Aversafe’s AVS Token Model
Summary: Users send or receive AVS tokens to participate and interact on the Aversafe Network. The utility of AVS tokens encourages participation and drives adoption — creating value for everyone on the network by ensuring that users’ claims are being verified and shared.
The Aversafe platform is powered by a classic network effect — in other words, the strength of our network is a direct result of the participation and activity of our users. So it should come as no surprise that we’ve engineered our platform with global accessibility and long-term, continuous value creation in mind.
We’ve cooked up a utility token model that both encourages and rewards user participation, while also simplifying the network’s adoption for users around the world. The Aversafe token — AVS for short — will power interaction on the Aversafe network, acting as a means of access, payment and contribution between users. Here’s how it works.
Taking Action with AVS
The AVS token facilitates payments for every user on the Aversafe network, creating a common thread between the otherwise disparate groups of job-seekers, employers, credential issuers, and casual users on the platform. As a common “coin of the realm,” AVS will not only help the community cohere, but further encourage the network’s growth.
To start off, every participant in the Aversafe network needs to hold a certain amount of AVS to gain entry. These tokens are put in escrow with the platform where they’ll be managed by smart-contract to incentivize user participation. While this might sound a bit spooky, user participation is essentially fuel for growth. Basically, users will more than make back the sum of their escrowed funds in the additional value their participation brings to the network.
Once users are onboard and fully equipped with their AVS, there are a range of actions they can perform that involve sending or receiving tokens. The first is requesting verification of a claim. Say I want Stanford University to verify that I graduated with a BA in 2012, or a former boss or coworker to confirm that we worked together at Deloitte — in either case I send the relevant party a certain quantity of AVS and in return, they can choose to verify my claim. In certain cases, users can pay Aversafe directly to match or verify claims that are already on the platform’s database. Regardless of the recipient, requests for verification of users’ claims — as well as the corresponding verification of those claims — are recorded on the blockchain.
Another way to send or receive AVS involves requesting data. Say I’m a recruiter looking into a potential hire or an HR officer at an international company, and I want to verify some piece of information on another user’s CV — I can request that data by sending them a certain number of tokens. After I’ve received the information, the tokens that I’ve paid are divided up between the recipient of the request as well as all the users that have previously verified that information. The amount of AVS that you receive as someone who previously verified some article of information depends on your Trust Score — a number calculated by Aversafe based on how much information you provide about yourself as well as how much of that information has been verified by other users. This reward model is designed to encourage users to verify one another’s claims, creating long-term revenue streams for users while strengthening the network by adding verified information to the blockchain.
Finally, lets say I’m a major University or some other credential issuer on the Aversafe network. I can send AVS directly to Aversafe to have the network store verified information about large groups of certificate holders — for example, the student ID numbers of the entire graduating class of a certain year. This lets graduates coming to the network communicate directly with Aversafe to match and verify their claims without choking-up the university’s channels. Additionally, certificate and credential issuers can provide AVS directly to Aversafe in exchange for select reporting, survey, and public search features gleaned from the information on the blockchain.
The AVS token model was designed to simplify adoption and facilitate verification across borders. What’s more, we believe the built-in utility of the AVS token will encourage users to stay on board for the long-term and capitalize on the network effect — distributing value across the entire Aversafe ecosystem in the process.
We think we’ve engineered a pretty clever pairing between the value of the AVS token and the usefulness of our network — AVS tokens incentivize users to provide claims and verifications; the more claims and verifications provided the more useful Aversafe becomes; the more useful Aversafe becomes, the more valuable AVS becomes; the more people opting in on AVS, the more people incentivized to make claims and verifications — and so on.
To close out, we’re convinced that the AVS token model aligns the interests of employees, employers and educational institutions on our network, encouraging the growth of a global user-base and helping us combat credential fraud. As always we value your feedback — join our Telegram and continue the discussion with our team!