{"signature": "0xfb7956a30aee928705229616aba59c13987c82d54efcde1ab1bfc99d15ee00a20e917378b34325610eb716c887d337f85530d63983d9df6efbc933f75e6c7e681b", "application": {"round": "0xadd9b8cc34d9f36fa37cb9c6941e6209f4eea6c6", "answers": [{"type": "email", "hidden": true, "question": "Email Address", "questionId": 0, "encryptedAnswer": {"ciphertext": "mQOjCLPYUDG290bMTayna3UdV88O+9b2sZQpZarQPwIDMYX0nlIwLm3qgsFknoBh", "encryptedSymmetricKey": "53dfc83938177b7a5fdd4cfcd10fe97fba54cd308cd86edcacb9d64d48f0c1c2f137191a01ca74a4677d3efc01e5dd1463d3fe316628fe80d1b24c4a53ee10c24d78d520a4bfb0f7382fefebd1f513759a7a57b1c7fdfcfebb9d7fdfbf53d586a3823931b105aee0fe28e66498b6571a8815f3bf1206d2a9c9b47056cd4f97010000000000000020f36a62a1a726d01b66440b5eb5c8d88cae65bf0a2728bd492bc53ea02dbc5292384381deb8c7e9d0e786ac17180ae796"}}, {"type": "short-answer", "answer": "egeagus", "hidden": true, "question": "Telegram handle", "questionId": 1}, {"type": "link", "hidden": false, "question": "Karma profile (if available)", "questionId": 2}, {"type": "checkbox", "answer": ["Yes, I confirm"], "hidden": true, "question": "Have you read and confirmed that your project abides by the Program General Eligibility Policy https://tecommons.notion.site/Eligibility-Policy-7cf5ff8c323149cf84011712f070f009 ?", "questionId": 3}, {"type": "paragraph", "answer": "The long-term vision of Inverter Network is to democratize and transform the token economy landscape by enabling dynamic, programmable, and sustainable token issuance and management. We aim to build a comprehensive token programmability stack with a modular infrastructure that supports diverse applications and economies on blockchain networks, specifically targeting ecosystems like Optimism and the broader Superchain.\n\nWe have chosen Optimism as our launch chain due to its scalability and developer-friendly environment. Currently, there are five early adopter projects that will be utilizing Optimism through Inverter, each focusing on innovative and impactful use cases within Web3, particularly in developing countries. Importantly, we have not yet initiated any marketing efforts, demonstrating organic interest and potential for growth.\n\nThe applications built on Inverter are designed to address emerging and frontier use cases, continuously improving and upgrading our modules for novel scenarios. As these projects operate on Optimism, each development enhances the OP Stack's quality and contributes to building a dedicated community of builders. This community engagement not only supports the OP Stack but also encourages participation in RFPG initiatives, potentially leading to the design of strategic systems to introduce funding initiatives that incentivize their communities.\n\nInverter Network's ultimate goal is to provide tools that facilitate the creation and management of advanced token economies without requiring extensive technical expertise. By lowering the barriers to entry, we aim to foster innovation across various sectors. Our vision is to create a future where decentralized economic systems are accessible, efficient, and resilient, empowering communities to design and implement their economic policies and systems.\n\n\nQualitative Benefits:\n\nInclusivity: Empowering communities, especially in developing countries, to design, participate, and benefit from blockchain powered economies.\n\nInnovation: Providing a platform for innovative use cases that provides an open design space for  token economies.\n\nCommunity Engagement: Building a community of builders and users who contribute to and benefit from a common library of composable token mechanisms.\n\n\nQuantitative Benefits:\n\nCost Savings: Reducing the need for extensive technical expertise and development resources, lowering operational costs.\n\nSustainability: Enhancing the scalability of token economies through dynamic and programmable issuance mechanisms.\n\nTreasury Growth: Enabling sustained treasury growth and financial stability for projects through optimized token issuance and value capture​​​​.\n", "hidden": false, "question": "Vision Statement and Impact: Describe the long-term vision of your project and its intended impact on the Optimism and broader Superchain ecosystem, including both qualitative and quantitative benefits", "questionId": 4}, {"type": "paragraph", "answer": "To achieve our goals and impact on the Optimism and broader Superchain ecosystem, Inverter Network will focus on these actions over the next 3-6 months:\n\n1. Enhance the PIM Stack:\n- Finalize the development and testing of the PIM stack's dynamic token issuance, algorithmic pricing, and arbitrage mechanisms.\n- Ensure the no-code deployment panel is user-friendly and intuitive.\n- Conduct thorough security audits.\n\n2. Build Partnerships:\n- Ensure full compatibility with Optimism's ecosystem.\n- Partner with at least five DeFi projects to drive early adoption.\n\n3. Engage the Community and Launch Pilot Projects:\n- Provide comprehensive documentations and learning tracks\n- Onboard at least 20 developers through grants, hackathons, and support programs.\n- Deploy and support 3-5 pilot projects using the PIM stack.\n- Improve the platform based on feedback from pilot projects.\n\nKey Goals:\n1. Deploy a minimum of 20 open-source smart contract modules on Inverter Network with Optimism as the operational chain.\n2. Deploy at least five applications on Inverter Network with Optimism as their operational chain.\n3. Enable the issuance of at least three new token economies on Optimism.\n\n", "hidden": false, "question": "Initial Strategy: Outline a high-level strategy for how you will achieve your intended impact and key goals for the next 3-6 months", "questionId": 5}, {"type": "paragraph", "answer": "Inverter Network will create dynamic and sustainable token economies on Optimism with its PIM stack. Here’s how we apply it:\n\n1. Dynamic Token Issuance:\n- Our Primary Issuance Markets (PIM) dynamically adjust token supply based on real-time market conditions and eliminating the need for significant bootstrap liquidity.\n\n2. Customizable Token Economy Deployment: \n- Our no-code panel Control Room allows projects to configure and deploy customizable token economies tailored to their specific needs.\n\n3. Treasury Growth and Revenue Generation: \n- Proceeds from dynamic token issuance contribute to the project’s treasury, supporting long-term development and generating ongoing revenue from trading volumes and volatility.\n\n4. Incentive Alignment:\n- Integrates game-theoretic mechanisms for staking, governance, and rewards to align participant incentives with network benefits.\n\n5. Security and Trust:\n- Comprehensive and regular security audits of all modules and smart contracts ensure high-security standards and build community trust.\n\n6. Modular and Accessible Design Space:\n- Inverter Network's modular design offer reusable upgradeable, and interoperable components for projects to build their token economy in a plug&play fashion, creating a flexible design space that supports experimentation and customization without extensive technical expertise or development costs.\n\nExample Applications\n\n\nDynamic Treasury Management for DeFi \n\nDeFi protocols can manage liquidity and generate native yield from trading volumes and volatility using dynamic pricing algorithms and arbitrage mechanisms for their token supply.\n\n\nOracle-Based Issuance\n\nThe KPI Rewarder module efficiently distributes tokens and funding based on both on-chain and off-chain performance metrics, linking issuance logic to verifiable data. By dynamically adjusting issuance according to set KPIs, we create performance-aligned token economies. This approach ensures that incentives are closely tied to real-time performance metrics, driving a more engaging ecosystem where stakeholder behaviors are driven by economic incentives.\n\n\nCommunity Currency Frameworks\n\nInverter's PIM stack enables the issuance and management of tokens to power collaborative finance use cases currencies tailored to localized economies. Modules like Under-collateralized Lending and Microcredit Issuance empower communities by providing microloans and localized currencies, promoting financial inclusion and economic development. PIMs serve as the foundational layer for these low-liquidity tokens, addressing niche market needs and ensuring sustainable value within real-world asset (RWA) ecosystems.\n", "hidden": false, "question": "Integration Approach: Explain how the project applies token engineering within OP", "questionId": 6}, {"type": "dropdown", "answer": "Tooling", "hidden": false, "question": "Project category ", "questionId": 7}, {"type": "short-answer", "answer": "We have developed and completed the audits for our protocol architecture. We will be launching on the Optimism mainnet in August.", "hidden": false, "question": "Project stage: What stage do you consider your project is currently in? (F.e.: Plan, Proof of Concept (PoC), Minimum Viable Product (MVP), Fully integrated project)", "questionId": 8}, {"type": "paragraph", "answer": "We have dedicated co-founders and engineers with a history of hard work and an established network with meaningful connections. Over the years, we've faced challenges head-on and have built trust within the industries we have participated in, from international NGOs to food technologies, from payment processors to DeFi protocols.\n\nAlp Ergin (CEO): Alp began his journey in Web3 by building a Web2.5 solution using the IBM Trust Chain for supply chain management. He has contributed to the EU Horizon Grants program and advised organizations collaborating with the UN in developing regions. Alp has also supported DAO formation and operations, and ecosystem design for decentralized and distributed ownership economies.\n\nMarvin Kruse (CTO): Marvin is a protocol architect with over five years of experience in the Ethereum space and 12 years in software development. He has a strong background in security and auditing, having advised and audited numerous projects on architecture, security, and development processes.\n\nAtaberk Casur (COO): Ataberk has worked as a researcher and mechanism designer in collaboration with Curve Labs and BlockScience. He has been involved in various projects implementing on-chain systems beyond DeFi, such as Prime, Token Engineering Commons, Sphere, and Toucan. He led the R&D for the first programmable escrow contract for DAO2DAO coordination.\n\nPablo Carra (Protocol Lead): Pablo is our R&D lead and smart contract developer with a background in computer science. He has been involved in Web3 projects for the past three years, including contributions to the Token Engineering Commons and Praise.\n", "hidden": false, "question": "Team Expertise: Provide a brief summary on the team’s background and relevant expertise in token engineering and/or OP", "questionId": 9}, {"type": "paragraph", "answer": "Prototypes and Existing Projects:\n\n1. Open-Source Modules: \n- We have built and open-sourced the initial set of Inverter smart contract modules, which are available for the community to use and build upon. These modules cover various aspects of token engineering, dynamic issuance and Primary Issuance Markets, and programmable distribution.\n\n2. Primary Issuance Markets (PIM) Stack:\n- We have developed the v.1 PIM stack, which includes dynamic token issuance, algorithmic pricing, and arbitrage mechanisms. \n\n3. Control Room: \n- Our Control Room is a no-code deployment panel that enables users to easily configure and deploy smart contracts without requiring extensive technical knowledge. This tool is designed to streamline the process of creating and managing token economies.\n\n\nWork within Optimism / Superchain:\n\n1. Optimism Builders Grant:\n- We received the Optimism Builders Grant in Season 5, which has enabled us to further develop our PIM stack and Control Room.\n- We are set to launch on the Optimism mainnet in August with the initial set of applications launching their token economy on top of Inverter, marking a significant milestone in our development and integration with the Optimism ecosystem.\n\n\n", "hidden": false, "question": "Existing Work: Provide evidence of any existing work, such as prototypes, research papers, or previous projects. If you have already done work within OP/ Superchain, please include that here too", "questionId": 10}, {"type": "paragraph", "answer": "We have received grant funding from the TEC in the early days of Inverter to research and formulate the initial protocol architecture.\n", "hidden": false, "question": "Returning grantees: If your project has received prior funding from the Token Engineering Grants Program, please describe the impact that funding has had on the project", "questionId": 11}, {"type": "checkbox", "answer": ["I agree"], "hidden": false, "question": "Agreement checkbox: By checking this box, grantee commits to participating in the two milestones outlined below (exact dates will be communicated after your admission to the round): September: Milestone 1 requires completion of a grant profile in Grantee Accountability Protocol (GAP). The profile outlines the specific outcomes to be achieved by Milestone 2.  October: Milestone 2 requires a progress report on the grantee's progress towards achieving the outcomes agreed to in Milestone 1. ", "questionId": 12}, {"type": "paragraph", "answer": "We received the Optimism Builders Grant in Season 5 and are now working on it. We will complete our first critical milestone by launching on the Optimism mainnet in August.\n", "hidden": false, "question": "Have you applied or are planning to apply for additional funding rounds within the Optimism ecosystem? https://sovs.notion.site/d24bc00e3ed14139beb44b82a5e145c5?v=50ae5a8b531641e0b78f39a710f3ffa6", "questionId": 13}, {"type": "short-answer", "answer": "From our dear friends in TEC", "hidden": true, "question": "How did you hear about the Token Engineering Grants Program?", "questionId": 14}, {"type": "paragraph", "hidden": false, "question": "Anything else you'd like to share about your project, previous work, or other project affiliations? Anything you'd like to add that has not been covered?", "questionId": 15}], "project": {"id": "0xa7d929aa5108815edceb8505a64141a3bf333d60c91626c1b82a00a473bed03d", "title": "Inverter Network", "logoImg": "bafkreiajr7j3bohaga5myvi4bsu72wlc4t5esvmskmshgb7e26zxbnlzva", "metaPtr": {"pointer": "bafkreiciahuagblvlyjzgkgqxv74wxkhqfa2nqxprr3lmrxbs6mtzqbgqi", "protocol": "undefined"}, "website": "https://www.inverter.network", "bannerImg": "bafkreic73g2ogvma4mlr5w2ojxxzeycyijczfeb56asut4zrloyf4ik5sq", "createdAt": 1722347432422, "credentials": {"twitter": {"type": ["VerifiableCredential"], "proof": {"jws": "eyJhbGciOiJFZERTQSIsImNyaXQiOlsiYjY0Il0sImI2NCI6ZmFsc2V9..LGA0G2lou9nzVUsjaWnYooXb0EDBRj1TYvYPT7eOdyQtF3WLHkGZ8C32o8-a8iRl4Rp3Uus_CdmCNVlTF3aBAQ", "type": "Ed25519Signature2018", "created": "2024-07-30T13:50:20.720Z", "proofPurpose": "assertionMethod", "verificationMethod": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC#z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC"}, "issuer": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC", "@context": ["https://www.w3.org/2018/credentials/v1"], "issuanceDate": "2024-07-30T13:50:20.720Z", "expirationDate": "2024-10-28T13:50:20.720Z", "credentialSubject": {"id": "did:pkh:eip155:1:0x06F9A58F6d2e272F3b9Dfd66303F09d4233e8B29", "hash": "v0.0.0:nTcfRPAXtjTHsJPvna+e+0ssDjglM+n3WkuG0NIoY04=", "@context": [{"hash": "https://schema.org/Text", "provider": "https://schema.org/Text"}], "provider": "ClearTextTwitter#inverternetwork"}}}, "description": "Inverter Network Overview\n\nInverter Network is formed with a vision that tokens, from the way they are created to the larger system they are connected to, can make modular money and programmable institutions possible on the blockchain by enabling issuing and distributing tokens in a programmable and dynamic way.\n\nTo realize its vision, Inverter built two novel technologies:\n\n\n1. Inverter Protocol\n\nInverter Protocol v.1 is a modular infrastructure ensuring extendability and upgradability. It allows dynamic operability of embedded business logic and token economies via customizable admin panels, offering a comprehensive back-office solution.\n\nCustomizable Admin Panel: Provides an interface for streamlined, no-code configuration, deployment, and operation of token economies using Inverter workflows and out-of-the-box integrated solutions.\n\nDrag & Drop Functionalities: Enables drag-and-drop smart contract functionalities such as staking, streaming, KYC/AML services, and oracle services without additional manual development.\n\nModule Registry: An on-chain registry of reusable, upgradable, and interoperable modules that can be assembled into custom workflows and integrated or removed without affecting the system's overall integrity.\n\nAudited with a Security Standard: Ensures high-security standards through extensive testing and security reviews by established auditing partners.\n\n\n2. Primary Issuance Markets (PIMs)\n\nInverter introduced PIM technology to enable projects to deploy token economies with conditional issuance and extendible utility management. PIMs facilitate dynamic token issuance with programmable distribution, capturing value from token economies perpetually.\n\nDynamic Token Issuance and Pricing: Utilizes algorithmic pricing for minting and redeeming tokens, allowing projects to dynamically adjust token supply based on market conditions and project needs.\n\nMarket Value Capture: Enables projects to profit from their tokens' trading volumes and volatility, capturing value from token activity that previously benefited only external parties like third-party market makers and exchanges.\n\nSustained Treasury Growth and Stability: Proceeds from token issuance contribute to increasing project reserves, establishing a price floor, growing the treasury, and supporting long-term development without dumping on the community.\n", "lastUpdated": 0, "projectGithub": "inverternetwork", "projectTwitter": "inverternetwork"}, "recipient": "0x0bc89f54635167647aB0aa74d298fD3E6Dc83f4F"}}