Road to the $DIMO Token
Note: This post is outdated. For the latest information on rewards and test points, see this post:
We’re starting a two-phase test period. Phase 1 will have no rewards. In Phase 2, rewards points map to mainnet tokens delivered through a retroactive airdrop.
Since the project was first announced less than 2 months ago, over 10,000 people have created DIMO accounts and registered vehicles. Beyond that, thousands have preordered the forthcoming DIMO Data Miner and over 3,500 people have joined the DIMO Discord community. We are excited to introduce Drive-to-Earn to the world and get drivers earning $DIMO tokens for vehicle data, but we have a few steps before that.
As this post will explain, token rewards for vehicle data have not yet been activated, and below is our plan, passed in a proposal from the Core Team, for starting the rewards allocation within the community.
Why this approach?
We’re aiming to accomplish three main goals with this approach:
- Fairness. Maximize fairness of early rewards allocations by ensuring we have a number of ways for drivers to connect their vehicles. While not every interested driver will be able to, by offering at least a few options we can have a larger initial pool of earners.
- Resilience. Unlike many awesome defi projects that are just smart contracts, DIMO has many other critical moving pieces (that was a pun). Our software is connecting to real objects in the real world, and we have additional development steps to take to make our software secure and resilient.
- Regulations. Complete regulatory clarity. Some crypto projects can do what they can to avoid the long arm of regulators by going anon or moving overseas. Since we’re tackling the physical world, we have to have a real presence, and this means doing everything we can to ensure the future of the project by abiding by regulations.
You can read more about the $DIMO Token here: https://docs.dimo.zone/dimo-overview/token/what-is-usddimo
Testing Phase 1: Testing Initial Vehicle Connections
Starting January 2022 and continuing through at least February, DIMO users will be able to connect their vehicles via software API connections and the DIMO Hardware Miner to begin collecting their own vehicle data. The purpose of this period is to test connections and diversify the connection methods so that the maximum number of drivers can use DIMO. Once 1,000 cars have been connected, we’ll move into Phase 2.
Testing Phase 2: Rewards prior to Mainnet Launch
Starting in February, we’ll allow users to start accumulating points which will entitle them to a portion of the retroactive distribution of tokens for early users once the token goes live. These off-chain points will not exist on any blockchain, only on our servers (like Reddit Karma). Hypothetically, if a user earns 1% of all points earned by all users in the pre-mainnet phase, they’ll earn 1% of the retroactive airdrop.
Referral bonuses: DIMO will allocate to users up to 100 $DIMO per each new user they sign up, using their referral link. In order to earn the allocation, the users they refer will have to prove that they’re legitimate users of the platform, by connecting their car and actually streaming data. Everyone’s referrals are being tracked and will be visible in the app when point allocation begins in Testing Phase 1.