5 Key Takeaways From Parallel's Echelon Whitepaper
In tandem with the Prime Proposal released on January 25 the Echelon Prime Foundation released their Echelon Whitepaper to detail the $PRIME token's economy and distribution. At 37-pages long, the document covers how the Echelon Prime Foundation fits into the Parallel ecosystem and how it will adopt its own growth through various proposals. Containing a breakdown of the economics and more abstract topics surrounding the Echelon's future ecosystem, the Whitepaper will be broken down into digestible sections found below:
Overview of the Echelon Prime Foundation
At its core, the new entity that is known as Echelon Prime Foundation is a web3 non-profit gaming organization. Put simply, the EPF is a group created to help foster the creation of future play-to-earn developers, creators, and ecosystems. With the $PRIME token being the centerpiece of this economy, the Echelon Foundation wants to foster a community that is separate from Parallel, which can handle the decentralization of the currency while allowing the Parallel team to build a next generation trading card game. With this in mind the Echelon Prime Foundation wants to establish a network that utilizes $PRIME, while building a suite of tools for the P2E ecosystem that empowers the community to determine the future.
1. Introduction to Ecosystem
The Echelon Prime Foundation is a separate organization that will facilitate growth and determine the distribution of the utility token $PRIME. The EPF wants to reward contributors, players, and consumers alike for interacting and developing in game. Participants can compare the initiative to that of real world examples, such as players winning Magic the Gathering Packs at real life tournaments or gamers earning gold in World of Warcraft for real money despite violating Blizzard's terms of service. The Echelon Prime Foundation wants to bring these types of rewards and intrinsic value to users throughout a suite of products - Parallel being the first, a game meant to push the limits and introduce this style of play-to-earn gaming centered around the $PRIME economy. Below is the introduction the EPF uses for the motivation section during the first six pages introducing the hopes for the Echelon Ecosystem.
2. Foundation Governance
In creating the Prime Ecosystem, the Foundation will need a group of elected members that will represent each community within the suite of games. To start off the Echelon Prime Foundation are planning to implement the smart-contracts related to $PRIME, establish the liquidly pools, and seed new initiatives using the $PRIME token. The EPF will try to accomplish all these tasks while simultaneously governing itself from the treasury funds collected since PDI. With the formation of the Echelon Prime Foundation, the web3 play-to-earn gaming community will have a say in the direction of the token as well as future aspects of the gaming infrastructure.
The Echelon Prime Foundation will be operating as a DAO in such terms that community members will vote on proposals for the community and the redistribution of $PRIME tokens. For a proposal to pass via the EPF it will need to meet the following criteria:
- Proposals must meet a participation threshold of 20% of the available governance tokens. This threshold is waived if there is unanimous consent from the 11 community elected Emissary Primes.
- The proposal must secure 61% of votes in favor [referred to as Key Support].
- After a proposal passes, it is subject to final review and execution by the 11 Emissary Primes elected by the community.
3. $PRIME Token Distribution
$PRIME has a fixed supply of 111,111,111.111 and will be used for governance within Parallel and Echelon. The supply distribution breakdown is very thorough and covers a majority of this document, but does leave out some specifics. A utility token $PRIME will have in-game "sinks" that will take $PRIME out of circulation and redistribute it amongst players for rewards and other future Echelon games.
The proposed distribution for the 111,111,111.111 $PRIME tokens is broken down below by the Echelon Prime Foundation.
Looking at the initial allocation breakdown a few things stick out here:
- Largest section of 30 percent is dedicated to the Echelon play-to-earn pool which will reward players.
- Roughly 6 percent of the supply will be airdropped to card and Primeset holders.
- 20 percent of the supply is designated for the team. Of which, 15.4 percent to the founding team and 4.6 percent for Parallel Studios reserve.
- Investors for new games and projects take up about 16 percent of the allocation.
- The remaining 28 percent or so is dedicated to sustaining the pools and and reserves for emissions for players to earn.
4. Staking & Claiming
After detailing the individual sections of the initial allocation the Echelon Prime Foundation lays out the redistribution mechanics for $PRIME through Parallel the inaugural game on the Echelon system. In a series of charts and graphs the EPF has crafted a system in which game sinks and vesting lock ups should keep the token supply continually flowing. It is anticipated that the $PRIME emitted through staking rewards will require a 12-month lock up period in attempt to redistribute tokens to longterm members of the community. Staking will be available in two liquidity pools to start - PRIME and PRIME/ETH. These pools will allow participants to earn rewards and possibly exclusive NFTs, in-game cosmetics, and more. With Parallel being the first game on this system, the Echelon Prime Foundation provides the example of staking cards or NFTs to earn rewards as well. Below are the types of staking that will be available to cardholders:
- Echelon-Approved Primary Assets: Any digital NFT asset that is within the Echelon ecosystem may be staked and locked for 12 months to earn more PRIME rewards.
- Echelon-Approved Cornerstone Assets: Cornerstone assets offer a unique staking benefit to the holders of these rare assets.
- Masterpiece: Stakers of masterpieces have a special contract earning them 1/5 of the 5% royalties anytime a matching playing card is sold.
- The Core: Similarly holders and subsequent stakers of The Core NFTs receive the same benefit.
- Prime Drive: Lastly Prime Drive stakers will be rewards that equate to 3% of all in-game sinks.
- Echelon-Approved Primesets Assets: Sets of approved Echelon assets can be staked for an equal % of a PRIMEset rewards pool.
All of these rewards are subject to a one month vesting period before the rewards become available to withdraw.
5. Echelon Ecosystem Technology
At the conclusion of the details regarding staking, distribution and governance, the Echelon Prime Foundation shares some upcoming technology that will help facilitate in the PRIME economy goals laid out.
- Inb0x: Has been mentioned in the Prime Proposal before that will allow secure end to end encrypted message with specific wallets.
- Bonds: Also mentioned in the Prime Proposal will help facilitate sharing and community building within the Echelon Ecosystem.
- PR[SYS]: The most interesting and non released before this document, a pack reservation system being built for Parallel. The system is looking to establish a reservation system that will not punish those who do not have enough for gas, causing less strain on the Ethereum network and limited NFTs to certain wallets.
- Faucet: Much like PR[SYS] will be a new additional method to distribute NFTs to players. Users only need to pay a gas fee and the faucet will random distribute one NFT from a selection during specific time intervals.
- Game Oracles: Lastly a way to track utilization of digital assets within the Echelon Ecosystem for gameplay or staking mechanism.
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