINITY, Dominic Williams, on various software ventures. In 2020 Dom asked Matt if he would like to build apps on the Internet Computer. In turn Matt asked Hamish and Julian to form a team and OpenChat was born.
Matt has been a software developer for nearly 30 years in a wide range of industries and tech stacks generally involving web technologies. He holds a masters degree in Engineering and Computer Science from the University of Oxford.
After graduating with a masters degree in Mathematics from Cambridge University, Hamish transitioned into the world of software engineering where he focused primarily on high throughput, low latency cloud based systems.
Julian has been dabbling in software engineering for the last 25 years or so. He has a varied industry background from defence to risk management, from e-commerce to education technology and from travel to chat. He has developed a penchant for functional front ends. He holds a masters degree in Politics, Philosophy & Economics from the University of Oxford.
More Info
Where can I buy the CHAT token?
At the time of writing you can buy CHAT tokens with ICP on various Decentralised Exchanges (DEXes).
ICDex
ICPSwap
Sonic
Support is coming for the Rosetta API allowing easy integration to Centralised Exchanges (CEXes) at which point it is likely CHAT will be available to trade on CEXes for ICP or USDT.
AI Analysis
What is the OpenChat (CHAT) cryptocurrency good for? What are its main use cases?
As of my last knowledge update in October 2023, OpenChat (CHAT) is a cryptocurrency designed primarily for facilitating interactions in decentralized communication platforms. Here are some of its main use cases:
Messaging Services: OpenChat enables users to communicate securely and privately through blockchain technology. It ensures that messages are encrypted and supports peer-to-peer interactions.
Content Monetization: Creators can monetize their content by charging users in CHAT tokens for access to premium features, services, or exclusive content within the platform.
Incentivization: Users can earn CHAT tokens as rewards for engaging in the platform, such as participating in discussions, contributing valuable content, or helping moderate conversations.
Decentralized Governance: Token holders may have the opportunity to participate in governance decisions regarding the platform's development, enabling a community-driven approach to making changes or introducing new features.
Microtransactions: CHAT facilitates microtransactions for tipping or paying for small services within the messaging platform, making it easy for users to support each other.
DApps and Integration: OpenChat can be integrated into various decentralized applications (DApps), allowing for seamless communication functionalities across different platforms and services.
Please note that the specifics of the project, including use cases and functionalities, can evolve, so it's essential to check the latest updates from official sources or project documentation for the most current information.
What blockchain does OpenChat use? Is it its own blockchain or built on top of another?
As of my last update in October 2023, OpenChat operates on the Ethereum blockchain. It is not an independent blockchain but rather a project built on top of Ethereum. This allows OpenChat to leverage the security and functionalities of the Ethereum network, including the use of smart contracts and decentralized applications. For the most current information or any updates on OpenChat, I would recommend checking their official website or recent announcements.
Is OpenChat programmable? Does it support smart contracts or decentralized applications?
As of my last knowledge update in October 2021, OpenChat does not refer to a specific widely-recognized platform for decentralized applications or smart contracts. However, if you're referring to a specific chat application or tool that has emerged since then, I'd recommend checking its official documentation or website for the most current information regarding its programmability, support for smart contracts, and compatibility with decentralized applications.
In general, if a chat platform is designed for decentralized applications (dApps), it would typically integrate with blockchain technology, enabling the execution of smart contracts. However, whether a specific platform does depends on its architecture and purpose. For accurate and detailed information, please look for the latest updates directly from the relevant platform's resources.
How fast are OpenChat transactions? What is the typical confirmation time and throughput (transactions per second)?
As of my last knowledge update in October 2023, OpenChat is not a widely recognized term in the context of blockchain or transaction processing, so I don't have specific information about it. If you're referring to chat systems that utilize blockchain technology for transactions, the performance metrics such as confirmation time and throughput can vary significantly based on the underlying blockchain technology being used.
For example, different blockchains have different transaction speeds:
- Bitcoin typically has a confirmation time of about 10 minutes with a throughput of around 7 transactions per second (TPS).
- Ethereum has a confirmation time that varies but is generally around 15 seconds, with a throughput of approximately 30 TPS (though it has been increasing due to scaling solutions like rollups).
- High-performance blockchains like Solana can achieve confirmation times of under a second with a throughput of thousands of TPS.
If OpenChat is a specific platform that has emerged after my last update, I recommend checking their official website or technical documentation for the most accurate and up-to-date information regarding transaction speed, confirmation times, and throughput.
How much data can I store on the OpenChat blockchain? Does it support on-chain data storage?
As of my last update, the OpenChat platform does not exist as a widely recognized blockchain. It’s possible you may be referring to a newer or niche blockchain project that has emerged after my knowledge cut-off.
In general, many blockchains do support some form of on-chain data storage, but the capacity and the methods for doing so can vary significantly between different blockchains. For example, Ethereum allows for smart contracts that can store data, but there are limits to the amount of data that can be stored directly on-chain due to cost and efficiency considerations.
If OpenChat does support on-chain data storage, you would need to check their specific documentation or community resources for details on data limits, best practices, and any associated costs or fees for storing data on the blockchain. If you have a specific platform or blockchain in mind, please provide more details, and I will do my best to assist you!
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