LORE token($LORE) is the native utility token of Gitopia. Gitopia leverages the LORE token as the primary means to govern, and secure the blockchain, provide a default mechanism to store and exchange value and act as a utility to fund the contributions, rewards, and resources on Gitopia.
Purpose of LORE Token
LORE token has the following use cases:
Governance: Staking your LORE tokens provides you with voting rights to participate in decision-making in shaping the future of the protocol. Governance is the critical component of how the Gitopia ecosystem will evolve. Active network stakeholders will be responsible for proposing, vetting, and passing protocol upgrades and incentivization strategies for the contributor community.
Staking: As staking tokens, LORE can be "bonded" to earn block rewards. The economic security of the Gitopia blockchain is a function of the number of LORE tokens staked. The higher the network's bonded ratio, the higher the cost of attacking the network.
Value-added services: The LORE token will act as the primary means of payment for using services on the Gitopia marketplace and other value-added services for developers and DAOs.
Transaction fees: Beyond the resources and value-added services, Gitopia also leverages LORE tokens for transaction fees on Gitopia. Initially, fees will act as a spam protection mechanism. With the network effect in place, fees would also serve as the primary source of revenue for the stakeholders.
Incentivization: The LORE token will be the base token for incentivizing contributors through development-related grants, sponsorship, or donations. While offering rewards in other tokens will be possible, the LORE token will continue to be the primary method of incentivizing contributors on the Gitopia platform.
Other storage services: The LORE token will act as the base token for using other data storage platforms, like Arweave, Filecoin, and IPFS, to secure their repositories and ensure uninterrupted access to their data on Gitopia. This integration provides an extra layer of security for users and enables seamless data storage and sharing in the Gitopia ecosystem.
Resources: LORE tokens can be used to pay for infrastructure resources and services for Gitopia.