For a long while, the crypto world has experienced wide adoption of projects all over the world. However, the need to provide aid for upcoming projects has also come with the wide adoption of products released from games, to blockchain platforms, to centralized exchanges as well as decentralized.
To solve this problem, the idea of Launchpads was introduced into the blockchain space. Binance Smart Chain, Trust Pad, MetaLaunch, and BlokPad are examples. Kommunitas came in with a new model that allows easy access to launchpad tools for startups. It’s gaining attention real fast and here are some of the thrilling features and facts of this project with more than 18 Telegram Communities:
Tokens Reduce From 40B to 2B
Kommunitas created a token with a total supply of 40B. However, feedback from the KOMmunity emphasized that the number be reduced. The team took that decision and announced the reduction to 2B removing about 95% of the total initial supply.
The 38B tokens will be burnt for the next two years and the records documented in an open system for anyone to verify here. This burn will improve the circulating-to-total-supply ratio of the $KOM token. Click here for more.
Tech Rate Audits Kommunitas
Tech Rate is a tech firm that specializes in auditing smart contracts from blockchain companies. Their process gives some level of verification and confidence for any project passing through their auditing system.
Kommunitas has gone through the auditing process at Tech Rate and results were delivered in June 2021. Some of the checked criteria that the Kommunitas project was marked positive for include Oracle Calls, Front Running, Timestamp Dependence, Integer Overflow and Underflow, DoS with Revert, and DoS with block gas limit. You can see the rest here.
Multi-Chain Integration
The Kommunitas Launchpad was designed to be interoperable with other blockchain platforms making it a multi-chain platform. Such a DeFi system makes funding, transactions, and other blockchain-based activities on Kommunitas easier to interface with those of BSC, Ethereum, Avalanche, Solana, etc.
The advantage of this is that projects on Kommunitas have a wider reach than others that are single chain. This reach includes users, investors, gamers (for gaming projects), and lots more. An example of this is the collaboration with Anyswap that announced their rebranding to a multi-chain system:
A Tier-Less System
For most blockchain Launchpads, there’s always a description of how users can engage and invest in each project. The team creates tiers that define the amount of token potential investors need to participate, and this reflects the average TradFi system of raising liquidity for projects.
In the Kommunitas ecosystem, any user can participate in its IKOs no matter the amount of token they have. The returns given to each investor are proportional to what was invested using the ratio system.
Multiple Revenue Models
Every DeFi project seeks to have a plan to create revenue to run their activities continuously. If this is not sorted out, such projects will end before it starts. For Kommunitas, there are four models for the accruing revenue: Tier-Less Launchpad, Audit Firm Partnership, Exchange Partnership, and Marketing and public relations.
With these four models targeted at different market segments in the blockchain market, Kommunitas is ready to have a sustainable foundation for inflow of liquidity, with the tier-less structure being a good example.
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Burning of Tokens
Instead of implementing instant burn after the Genesis Token is minted, Kommunitas is using these five unique ways to burn its tokens: (a) When users unstake their $KOM before the maturity date, 20% is taken off as a penalty and burnt forever; (b) When users send any amount of $KOM after joining the Private Partners Group, it will be burnt;…
(c) Social Engagement Burning (d) Price Level Burning is done when the price of $KOM reaches a particular level per time; (e) the 95% decrease of $KOM by reducing the total supply from 40b to 2b. This model helps to regulate the supply of $KOM tokens with the market value it attains over time.
Social Burning
Kommunitas is the first project to implement Social Burning. Social Burning was invented as a way to help stop the instant sales of tokens given to early adopters of a project. Most times, users who are given tokens of a project, as early adopters, sell these tokens instead of holding them. So, Kommunitas came up with a strategy that burns their token for any social engagement that is connected to the project.
Here are a few examples: any profile visit or tweet impression of Kommunitas’ Twitter will activate the burning of 10 $KOM. For each mention of @kommunitas1 on Twitter, 200 $KOM gets “lost”. 1000 $KOM will be burnt for every one follower on Medium in a month. For every new holder of the token, $1,000 $KOM will be burnt from the explorer. See more here.
Origin of the Word Kommunitas and the Telegram Communities
Kommunitas was inspired by the original word that it sounds like, Community which is Communitas in Latin. So, as defined, “Kommunitas is a community, which share the same vision and goal to get a capital gain in the cryptocurrency space.”
The driving force behind Kommunitas is community and this is why they have one of the highest numbers of Telegram Groups for any crypto project currently – 18. If you check you’ll see English, Spanish, Chinese, French, Portuguese, Japanese, Arabic, and a lot more.
Private Partner Group
Although it was mentioned earlier that to participate in the Kommunitas Launchpad, there are no barriers as allocations are proportional to investments made. However, there will always be hierarchy otherwise projects like this cannot be sustained.
The Private Partner Group in the ecosystem demands that a member must have at least 500,000 $KOM and will be asked to send any amount to an address determined by a Telegram Bot to verify ownership of the account. There are specific benefits for members of this group.
$2-Million Incubator fund
Apart from Kommunitas being a Launchpad, it has set aside $2m to help upcoming, visionary projects kick-off. The finance was raised from Private Partners to invest in teams that are authenticated to produce functional products for the crypto market but not limited to gaming projects.
Robbie Jeo, the CEO of Kommunitas explained that the project aims to provide rich support for projects in terms of marketing, exposure, listing, and expansion of the community of users of such projects. While the team behind the project gives attention to the functionality of the project from building to developing to corrections and more. You can apply for the fund here.
Prohibition of Rug Pulls
Crypto users lost over $2.8 billion to rug pull operations in 2021. This emerging trend started recently and has gained huge attention. The two biggest so far are the Turkish crypto exchange Thodex rug pull and the Doge-themed Anubis DAO taking roughly US$2.6 billion and US$58 million each.
Kommunitas has put in place these measures to forestall this occurrence: thorough analysis of any project, the team behind it, and the investors before any further steps are taken. Part of this process will require a KYC for all team members for accountability. And for Public Sales, it takes a minimum of 24hrs before funds raised for a project are sent to the team.
Kommunitas has a good ground to further its vision which is anchored on helping other projects flourish. For investors of any kind, always make sure to do your research before releasing funds for any project.
