Alisa Davidson
Published: October 22, 2024 at 3:09 am Updated: October 22, 2024 at 3:09 am
Edited and fact-checked:
October 22, 2024 at 3:09 am
In Brief
The Grass Foundation revealed the details of GRASS token Airdrop One, aiming to reward early node runners and community members.
Organization responsible for overseeing the development of the Grass ecosystem, the Grass Foundation, revealed the specifics of the GRASS token Airdrop One. According to the project, this initial airdrop will be one of the most broadly distributed events of its kind and marks a milestone in creating the first user-owned map of the Internet.
The Grass token plays a key role in this decentralized network, designed to give users more control over their Internet bandwidth and allow them to both access and contribute to the network’s functionality. Holders of GRASS will have the ability to engage with the Grass network by participating in governance, staking, earning rewards, and accessing bandwidth.
Token holders will have the opportunity to contribute to the development of the Grass network. This includes proposing and voting on network improvements, deciding which organizations to collaborate with, and shaping incentive mechanisms for all participants involved. Additionally, GRASS can be staked to routers, helping to facilitate web traffic across the network. By doing so, participants contribute to the network’s security and, in return, earn rewards. Once the network becomes fully decentralized, GRASS will also serve as a means of payment for transactions, enabling decentralized scraping of public web data.
Grass To Allocate 10% Of Total Supply To Early Node Runners And Community Members
Airdrop One distributes 100 million tokens, representing 10% of the total supply, to early node runners and community members. Of this, 9% is designated for users who earned Grass Points during Stage 1 or the Network Snapshot. Additionally, 0.5% will go to GigaBuds non-fungible token (NFT) holders and another 0.5% to those who installed the Desktop Node or the Saga Application. The Network Snapshot includes users who accumulated more than 500 Grass Points within a specific epoch.
The allocations for each epoch are organized into nine tiers, which are determined by the Grass Points earned through network uptime and referrals. Participants with more Grass Points are placed in higher tiers. While all eligible users will receive rewards for their Grass Points, the specific method and timing of distribution may vary depending on their jurisdiction.
A total of 4,996,015 GRASS tokens will be evenly distributed among all GigaBuds NFTs as of the snapshot block, with the exception of NFTs that were listed for sale at the time of the snapshot. Each eligible wallet will receive 515 GRASS per GigaBud NFT. Moreover, in order to incentivize the adoption of new Grass distribution channels, 5 million GRASS tokens are equally distributed to all accounts that installed the Desktop Node or Saga Application and accumulated 500 or more Grass Points during any epoch before 05:00 UTC on October 11th.
Grass connects over 2 million participants who earn rewards by helping AI developers access internet data. The project’s goal is to combat the centralization of AI by empowering everyday individuals to contribute and benefit from AI’s progress.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
Alisa Davidson
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
