What is Tea Protocol (TEA token)?
Tea Protocol is a decentralized technology framework protocol that allows developers and open source maintainers to receive contribution rewards. The project's mission is to solve the Nebraska problem for developers, keeping open source software running smoothly, anytime, anywhere. The platform enhances the security of the software supply chain by rewarding OSS (open source) projects based on influence within the ecosystem.
The platform possesses a maximum supply of 10 billion TEA tokens and expects TGE in the second quarter in a deflationary form. Tea Protocol claims to allocate 32% of the total supply to core, early support contributors. Tea Protocol reached more than 200 thousand users, 500 OSS projects by March 1. Previously, the project launched the airdrop program in January.
Features of Tea Protocol
Proof of contribution
Proof of Contribution is a ranking algorithm that measures the value, position, and impact of open source software projects. The algorithm is designed to bring fairness and worthy rewards to the OSS ecosystem.Proof of contribution is represented on Google's PageRank, which in turn models and versions OSS packages as nodes. The system will continuously evaluate the changing open source software graph in real time.
The three core elements of proof of contribution on Tea Protocol include:
- The full chart contains data for all supported package managers, linking projects to Tea Protocol.
- A proof-of-contribution algorithm goes to projects, automatically assigning TeaRank points daily.
- TeaRank scores from 0 to 100, allowing Tea Protocol to calculate and distribute rewards based on project impact.
Rewards for OSS contributions
OSS projects registered in Tea Protocol may be eligible for rewards based on TeaRank. 3.5 billion TEA tokens are allocated as rewards in the protocol.TeaRank is calculated by evaluating a software project's position and usefulness in the OSS ecosystem. A project with an increasing number of dependent software projects will have a higher TeaRank ranking.
Build OSS reputation
Tea Protocol supports staking TEA tokens for OSS projects, thereby enhancing the reputation of the platform and investors. Tea Protocol currently posts a 21.56% first-year return. However, the actual value of the reward may change due to many market factors.In addition, the total number of tokens staked will determine voting power. Owners can use TEA tokens to suggest opinions in teaDAO.
Report OSS vulnerabilities
Security researchers can improve the security of OSS software by submitting vulnerability reports to project maintainers. Users who report valid vulnerabilities can be rewarded with TEA tokens.Contribute to OSS projects
People can donate tokens to any software project registered with Tea Protocol. The donated token can be TEA or some supported stable coin.Donation increases the sustainability of the entire OSS technology stack. Participants can receive an NFT badge that is permanently displayed on their profile.
Administration
TeaDAO is the organization that plays the administrative role in the Tea Protocol ecosystem. TeaDAO creates favorable conditions for TEA token holders to express opinions and vote on many protocol issues at the forum.Token demand driver
A demand driver refers to a strategy, system or regulation designed to drive users to purchase tokens, thereby creating demand for a particular cryptocurrency. There are two factors driving demand: utility and mechanism. As follows:- Utilities:
- Gas fee: TEA token is the core element to perform transactions on Tea Protocol such as token conversion, OSS project treasury setting, staking, TeaRank reward distribution and distribution of donations or grants.
- Limited access: Projects participating in the protocol must stake TEA to create DAO treasury and earn rewards. To continue receiving rewards, the project needs to increase the number of TEA tokens staked. Rewards encourage users to report, promoting quick resolution of security vulnerabilities.
- Governance: Users stake TEA tokens to receive stTEA in return, thereby having the right to administer the protocol, propose, and vote on important changes. This functionality helps the community develop and optimize important parameters of the protocol.
- OSS project security: Investors can report bugs or security vulnerabilities to OSS project maintainers, then stake TEA tokens to receive rewards.
- Mechanism:
- Staking: Users can stake TEA tokens in any Tea Protocol open source (OSS) project to earn rewards. This reward is distributed from the platform's pre-allocated pool.
- Reduced money supply: TEA tokens have a maximum supply of 10 billion tokens, so an automatic burning process is needed to increase the value of the cryptocurrency.
Tokenomics
- Token name: Tea
- Symbol: TEA
- Contract: 0x9736f792b0464c233aa101365ae66e5d1d3c0f08
- Blockchain: Polygon
- Total supply: 10,000,000,000 TEA
- Maximum supply: 10,000,000,000 TEA
Token allocation
- Ecosystem and governance: 51.4%
- Protocol Development: 18.6%
- Early supporters and advisors: 12.7%
- Private: 11%
- Liquidity supply: 3.2%
- Public sale: 3%
Team
Tea Protocol owns a creative team from many countries around the world. The project was founded by the creator of Homebrew - Max Howell.
Investors
Tea Protocol successfully raised $16.9 million from two seed and extended seed rounds. This amount is invested by Binance Labs, Woodstock Fund, Betaworks, Round 13 Digital Asset Fund...
Roadmap
- February 2024: Launch testnet.
- June 2024: Launch mainnet v1.
- July 2024:
- Expand the community.
- Organize an airdrop for developers.
- Deploying mainnet v2
Conclude
Tea Protocol helps enhance the security of the software supply chain, supporting OSS projects. The platform incentivizes developers with rewards based on TeaRank and increases the real value of TEA tokens through burning. However, investors need to research carefully before deciding to join the platform.