The Pillar Token (PLR) is undergoing significant changes to empower users through governing our new value accrual system.
Last week, Pillar launched its new Smart Wallet and Payment Network – offering security and usability benefits over key-based wallet solutions through enhanced recovery and user-selected settings for decentralized application interactions. This comes in tandem with the Pillar Payment Network, a dedicated layer 2 solution enabling instant, gas-free payments between users of the platform.
In coordination with these upgrades, Pillar is implementing a governance framework to better empower PLR token holders to collect, manage and allocate resources across the Pillar ecosystem.
This tokenomic overhaul, herein referred to as Pillar Balboa includes:
- Community-ran governance
- New wallet fee distribution mechanisms
- PLR token supply modifications
- Discord as the home for token discussions
Introducing Pillar Balboa
At the core of the Pillar ecosystem is the PLR token. In the coming months, Pillar will transition to a community-run governance program for product development, marketing and promotion. This will enable PLR token holders to dictate new wallet integrations, updates and modifications directly through on chain voting.
In the spirit of the famous movie character Rocky Balboa, our new program highlights the Pillar teams resiliency to an ever-changing market – turning the Pillar ecosystem into the “people’s choice” just as Rocky inspired a wave of underdogs in his critically acclaimed films.
To incentivize participation, all fees earned by the Pillar Wallet will be distributed to and managed by PLR token holders through a new communal governance platform.
We’re currently in the process of enhancing our fee model to compliment this transition by increasing the long term value capture potential of the PLR token. We ultimately aim for the community to be the one controlling this fee model, and plan to lay a strong foundation in which future value can be governed and modified as PLR token holders see fit.
As part of this effort, Pillar will be announcing a suite of changes to future token distributions over the coming weeks. This will include a number of changes to supply issuance to favor existing token holders through anti-dilution mechanics – better aligning our existing supporters with the new and improved PLR ecosystem.
To be the first to hear about what we’re doing and to give your feedback, please join our newly launched Discord.
We’ve set up a dedicated #PLR Category where you can give feedback on tokenomics, propose governance polls, contribute to token distributions, and more. Those who join the Discord will have the opportunity to help craft Pillar Balboa and may qualify for special benefits and rewards as a result.
While Telegram has been great, we want to use this time to make a coordinated shift to Discord in an effort to provide a more productive and better organized platform for future community conversations and governance discussions.
Looking Ahead
Pillar has and always will be a project by and for the community. With Pillar Balboa, token holders will direct the future of the platform by placing them at the center of the Pillar ecosystem.
This post marks the first of a series of releases over the coming months which will outline all of these initiatives in greater detail. We encourage you to participate in these discussions as your input will directly shape the Pillar Wallet of tomorrow – an opportunity which you simply can not find elsewhere.
We recognize that you have many choices when it comes to wallet providers and hope that this fundamental change in which Pillar becomes the first truly community owned and operated project provides you with the confidence and fortitude to take ownership over the future of our privacy-focused Smart Wallet.
“It’s about how hard you can get hit and keep moving forward. How much you can take and keep moving forward. That’s how winning is done!”
Rocky Balboa
We’ll be discussing these updates live at Messari Mainnet 2020 to over 2,000+ leading crypto enthusiasts.
In the meantime, be sure to follow us on Twitter for more updates and join the conversation on Discord.