OpenChat price

CHAT

#1161

OpenChat has an associated utility token called CHAT.

• It can be staked as neurons (very similar to ICP neurons) allowing token holders to participate in the governance of OpenChat by voting on SNS proposals, and by doing so, earn voting rewards. These rewards increase the longer the tokens are staked and so token holders are incentivised to act in the long term interests of OpenChat.
• It can be used by OpenChat users to pay for Diamond membership and other premium features.
• It can be used to reward contributions to the evolution or growth of the OpenChat service either through automated user rewards or by SNS proposal.

CHAT has an initial supply of 100M tokens. 2.5% of the total supply is minted annually to reward neuron holders for participating in governance by voting on proposals. CHAT can be burned to reduce the supply. Over time as the revenue earned in CHAT tokens for premium features grows, it is anticipated the burn rate will meet or even exceed the minting rate allowing the CHAT supply to become stable or even deflationary.

The OpenChat DAO operates and steers the direction of OpenChat using an on-chain automated system called an SNS.

Changes to the OpenChat SNS DAO, which include the treasury of ICP and CHAT tokens, the various tokenomic parameters, and the OpenChat dapp itself, can only be made by the OpenChat SNS governance canister upon successful execution of proposals which are voted on by 10000s of CHAT neuron holders.

The OpenChat SNS DAO itself was created automatically upon adoption of this proposal by the Internet Computer's automated governance systemm, the NNS. It initiated a public swap event on the 3rd of March 2023 when 2,375 participants deposited a total of 1M ICP tokens to the SNS in exchange for 25M CHAT tokens. When the swap concluded the OpenChat SNS DAO became active.

The initial CHAT token distribution was as follows:

• 52%: Reserved for the SNS treasury & under control of the OpenChat DAO
• 25%: Distributed to the public by the NNS run swap event
• 15%: Allocated to the OpenChat dev team which vests over 4 years
• 8%: Allocated to DFINITY for providing seed funding which vests over 2 years

A small proportion of the treasury has been transferred (by proposal) to liquidity pools on various decentralized exchanges leaving the large majority to fund on-going development and other contributions, and to algorithmically reward OpenChat users. By rewarding 100,000s of engaged users with CHAT tokens and neurons the aspiration is to create a huge team of advocates incentivised by the success of OpenChat.

OpenChat was founded by 3 software developers Matt Grogan, Hamish Peebles and Julian Jelfs. They originally met and worked together for several years building a platform for online travel agencies.

Meeting in the 1990s Matt worked for many years with the founder and Chief Scientist of DFINITY, Dominic Williams, on various software ventures. In 2020 Dom asked Matt if he would like to build apps on the Internet Computer. In turn Matt asked Hamish and Julian to form a team and OpenChat was born.

Matt has been a software developer for nearly 30 years in a wide range of industries and tech stacks generally involving web technologies. He holds a masters degree in Engineering and Computer Science from the University of Oxford.

After graduating with a masters degree in Mathematics from Cambridge University, Hamish transitioned into the world of software engineering where he focused primarily on high throughput, low latency cloud based systems.

Julian has been dabbling in software engineering for the last 25 years or so. He has a varied industry background from defence to risk management, from e-commerce to education technology and from travel to chat. He has developed a penchant for functional front ends. He holds a masters degree in Politics, Philosophy & Economics from the University of Oxford.

At the time of writing you can buy CHAT tokens with ICP on various Decentralised Exchanges (DEXes). ICDex ICPSwap Sonic

Support is coming for the Rosetta API allowing easy integration to Centralised Exchanges (CEXes) at which point it is likely CHAT will be available to trade on CEXes for ICP or USDT.