ConsenSys Codefi’s Activate To Launch Its “Proof-Of-Use” Token Platform With SKALE
- Activate to limit partnering projects based on a maturity level gauge and how ready partners are to launch
- Tokens to be issued to only dedicated users as they implement proof of use
Activate, a Consensys backed token platform, has announced making its maiden token launch with the SKALE mainnet. Built by the ConsenSys Codefi, it is set to allow the users inputs in the sales of the tokens.
SKALE supported by Ethereum is a secure and decentralized network built for the Decentralized App (DApp)Developers. Their protocol of sharing computational load among different chains is largely based on proposed Ethereum shard system.
The platform’s main objective is enabling parties to securely host the tokenized networks among active users. It would effectively allow individuals to directly take part in of trading tokens while staking in the network as explained by ConsenSys’ Global Lead of Token Architecture Ejaaz Ahamadeen.
“Activate is a platform that allows anyone to engage and participate in decentralized networks. That's kind of like a statement as a whole. And the best way to think about it is it equips you with the means to purchase, manage or use your utility tokens through its entire existence.”
With current projections from the Activate team suggesting that the Token sales would occur as soon as mid-year. According to the Strategy Lead for ConsenSys Codefi, Mara Schmiedt, Activate seeks to instantly assign tokens to active participants in the Network as soon as Activate’s partners have launched.
However, Activate follows various criteria while choosing partners. They intend to focus on the maturity of the project in that they should be ready to launch their network as soon as they come onboard. She said,
“We are very limited to the projects that we can work with due to many factors, the primary one being maturity of the technology. We're not going to support a project who's not going to mainnet soon.”
Proof of Use
The tokens will be distributed on a proof of use basis. This ensures that participants actually purpose to use the token. This requires the users to give a timeline of when they want to use the tokens before you actually get to use them meaning that they have to surrender up to 50% of their tokens to the mainnet for at least 3 months as was further explained by Mara Schmiedt.
While Skale’s CEO, Jack O’Holleran was adamant that money was not their top priority at the moment. They want to focus on first adding participants on their mainnet.