Kabocha commissions creative projects that make waves, retaining genesis assets, shares and rights in the projects we fund - together.
Think of us like a Web3 version of Disney…
It is an experiment in crafting new realities through direct participation, collaborative creation and shared values.
Its ownership and governance is fair, transparent and decentralised at launch thanks to its genesis in the Edgeware community.
The project was curated from a wide range of contributions and aligned proposals, all funded by Edgeware. You can view the relevant proposals here.
Edgeware recoups it’s bring up costs 1:1 in KAB, enabling the solo chain to build a stake and governance rights in its incubated offspring, and as such a voice in Kusama. Currently Edgeware controls c. 1% of the supply.
This aligns to an emerging strategy for Edgeware to be the foundation for a fully on-chain Parachain Farm, seeding and nurturing projects and helping them onboard and mature in Kusama (and then to Polkadot), bringing with them a collective of contributors with proven governance and development experience.
In this model Edgeware will fund and then recoup, setting the stage for its own value to to tied to the long term success of its parachain offspring and in turn to the success of DotSama.
Kabocha is borne from a multichain essentialist philosophy and rooted in the experience of governing and developing Edgeware. As a result, the core innovations are a response to Edgeware’s primary issues, that we believe can be relatable across the emerging Subverse.
- Funding: Pallet Mint
Kabocha has a small treasury containing the technical steward reward, collators and the Edgeware recoup. This treasury was created via a snapshot of Edgeware’s chain, however going forward this will not receive funds in the same manner as other chains.
Instead we will only be minting new tokens when a new proposal is approved by simplemajority governance. This ensures inflation and indeed supply are explicitly under the control of the community and directly connected to the productivity of contributors.
This simplification of the model was inspired by direct experience (Edgeware, Decred, KSM, DOT of how treasuries denominated in a network token, and so subject to large fiat denominated swings, can effect decision making through bull and bear markets.
Positive price action tends towards profligate spending, whilst bears lead to conservatism. Even aside from market cycles, pooling large treasuries often creates spending problems and disagreements since people see the resource defined in fiat terms. By eliminating a ‘treasury’, we hope to ease this tension and ensure projects are all judged on their own merits, rather than the prevailing market conditions.
- Value accrual: Cultural Collateral
Kabocha is backed by cultural collateral - the creative contributions of its community.
The funding of projects directly accrues value to Kabocha’s reserve through the assignment of genesis rights in the form of RMRK NFTs that are pledged by teams requesting funding.
This cultural collateral will give access, rights, permissions and future utility to those holding KAB and the RMRK NFTs will be upgraded (appending new NFTs / resources) as the funded projects develop over time.
This funding/rights exchange mirrors the commissioning model of public service broadcasters such as the BBC and ensures long term incentive alignment between creators and the community and reduces the speculative nature of the existing NFT industry, since creators receive funding for their endeavours, and are not reduced to becoming marketeers.
- Identity: Seeds
Seeds are central to the governance of Kabocha, representing evolving roles, rights and reputation in the network and hopefully in the wider Kusama ecosystem.
Seeds are unique, non-transferable RMRK based assets that grow based on continuing contributions to the project.
They will define how you (individual, team or collective) build identity, your voting power and access.
There is no limit to the number of Seeds and uniqueness will not be defined by a predefined algorithm, but by the continuing contributions of the owner.
Contributions across many dimensions will determine the emergent logic of how Seeds germinate and grow into visual assets, which in turn will develp organically into an entirely new kind of metaverse.
Read more here.
- Pallet Supersig
Pallet Supersig evolves the basic properties of Substrate’s multisig wallets, giving them new functionality which makes managing, controlling and disbursing funds more dynamic. It was the recipient of a W3F grant.
Read more here.
- Pallet Subscription
Pallet Subscription aims to simplify subscriptions such as recurring payments to supersigs which can be useful for ongoing payments, payrolls and for access to other Kabocha incubated projects.
Read more here.
Edgeware is the second oldest mainnet in the Substrate ecosystem sitting between Kusama and Polkadot, and the oldest solo-chain.
The project was made famous by 2019’s lockdrop which saw over 1.2m ETH locked up and 4m signalled on behalf of smart contracts who then received EDG, making it one of the widest and fairest distributed crypto-currencies in existence.
The intention from the founding team was that the project would be home to governance experiments. As it turns out, the project itself would turn out to be the main experiment - with 90% of the tokens in the hands of the public, the scene was set for on-chain governance to ensure the founding team could not unilaterally decide the future of the network, leading to their departure to another Substrate network.
In their absence, the community reorganised and found their voice, developing a range of projects and experiments, chief amongst them, Kabocha, which matched Edgeware’s distribution 1:1 as well as carving out 4.9% for KSM crowd-loaners.
AUA (Ask Us Anything).