Unmasking the WhaleRoom.org Ecosystem
Learn all about the tech that powers our chatroom platform and ecosystem.
The WhaleRoom Platform
WhaleRoom is a social media platform built specifically for crypto enthusiasts across the globe. Members can connect their wallets to access discussion rooms with other platform users and members. Each project "room" has a defined room minimum. Example, the ETH room will have a minimum of 32 ETH. This means that users with less than 32 ETH in their connected wallet cannot partake in the discussion. The goal of WhaleRoom is to create a safe and friendly place for industry stakeholders to engage with a large variety of these crypto rooms. WhaleRoom does not host any 1:1 chats and only hosts multi-member discussion rooms that can be accessed by any qualifying user. Users can also opt-in to community-based memberships or can directly purchase lifetime memberships in USD, USDT, BTC, ETH, or HTR from WhaleRoom.
P2P Community Staking Program
The WhaleRoom social platform has been coded to interface with any ERC20 token but it makes use of a two token system for users to participate directly with one another. Below we explain how room tokens (any ERC-20) differ from the platform tokens (WHL) and the pool tokens (WHLC). Although the explanation is somewhat technical, the result of this approach is to create a means of incentivizing people to build communities by flipping the usual model of tech companies. We provide the platform to most users for free, users pay one another for building communities, and a decentralized system with public code controls the system of P2P payments and staking. For true whales, we sell paid memberships that offer a number of benefits. For everyone else, we offer a P2P system of building communities in which users effectively pay one another for their participation.
To drive an amazing experience and awesome benefits for WhaleRoom members, we have set up a system in which users interact directly with each other, rather than paying or interfacing with a centralized company. WHL token holders can stake their tokens with one another via our P2P “staking” system. This P2P staking system is fully automated and operates autonomously via a smart contract (hosted on the Ethereum network). After the launch of the staking program, it is impossible to change or alter the staking system in any way, and we have set this up so that users can be assured that they’re interacting with other users We are pioneering a new model in which community members can profit from their own participation and the participation of others, in a direct way.
With our unique model, there is no signup or room entry fees that are collected by WhaleRoom We believe that this is the future of chat rooms and that users should benefit from the popularity of the communities that they create.
WhaleRoom does not own or receive any of the WHL tokens (which are ERC-20 tokens). WHL tokens are used between members to unlock member benefits on our platform, and they are interoperable with any other chat platform that makes use of WHL, which anyone can do thanks to the permissionless nature of Ethereum tokens.
The WHL Token P2P Staking Program is a Smart Contract-based System
In the spirit of decentralization, WhaleRoom can’t control the staking system smart contract or edit or even upgrade it once it is deployed. That said, each user that stakes WHL is participating in a peer-to-peer loyalty program wherein each user contributes to the program according to the exact same set of rules. We have tried here to describe the smart contract rules, but there is no substitute for reading the code and carefully understanding this system because it is a novel approach to the problem of how social communities can build value for themselves, rather than for the benefit of centralized companies like Facebook, Discord, etc.
The Benefits of the WHL P2P Community Staking Program
- 1) Earn WHL tokens by staking to receive a pro-rata portion of the 10% P2P entry and exit fees from users entering and leaving the staking system smart contract (i.e. growth or contraction of the members).
- 2) Earn WHL tokens by staking to receive a pro-rata portion of 100% of the community P2P signup and room entry fees charged by the smart contract staking system (i.e. direct participation in the success of the platform, without a middleman).
- 3) All WhaleRoom platform feature upgrades that would normally be paid are yours forever. We are big proponents of the value of decentralization.
Technical Warning for New Stakers (avoid this mistake!)
When you stake your WHL tokens, you are given a quantity of WHLC tokens to account for your portion of the P2P loyalty program pool that you have entered. Your staked WHL tokens are converted by the smart contract to WHLC tokens which are then exchanged 1:1 for WHL tokens upon entering the staking program, vise-versa (minus entry/exit P2P fees). This is how the P2P smart contract knows how many rewards to redistribute to each staked wallet address.