Sapien is a highly customizable, democratized social news platform capable of rewarding millions of content creators and curators without any centralized intermediaries. Sapien is powered by an ERC20 compliant cryptocurrency called SPN. The Sapien network will rapidly evolve to include a marketplace, various integrations, and third-party applications.
Power Future Applications
As Blockchain applications become the new standard, Sapien will build out a development platform powered by SPN to offer users a wide variety of app integrations and permit external apps to leverage our user base. We intend SPN to function as a unified currency for all in app purchases on integrated apps. New applications will be able to integrate with SPN easily through the Sapien API allowing users to exchange and make purchases with SPN.
The unified market created by SPN will tether virtual items purchased inside integrated applications to the real world value of SPN creating a new dimension of interactions between users on applications integrated with SPN. Lastly, our goal is to establish a global reputation network on all SPN integrated platforms to fight fake news everywhere.
Users can acquire SPN tokens to use on the Sapien platform immediately.
– Official Website: https://www.sapien.network
– SPN Decimals: 18
– Initial Token Supply: 500,000,000
– Growth Rate: All new tokens will be minted through Sapien and distributed to value creators at a controlled inflation rate.
SPN Token Sale
– Token Allocation:
• 20% reserved for team and advisors (100M)
» 6-month cliff with a 24-month vesting schedule
• 2% sold during Token Presale (10M)
• 43% sold during Token Sale Phase #1 (215M)
• Up to 5% distributed as Bounties (25M)
• 30% in Sapien reserve for future Token Sales and Airdrops (150M)
– SPN Distribution: Smart Contract will distribute tokens after Token Sale Phase #1 is complete.
– Token Sale completion: 250,000,000 SPN tokens are distributed or April 3rd, 2018, whichever comes first.
The primary focus after the SPN token sale will be to securely and accurately implement the proposed utility of SPN. At the same time, the success of the Sapien platform is essential to the longevity of the SPN token. Thus, it is necessary to create a sustainable business model that aligns the values of SPN token holders, platform users, and company shareholders.
Buyers & Sellers
Users will be able to purchase and sell physical and virtual goods, services and premium content on the Sapien marketplace using SPN tokens. Reputation scores will be integrated into the marketplace, enabling users to be confident that the vendor they are purchasing from is reliable. Sapien Sapien will charge a 1% transaction fee to buyers and sellers on the Sapien marketplace unless they have a certain threshold of staked SPN.
The minimum threshold will initially be set at the equivalent of $20 worth of staked SPN. If a buyer or seller have staked at least $20, then they will pay no transaction fees from their behalf. If either party has less than the minimum threshold staked, they will be charged a 1% transaction fee.
To stake SPN tokens, users can transfer tokens to a special smart contract with the help of ERC223. This contract will manage the staked SPN so that users can interact with the Sapien platform (post, comment, etc). Users will have multiple options to unstake their SPN, described in the section titled “Unstaking SPN.” As a result, users can easily transfer their tokens back to their wallets with ERC223, creating more liquidity for the SPN token.
If users have SPN tokens in their portfolio that have been staked for more than 6 months, these tokens will receive a 15% Sapien platform capacity bonus. This capacity bonus will give 1 SPN token, that has been staked for a period greater than 6 months, the platform power of 1.15 SPN tokens.
Users can also choose to liquidate their staked SPN to unstaked SPN at any time with 0% fees after one year. This will prevent large fluctuations of SPN price in the crypto markets and offer users a simple way to cash out without fees or destabilizing the Sapien platform. As the Sapien platform and SPN token stability increases, the conversion fees can be reduced to convert staked SPN to unstaked SPN more quickly. Platform users are encouraged to stake their SPN tokens. The default staking period is one year.
Read more: Whitepaper