What is Chayn?

Chayn is a decentralized, social platform that connects people through shared sentiments. The dApp will be built on the Casper blockchain and will leverage Web 3 principles to amplify user rewards. Find friends, create short form videos and use NFTs to mine rewards. We are giving data, content, creativity, and likeness back to the people.

What are sentiment tag NFTs?

We refer to them as +Praisetags and -Bashtags. These specialized NFTs are like #hashtags with +PositiveFeelings and -NegativeFeelings. They allow people to clearly express how they feel about anything in real time. Buy & sell these specialized NFTs like crypto as they rise or fall in value. Use them in your posts to accentuate your thoughts & mine Chayn tokens when you or others use your tags across social.

What are branded sentiment tag NFTs?

These are tags that are associated with brands, products/services, and high profile names. Branded sentiment tag NFTs will have an underlying royalty fee attached to them and may be claimed by rightful owners. In doing so, the rightful owners will be eligible to receive a share in profit for each sale of the tag in addition to receiving a percentage of royalty fees whenever the tag is sold by others.

Why are royalty fees applied to the sentiment tag NFTs when people sell them?

Royalty fees are applied when people sell their sentiment tag NFTs for the following reasons:

1. Rightful owners of branded sentiment tag NFTs are compensated in royalty fees when people sell their tags on the open market or via the Chayn DEX (decentralized exchange).
2. Chayn receives royalty fees from non-branded tags when people sell the tags on the open market or via the Chayn DEX (decentralized exchange). The fees are put in place to serve as a revenue stream that helps sustain the platform.

What are sentiment oracles?

Sentiment oracles are platforms/websites that connect to our API(s) in effort to support our sentiment tag NFTs. The oracles will also serve as sources to help track the performance of the sentiment tag NFTs. Our end goal is to make the sentiment tag NFTs as far-reaching as the #hashtag was for Twitter and the greater web.

What is API Mining?

API mining is the process that allows sentiment oracles to earn Chayn tokens as the Chayn API gets called. Once the API is called, the sentiment tag NFTs will be recognized by Chayn and will be visible on the respective platforms serving as sentiment oracles.

How can I set up my platform/site to become a sentiment oracle?

Once this feature becomes available, it will be as simple as connecting to our API(s) and providing a wallet address to receive your rewards in Chayn tokens.

Below are a few reasons why platforms/websites will be encouraged to become oracles:

1. They will be rewarded in Chayn tokens for supporting our tags.
2. They will serve as additional outlets for people to gain rewards from using our sentiment tag NFTs. This could help platforms attract more users or boost user retention.
3. Allows platforms to digest a deeper understanding of how their users feel about certain topics, subject matter, or even their products/services.
4. Helps platforms make data-driven adjustments that speak more clearly to the sentiments of the users.

How will Chayn use the blockchain?

All activity such as posts, comments, likes, etc are housed on the blockchain. This allows Chayn to be more transparent and trustworthy. The blockchain also empowers users to maintain control of their content and data. Additionally, this arrangement supports an environment that is free of censorship and algorithm dictatorship.

What is proof-of-post protocol?

There will only be 21 billion Chayn tokens ever minted. A random amount of Chayn tokens are minted when users make a post on the Chayn platform, constituting an action being required to mint the tokens. Once the 21 billion Chayn tokens are minted, the minting process will cease. Like bitcoin, the Chayn tokens can be mined. However, mining Chayn tokens requires a different type of effort. Owners of the sentiment tag NFTs are able to mine Chayn tokens when their tags are used across social. This supports the proof-of-post protocol as the act of posting must be administered to receive a reward.

How is Chayn governed?

Chayn will initially start in a centralized manner. Gradually, it will transition to an open-source project that will be governed by the Chayn DAO. This creates a trustless and transparent environment where people collaborate openly as the best ideas get executed to help shape the future of Chayn.

Why does it cost $50 to join the Chayn DAO?

We believe DAOs have the collaborative undertaking needed to illuminate the new standard of decentralized social. Additionally, we welcome a variety of skill sets ranging from marketing, thought leadership, coding, logistics, funding, data science, etc. The $50 fee will be used to help fund administrative tasks for the DAO including maintenance, marketing, community forum, voting system, security audits, etc.

What is the Profit Sharing Initiative?

Chayn DAO participants will be eligible to receive a share of profits generated by Chayn's existing and future revenue streams. The profit-sharing will include 50% of Chayn's revenue after expenses. Also, rightful owners of claimed sentiment tag NFTs will be eligible to receive additional share of profits from NFT sales and royalties. The profit sharing will commence when the Chayn DAO is activated and profits are generated.