How Exorde protocol prepares for the transition to Mainnet
The Exorde protocol is in the final stages of testing and preparing for the transition to Mainnet. WhitePaper has recently been updated, the key points of which we will discuss below. There was also a TGE, and public sale of the EXD token going on right now (starting on February 15, 2023). In addition, Exorde community members still have the opportunity not only to buy it, but also to earn for participating in Testnet, the Ambassador Program, or the Bounty Program. All rewards will be credited to users’ wallets at the end of Q1 or early Q2 2023. By the way, you can now follow the EXD token on Coingecko.
So, in anticipation of Exorde’s transition to Mainnet, let’s take a moment to update some key information about it below.
Exorde is a Web3 protocol aimed at collecting and extracting sentiment from social networks all over the world through a decentralized community. Exorde’s decentralized approach is key to its success as it allows for the data collection on social networks that are locked depending on location, locked behind proxies, or even on entirely different Internets.
Exorde’s decentralized community is dispersed all over the world. Every member of this community runs the appointed Exorde data crawling module to collect and analyze live social network data. Each member of the community earns an EXD token and a reputation for their contribution.
The EXD token, based on the ERC-20 standard, is the native asset of the Exorde ecosystem (maximum supply is 200 million tokens) with multiple utilities:
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1) Customers of the protocol can place their orders for the protocol products and pay for them with EXD tokens.
2) EXD tokens used as rewards (economic incentives) for the participants in the Exorde Work Systems.
3) Staked by participants (as a security deposit) in the Exorde Work Systems. Each system will require a different threshold of EXD staked to be able to register and work. EXD Stake is automatically allocated (temporarily locked) by the various WorkSystems composing the Protocol. This mechanism locks EXD tokens linearly (but can be quadratic) according to how many systems a user is currently working in, and how much data per hour this same user is currently spotting (submitting).
More information about the tokenomics of the project can be found at this official link.
Reputation is a non-tradeable, non-transferable currency that is hard to earn and easy to lose, and that reflects on a specific contributor’s work history within Exorde. Every time a task is successfully carried out, a small amount of Reputation goes to the contributor who carried it out. Reputation is used to partake in governance, staking, and high-level decisions affecting the entire protocol. The more Reputation a contributor has the more sway that contributor can operate over Exorde. Failed tasks and bad actors are two sources of severe Reputation slashing.
Exorde’s data can be used to in several use cases such as market predictions, e-reputation, and trend analysis. Due to Exorde’s decentralized and public nature, any trends or analytics based on Exorde’s output can’t be censored, manipulated, or suppressed. You can read more about Exorde products here.
Launch of the Exorde protocol on Mainnet is expected in Q2-Q3 2023.
