Fayhr Oracle
The Fayhr Cooperative Engine (Contract)
In every decentralized organization brought to life by blockchain, there exists a smart contract where all the logic, laws, authority designations, and funds reside. It is a pure super machine that is devoid of bias, operating strictly on its pre-coded logic. Fayhr Cooperative is no exception, as the community is held together by the Fayhr Oracle, a smart contract built with scalability and inclusivity in mind.
Fayhr Oracle helps to coordinate product polling, the Fayhr Cooperative & Sub-Cooperatives governance, product crowdfunding, slot issuance & transfer, community token staking & rewards, Fayhr SBT issuance, fund distribution, and refunds. It handles everything that doesn't involve human relations, allowing the Fayhr Cooperative and Fayhr Labs to carry out the rest.
Product polling allows Sub-Coop members to collectively decide if they want a product/service or not. Contractors set a vote limit which, if reached, will trigger the creation of a crowdfund.
Crowdfunding enables Sub-Coops to raise funds to acquire products/services. The Fayhr Oracle allows contractors to set and enforce slot prices, crowdfund duration, and soft & hard caps, enabling users to make timely contributions to the crowdfund.
Slots are issued to users by the Fayhr Oracle after contributions are made. The number of slot NFTs issued to users is equivalent to their crowdfund shares. These can be transferred or exchanged for a fee.
Community tokens are staked with the Fayhr Oracle to access certain functions or crowdfunds. Fayhr Oracle also distributes community token rewards to Fayhr SBT holders.
Fayhr Soul-Bound Token (SBT) is a proof-of-membership or role token issued by Fayhr Oracle to members upon completing certain qualifications and/or after staking community tokens.
The Fayhr Oracle distributes funds to Fayhr Labs, contractors, and Fayhrers upon a successful crowdfund and product/service distribution. It also issues refunds when crowdfunds fail to meet the soft cap or the contractor opts out.
Governance is done on both global and Sub-Coop levels, and the Fayhr Oracle is engineered to allow governance at both levels. Eligible governors are Fayhr SBT holders, and they vote on activities such as contractors, Fayhrers, agency fees, global suppliers, new features, Fayhr Cooperative council, token allocation & rewards, and protocol changes/migrations. More will be discussed in the Fayhr Cooperative section.
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