CHICKEY CHIK
Search…
Token Economy
We are building a new economic model that will allow self-sustaining and evolving "digital societies" to create value via minting, trading, and exchanging digital assets in the digital world and in the new metaverse. These digital assets are in the form of non-fungible tokens (NFTs), fungible tokens, utility tokens, decentralised financial products and services, and other ways that are yet to be invented in the new metaverse.
As part of this new economic model, the tokenized gig economy (gig economy wrapped in the new token economy) is providing an opportunity for low-income and low-middle income demographics to carry out tasks and activities, including games, and earn tokens that can then ultimately be converted into fiat or be used (in crypto assets) to pay for goods and services as crypto market adoption takes place and crypto currencies are more widely used in the real (offline) economy.
Current tokenized gaming models fall short of being self-sustaining due to poorly designed token economic models. Whilst market participants may make profits in the short run, the drivers of price upward pressures are short-lived and are more akin to pyramid schemes. This negatively impacts market confidence in the new token economy and hampers more rapid market adoption.
We address market-wide shortcomings by combining proven models and designs in economics, finance, and market psychology to arrive at our tokenized gig-economy model with gaming as one of its verticals.
Our model is analogous to Marina Bay Sands (MBS) in Singapore, being a country, having its own currency, and operating as a decentralised autonomous organisation with a staking mechanism. In this analogy, Marina Bay Sands is a casino (in our case, this is a game room), a hotel, shops (luxury goods, etc.), entertainment (night clubs, events rooms, etc) and financial services (Defi). The economy at MBS would work as follows:
  • When a new entrant into an MBS country enters it, he/she needs to convert his home currency (E.g. USD) into MBS native currency (MBS coin). As the new entrant into MBS, he/she uses MBS coins to enter the games room and play games.
  • The entrant then becomes a participant; this participant will find out that MBS does not own anything in the game rooms or anywhere else in its country; the market participants own every item. That is: a participant can buy an Ace card in blackjack at a slot machine and lend it to other players in return for a cut on the winnings.
  • Items in the game can be created (minted) and traded by market participants and be owned by the partici- pants and be recorded on the blockchain.
  • The participant also realises that as he/she leaves the games room to spend his /her winnings in the shops, that personalised luxury good items can be created by him/her at the Armani shop that he/she will then own, and he/she can trade it as a pre-loved item later on in secondary market.
  • This ace card and luxury items in the digital world are NFTs. The MBS coin in our example is our native governance token. This governance token is then exchanged for cash in order for market participants to be able to cash out into the real (off-line) economy.
  • Each game in the games room will have its own token: a blackjack table would have its own token “Jack token” and so on. One would have to hold a native game token to play its game.
  • Players of gamers earn in native game tokens to play: a blackjack player would earn in jack tokens to play the game and compete for associated prizes and rewards.
  • Participants can mint digital assets (E.g. NFTs) as long as they hold MBS coins and can pay minting fees
  • MBS can be custodian of digital assets in exchange for custodian fees.
  • Digital assets are tradeable in the MBS marketplace.
  • Borrowing and lending digital assets is carried out between participants and MBS takes a spread on each transaction. Proceeds from this spread goes to the Treasury pool.
  • MBS is an Autonomous Decentralised Organisation where it passes ownership of every asset and items entirely to market participants.
  • MBS coin holders are stakers and have voting rights in the Treasury and governance decision making; that is the more MBS coins tokens one holds, the more he/she will likely have a vote in decisions such as what games to be in the games room and how MBS should manage its Treasury.
  • Participants earn a staking fee for staking MBS coins.
  • MBS DAO takes a fee (effectively tax) of 4 % on transactions. The fee goes to the Treasury pool
  • MBS coins have limited supply.
  • Inside the game rooms, new game designers can create their own games and issue their own game coins that are used within MBS.
The analogy above gives a demonstration of how a real-world successful business (MBS) can be tokenized and be self-sufficient with a sustainable long-term model.
In our MBS example above, the MBS coin is our SILK coin equivalent. The game rooms launch its own tokens per game, so a blackjack table, for example, would have its own token: the Jack coin. The jack coin is our CHIKY token equivalent.
This will be elaborated further in this paper in further detail in subsequent sections. In subsequent sections, we will demonstrate how our model will pass the test of time and be a long-standing economic model that will become widely used in digital societies and in the new token economy.
The equation of exchange M*V=P*Q is one of the pillars in understanding the tokenized economy whereby we incorporate staking interest in DAO as the interest rate in the formula.
Where, for a given period:
  1. 1.
    M is the Money Supply.
  2. 2.
    V is the velocity of money, which is the average frequency with which a unit of money is spent. P is the price level.
  3. 3.
    Q is an index of real expenditures (on newly produced goods and services)
Thus, PQ is the level of nominal expenditures. This equation is a rearrangement of the definition of velocity: V = PQ /M. The quantity theory of money adds assumptions about the money supply, the price level, and the effect of interest rates on velocity to create a theory about the causes of inflation and the effects of monetary policy.
Economists Alfred Marshall, A.C. Pigou, and John Maynard Keynes, associated with Cambridge University, focusing on money demand instead of money supply, argued that a certain portion of the money supply will not be used for transactions, but instead, it will be held for the convenience and security of having cash on hand. This proportion of cash is commonly represented ask, a portion of nominal income (nY). The Cambridge economists also thought wealth would play a role, but wealth is often omitted for simplicity. The Cambridge equation for demand for cash balances is thus:
In the token economy, the equivalent interest rate is the staking yields earned by staking the native token with the Decentralized Autonomous Organization. Staking yield is the equivalent of Treasury Bill Interest rates.
In our model, SILK coin holders can have the option to stake their coins and earn staking yields.

Allocation

Total volume of the token is 500,000,000. Total of 15% allocation for public sale at the initial price is USD0.15. All information listed is subject to change.
Chickey Chik has a 100%player-owned,real money economy. Rather than selling game items or copied, we focus on growing the player to player economy and take small fees to monetize. Chiks are created by players using in - game resources (CHIK) and sold to new/other players .

Team vesting period

Cliff for 1 year, and evenly released every 3 months for the next 4 years.
Token sold with bonus will be locked for a cliff period and then released evenly distributed over 12 months. (8.33% every month from the close of the cliff period). Cliff period is aligned to the first game launch timeline.
Last modified 5mo ago
Copy link
On this page
Allocation
Team vesting period