Coinvise: Tokenization for Laymen
A short explainer on Coinvise: a platform for creators to tokenize and build their communities.
Social tokens represent a complete paradigm shift in the way people collaborate. Among other things, they help build trust, align incentives more effectively, give key contributors ownership over future decisions, foster culture, and retain contributors. And DAOs are leveraging tokens to access all of these benefits.
However, obtaining all of these benefits previously required extensive technical expertise. Creators had to know how to write smart contracts. Or they had to know how to use older DAO operating systems such as DAOstack. Because of this significant technical barrier, many communities were not able to tokenize. There was no way for individual creators to build DAOs. Fortunately, Coinvise offers a solution.
Tokenizing communities is made easy with Coinvise, which abstracts away all these technical aspects and provides a user-friendly interface. They do more than just assist in issuing the token. They also aid in the growth and management of the community. According to them, “Coinvise is an open platform on Ethereum where creators can launch a social & build a tokenized community.”
Coinvise provides a number of tools for building tokenized communities. Their current tool suite comprises four modules: “MINT”, “AIRDROP”, “LOCKUP”, and “REWARD”. Beyond these four, their “BRIDGE” enables creators to bridge their tokens into the Polygon network. Let’s take a closer look at each of these tools.
With “MINT”, anyone can create a limited supply of tokens by filling out a simple form. The primary purpose of tokens is to facilitate coordination over the internet with anons. The tools in the emerging DAO ecosystem will supercharge this capacity. In concrete terms, tokens can be used to crowdfund projects, reward community members, and so on.
Using Coinvise’s “ARIDROP” tool, you can send and receive social tokens to anyone on the internet. This can be accomplished by sending a group of people a unique claimable link or by airdropping them to Ethereum addresses in bulk. The benefits of airdropping are varied, ranging from rewarding people for their contributions to raising awareness.
The “LOCKUP” feature can create a vesting schedule for stakeholders. Vesting is the process of storing a certain number of tokens for a set period of time. This prevents token dumping and liquidity from draining immediately after these stakeholders are given large amounts of tokens. This ensures long-term commitment from contributors.
Communities can create rewards for completing specific tasks by using Coinvise’s “REWARD” feature. The Creator will receive a notification in Coinvise when someone completes the prescribed quest. He can then execute the transaction that will reward the individual. In addition to encouraging existing members to contribute, this will also attract new members.
Aside from these, Coinvise has a Discord tipping bot. The bot supports tipping and social token exchange on Discord. Additionally, you can set up token-gated channels or roles in Discord and mint NFTs right from the chat, on both the Polygon sidechain and the Ethereum mainnet.
Many of these activities will require substantial gas fees, making them prohibitively expensive. This is why they allow you to “BRIDGE” tokens to Polygon. Polygon is a layer 2 that enables extremely low-cost transactions. Thus, all of these exciting experiments can be carried out with almost no transaction fees.
The tools listed above are extremely powerful and can be used to build flourishing DAOs. Nevertheless, we’ve only just begun to explore the world of social tokens. The domain’s potential is oceanic. A plethora of additional tools for simplifying DAO coordination are waiting to be discovered. At first, many of them will require highly specialized technical knowledge to implement. This technological barrier will prevent many creators from capitalizing on these innovations. It will be platforms like Coinvise that bring these innovations to your average creator.
As stated in their manifesto, Coinvise is committed to “developing tools that enable sovereignty of individuals and complete ownership over the production and distribution of value on the internet.” In other words, Coinvise will be at the forefront of making these innovations accessible, removing all of the complexities for creators who aren’t particularly tech-savvy.