#Collective capabilities
The Livetree EIP #Collective standard defines the following surmised functions:
- 1.Audit: Users can benefit from audit transparency via the public ledger of transactions, gaining insights into how income is generated from their collective data and over on-chain voting and automated execution.
- 2.The concept of a "Treasury" within the Livetree EIP standard represents a programmatic store of value where income generated from creators' posts or posts tagged with a registered collective name is held. This allows for the potential earning of royalties from external social networks or platforms by tagging posts with the collective's hashtag.
- 3.The registration of the collective's name in ENS enables supporters to tag their posts and attribute royalties to their favorite creator's collective. This feature extends beyond creators to campaigns and causes, empowering users to generate additional income for the collective by creating and sharing posts tagged with relevant hashtags.
- 4.NFTs play a vital role within the collective as valuable assets that can be added, sold, and associated with the collective. The Livetree app streamlines the process of converting creator posts, including videos, into NFTs directly from users' profiles with a simple click. The standard also explores the concept of lending NFTs and allows for the potential generation of income through buying and selling NFTs, all subject to collective approval. Moreover, existing NFTs from any blockchain can be imported into the collective, and the inclusion of PDF licenses on-chain establishes legal ownership, marking a significant paradigm shift compared to existing NFTs that lack contractual ownership. Creators can now easily embed their own legal terms into NFTs on-chain.
Governance tokens form an integral part of the Livetree EIP standard, enabling collective members to create decentralized proposals and vote on the use of the collective's Treasury. Each collective member holds collective voting tokens, with one token equating to one voting right. The Livetree EIP standard specifies 1 million of these collective voting tokens issued by a collective. Voting entitlement is defined as 1 token = 1 voting right. For example, making a proposal and voting for awarding part of the Collective’s Treasury to a NGO, charity or cause think #BLM. Furthermore, these tokens can also be traded, providing additional revenue earning capabilities for creators and offering opportunities for governance within the collective.
It's important to note that tokens represent both the treasury and NFT assets, giving them tangible real-world value. All tokens are ERC20 compatible, allowing them to be traded on various decentralized or centralized cryptocurrency exchanges. Collective tokens can be exchanged for a percentage of the Treasury held in the chosen blockchain's native token of the Collective's treasury. SEDC, the token of the platform, can be exchanged for platform fees in Glimmer ("GLMR") or stable coin on Moonbeam blockchain. This exchange process reduces the total number of SEDC or collective tokens, increasing their rarity and potential value.