💡 Focus and $FOCUS tokens
✅ Simplified
⚠ Not Financial Advice - Do Your Own Research!
My attempt to answer the basics...
🔥 What is Focus?
A new social media app that gives everyone freedom over their content, audience and monetisation - with no centralised company owning the data, censoring it or taking a cut.
It will showcase cutting-edge features built on irrefutable blockchain technology - opening "web3" to everyone, making it easy to use, open and censorship-resistant.
📅 When will it launch?
UPDATED: Token discount schedule suggests target date as 13 June 2024, but could be pulled forward 🤞 (TY @SeanSlater)
Originally: "end 2024 Quarter 1". New technology and features must be rolled out to the network before launch can take place.
⏳ What can I do until then?
There's no need to wait - the DESO blockchain it's built on has been operating since March 2021 and has an established community and social apps:
diamondapp.com - @diamond
desocialworld.com - @DeSocialWorld
web.desofy.app - @desofy
nftz.zone - @NFTz
gemstori.com - @Gemstori
💹 What are $FOCUS tokens?
A new token associated with the focus app that can be traded or exchanged for other assets, goods or services, and utilised for social and financial mechanics.
Mechanics will evolve, examples:
- buying creator coins (a stake in creators you support)
- buying NFTs
- advertising
- on-platform influence
- exclusive/pay-per-view content
- access to advanced features
🤷♀️ Should I reserve $FOCUS tokens?
Generous 100% bonus applies to early token reservations.
Whether YOU should is up to you - there are risks and ABSOLUTELY NO GUARANTEES.
Initial 100% bonus applies for first 7 days from 11 Jan '24 - reserving $100 giving you $200 of tokens ($100 + $100 bonus).
After first week, the % bonus decreases over time until the app launch - see attached image schedule.
As with any crypto-asset they:
⚠ have absolutely no guarantee!
⚠ could increase or decrease in value
⚠ could loose ALL value!
⚠ have greater volatility than traditional assets!
Essentially: only invest what you are prepared to lose! It's a high-risk investment and has no protection if something goes wrong.
💡 If I reserve $FOCUS tokens, what should I know?
Reserved tokens will be locked until launch - becoming fully fluid upon Focus app launch.
Bonus tokens are 🔐 LOCKED 🔐 for 4 years from launch date - after which they will gradually unlock over a further 1 year vestment period. This could be daily (1/365th), weekly (1/52th) or monthly (1/12th) - TBC.
💰 What if I change my mind - can I get a refund?
Reservations can be refunded in full before app launch - at the same DESO value. Bonus tokens will be lost.
E.g. reserve 100 DESO of tokens, get 100 DESO refunded.
DESO price will fluctuate - so refunds could be worth more or less than when you made the reservation.
📦 How do I reserve $FOCUS tokens?
You need: i) a DESO wallet & ii) funds to reserve tokens with.
(See "How do I create a wallet and transfer funds")
Once you have a wallet and funds:
1️⃣ Visit focus.xyz/buy/reserve-tokens
2️⃣ Log into DESO wallet
3️⃣ Select currency & enter value to reserve
4️⃣ Click Reserve $FOCUS
🎁 Are there other ways to earn tokens?
- Post2Earn - popular creators rewarded with tokens
- Referrals - bonuses for introducing creators to platform
- Holders - token holders expected to receive %-share of fees collected on the platform
- Rewards & Payments - tokens can be transferred for payment, tips and rewards
- Linking other social accounts - influential creators may receive tokens for linking social accounts to the app
🔑 How do I create a wallet and transfer funds?
Creating a wallet is easy - visit wallet.deso.com, click "Create Wallet" and "Sign-up with DeSo Seed" - giving you a unique "seed phrase" to login and access your account.
⚠ Save your seed phrase securely - ideally written down physically in a secure location - it is how you will access your wallet and cannot be retrieved if lost.
Alternatively, you can sign-up using Google (saves seed to your drive) or MetaMask - use whichever method at your own risk.
Your wallet's unique "public key" ties together your identify and any assets, transactions or content you publish and is the address for transferring funds to your wallet.
Once you have a wallet, you need funds to reserve tokens with:
- Crypto-currencies can be exchanged using "hero-swap"
- DESO is the native currency and you'll incur lower fees buying on an exchange, e.g. Coinbase/Ascendex
Once you have a DESO balance, transfer into your wallet using the public key address, which can be copied from your profile or wallet feature of any DESO app - public keys begin "BC1YL....". See example images.
📰 Resources:
diamondapp.com/u/nader/blog/announcing-focus-white-paper-and-tokenomics
👷♀️ Remember: #WeAreAllDeso - and we build it together 💖 #TTDT
