Since the establishment of the ERC20 standard, token handling has become easier and a variety of tokens have been created. In addition, DeFi (Decentralized Finance) services have been enhanced.
Many projects are sincerely trying to increase the value of their tokens, but in contrast, there are more and more people who generate tokens in a messy manner or handle them fraudulently.
Recently, individuals and communities have been issuing tokens, known as Social Token, and we expect more and more tokens to be issued in the future.
Therefore, we thought it is necessary to have a tool that can increase the reliability of tokens.
So, in this hackathon, we have developed a tool that allows users to directly add a "Manifesto" to the token contract, which defines the purpose of the token issuance and operation policy.
What is unique about this is that in addition to the manifesto being tied to the token, the manifesto needs to be signed by three people. This manifesto is managed on Textile Bucket and Ceramic, and the signature on the manifesto is done by the wallet associated with IDX.
This gives the token issuer more incentive to ensure that the token is properly managed than if the token is issued freely. In addition, token holders will be able to verify the manifesto and the signatories, which will make them feel more secure in their tokens.
In addition, many services provide information on how to use the tokens on their websites, but this is a time-consuming process for individuals and communities. With "Token with Manifesto", manifesto information is managed within the token contract, making it easier to manage.
This token is an approach to increase value through Proof of Relationship, and we believe that it can be one of the new token issuing styles in the coming Social Token era.
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