The FACT token has a variety of uses within the Factland protocol. It provides governance power over its own supply and staking rewards, but is perhaps even more important as a utility token.
The FACT token is completely separate from the GFACT token, which is used for governance of the Factland Foundation,
the Factland DAO, and the treasury.
GFACT
Earned by those working on the protocol, the business, or the community, and is not available for
purchase.
FACT
Accrued through swapping, rewards, or staking. FACT is require to use the protocol.
User's must hold at least some amount of FACT to interact with the protocol. It’s uses include, but are not limited to:
- Staking on claims. In order to participate in taking a side on a claim, a user must hold FACT tokens.
- Evidence bounties. Users can offer a certain amount of FACT tokens to other users who submit a specific type of evidence that the FACT token holder describes.
- Premium features. While the protocol itself is open and permissionless, the Factland client may make some features available only to FACT holders.
- API access. Third parties can purchase the ability to call the Factland API with FACT tokens.
- Data-as-a-service. Third parties may also use FACT tokens to access data products packaged from public data and served by the Factland web app team.
- Early adoption incentives. This will be aimed at growing Factland’s market share via viral marketing strategy. It may include meme campaigns, 3rd party writings and videos, but is loosely defined here as incentives for growth.
In some cases, using FACT tokens to purchase products and services may burn tokens and serve as a deflationary mechanism.
The Factland DAO earns ICP as revenue when users purchase FACT tokens from the DAO with ICP tokens.