The native digital cryptographically-secured utility token of the EPNS protocol ($PUSH) is a transferable representation of attributed functions specified in the protocol/code of the EPNS protocol, which is designed to play a major role in the functioning of the ecosystem on the EPNS protocol and intended to be used solely as the primary utility token on the network.
$PUSH is a non-refundable functional utility token which will be used as the medium of exchange between participants on the EPNS protocol. The goal of introducing $PUSH is to provide a convenient and secure mode of payment and settlement between participants who interact within the ecosystem on the EPNS protocol, and it is not, and not intended to be, a medium of exchange accepted by the public (or a section of the public) as payment for goods or services or for the discharge of a debt; nor is it designed or intended to be used by any person as payment for any goods or services whatsoever that are not exclusively provided by the issuer. $PUSH does not in any way represent any shareholding, participation, right, title, or interest in the Company, the Distributor, their respective affiliates, or any other company, enterprise or undertaking, nor will $PUSH entitle token holders to any promise of fees, dividends, revenue, profits or investment returns, and are not intended to constitute securities in Singapore or any relevant jurisdiction. $PUSH may only be utilised on the EPNS protocol, and ownership of $PUSH carries no rights, express or implied, other than the right to use $PUSH as a means to enable usage of and interaction within the EPNS protocol.
$PUSH also provides the economic incentives which will be consumed to encourage users to contribute and maintain the ecosystem on the EPNS protocol, thereby creating a win-win system where every participant is fairly compensated for its efforts. $PUSH is an integral and indispensable part of the EPNS protocol, because without $PUSH, there would be no incentive for users to expend resources to participate in activities or provide services for the benefit of the entire ecosystem on the EPNS protocol. Users of the EPNS protocol and/or holders of $PUSH which did not actively participate will not receive any $PUSH incentives.
$PUSH tokens are used to control various core functionalities of the EPNS protocol, allowing users to vote on features of the protocol. For the avoidance of doubt, the right to vote is restricted solely to voting on features of the EPNS protocol; the right to vote does not entitle $PUSH holders to vote on the operation and management of the Company, the Distributor or their respective affiliates, or their assets, and does not constitute any equity interest in any of the aforementioned entities. For example, the protocol fees are charged in $ETH or $DAI within the EPNS protocol, but the $PUSH token holders may vote to change these fee parameters.
All fees collected from the EPNS protocol usage forms the Fees pool and will be distributed in the following proportion:
30% of Fees Pool forms Ecosystem development pool
Ecosystem development pool (EDP) Breakdown
x% for Integration partners pool
y% for Future integration reward pool
Where x% + y% = 100% of EDP
The major decision and usage of the protocol tokens are:
Protocol Fees: Defining micro-fees paid per notifications by the service provider.
Protocol Fees: Defining Indirect subscription fees percentage to be taken when a service provider adds a wallet address without the explicit consent of the user.
Protocol Fees: Defining Penalty fees for updating service name, icon, url, etc.
Governance: Configuring SPAM throttle index.
Governance: Adjusting percentage allocation of various Integration partners pool from ecosystem development pool through governance proposal.
Governance: Adjusting percentage allocation of Future integration reward pool from ecosystem development pool through governance proposal.
Staking and Voting: Token holders are allowed to create and move proposals by staking certain percentage of tokens to put them up for voting. These tokens are locked and are eligible for withdrawal only after a 30 day locking period to ensure serious users perform such functions.
Liquidity Mining: Service providers will be rewarded with our tokens for the next few years for increasing their activities within the ecosystem, with more rewards going to higher subscriber count and notifications sent. This will create a new subsection of service providers (ie: vendor), that are third party developers who are not affiliated to official services but create channels to capitalize on token rewards for providing quality content.
Liquidity Mining: To encourage more users to vote on proposals and to enable further decentralization, the voting will result in rewards in terms of governance tokens.
User incentives: Users will be able to receive token incentives based on some of their direct or indirect actions within the EPNS protocol, for example directly subscribing to channels, or being indirectly subscribed by a channel (channel pays user either the default minor reward, or the reward expectation set by the individual user).
Note: When a user withdraws their token incentives, the aDAI accrued is swapped for the protocol’s governance token and is given to them.
$PUSH are designed to be consumed/utilised, and that is the goal of the $PUSH token sale. In fact, the project to develop the EPNS protocol would fail if all $PUSH holders simply held onto their $PUSH and did nothing with it. In particular, it is highlighted that $PUSH: (a) does not have any tangible or physical manifestation, and does not have any intrinsic value (nor does any person make any representation or give any commitment as to its value); (b) is non-refundable and cannot be exchanged for cash (or its equivalent value in any other virtual currency) or any payment obligation by the Company, the Distributor or any of their respective affiliates; (c) does not represent or confer on the token holder any right of any form with respect to the Company, the Distributor (or any of their respective affiliates), or its revenues or assets, including without limitation any right to receive future dividends, revenue, shares, ownership right or stake, share or security, any voting, distribution, redemption, liquidation, proprietary (including all forms of intellectual property or licence rights), right to receive accounts, financial statements or other financial data, the right to requisition or participate in shareholder meetings, the right to nominate a director, or other financial or legal rights or equivalent rights, or intellectual property rights or any other form of participation in or relating to the EPNS protocol, the Company, the Distributor and/or their service providers; (d) is not intended to represent any rights under a contract for differences or under any other contract the purpose or pretended purpose of which is to secure a profit or avoid a loss; (e) is not intended to be a representation of money (including electronic money), security, commodity, bond, debt instrument, unit in a collective investment scheme or any other kind of financial instrument or investment; (f) is not a loan to the Company, the Distributor or any of their respective affiliates, is not intended to represent a debt owed by the Company, the Distributor or any of their respective affiliates, and there is no expectation of profit; and (g) does not provide the token holder with any ownership or other interest in the Company, the Distributor or any of their respective affiliates.
The contributions in the token sale will be held by the Distributor (or their respective affiliate) after the token sale, and contributors will have no economic or legal right over or beneficial interest in these contributions or the assets of that entity after the token sale.
To the extent a secondary market or exchange for trading $PUSH does develop, it would be run and operated wholly independently of the Company, the Distributor, the sale of $PUSH and the EPNS protocol. Neither the Company nor the Distributor will create such secondary markets nor will either entity act as an exchange for $PUSH.
The token design and usage is still in discussion and might result in some further tweaks in design. The document specs will freeze as we move from draft to final.