What Is ONBUFF (ONIT)?

What Is ONBUFF (ONIT)? Complete Guide Review About ONBUFF.

What Is ONBUFF (ONIT)?

To allow for the development and deployment of new features, functionality, and revenue generating mechanisms to districts, districts can be customized and extended through the use of auxiliary modules. An example of an auxiliary module that could potentially generate revenue for a district, is one which provides a mechanism for users to bid on premium placement of their listings, similar to Google ONBUFF. Another example of a potential revenue generating auxiliary module, is one which allows for the optional insurance of proposals on the platform.

One could imagine a third-party service deploying a module to offer financial guarantees on arrangements between users of the platform in exchange for a fee. An example of an auxiliary module that can enhance the user experience of a district is a moderation mechanism that allows for the flagging and take down of spam, malicious links, or explicit content. Districts will decide on a district by district basis what auxiliary modules are implemented via their governance processes. Third parties are encouraged to develop and contribute auxiliary modules to ONBUFF. They are incentivized to do so via the ability to charge districts fees for usage rights.

ONBUFF Storage Key Points

Coin BasicInformation
Coin NameONBUFF
Short NameONIT
Circulating Supply274,890,433.00 ONIT
Total Supply789,885,600
Source CodeClick Here To View Source Code
ExplorersClick Here To View Explorers
Twitter PageClick Here To Visit Twitter Group
WhitepaperClick Here To View
Support24/7
Official Project WebsiteClick Here To Visit Project Website

Governance by Aragon

Aragon allows for user-friendly management of the basic components of an entity such as voting right distribution, role assignments, and accounting. The behavior of an Aragon entity can be customized by changing its bylaws. The creation of a district on the ONBUFF Network will trigger the creation of a deposit pool and corresponding entity on the Aragon Network. Through the Network Token staking interface, token holders can stake their tokens to deposit pools to mint tokens which represent voting rights in district-specific Aragon entities, via which all of the district’s governance activities will occur.

ONBUFF Voting rights can be used to partake in the processes that determine the characteristics of a district ranging from its design, to its functionality, to its accepted code of conduct, to the integrations it utilizes, and beyond. Aragon entities created for districts will come preconfigured with a suggested set of bylaws and parameters, but district participants can vote to change these as they see fit.

The District Registry

The District Registry is a decentrally maintained district whitelist, storing the credentials of districts which have been granted access to the ONBUFF Network. The presence of a
district in the District Registry signifies that the district has been accredited Network Token holders as non-malicious and value-additive to the Network. Inclusion in the District Registry grants a district access to a suite of ancillary services
exclusive to members of the Network.

Registered districts are also eligible for inclusion in the ONBUFF Network Token staking interface, whereby token holders can stake their DNT to a district’s deposit pool to mint voting rights in the respective district’s Aragon entity. A user interface will allow token holders to submit new district proposals to the District Registry, challenge proposals, and vote for or against proposals in any ongoing voting period. Additionally, token holders can vote to alter parameters for the District Registry at large through the same interface.

Proposals and Deposits

To seek placement in the District Registry, authors of qualifying district proposals must
submit a deposit of ONBUFF Network Tokens along with their completed proposal to the District Registry’s application pool. This application will remain idle until the challenge period passes. If no challenge is raised during this period, the district will be included in the District Registry and the initial deposit will be transferred to the district’s deposit pool on behalf of the applicant, assigning the initial voting rights in the corresponding Aragon entity to the applicant.

Additionally, before any challenge occurs, the author may choose to withdraw their application, reclaiming their deposit and forfeiting their chance for inclusion in the District Registry until a later application is made. Applicants may apply for placement in the District Registry as frequently as desired.