CAIT Technical Whitepaper
Current Version: 1.5.1
Last Updated: July 27, 2021
Written by: Micah Dewey Director, CAIT Defi Organization.
This is a Live Document. We reserve the right to make changes and adjustments to this document as time goes on, including, but not limited to, adding new facts, figures, and program updates. Please see the changelog at the end of the whitepaper for transparency on any past changes.
Collective Artistic Investing Token, otherwise known as CAIT, is a native WAX blockchain token with the express goal of “ending the motif of the starving artist”. CAIT is designed from the ground-up as a profit-sharing collective action token that has three core themes tied to it: 1) NFT collecting and group ownership of the profits generated by the CAIT ‘art gallery’, 2) stable and non-volatile value propositions, and 3) a circular profit structure that enables the system to recycle profits and in turn tokens, to as many holders as possible. CAIT is backed by an equivalent value in WAX held in reserve at a rate of 1 WAX per 25 CAIT minted. In this whitepaper, we will be exploring these three core themes, along with detailing our future road map, the tokenomics of CAIT, the CAIT DAO and some statistical analysis that could prove useful to future investors, partners, and/or users.
CAIT Defi Organization is registered with Corporations Canada as a not-for-profit corporation.
Past performance is not indicative of future results. Any investment in blockchain assets involves the risk or loss of part or all of your investment. The value of the blockchain assets you exchange is subject to market and other investment risks. This paper is not financial advice, and the authors are not regulated financial advisors. This paper is for informational and educational purposes only.
CAIT on WAX has a maximum supply of 25,000,000. With this max supply, CAIT would be considered fully backed once the reserve account holds 1,000,000 WAX (or WAX value equivalents)
CAIT is only minted when new WAX enters the reserve account unless the reserve account has more WAX than required at that moment in time. The only exception to this rule will be the initial market creation on July 1, 2021. We also reserve the right to exchange up to 33% of the value held in reserve to other tokens to increase our potential profitability and to decrease single-basket risk.
At 600,000 WAX held in reserve, the team will then get their allotment of tokens.
CAIT has partnered with many different organizations and projects on the WAX Blockchain to bring an educational and gamified experience to our collective userbase. We will continue to work with new and upcoming creators and projects in order to maximize their time and effort on the chain to allow their onboarding process to be less chaotic. The partnership program allows for each party to access the other party’s userbase to promote, donate and bring together a larger community across WAX with a common purpose.
Associated Projects/Friends of CAIT
The CAIT Ambassadors Program is a place for social media creators and community members to promote CAIT and get rewards for doing so.The goal is to spread the word of CAIT through giveaways, interviews, and other content that can bring people into the project. If this is something that you may be interested in, please fill out the form here
Payment to Ambassadors is usually done via CAIT, CAIT NFTs, and WAX. It can occasionally include other crypto payments. This is designed to help boost you the creator and us the project with very little cost to both parties. Please keep that in mind.
The Usual Reward for doing a sponsored drop is around 100 WAX in value, usually paid out in CAIT, CAIT packs, or other CAIT specific NFTs or Partner NFTs.
You can purchase off the market on AlcorSwap here
Or, Users can sign up for future CAIT/CAIT-G Drops here
CAITG had an initial price of 100 CAIT to 1 CAITG. This price will not be monitored by the CAIT Core Team, it is an open market. There is a maximum supply of 125,000 CAITG. The utility of the token is only for CAIT Governance proposals. We are not assigning monetary value to the token. You shouldn’t either.
When CAITG is transferred to caitdao.gm those tokens are transferred back to caittokenres to be recirculated on AlcorSwap. This token will not be burned by the team due to the limited supply.
Google Form for making a proposal is here
Your email address is recommended so that we can be in direct communication if something in your proposal is unclear. It is not required and is not going to be sold or used in any way other than for CAIT communication. If you wish to not include your email address please enter firstname.lastname@example.org
Introduction of Governance for CAIT
To make a proposal, 2 things must happen.
Upon approval by a vote of the majority of the CAIT Core Team, we will then move to the general vote.
When voting you may send up to 100 CAIT or 1 CAITG to caitdao.gm. With a memo with the posted CAIT Governance Proposal Number and either a YES or a NO. This information will be posted on all sources of communication prior to a vote being held, specifically the Governance page on the CAIT website and the CAIT Telegram Channels. If a proposal does not pass, the funds used for voting and for making the proposal get redistributed via multiple methods as described above.
A vote memo should look like this memo: CGPN #1 YES
The proposal fee will rise up to 50 CAITG as the community grows, as will the maximum voting fee.
These specific numbers are always eligible to be changed via the same process.
Voting is public and on-chain.
To cast a vote, users will vote by sending CAIT or CAITG to caitdao.gm for both “yes” and “no” votes.
In order to be passed, the proposal must receive at least the proposal fee in votes. (Meaning a 10 yes vote minimum is required to pass a proposal)
This means that for a vote to pass at this current stage, the person that makes the proposal must find at least 9 other people who agree and are willing to vote with their CAIT or CAITG.
Each voter can vote with either CAIT or CAITG. In stage 1 the maximum amount of a vote will be 100 CAIT/1 CAITG. In stage 2 that would increase to 200 CAIT/2 CAITG. There is no minimum, but the votes will be counted proportionally.
A proposal does not need the extra 9 members in order to submit.
Successful Proposals are subject to final review by the current team and must be passed with a 50%+1 vote. This vote can be overturned via a second successful proposal using the same, exact wording. (Referendum style)
Direct changes to the governance system require one of two scenarios:
Governance changes do not require backed votes. Meaning the cost to vote on governance is just the minimum amount that must be sent with a memo attached, 0.0001 CAIT
However, due to the near 0 voting cost on governance-specific proposals, the proposal fee is ten times the cost to cover the time that must be put into consideration of such changes.
The scaling nature gives those involved early a greater stake in the success of the token and also have greater voting power early on by having less expensive governance proposal costs.
Yay/Nay/Abstain must represent at least 50%+1 of all verified wallets.
Verification is not meant to be a barrier, or even to collect information other than your WAX address. We just need to know that an actual user is behind the vote. We also want to ensure that voting matters. Meaning, we will take action against users who try to maliciously double-vote. Accidents or general ignorance is an excuse that will simply result in nullified votes and/or the CAIT-backed votes to be lost to the airdrops pool for community distribution.
The form and function of this system are to create more opportunities for those users who are the most directly involved in the project and are the most engaged while also keeping the smaller, casual user franchised by giving them a reasonable opportunity to take action on behalf of a proposal that they believe will make the project better.
We want the community to run this project, we just want to guide it.
CAIT-G is an unbacked token distributed by the CAIT Core Team and Partners as a way to drive community engagement and direct democratic principles into the program. This will be the token that we can generously give out because of the unbacked nature of the token.
Team Members and Partners received an initial distribution of 5,000 CAIT-G to be used to drive proposals. On May 1, 2021, all 128 verified wallets received their initial share of 10,000 CAIT-G, which equalled 78 CAIT-G per wallet.
When CAIT-G is used in a proposal, or for voting, the tokens sent to caitdao.gm will be redistributed later on as an airdrop to all verified wallets. Officially, the CAIT Core Team is not planning to open a Market on alcor.exchange for CAIT-G. If a community member wishes to open a market, they have permission to do so.
CAIT started with 1332.91 WAX on March 13, 2021, costing roughly $435 CAD
CAIT is currently generating around 1,100 WAX per day in passive earnings.
At the current rate of growth, we expect to reach CAIT Total Supply Mint by June of 2022.
We have minted just under $30,000 CAD in Market Cap value on the tokens on the market so far, in addition to having the entire profit-making portfolio currently paid for.
Our current staked holdings have an estimated value of 170,000 WAX
Our current unstaked holdings are around 75k wax including RPlanet Lands, one of which is the engine for our never-ending automated faucet. The current amount of WAX in the main liquid reserve account is around 27,500 WAX. So CAIT holds roughly $35,500 CAD in liquid WAX, staked NFTs, and unstaked holdings.
Along with generating $30,000 CAD in Actual Market cap for our holders these are the combined growth numbers for the first three months of the CAIT Project.
Starting Capital: $435 CAD
After 1 Month: $7,200 CAD
After 2 Months: $27.500 CAD
After 3 Months: $65,500 CAD
June 11, 2021 (v1.0)
June 12, 2021 (v1.1)
June 16, 2021 (v1.2)
June 17, 2021 (v1.3)
June 24, 2021 (v1.4)
June 28, 2021 (v1.5)
July 27, 2021 (v1.5.1)