As the prominence of cryptocurrencies, blockchain and decentralization has grown over the past decade and these concepts have moved further into the mainstream, we’ve seen exponential growth in their application in typically non-financial domains such as supply chain management by projects like Vechain and Waltonchain, internet of things infrastructures such as IOTA, and in the more recent explosion in the popularity of art tokenization as non-fungible tokens (NFTs).
The adaptation of modern altruism to incorporate decentralization and algorithmic incentivization mechanisms is a less well-explored sector of the market, but one which we believe has a high potential for the creation of significant symbiotic positive outcomes and of an autonomous, mutually beneficial system that perpetuates the creation of value and its effective redistribution to all members of the system.
While there have been other projects that have tackled this interesting opportunity in various ways, our goal is to build a system that not only sends a % of transactions to charities (where other projects have stopped), but to build a reward-based system of democratic donation allocation that will see each new version of our platform increasing the level of value being created within the ecosystem, and improving the way it is efficiently distributed.
1.0 Decentralized Altruism
Altruism is an innate part of the human condition that has allowed those within a society that have more resources and that is in a less detrimental position to tangibly assist those in the society who have specified life-impacting hardships that they are attempting to overcome, either for prosperity or for survival.
In 2021, the world is awash with people, groups, and communities that are suffering severe hardships, and while this is certainly always true to some degree, no one can argue that at this particular point in time the world doesn’t collectively seem to be suffering in a more prolific way as a combination of many global factors.
Decentralization has proven to be a useful tool for solving many problems and it certainly has a place in the future of altruism and charitable activities. Within the context of our project, decentralization allows for a small but significant part of the value that is being generated by our community to be automatically contributed to improving the complicated state of the world in 2021.
1.1 Goals of SkyWatch
The overarching goal of SkyWatch is a structural one. As can be seen with any prominent blockchain-based project, the technology itself is only a tool for creating a system that can viably create value and dispense it effectively between the users of the system in order to incentivize growth, the sustainability of the system, and the maintenance of its intended application.
Our goal is to design and implement a system that will simultaneously create value for token holders, incentivizing them to continually support the community and interact for personal gain, but also in doing so to create an automatic mechanism for taking a significant amount of the value being created by SkyWatch and to redirect that to global charitable causes.
While there are many profound and often unique benefits to applying decentralization to diverse sets of problems, we believe that one of the most significant is the ability to combine the will of large numbers of geographically-disconnected individuals to affect change in a way that aligns with each of their own ideals for the way the world should be, but may not yet be.
1.2 Symbiosis Between Community, Charities and Team
Within our ecosystem there are 3 main parties being our community, the charities and organizations the ecosystem supports, and ourselves, the team.
The main factor determining the success of our project is the alignment of the goals of each party with the functionality of the ecosystem, with a greater alignment of our collective goals leading to greater longevity of the project and of the benefits that each group will be able to yield from the system.
Our V1 product begins from a point of maximally aligning the goals of each group within the technological constraints we begin with, and with each additional upgrade to the system more value will be created by SkyWatch, more value will be distributed to charities that can affect global positive changes, more value will be enjoyed by our community in a more diverse range of forms, and consequently as a team, our goal of creating the world’s largest decentralized altruism ecosystem will also be realised.
2.0 The SkyWatch Token
The SkyWatch token is the native cryptographic mechanism that is used to store value within the SkyWatch ecosystem, and to distribute it to members of the network in a seamless and optimal way.
At its core, the SkyWatch token represents a combination of the energy of our community, the potential incentives they have to join with us, the ways in which the features of the ecosystem open up new and unique benefits for users, and the byproduct of the incentivisation of being a part of SkyWatch, which is the generation of a significant amount of funds that is autonomously distributed to global charities.
The SkyWatch token represents something else which many projects in the space don’t, which is the opportunity to take part in a community and ecosystem that is designed for longevity, and that realizes that the best way to have a positive impact on the world via our project is to make it maximally beneficial for our community to stick with us long-term.
2.1 The SkyWatch Ecosystem
The SkyWatch ecosystem will become a collection of smart contracts that work together to do more than just creating and managing a token, but will allow for the democratization of our donation process, the ability for SkyWatch to be staked in order to earn our secondary token (more details coming in V2!), and for a truly decentralized large scale system of perpetual altruism to be created and grown.
Initially, our project begins with a system of taking a tax from transactions to benefit token holders and charities, however we can already see many different ways that we can build upon this foundation to create something unique in the cryptocurrency space, and that delivers more value to more people and organizations than any similar project.
We are working hard to design and manifest a system that will be much more than what it starts out as, and that will use the early strong foundation of our model and our community to do something that we, and hopefully all of you, will consider to be very much worthy of our time, energy and love.
2.2 Team Commitment
We are committed to this project, for the long term, in order to build something that we as a community look at in the future and are proud to say we were a part of and that generates the most amount of benefit for our community and the charities we will be supporting.
Because of that, and because of the nature of the cryptocurrency market at present, we are making a number of commitments as a team in order to show our community that they will gain more by looking to the long term future of the project, and that this project is rug pull proof:
By logic alone, after that 2 month point we will gain more from continuing to grow our project than abandoning it like many (ponzi) founding teams sadly do – meaning that our community won’t have to trust us.. although we hope that our actions over the next 2 months still means that you do!
3 Smart Contract Audits
Various smart contract audits are impending and will be listed here once they are completed.
3.0 Progressive Algorithmic Scarcity
The use of algorithmic mechanisms that progressively induce token scarcity have proven time and time again to be powerful ways to attract early adopters, to automatically provide inherent value to a loyal community, and to perpetually improve the value proposition of a cryptographic token.
As a part of a 7% transaction tax that will be applied to the SkyWatch token, 3% will be taken out of circulation and burned forever.
This has also been put in place in order to manage the scarcity of the SkyWatch token in a way that will reward users that support our community long term, and we plan to enhance this mechanism even further in our V2 launch with additional functionality relating to driving balanced algorithmic scarcity.
3.1 Yield Generation
The ability for crypto users to be able to generate yield on their holdings began as a phenomenon much earlier than July 2020, but was largely popularized then as a part of the explosion of decentralized finance growth during that period.
As well as a portion of the 7% transaction tax being dedicated to a process of ongoing donations of 1% to Binance.Charity, 3% of all transactions will be redistributed to SkyWatch token holders as a way of directly rewarding their participation in and support of the project.
In the same way that our auto liquidity mechanism will be augmented in V2, we will be upgrading the SkyWatch token holder redistribution mechanism as well to provide further value to our community and to open up new and yet-untapped forms of value creation in the process.
3.2 Value Generation and Distribution
Value is created when early adopters enter our community and SkyWatch begins to be traded – from that point onwards every transaction will in part go towards supporting global charities, while all SkyWatch token holders will benefit from both a distribution of the 3% provided as yield, as well as the increase scarcity created by that transaction where 4.5% of its value will be automatically locked as liquidity.
30% of total liquidity will be time locked in our Pancakeswap trading pool, 30% for the presale, 5% for our team, 4% for growth and marketing, 1% for Airdrops, and 20% locked for our V2 launch.
3.2 V2 Tokenomic Rework
As we’ve touched upon throughout this whitepaper, plans are already in the pipeline for a range of upgrades to our initial tokenomics and architecture for a V2 of SkyWatch that will go much further than any comparable project has done before, and in particular will use first principle thinking to provide a more comprehensive and innovative way to positively affect change in the world.
The tokenomics in place for V1 are robust and will provide a strong framework for the early adoption and initial growth phases of the project, however not only is our work not done with V1 but we will be adding a wide range of new features to the platform, rebuilding our smart contract structure to include a DAO to manage all donation distribution and others, and will be revamping our tokenomics infuse impactful ways for the SkyWatch token to generate value for holders and to unlock new opportunities.
More information on V2 will be coming soon via our social channels, announcements here on the website, and via our Medium publication as well.
4.0 V2: SkyWatch DAO
A major part of the V2 upgrade will be the integration of a DAO into the SkyWatch ecosystem which will transfer the process of donation allocation directly into the hands of our community and will not only allow SkyWatch token holders to add organizations to our approved charities list, but will also mean that holders will earn additional yield by contributing to the charity selection process.
As well as handling all donation allocation, the DAO will also allow the SkyWatch community to create proposals for how SkyWatch can be improved and the changes that would create even better alignment between the work of the team and the needs of the community.
The SkyWatch DAO will be the first of its kind and will allow for the entire process of donation taxation from transactions, proposals of charities for the community to consider, voting and donation allocation, conversion of donation, and ultimately the transfer to selected charities to happen completely autonomously from the control or input of the team and in a way to perpetuates and grows our decentralized ecosystem over time.
Voting will become a central part of SkyWatch, both as a mechanism for fair and effective governance and as a mechanism for further rewarding our community and ensuring high levels of participation with the core workings of the donation allocation system.
We are considering multiple vote valuation structures such as one-address-one vote, token-weighted voting, and others, and will be implementing the system that most fairly allows members of our community to contribute to the decision making process while also increasing the desirability of the SkyWatch token.
Our devs are already in the process of planning the model that we will move forward with in preparation for the V2 upgrade, and the way that voting can be used to strengthen our V2 tokenomics is a major consideration for us.
4.2 Charity Proposal
In V1, transactions are subject to 1% being automatically sent to Binance.Charity, which is a revolutionary initiative from Binance to allow for decentralized altruism to be done in a streamlined and maximally fluid way.
While this system suits our initial launch and will continue to be one of the voting options in V2, we would like to broaden the scope of the organizations that our project will assist while simultaneously giving our community direct control over where is best to designate those funds.
The ability to submit charity proposals will be incorporated into V2, and a significant dynamic amount of SkyWatch will be burned in order to submit a proposed charity, with that proposal either being voted upon by the community, assessed by our team, or a combination of both, and any accepted organizations then being eligible to receive donations from SkyWatch after that.
5.0 Overall Growth Goals
Sustainability is at the core of our team’s plan for the growth of SkyWatch and the SkyWatch token, and in all decisions we make relating to marketing and exposure our main concern is creating attention that will be impactful and expansive, but most importantly, for the right reasons.
We’re aiming for fast growth within the space, both from the perspective of the various different forms of value being created and distributed to charities and our community, and also in the wider crypto community’s awareness of our project.
This rapid-but-sustainable growth can only come from a good balance of providing immediate benefits by joining with us and it being crystal clear that our project aims for a long term and progressive growth in the size of our communities and of the value being generated from the outset.
We hope that our team commitments put our goals from growth into context (See 2.2 Team Commitment).
5.1 Marketing Allocation
4% of the total supply of SkyWatch will be dedicated to our growth war chest, allowing us to form partnerships with influencers and media platforms in the crypto space and beyond, to generate and promote content about SkyWatch, to cover the costs of listings on token trackers and trading platforms, and to provide us with the ability to grow the project and to gain early exposure and traction.
In the future, airdrops to early adopters, fan art competitions, bounties, and partnerships with existing projects in the space may all be fuelled with our marketing allocation, and we will be also using some of the budget for bringing additional growth and marketing staff into our team.
At this point we are also considering designation an amount of the marketing allocation to be locked into the V2 DAO contract in order to decentralize the process of deciding the most effective ways to increase the profile of the project using those SkyWatch tokens.
5.2 Merits of the System as a Mechanism for Growth
While external methods of marketing and having a budget for that are great, there’s no point in marketing something that is a fundamentally flawed product, and we would suggest that this is the number one cause for many crypto projects that have recently launched, seem to have potential, but end up unsuccessful in their goals.
We’ve designed SkyWatch to have a strong combination of mechanisms for growth built directly into our token economics and code so that irrespective of how many influencers we do or don’t connect with, the value of being involved with this project speaks for itself and will naturally attract and retain community members.
It’s been our belief since conception that the most important factor in launching this project is the undeniable value that is can create and distribute, and while we have many capable staff focusing on spreading the word about SkyWatch, marketing is a tool to assist our project reach its goals.. not the only goal of the project.
5.3 Innovation as a Mechanism for Growth
As well as the value being created by SkyWatch being our biggest potential growth factor, the second most important factor for growth will undoubtedly be the innovation that we plan to build into the core of SkyWatch, and the unique tools and functionality that will allow SkyWatch token holders and community members to help themselves while they help charities to help others.
The innovation in the cryptocurrency space over the past years has redefined many global industries and reshaped the way that people around the world think about money, financial systems, what art is, and the way that many more domains and sectors function in 2021 as well.
We have a strong vision for the direction that we, as a community, will take SkyWatch. We can’t do it alone, but we can do it with a strong community working with us to steer the project from its humble origins to being the largest and most innovative decentralized altruism network on Earth.
We believe strongly in the potential for decentralization to improve the way that almost any structure or system works when you look at it from a perspective of the group that represents the largest number of participants. SkyWatch is, at its core, a system designed to symbiotically link our community’s interests with the interests of millions of people that need assistance around the world.
While there are many organizations and people already working to relieve the vast multitude of sufferings that continue to plague humanity, new and innovative ways to assist these efforts will only ever be a good thing for us as a global community.