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About OpenChat
Key Points
- OpenChat is a decentralized chat application running on the Internet Computer blockchain.
- It has features like direct messages, private groups, public groups, and communities.
- OpenChat is open-source and runs as a collection of canister smart-contracts.
- Each user has a canister that holds their direct chat data, group memberships, and serves as a wallet.
- OpenChat users can send messages containing tokens like ICP, ckBTC, and ckETH.
- OpenChat is governed as a DAO.
CHAT Token
- Initial supply: 100M tokens
About OpenChat: Empowering Seamless Communication
Introducing OpenChat: A Revolutionary Blockchain-Powered Messaging Platform
OpenChat is a comprehensive, decentralized chat application, built upon the Internet Computer blockchain. It boasts an array of features, including direct messages and private groups akin to WhatsApp and Signal, public groups reminiscent of Telegram, and “communities” that evoke Slack workspaces or Discord servers.
This innovative solution is a responsive, progressive web application (PWA) that seamlessly adapts to any screen size, providing an optimal user experience. Moreover, it integrates with devices in a manner akin to native apps, complete with push notifications. For a comprehensive overview of our development strategy, please refer to our
full development roadmap
.
The app is built on an open-source foundation, comprising a collection of canister smart contracts. At any given time, the code can be transparently accessed on any canister, accompanied by a link tracing back to the specific version in source control, thereby enabling independent verification of its authenticity.
A dedicated canister is generated for each user, serving as a repository for their direct chat data, affiliations with various groups and communities, and a digital wallet for managing tokens. Similarly, each group and community is instantiated as a distinct canister. This innovative architecture enables OpenChat to seamlessly scale to accommodate hundreds of millions of users.
Within the OpenChat ecosystem, users are empowered to exchange messages that incorporate tokens, including ICP, ckBTC, ckETH, and, in the near future, ckUSDT, thereby facilitating seamless global remittances.
The primary distinguishing feature of OpenChat lies in its governance structure, which operates as a decentralized autonomous organization (DAO).
Introducing the CHAT Token: A Revolutionary Digital Asset
OpenChat is accompanied by a dedicated utility token, aptly named CHAT, which serves as a vital component of the ecosystem.
- Token holders can stake their tokens as neurons, akin to ICP neurons, thereby participating in OpenChat’s governance by voting on SNS proposals and earning voting rewards in return. The longer the tokens are staked, the greater the rewards, incentivizing token holders to prioritize OpenChat’s long-term interests.
- The token can be utilized by OpenChat users to purchase Diamond membership and access premium features.
- The token can be employed to reward contributors to OpenChat’s growth and evolution, either through automated user rewards or SNS proposals.
CHAT boasts an initial token supply of 100 million, with an annual minting rate of 2.5% of the total supply, allocated as rewards to neuron holders who actively participate in governance by casting votes on proposals. Conversely, CHAT tokens can be burned, thereby reducing the overall supply. As revenue generated from premium features in CHAT tokens continues to grow, it is expected that the burn rate will eventually match or even surpass the minting rate, ultimately stabilizing or even rendering the CHAT supply deflationary over time.
Introducing the OpenChat SNS DAO: A Revolutionary Social Network
The OpenChat DAO orchestrates and navigates the trajectory of OpenChat through an on-chain automated system, aptly referred to as an SNS.
Modifications to the OpenChat SNS DAO, encompassing the treasury of ICP and CHAT tokens, diverse tokenomic parameters, and the OpenChat dapp itself, are exclusively implemented by the OpenChat SNS governance canister following the successful execution of proposals that have garnered approval through votes cast by thousands of CHAT neuron holders.
The OpenChat SNS DAO was autonomously established upon the adoption of this proposal by the Internet Computer’s automated governance system, the NNS. On March 3rd, 2023, a public swap event was initiated, during which 2,375 participants deposited a total of 1 million ICP tokens to the SNS in exchange for 25 million CHAT tokens. Upon the conclusion of the swap, the OpenChat SNS DAO became operational.
The inaugural distribution of CHAT tokens was allocated as follows:
- 52%: Designated for the SNS treasury, under the purview of the OpenChat DAO
- 25%: Disbursed to the public via the NNS-run swap event
- 15%: Assigned to the OpenChat development team, subject to a 4-year vesting period
- 8%: Allocated to DFINITY in recognition of seed funding, with a 2-year vesting schedule
A modest portion of the treasury has been allocated (via proposal) to liquidity pools on diverse decentralized exchanges, while the substantial majority remains dedicated to funding ongoing development, contributions, and algorithmic rewards for OpenChat users. By incentivizing hundreds of thousands of engaged users with CHAT tokens and neurons, the goal is to cultivate a vast team of advocates motivated by OpenChat’s success.
The Visionaries Behind OpenChat: Meet the Founders
OpenChat was co-founded by three visionary software developers: Matt Grogan, Hamish Peebles, and Julian Jelfs. The trio initially converged while collaborating on a platform for online travel agencies, where they spent several years honing their skills and laying the groundwork for their future endeavors.
In the 1990s, Matt collaborated with Dominic Williams, the founder and Chief Scientist of DFINITY, on numerous software ventures. Fast-forward to 2020, when Dom extended an invitation to Matt to develop applications on the Internet Computer. In response, Matt enlisted the expertise of Hamish and Julian, and together, they formed a team that gave birth to OpenChat.
Matt boasts an impressive tenure of nearly three decades as a seasoned software developer, having navigated a diverse array of industries and tech stacks, with a particular emphasis on web technologies. He holds a prestigious Master’s degree in Engineering and Computer Science from the esteemed University of Oxford.
Upon completing his master’s degree in Mathematics from the prestigious Cambridge University, Hamish seamlessly transitioned into the realm of software engineering, where he specialized in designing and developing high-throughput, low-latency cloud-based systems.
Julian boasts an impressive 25-year tenure in software engineering, with a diverse industry background that spans defence, risk management, e-commerce, education technology, and travel, as well as chat. His expertise lies in crafting functional front ends. Notably, he holds a master’s degree in Politics, Philosophy, and Economics from the prestigious University of Oxford.
Acquiring CHAT Tokens: A Comprehensive Guide
At the time of writing, CHAT tokens can be purchased with ICP on various Decentralised Exchanges (DEXes), including ICDex, ICPSwap, and Sonic.
Notably, forthcoming support for the Rosetta API will facilitate seamless integration with Centralised Exchanges (CEXes), thereby paving the way for CHAT to be listed on prominent exchanges, tradable against ICP or USDT.