@Edelweiss thanks a lot for the questions and ideas! This will probably answer just some of the questions you had because I will probably miss a lot of the points, so I just want to make sure that you know this is not the final answer or end of the conversation.
The purpose of the utility token will be to use it in the decentralized applications on the platform.
Tokens will be minted only through staking Kangal, APR will be decided by the community. Each use-case of the decentralized apps will burn some part of the tokens.
For more information and the initial ideas the core team had, please give the litepaper a look. We plan to create a proper whitepaper with the projects and more technical details as well. We also started the work on rebranding and redesign. To give an idea, this will be the “elevator pitch” of the project until we improve on it more:
"Kangal is a meme token turned into a DAO experiment that aims to create a community owned decentralized applications ecosystem. Kangal holders are already able to create and vote on governance proposals, and soon will be able to stake Kangal tokens for the utility token of the ecosystem, and use it on the decentralized applications that will be powered by the utility token.
Kangal is available both on Ethereum and Binance Smart Chain Mainnet."
About the experience of the team: we have enough experience with Solidity, related web technologies like React and web3.js to implement the dApps that interact with the contracts, and we are ready to learn and experiment more. For the utility token, we would prefer to keep it simple, making it mintable, burnable, and ownable as we mentioned before. Most of the work will be related to designing and building the decentralized applications platform.
About the monetary value of the utility tokens and question on rewarding donations:
Yeah, this is mainly just a donation, to be honest. We do want to reward the people who participated and there were ideas from the community about it so we are trying to realize them.
Committing too much related to donations is not something we are interested in because it will take time and consequently delay other work. We will deliver what we agree on and what the community votes on for sure as the result of this proposal. And you are right about making the vision clear for sure. For me, it is pretty clear right now but I accept that we haven’t communicated it very well. As I mentioned above, our idea is to create an ecosystem of decentralized applications that would be powered by our utility token; and let the community decide on the supply of it by deciding on the APR and burn rates related to usage. This is kind of like giving the keys of the central bank to the people, and it is going to be an experiment for sure. I believe the key will be to give real value through the decentralized applications ecosystem.
About presale, it would ruin our goal to make this project community-owned since we want the supply to come only from staking Kangal.
@Papachill thanks, those are great points!
Yeah, those APR values in the example are not final values for sure, just examples.
About recognition, it would be great to have badges, etc., and is something we can do if we have the resources. The only constrain is time and resources right now because we are not able to delegate the work.
About NFTs, yes we are actually thinking about this, but we thought it could be more accessible rather than only being related to donations. Anyone who holds Kangal and stakes it for the utility token would be able to buy using the utility token they get for staking or buy them from people who earn through staking and decide to sell.
About the lottery, not sure to be honest. We could use the funds for marketing or some other work. As I mentioned, the main problem is that we have limited resources and need to focus on areas that will bring the most bang for the buck. Even running a contest takes a lot of time. We will need to have funds to hire some people for marketing and organizing events probably.
This is great, please help me out with follow-up questions as well if I missed something, you think it is stupid or you want to dive deeper into some of the points.
Thank you, I am very happy that we are finally having some more detailed conversations about our real plans as a community. <3