Information about "OpenChat"
What exactly is OpenChat?
OpenChat is a comprehensive and decentralized chat application that operates on the Internet Computer blockchain. It provides capabilities for direct messaging and private groups, similar to WhatsApp and Signal, as well as public groups akin to Telegram, and "communities," which function like workspaces in Slack or servers in Discord.
This is a progressive web application (PWA) that adjusts to fit any screen size and integrates seamlessly with devices like native applications, offering features such as push notifications. You can view the detailed development roadmap for more information.
OpenChat is open-source and runs on canister smart contracts. You can observe the code on any canister at any point, with references back to specific versions in source control, allowing independent verification.
Each user has a dedicated canister that stores their direct chat data, connects to the groups or communities they're part of, and also acts as a wallet for managing tokens. Each group and "community" is also structured as an individual canister. This setup helps OpenChat scale to support hundreds of millions of users.
OpenChat enables users to send messages that include tokens like ICP, ckBTC, ckETH, and soon ckUSDT, making it viable for global remittances.
What sets OpenChat apart from similar applications is its governance model, which functions as a DAO.
This is a progressive web application (PWA) that adjusts to fit any screen size and integrates seamlessly with devices like native applications, offering features such as push notifications. You can view the detailed development roadmap for more information.
OpenChat is open-source and runs on canister smart contracts. You can observe the code on any canister at any point, with references back to specific versions in source control, allowing independent verification.
Each user has a dedicated canister that stores their direct chat data, connects to the groups or communities they're part of, and also acts as a wallet for managing tokens. Each group and "community" is also structured as an individual canister. This setup helps OpenChat scale to support hundreds of millions of users.
OpenChat enables users to send messages that include tokens like ICP, ckBTC, ckETH, and soon ckUSDT, making it viable for global remittances.
What sets OpenChat apart from similar applications is its governance model, which functions as a DAO.
What is the CHAT token?
OpenChat has a utility token called CHAT associated with its platform.
- CHAT tokens can be staked as neurons, much like ICP neurons, allowing holders to engage in OpenChat's governance by voting on SNS proposals, thereby earning voting rewards. These rewards grow over time, encouraging holders to focus on the platform's long-term interests.
- Users can utilize CHAT tokens to pay for Diamond membership and other premium features on OpenChat.
- CHAT tokens also serve to reward contributions toward the development and expansion of OpenChat, either through automated rewards or via SNS proposals.
The initial supply of CHAT tokens is 100 million. Annually, 2.5% of the total supply is minted to compensate neuron holders who participate in governance. CHAT can be burned to decrease supply, and as revenue from premium features paid in CHAT rises, it's expected that the burn rate might match or surpass the minting rate, potentially leading to a stable or deflationary supply.
- CHAT tokens can be staked as neurons, much like ICP neurons, allowing holders to engage in OpenChat's governance by voting on SNS proposals, thereby earning voting rewards. These rewards grow over time, encouraging holders to focus on the platform's long-term interests.
- Users can utilize CHAT tokens to pay for Diamond membership and other premium features on OpenChat.
- CHAT tokens also serve to reward contributions toward the development and expansion of OpenChat, either through automated rewards or via SNS proposals.
The initial supply of CHAT tokens is 100 million. Annually, 2.5% of the total supply is minted to compensate neuron holders who participate in governance. CHAT can be burned to decrease supply, and as revenue from premium features paid in CHAT rises, it's expected that the burn rate might match or surpass the minting rate, potentially leading to a stable or deflationary supply.
What is the OpenChat SNS DAO?
The OpenChat DAO manages and directs the development of OpenChat through an on-chain automated system known as an SNS.
Any modifications to the OpenChat SNS DAO, including its treasury of ICP and CHAT tokens, tokenomic settings, and the OpenChat dapp itself, can only be made after proposals, which are voted on by tens of thousands of CHAT neuron holders, are approved and executed by the SNS governance canister.
The OpenChat SNS DAO came into existence automatically following the proposal's acceptance by the Internet Computer's NNS government system. This triggered a public swap event on March 3, 2023, where 2,375 participants deposited a total of 1 million ICP tokens to the SNS in exchange for 25 million CHAT tokens. The conclusion of this swap marked the activation of the OpenChat SNS DAO.
The distribution of the initial CHAT tokens was as follows:
- 52% is reserved for the SNS treasury and managed by the OpenChat DAO.
- 25% was distributed to the public during the NNS-organized swap event.
- 15% was allocated to the OpenChat development team, with a four-year vesting period.
- 8% went to DFINITY for providing initial funding, with a two-year vesting period.
A portion of the treasury has been transferred to liquidity pools on various decentralized exchanges through proposals, while the majority remains to support ongoing development and other initiatives and to provide algorithmic rewards to OpenChat users. By distributing CHAT tokens and neurons to hundreds of thousands of involved users, the goal is to form a vast community of advocates motivated by OpenChat's success.
Any modifications to the OpenChat SNS DAO, including its treasury of ICP and CHAT tokens, tokenomic settings, and the OpenChat dapp itself, can only be made after proposals, which are voted on by tens of thousands of CHAT neuron holders, are approved and executed by the SNS governance canister.
The OpenChat SNS DAO came into existence automatically following the proposal's acceptance by the Internet Computer's NNS government system. This triggered a public swap event on March 3, 2023, where 2,375 participants deposited a total of 1 million ICP tokens to the SNS in exchange for 25 million CHAT tokens. The conclusion of this swap marked the activation of the OpenChat SNS DAO.
The distribution of the initial CHAT tokens was as follows:
- 52% is reserved for the SNS treasury and managed by the OpenChat DAO.
- 25% was distributed to the public during the NNS-organized swap event.
- 15% was allocated to the OpenChat development team, with a four-year vesting period.
- 8% went to DFINITY for providing initial funding, with a two-year vesting period.
A portion of the treasury has been transferred to liquidity pools on various decentralized exchanges through proposals, while the majority remains to support ongoing development and other initiatives and to provide algorithmic rewards to OpenChat users. By distributing CHAT tokens and neurons to hundreds of thousands of involved users, the goal is to form a vast community of advocates motivated by OpenChat's success.
Who founded OpenChat?
OpenChat was established by three software developers: Matt Grogan, Hamish Peebles, and Julian Jelfs. They originally crossed paths while working together for several years on a platform for online travel agencies.
In the 1990s, Matt collaborated for many years with Dominic Williams, the founder and Chief Scientist of DFINITY, on various software projects. In 2020, Dominic approached Matt about building applications on the Internet Computer. Matt then invited Hamish and Julian to join him, leading to the creation of OpenChat.
With nearly 30 years of experience in software development across various industries and tech stacks, often involving web technologies, Matt holds a master's degree in Engineering and Computer Science from the University of Oxford.
Hamish transitioned into software engineering after earning a master's degree in Mathematics from Cambridge University, focusing on high-performance, low-latency cloud-based systems.
For approximately 25 years, Julian has been involved in software engineering, with experience in diverse areas such as defense, risk management, e-commerce, education technology, and chat platforms. He has a particular interest in functional front ends and holds a master's degree in Politics, Philosophy & Economics from the University of Oxford.
In the 1990s, Matt collaborated for many years with Dominic Williams, the founder and Chief Scientist of DFINITY, on various software projects. In 2020, Dominic approached Matt about building applications on the Internet Computer. Matt then invited Hamish and Julian to join him, leading to the creation of OpenChat.
With nearly 30 years of experience in software development across various industries and tech stacks, often involving web technologies, Matt holds a master's degree in Engineering and Computer Science from the University of Oxford.
Hamish transitioned into software engineering after earning a master's degree in Mathematics from Cambridge University, focusing on high-performance, low-latency cloud-based systems.
For approximately 25 years, Julian has been involved in software engineering, with experience in diverse areas such as defense, risk management, e-commerce, education technology, and chat platforms. He has a particular interest in functional front ends and holds a master's degree in Politics, Philosophy & Economics from the University of Oxford.
Where can you purchase CHAT tokens?
As of now, CHAT tokens can be purchased with ICP on several Decentralized Exchanges (DEXes), including:
- ICDex
- ICPSwap
- Sonic
Support for the Rosetta API is forthcoming, facilitating integration with Centralized Exchanges (CEXes), at which point CHAT is likely to become tradable on CEXes for ICP or USDT.
- ICDex
- ICPSwap
- Sonic
Support for the Rosetta API is forthcoming, facilitating integration with Centralized Exchanges (CEXes), at which point CHAT is likely to become tradable on CEXes for ICP or USDT.
