👍KUDOFUEL: A Mutual Credit Currency for a Fair and Equal Payment System
Kudofuel is a mutual credit currency that aims to provide a fair and equal payment and earning system without inflation. Our objective is to offer and implement Kudofuel for as many people as possible
Introduction
Kudofuel is a mutual credit currency that aims to provide a fair and equal payment and earning system without inflation. Our objective is to offer and exchange Kudofuel with an ever-growing community of Web 3.0 and Peer-to-Peer users.
Kudofuel is a hybrid system designed to partly mimic familiar currency systems and features to help people understand and adopt it more easily. As Kudofuel evolves, and the wider Peer-toPeer economy is adopted, we will continue to enhance it towards a more complete mutual credit currency.
Three Types of KudoFuel
Purchased KudoFuel
This is KudoFuel which is purchased from the Weaverly Reserve or from a decentralised mutual credit exchange, when available.
Earned KudoFuel
This is KudoFuel that has been earned by CSEs, and Participant Supporters, who have made a contribution to the Weaverly platform. Demurrage, or timed deflation, is applied to Earned KudoFuel to discourage excess accumulation which can lead to systemic dysfunction and value flow blockages.
Credit KudoFuel
KudoFuel that has been issued either by the Weaverly Reserve, by a Client, a CSE or a Participant Supporter. Qualifying platform users will be granted permission to issue it through the Evos Community Feedback System. It cannot be exchanged for any other currency. It can only be used to exchange for services on Weaverly. This Credit KudoFuel can also be given by Clients to their prospective platform users for them to redeem on Weaverly.
Features
Kudofuel is a mutual credit currency that creates an ecosystem where everyone’s contribution is valued equitably. Although it should be noted a CSE’s Kudofuel earning potential is augmented by certifications, knowledge checks, milestones and Evos rewards.
Small continuing payments can be made with Kudofuel or other mutual credit currencies
People using the Earned Kudofuel ecosystem can redeem their mutual credit for other mutual credit currencies, cryptocurrencies and for fiat.
New platform users can purchase a predefined amount of Kudofuel when they register to Weaverly.
The Kudofuel ecosystem will create buy/sell/invite functions with all of the Weaver Networks products, hardware and any future projects.
A transaction fee will be deducted as a small percentage of each Kudofuel exchange. This fee is directed to the Weaverly Reserve to fund the platform and the Weaver Networks ecosystem. The percentage will be variable and responsive to the platform’s capacity to support the needs of all users. As the number of CSEs and User support requests fluctuates the percentage charged will adjust to spread the Weaverly maintenance costs equitably across all transactions.
CSEs will earn Kudofuel by teaching others and providing service.
CSEs acquiring more Clients and Users for the platform will be rewarded using an affiliate system.
Offering Credit KudoFuel will be rewarded with Evos, our community reward system.
The Concept
The concept of ‘Deep Wealth’ refers to the holistic measure of value creation within a system that goes beyond traditional financial metrics. Kudofuel is a means of acknowledging exchange that is designed to promote community support, collaboration, and knowledge sharing.
Beyond Earnings
Kudofuel is designed as a mutual credit currency that enables P2P transactions without the need for intermediaries. KudoFuel, along with Evos, plays crucial role in determining the overall Wealth-in-System of Weaverly.
Community support and collaboration
Kudofuel is built on the principles of community support and collaboration. The platform encourages community members to work together to solve problems, share knowledge, and provide feedback to each other. To assist with this collaboration, we are also deploying Evos, our community reward system, please see the relevant paper.
Educational resources
A CSE’s Kudofuel earning potential is tied to certifications, knowledge checks, milestones and Evos rewards. Platform permission levels will open the CSEs workflow to higher complexity tasks which could result in higher KudoFuel earning potential. Education resources will be offered for continual personal development (CPD). The availability of these resources and assisting Users to access and learn is a critical factor in determining the Wealth-in-System of Kudofuel as it shows the compounding increase and expression of knowledge within the entire ecosystem.
The Weaverly Reserve
The total supply of KudoFuel is based on platform metrics, such as the number of support requests, CSEs, currency transactions, and the KudoFuel Reserve balance.
The Weaverly Reserve issues KudoFuel Mutual Credit.The transaction fee is directed to the Reserve, which helps to balance accounts and fund the operations of the platform.
The KudoFuel total circulating supply increases as it is bought from the Reserve to exchange with CSEs in return for IT support.
Put simply, KudoFuel is generated only when there is a need for it.
Each time a platform user requires support, and purchases KudoFuel to pay a CSE, the mutual credit is generated and transferred to the User’s wallet. When the User and CSE have been matched using the Peer Support Matching Engine, that KudoFuel is marked as ‘allocated’ in the User’s wallet, to prevent double spending.
Upon satisfactory task completion by a CSE or Support Participant the allocated KudoFuel is released from the User’s wallet and transferred to the CSE or Support Participant’s.
The Weaverly KudoFuel Reserve always has a negative balance while the platform is in operation, having ‘issued’ the first KudoFuel in exchange for fiat. The KudoFuel Reserve is backed by those fiat reserves.
When Kudofuel is bought from the Weaverly Reserve the circulating supply increases.
As KudoFuel is redeemed by CSEs and Participant Supporters from the Weaverly Reserve in exchange for other currencies it is taken out of circulation and the total circulating supply is reduced.
This feedback system helps smooth variation in the value of KudoFuel while reflecting the total circulating supply in proportion to the platform support capacity and use.
When released KudoFuel will be available from the Weaverly Reserve, and in the future from Decentralised Mutual Credit Common’s Exchanges.
KudoFuel Multipliers
We will use KudoFuel multipliers to encourage engineers to provide high-quality service and continue to use the platform.
If a CSE completes a pre-defined number of support requests within a set period, and meets the required Evos limit, they will receive a multiplier of the earned KudoFuel value for those tasks.
The multiplier levels will be active for a maximum of 1 month to avoid the artificial creation of dominant participants. To achieve this the multiplier is reset each month to encourage engineers to stay up to date with the knowledge base library and maintain their Evos feedback scores.
Additionally, the use of Earned KudoFuel by engineers (rather than just cashing out to fiat) is incentivized through ‘cashback’, where each exchange results in a 0.1% return. This is taken from the KudoFuel transaction fee.
Exact percentage amounts will be set by a user group of Trusted Peers representing the engineers, hosts and platform staff.
Pre-authorisation
To exchange KudoFuel between hosts and support engineers, a pre-authorisation will be used to ensure that enough KudoFuel and engineer time is available, indicating both the host's need for support and the engineer's capacity to provide it. This will match peers together to complete transactions. The KudoFuel will be held in reserve in the host's wallet at the time of the agreed contract and will be released following the "Proof of Support” protocol above. If the support request is not marked as complete within 5 days, it will extend the reserve "holding period", flag the request, send a reminder and enable further support if the host requires it. This is designed to prevent the double expenditure of KudoFuel.
KudoFuel Value
KudoFuel value is not fixed and will vary due to the design of our mutual credit system and the feedback loops we implement. The supply is dynamic, so the value will not fluctuate wildly.
Within the Peer Support Matching Engine engineers will be given a suggested market value range which they can use to ensure they are fairly recompensed for the work and time they contribute. The feedback loops will act as the indicators for engineers to set fees within that range. This will ensure a fair exchange of value between all platform users, both the engineers and support requesters.
There is no mining of KudoFuel. There will be no KudoFuel airdrops.
Before launching KudoFuel as an operational system, Mutual Credit Commons Exchanges need to be available. The value of Kudofuel can be influenced by market dynamics within those exchanges, such as the demand for mutual credit currencies more broadly.
Engineers are responsible for exchanging their KudoFuel on a Mutual Credit Commons Exchange, and market dynamics will set the value. Engineers can use this information to set their KudoFuel fee parameters in the Peer Support Matching Engine.
Demurrage
To encourage active use of KudoFuel, and disincentivize hoarding, Earned KudoFuel is subject to demurrage or a timed, progressive loss of value. The smart contract associated with the KudoFuel will include a dated generation tag which will be used to identify the oldest KudoFuel in a wallet. Any that is more than 6 months old will progressively lose 1% each month. So, 10 KudoFuel would be reduced to 9.9 KudoFuel at six months and by another 1% the following month if it remains unused.
Credit Limits
Initially, Customer Support Engineers (CSE) are assigned a KudoFuel credit limit based on factors such as their experience, reputation, and capacity to provide IT support. The credit limit can be adjusted dynamically based on their activity on the platform. For example, if an engineer consistently provides high-quality support and customer satisfaction, while clearing their balance, their credit limit may be increased.
As the platform matures, Trusted Peers will be empowered to define credit limits that are fair and equitable.
Depending on their platform status, Trusted Peers may be given the capacity to offer KudoFuel to individuals or businesses seeking customer support as an incentive. It will be possible for this credit to be exchanged with any CSE on the platform. The issuing Trusted Peer will receive a proportion of the platform transaction fee for introducing a new user to the platform. By offering credit to potential customers, CSE can help to onboard a larger and more vibrant community of peers, while increasing the overall value of the KudoFuel for all Weaverly participants.
Credit Clearing
The credit clearing system is important for making sure the KudoFuel mutual credit currency is fair, transparent, and sustainable. It helps ensure the platform's long-term viability.
The clearing system has parameters, like minimum and maximum credit limits, interest rates on negative balances, and handling defaulted debts. Each Weaverly user has a secure and private view of their balance and transaction history.
If a participant has a long-standing negative balance and doesn’t act to restore it to zero, there are consequences such as reduced platform permissions or being expelled from Weaverly. After 12 months of inactivity, the platform fee will be used to clear outstanding debts and bring the reserve balance back to zero.
Developmental Fund
The Weaver Networks Developmental Fund uses Kudofuel which has been collected through the transaction fee to support the platform's growth and development. The fund is used to finance the creation of new features, tools, and resources that enhance the platform's value proposition. Evos permission limits will be used here to provide access to those participants who have earned the required voting rights to vote for the features and direction of development they feel is most suitable.
KudoFuel beyond billable hours
We recognise the value, commitment and contribution of all platform participants and as such will offer Earned KudoFuel to Participant Supporters, Trusted Peers and Peer Mentors who aren’t booking ‘billable hours’ for support. These people, who are helping to promote, cross pollinate and run Weaverly can be regarded as the facilitators of the whole ecosystem. Their Earned KudoFuel will be allocated as a platform cost from the transaction fee.
Measuring systems
The Wealth-in-System for Kudofuel can be measured across three layers of measurement:
CSEs’ and Participant Supporters’ Evos and KudoFuel attainment: This layer measures the individual earnings and reputation of community members. It includes personalised roadmaps with milestones, updates in real-time, and records of qualifications. Evos will complement this measurement.
Platform Performance: This layer measures Weaverly’s earnings against its maintenance costs, achievement of agreed customer service levels and platform-specific Evos feedback from Users, Clients and CSEs. Multi-vector analysis, weighted by users, will help to define the 'values' Weaverly is measured against. This information will be publicly visible.
Platform contribution to the overall health of the Web 3.0 ecosystem: This layer measures the contribution of Kudofuel to the overall ecosystem of decentralised technologies, P2P applications and mutual credit currencies. It is calculated based on use of KudoFuel by Clients and other community organisations, the creation of specialised, well rewarded jobs, and the development of CSE skills.
Exchanging Kudofuel for other currencies
Kudofuel has no inflation. The KudoFuel Reserve balance adjusts as the community grows or contracts, making it value-stable. Once launched a Mutual Credit Commons Exchange will be needed to exchange Earned Kudofuel outside of Weaverly. We expect that to encourage use of Weaverly we will need to facilitate the exchange of Kudofuel for fiat currencies. As the platform and the wider Peer-toPeer ecosystem gain adoption and more mutual credit currencies are launched, the need to exchange to fiat will diminish. Credit Kudofuel cannot be exchanged for fiat but can be used with other Mutual Credit currencies – see Three Types of KudoFuel.
Community Adoption
Kudofuel Credit can be offered to potential Clients and Users as an NFT by CSEs, Clients and Participant Supporters from their own Kudofuel balance. Kudofuel Credit is timed stamped, so, if it isn't used within the specified date it is returned to the issuer's balance. Evos are recieved by the issuer when Kudofuel Credit NFTs are used. The issuer will also receive Kudofuel Credit Limit increases based on the volume of Earned Kudofuel transacted by those they invite for the initial 12 months. The multiplier is logarithmic and reduces in rate as the invitees' earned Kudofuel volume increases. The maximum incentive credit available to be offered by platform users will be limited based on earnings, transactions and Evos.
Zero balance
Platform users are incentivized to maintain a zero balance. After 12 months of inactivity, and warning communications, any remaining surplus Earned Kudofuel will be equally distributed to zero balances of all active platform users.
Earning Kudofuel
Kudofuel is earned by completing platform tasks, such as IT support, writing Knowledge Base Articles, mentoring and marketing etc. This facilitates flexibility of working hours and less risk for new CSEs joining the platform. KudoFuel can be earned by the following platform users:
Customer Support Engineers (CSE) - Earned in return for solving support requests.
Participant Supporters - Earned in return for contributing to Weaverly with non-technical skills.
Evos and KudoFuel
This is a community feedback system which rewards people for contributing to Weaverly and the wider Web 3.0 ecosystem. It does not have an economic value but does serve to provide access to platform permissions for CSEs, Clients and Participant Supports . Evos cannot be exchanged between people or for other currencies. Please see the Evos whitepaper
Benefits
Platform funding
A ramp-up period will cover the setup of the platform and mutual credit currency across the initial group of CSEs and Clients, The transaction fee varies to maintain sustainability of Weaverly as Web 3.0 grows.
Platform funding is used to cover maintenance costs. The platform uses value mapping to share transparent platform budgets. This is dependent on the volume of transactions meeting the required limits. Platform costs will initially be prioritised until costs are met to ensure the stability and proper functioning of the platform. As surpluses emerge the percentage allocations will be passed to favour the CSEs and Participant Supporters who are making contributions to Weaverly.
Kudofuel Credit Limits
A platform user’s Kudofuel Credit limit is linked to their Evos, Earned Kudofuel volume, and length of platform use. Greater Evos scores and contribution to the Weaverly platform, will result in a higher negative balance being made available to the individual user. Incentives will be deployed to encourage platform users to maintain a zero KudoFuel balance. KudoFuel holders who decide they have a surplus can donate it to the Impact Fund. Kudofuel Credit can only be spent within the ecosystem of Mutual Credits, not exchanged for fiat. A to-be-defined minimum Kudofuel transaction volume will be required to be offered a KudoFuel Credit Limit.
KudoFuel Impact Fund
This fund allows platform users to support the wider development of the Web 3.0 ecosystem while removing the demurrage associated with Earned KudoFuel. The Impact Fund is supported by Weaver Networks Ltd through the allocation of KudoFuel and by platform users who wish to donate their own KudoFuel. Earned KudoFuel which is added to this fund is tracked and recorded so each contribution can be associated with who gave it. Each allocation by a platform user is matched by one from Weaver Networks Ltd. The Impact Fund is designed to act much like a ‘rising tide fund’, giving participants access to early-stage projects developing in the Web 3.0 ecosystem. It should be seen as a contribution to the collective future wealth of the ecosystem where a ‘rising tide lifts all boats’.
Exchanging Kudofuel for other currencies
Kudofuel has no inflation and its reserve balance adjusts as the community grows or contracts, making it value-stable. The HoloDEX/Mutual Credit Commons Exchange is used to enable spending of Earned Kudofuel throughout the ecosystem. Adoption requires us to facilitate Kudofuel exchange to fiat, and as the platform and the wider ecosystem gain adoption and more mutual credit currencies are launched the need to exchange to fiat will diminish. Credit Kudofuel cannot be exchanged for fiat but can be used with other Mutual Credit currencies – see 3 types of KudoFuel.
Community Adoption
Kudofuel Credit can be offered to potential platform users as an NFT by community members from their own Kudofuel credit balance. The Kudofuel Credit is timed, so if it isn't used, it is returned to the issuer's balance. Evos are earned by the issuer when Kudofuel Credit incentives are used. The issuer receives Kudofuel credit limit increases based on the volume of Kudofuel earned by invitees for 12 months. The multiplier is logarithmic and reduces in rate as the invitees' earned Kudofuel volume increases. The maximum incentive credit available to be offered by users will be limited based on earnings, transactions and Evos.
Zero balance
Users are incentivized to maintain a zero balance. After 12 months of inactivity, and warning communications, any remaining surplus Earned Kudofuel will be equally distributed to zero balances of all active users.
Earning Kudofuel
Kudofuel is earned by completing platform tasks, such as IT support, writing Knowledge Articles, mentoring and marketing etc. This facilitates flexibility of working hours and less risk to new members to onboard.
Reporting Bugs
Affiliate introductions for support platform users
Affiliate introductions for acceptance of KudoFuel
Device reviews and influencing
Affiliate links for buying devices
Local mentoring to build, onboard and support engineering teams – explaining KudoFuel etc.
Checking knowledge base articles for accuracy and scam links etc..
Work when you want
Engineers and platform participants can set the times and durations of when they want to work. This means they are in full control of their work/private life. Using the Weaver Networks Peer Support Matching Engine engineers will be able to set the times they are available and be matched with those who need support at a time that agreed by both parties.
Evos Community Reward System
This is a community feedback system which rewards platform users for serving the community and the ecosystem. It does not have a financial value but does serve to provide access to platform permissions. Evos cannot be exchanged for other currencies. Please see the Evos whitepaper.
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