Token & Governance Sketch
Not a promise, not a sale. A working theory for truth economics.
Token Economics Overview
A working theory for sustainable truth markets
Working Theory
This describes a possible token/governance design so the economics of truth aren't hand-wavy. Treat as a working theory.
1. Design Goals
Core principles guiding our token design
Align Incentives
For accurate claims and honest witnessing
Resist Capture
Governance resistant to plutocracy and Sybil farms
Legal Caution
No public sale, no ROI promises, utility-first
2. Token Roles (Single-Token v0)
Simple utility token with reputation system
AGORA (Utility)
- Staking for claims and witness participation
- Fee payments
- Collateral for introducer Web-of-Trust
Non-transferable Reputation (REP)
- Off-chain or on-chain soulbound score
- Gates roles/weights but isn't a currency
- Earned through accurate witnessing
Design Rationale
Why single-token? Simplicity for MVP; dual-token adds complexity we don't need yet.
3. Supply & Issuance (Sketch)
Token distribution without public sale
Max Supply (Cap)
100M tokens
Subject to change
Pre-Mainnet Policy
No emissions pre-mainnet
Initial Allocation (No Sale)
Unallocated; governed later
4-year vest, 1-year cliff
Testnet rewards, grants
MVP and beyond
Platform security
Placeholder: Numbers will move after simulations.
4. Fees & Flows (MVP Economics)
Simple economics for truth markets
Claim Fee (F)
Small flat fee to discourage spam and fund ops
Stakes
Claimant stake S_c; witness stake S_w
Settlement
Losing side's stake pays winners; treasury takes thin slice for infrastructure
Example Settlement
If 11 witnesses vote 8–3 True, the 3 opposing S_w + claimant loss (if False) moves to winners proportionally.
5. Governance (Stage-Gated)
Progressive decentralization over time
Stage 0 — Benevolent Dictator w/ Transparency (MVP)
Core team runs the coordinator; publishes receipts & weekly ops reports
CurrentStage 1 — Multisig + Veto
Multisig signers from independent stakeholders; published signers/keys; emergency pause limited to infra-level
UpcomingStage 2 — REP-Gated Voting
Proposals require minimum REP; voting weight = bounded function of REP and stake with quadratic cost to damp whales
FutureStage 3 — Constitutional Hardening
Codify limits (e.g., no rugging settled outcomes; audit requirements; treasury spend caps)
Future6. Anti-Capture Mechanics
Protecting against wealth concentration and manipulation
Quadratic Voting/Fees
Increasing marginal cost for influence
REP is Earned, Not Bought
Only through correct witnessing over time
Slashing
Dishonest behavior can burn stake and reduce REP
Cooling-off
Changes to selection/K/fork choice require time delay
7. Legal & Compliance Posture (Reality Check)
Responsible approach to token regulation
No Token Sale
Airdrops limited to testnet/users with use-based criteria
Utility Framing
Staking to participate, fee payments, access to advanced tools
Jurisdiction Compliance
Jurisdiction-specific constraints will apply; expect KYC for future conversions if ever listed
8. Open Questions
Areas requiring further research and community input
Introducer Stakes
Should introducer stakes be in AGORA or a stable unit to avoid volatility?
REP Decay
REP decay schedule vs. forgiveness for early mistakes
Witness Count
Witness K relative to claim category (science vs. breaking news)
Appeals
Stake-weighted vs. REP-weighted panels
9. Next Steps
Roadmap for refining token economics
Economic Simulation
Simulate economics under adversarial strategies (spam, collusion, abstain griefing)
Publication
Publish spreadsheet + code for payouts and REP updates
Community Feedback
Community feedback round; then freeze v0.2 and implement
Related Documentation
Explore our complete platform documentation
MVP Documentation
Technical specification and implementation details
Verification & Privacy
Privacy-first human verification approach
Technical Whitepaper
Complete technical specification and Game of Life consensus