Square Enix’s first Web3 game is an interactive art-collecting experience with NFT avatars and storytelling.
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Goldman Sachs has unveiled a data service that will classify crypto to provide easy access and understanding for institutional investors.Continue reading on Medium »
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San Francisco, United States, 2nd November, 2022, ChainwireKena, the decentralized economy powered by AI, has shared details of how its utility token works to give creators a fair deal. The music marketplace, which redistributes wealth back to artists, utilizes a native token that operates on the Avalanche blockchain.
Kena helps artists retain all their earnings and additionally redistributes 10% of the collective earnings of the network to all artists. This business model stands in stark contrast to that of Spotify or Apple Music, where the most popular artists claim the bulk of all rewards. To earn a minimum wage on Spotify, for example, would require 10.5 million streams per year. 90% of Spotify's $7 billion payout goes to just 0.7% or 77,000 top artists.
Given the difficulties of making a living from music royalties alone, artists are forced to take on additional jobs, such as teaching music. To support this endeavor, Kena has developed an AI-powered music neural engine. This takes the content produced by artists, simplifies it and then teaches students on behalf of the artists, generating passive income for the latter.
Artists can upload their courses and content and name their price and Kena pays 100% of the revenue to the artists on sale. Separately, Kena charges a 10% platform commission on the consumer side of the sale.
This is all facilitated by the unique tokenomic model that Kena utilizes. Through smart contracts, nearly 10% of the total network earnings that are charged as commission are redistributed as a community incentive. The redistribution model to all artists is based on their weighted share of the sale.
Here is a video showing how the Kena Marketplace works:
For every $100 sale an artist makes, they earn a 7% crypto incentive. Based on the accumulated crypto in the artist's wallet, Kena redistributes 10% of its topline earnings as an additional crypto incentive to artists based on their current crypto balance. The redistribution, based on the current crypto balance as a weighted average, incentivizes artists to retain the crypto in their wallets to attract more community redistributions.
Other features of Kena’s token include:
Wallet cap of 4% for retail wallets.
5% on-ramp fee that’s redistributed to all token holders.
7% off-ramp fee that’s redistributed to all token holders.
3% burn at the time of sale.
Anti-scam protection through built-in escrow period of 24 hours for accidental 'allowance'.
Cool-down periods that escalate back-to-back sales.
About Kena
Kena is a decentralized economy powered by AI. Kena's decentralized economy, based on crypto incentives, is founded on the belief that the network is the product. To date, 300,000 users have experienced Kena’s community protocol for wealth distribution.
For more information visit, Kena Crypto.
Official Website | Kena whitepaper | Kena governance team
Kena is available to download on Apple and Android.ContactFounderFreedom PreethamKena [email protected]
With the FOMC meeting due to take place later today, all of crypto is waiting with bated breath for the signals that can move the market up or down.
Today’s Federal Open Market Committee will pass off later in the day. In the meeting the new Federal Funds Rate will be announced, which is widely expected to be yet another 75 basis point raise.
However, it’s after the meeting when Chairman Jerome Powell gives a speech and answers questions that all eyes and ears will be riveted on the Fed chair and what he has to say.
These speeches and the question/answer slots are traditionally the times when the Fed seeks to give the market some guidance on what its stance might be going into the immediate future. In past sessions the market has moved abruptly on what it has construed as hawkish or dovish sentiments from the Fed chairman.
For this meeting the market is expecting, or perhaps hoping, that after 4 straight 75 basis point rate rises, the Fed will want to signpost lower future rises or even just a pause in order to let the previous rate rises filter through the market and give signs that they have done their job of blunting inflation.
Should lower future rates and an end to quantitative tightening be on the Fed agenda for 2023 then all markets are likely to see some gains. The crypto market in particular would benefit from this given that some analysts are saying that Bitcoin and many of the cryptocurrencies are starting to find a bottom.
However, as far as the Federal Reserve is concerned, the most important thing of all right now is that the market doesn’t take off and start making more inflationary spending.
Chairman Powell is going to have to walk a tightrope with the fear of worsening inflation on the one side, and a just as terrible fear of driving the market into a really bad recession on the other side.
Falling one way or the other is likely to lead to bad economic times becoming much worse. Therefore Jerome Powell must keep a straight face and dance his way through today’s minefield of a meeting with the sublime grace of a contortionist. The United States, and the world depend on it.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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