A breakdown of the revenue model for Ingex governance tokens. An example of an NFT with actual utility

Probably the first thing to get out of the way is what zk-oracles actually are, as its a question I’ve received a fair bit over the last few weeks. I’ll be going more in-depth on this in our first community call on 18 October, but to put it briefly:

There are two main types of oracles. Those that validate fairly simplistic off-chain events (e.g. temperature data) where things like Chainlink can be used, and those that need to verify more complex events such whether or not a certain task was completed within the bounds that were set out. Ingex and more well-known projects such UMA basically fall in the latter category. Unlike projects like Chainlink, more complex approaches such as Schelling games) need to be used because there’s a higher likelihood the data is disputed when it comes to things like “was this task carried out within a given criteria?”, over say, “what was the temperature on X date?”.

The main difference between Ingex and UMA is the former uses zero-knowledge proofs for attestations (the equivalent of UMA’s votes). This is essentially more secure because obfuscating attestations makes it harder for any given node to base their own on a different nodes. This is explained in a lot more detail in the whitepaper we’ll be putting out soon but happy to take questions on it here as well.

To get back to the title, each time a user requests to validate data through the Ingex zk-oracle, they will need to pay a fee. Most of it goes back to the protocol but a small percentage will go to governance token holders on the following schedule:

Token Set Revenue Share Revenue Share (Per Token)
Ingex Genesis 8% 0.25%
Ingex Standard 2% 0.021%

In other words, for every token in the Genesis set you hold, you will receive 0.25% from fees generated each time a user needs to validate data and make use of the protocol. There is just 32 tokens in the Genesis set, so the 8% only needs to be split among a low amount of holders. When the Ingex standard set becomes available, it will consist of a fair bit more tokens, so the revenue in this lot would need to be disbursed over a larger group. Also, the the total revenue share will be 2%, which means the revenue share per token will be even lower at 0.021% (versus 0.25% for the Genesis set, note the additional decimal place).

So why is the revenue share so much higher for the Genesis set? The short answer is that we have yet to fully launch so want to reward early backers. That’s really the gist of it.

The Genesis set can be found here

Earlier thread on why we went with ERC-721 over ERC-20

https://preview.redd.it/rv2cj7imm7sd1.png?width=1080&format=png&auto=webp&s=e3096f2b2cf7cab9680b5f218afa0cef21e0056c

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