# Overview
***You Are What You Read***
Reading is inarguably one of the most important skills a person can have. Through reading, we are able to access a wealth of knowledge, skills, and ideas to help us better understand the world around us. In the past, reading was limited to physical books and print news but nowadays, information can be passed through a plethora of digital sources, whether it be blog posts, articles, digital books, etc. However, the rise of digital media has age has drastically affected the type of content the average person is exposed to daily.
In the current Web2 environment, social media giants hold a lot of sway over the content that the average user sees. Because user attention is the product that these companies are able to sell to advertisers, companies are incentivized to keep users on their platform. This is often done by showing users incendiary and/or disturbing content. The more time users spend on these platforms, the more they are constantly fed a diet of provocative content, which not only serves to distract them but also can affect their mental health. This phenomenon is so prevalent in the digital space that a colloquial term was coined to describe such behavior, known as “doom-scrolling”.
ReadON’s mission is to reshape digital reading behaviors in Web3 through the use of Game-Fi mechanisms and systems. Users start by equipping themselves with “Catto" NFTs, which will allow them to earn in-game currency $READ as they read content. The rate of accumulation will be affected by factors such as content topic, Catto properties, and user experience. The quality and type of content will be community-managed, with users able to vote and sponsor their favorite content through ReadON's "content staking" model. Through these mechanisms, ReadON aims to help users rediscover the experience of deep reading, create a community of readers, encourage the spread of quality content, and give the power of information dissemination back to the users.
**Welcome to the start of your new reading life.**
*Disclaimer: This is an adventure in a new world, and any description in the white paper is likely to be updated or changed as ReadON evolves*
# ReadON's Mission
Our mission can be broken down into three components, which build upon each other to create the ReadON experience.
#### **Content Contract**
First, ReadON proposes to build a public contract dedicated to content, both on-chain and off-chain, so that all content, including existing public Web2 content, can be indexed, ranked, rendered, and most importantly, be assigned to its real owner.
#### **Read-Fi Token Economy**
Next, we will build a content ecosystem, complete with flexible incentive and governance systems, so that creators, curators, and readers can all participate in a decentralized distribution process.
#### Decentralized Recommendation System
Finally, we will build a decentralized recommendation paradigm that leverages user data in a manner such that ReadON's users will truly own their data and gain benefit from them. This will include organic content recommendations and promotional content, which will be the backbone of ReadON's external monetization solution.
# Background
ReadON aims to build a Web3 distribution platform to that focuses on content consumption. While Web3 content creation tools like Mirror already exist, they do not solve the problem of content distribution. Most of the content we see still relies on Web2 apps like Facebook and Twitter. This is where ReadON stands out.
# Content Contract
### Composible Design
We believe that content creators should truly own their content and they should have the right to choose the content platform. For example, Tiktok videos are not available on Instagram unless the creators also upload their work to Instagram. In this manner, TikTok somewhat owns the creator's work. ReadON aims to decouple this process by creating a common distribution layer with a content standard.
The content contract will include definitions for titles, subtitles, format-standard for article bodies. It should be scalable to support videos, discussions, and future media formats as well so that content can be rendered in different styles and in different apps, but will still stay as one contract.
### Content Owership
Ownership is a key focus for ReadON. While Mirror solves this problem for content created on its platform, it does not have a solution for the massive amounts of content on Web2.
ReadON’s solution is to create a new tool which will enable users to create a unique string that only he/she can make and will allow for proof of ownership to be easily verified. If the user owns the website, the string can be added explicitly into the content body, like a watermark. Otherwise, the string generation process can be done automatically in a piece of javascript and embedded into the original URL. ReadON can work with platforms like Medium to implement plugins that would automate the authentication process. This would enable any web2 publishing platform to function like Mirror.
### Support for Private and Paid Content
Not every piece of content is public, no matter if it is in Web2 or Web3. ReadON will support data accessibility for private content and paid content to allow for ownership and monetization solutions within the content ecosystem.
# Content
ReadON aims to provide insightful and valuable content to our users. Using the powerful content-aggregator system Octopus, ReadON will not only build an extensive index of articles from traditional media, internet portals, and social networks in more than 100 countries and 50 major languages around the world, but also obtain engagement statistics on these social networks. ReadON will also index on-chain content from Mirror and RSS3.
The first phase of ReadON will focus on medium-size articles and blogs, such as analysis reports, tutorials, opinions, and book summaries. Other media formats like full books, novels and videos will be supported in the future based on a paid content integration program.
# “True” Reading Time
$READ will be awarded based on the "true" reading time of users on ReadON. The following behaviors will not count as "true" reading time.
* Random scrolling
* No scrolling at all on one page
* Staying on one piece of content longer than a reasonable period of time
* Multiple accounts on one device
# Core Concepts
# Content, Topics, NFTs and Tokens
### Content Quality Standards
ReadON aims to provide **insightful** and **valuable** content to our users. Opinions, in-depth analysis and tutorials will become the primary content.
### Topics
Each piece of content on ReadON will be labeled with up to **three** topics by its creator and the process will also be moderated by topic managers.
Initially, there will be around 20 topics created by the ReadON team, as determined by a survey conducted on the ReadON Discord. New topics will need to be created following the process described on the [topic creation page.](/read-fi-token-economy/governance/topic-creation)
### Catto NFTs
Catto NFTs are the core assets of ReadON. More details will be described [here](/read-fi-token-economy/core-concepts/catto-nft).
### $READ Tokens
$READ tokens are the primary reward that users will earn in ReadON. There is no supply limit for this token.
### $RGT Governance Token
$RGT is the governance token on ReadON. See [Token Distribution](/read-fi-token-economy/token-distribution) for more details.
# "Catto" NFT
ReadON NFTs come in the form of Catto. Each pair will be unique, as the design and style of the Catto frames will feature randomized patterns and the lens will display pictures or GIFs related to the Catto’ topic.
**The utility of a "Catto" NFT is threefold.**
* Purchasing and equipping a Catto NFT will allow users to start earning $READ.
* Catto are the core asset in the ReadON economy. Users can spend $READ to upgrade their Catto NFT for boosted capabilities, which will yield a higher return of $READ. Upgraded Catto NFTs will also unlock different ReadON functions.
* Each Catto NFT is associated with a specific topic (e.g. cryptocurrencies, COVID-19, Taylor Swift). Users with Catto NFT of a topic will have the right to govern the corresponding sub-community and collect incentives from the growth of that sub-community.
Each Catto NFT has the following properties:
* Topic
* Level
* Tier
* Experience
* Durability
* Stats (Smartness, Vitality, Dexterity, Curiosity, Luck)
* Energy
* Mint Count
# Read-FI Mechanism
# Overview
To get started, users will need to purchase and equip a Catto NFT, which will allow them to earn $READ tokens and experience points (EXP). As they read, ReadON will measure a user’s “true” reading time and award them rewards based on that time.
There is a daily earning cap that limits the maximum $READ a user can earn each day. Users can increase the earning cap and earning speed by leveling up their Catto NFT with EXP, attaching runes to their Catto NFT, or acquiring more Catto NFTs with better stats, especially higher Tier Catto NFTs.
Another important attribute is the Catto NFT’s Topic. Whether the topic of the Catto NFT matches the topic of the content a user is reading will greatly affect their earning speed. There are a limited number of Catto NFTs released for each topic, after which, users will need to mint new NFTs to increase the amount of Catto NFTs for a given topic (See Topic Creation).
As Catto NFTs are used, they begin to deteriorate and will eventually fall into a ‘hibernation’ mode if not repaired. NFTs in Hibernation do not generate any rewards or EXP. All Catto NFTs require $READ tokens for repair but Tier 2 and Tier 3 NFTs will also require certain community services to be repaired.
# Stats and Earn Rate
## Stats
Each Catto NFT has two types of stats:
* **Static Stats** are fixed.
* **Generated Stats** are computed from static stats and other NFT properties.
### Static Stats
**Smartness\[S]:** Smartness impacts the daily reward cap.
**Vitality \[V]:** Vitality impacts stamina consumption.
**Dexterity \[D]:** Dexterity impacts earning speed.
**Curiosity \[C]:** Curiosity impacts the rate of experience accumulation.
**Luck \[L]:** Luck may impact places related to probability.
#### Static Stats Value Range
When a Catto NFT is minted, static stats will be assigned a value within a range that depends on the NFT Tier. All three static stats share the same value ranges based on the NFT Tier.
| Tier | Min Stat Value | Max Stat Value |
| ------ | -------------- | -------------- |
| Tier 1 | 3 | 8 |
| Tier 2 | 8 | 16 |
| Tier 3 | 16 | 28 |
### Generated Stats
**Daily Reward Cap**
There is a daily reward cap for each Catto NFT, which is computed from the following formula:
**Stamina Consumption**
For every true-reading minute users spend on ReadON, equipped pets will consume stamina. The amount of stamina consumed per minute is computed from the following formula:
**Earning Speed**
For every true-reading minute users spend on ReadON, they will accumulate $READ, up to the daily earning cap of the Catto.
#### Rate of Experience Accumulation
For every true-reading minute users spend on ReadON until the daily reward cap is met, the equipped Catto NFT will accumulate experience (EXP). The amount of EXP per minute is computed based on the following formula.
## **Multiple** Catto **NFT Stacking**
For users with multiple Catto NFTs, only one pair can be equipped at a time as the Primary NFT. All other pairs of Catto will be displayed in the user’s inventory and will accumulate $READ and EXP at the reduced rate shown below.
| Number of NFTs in the inventory | Reduced Ratio |
| ------------------------------- | ------------- |
| 2-3 | 0.7 |
| 4-7 | 0.5 |
| 8-11 | 0.3 |
| 12-15 | 0.15 |
| 16+ | 0.1 |
# Durability and Recovery
Each Catto NFT begins with full durability (100/100) but when it is equipped and used to generate rewards, its durability will deteriorate. If the durability reaches 0, the Catto NFT will enter "repair" mode, where it will not generate any $READ or EXP.
Only the equipped pair of Catto will be affected by deterioration. Users can repair their Catto and recover their durability at the cost of $READ, which will vary depending on the Catto NFT level and tier.
**Recovery Cost Per Durability Point**
* Tier 1: 0.04 + 0.009 \* level
* Tier 2: 0.04 + 0.012 \* level
* Tier 3: 0.04 + 0.016 \* level
For Tier-2 and Tier-3 NFTs, certain ReadON community services will be also required to repair these NFTs.
# Levels, Tiers, and EXP
Each Catto NFT starts at level 0 and can be upgraded once the experience cap is met.
For each true reading minute when the user earns $READ, the equipped pair of Catto will gain 10 experience (EXP) points. When the daily reward cap has been reached, the user will stop earning EXP for that day.
When the experience cap is reached for a certain level, users can choose to upgrade the Catto NFT level at the cost of $READ tokens. The cost to upgrade is dependent on the current level of the Catto NFT.
Catto NFTs can be upgraded up to the level cap, which is different for each Tier.
| Tier | Level Cap |
| ------ | --------- |
| Tier 1 | 30 |
| Tier 2 | 40 |
| Tier 3 | 50 |
### Experience Scrolls
Experience Scrolls can be used to quickly earn EXP. They will be randomly dropped as users read and when users level up their Catto NFT.
# Minting New Catto
After the initial release, no new Catto NFTs of existing topics will be released. To make more NFTs of existing topics, users will need to mint them using Catto NFTs they already have in their inventory. To unlock minting, users will need two NFTs of at least Level 6 with the same topic.
* Two Catto of at least **level 6** to unlock minting.
* These two NFTs need to have the same topic.
### Minting Cost and Topic Inheritance
Each Catto NFT can be used to mint new NFTs a maximum of 7 times. The cost to mint a new Catto NFT and the probability of a new Catto NFT having the same topic as the source NFT will increase the more times the existing Catto NFT is used for minting.
Mint Count
Cost (in $READ)
Source Topic Inheritance Probability
1
400
0.2
2
550
0.3
3
700
0.4
4
850
0.5
5
1000
0.6
6
1150
0.7
7
1300
0.8
If the two source Catto NFTs have differing mint counts, the cost and probability of inheritance will be an average of the two. If the new Catto NFT does not inherit the source topic, a topic randomly drawn from the existing pool will be chosen.
### Catto Box
When a new Catto NFT is minted, it will appear as a Catto Box, to be opened by the user or sold in the marketplace. Each Catto Box will have a tier attribute that is determined by the source Catto NFTs used to mint it.
Source NFT A Tier
Source NFT B Tier
Catto Box Tier 1 Prob
Catto Box Tier 2 Prob
Catto Box Tier 3 Prob
Tier 1
Tier 1
1
0
0
Tier 1
Tier 2
0.5
0.5
0
Tier 1
Tier 3
0.25
0.75
0.25
Tier 2
Tier 2
0
1
0
Tier 2
Tier 3
0
0.5
0.5
Tier 3
Tier 3
0
0
1
Once the Catto Box is opened, it will generate a new Catto NFT. The Catto Box will be consumed in the process. The tier of the new Catto NFT will depend on the tier of the Catto Box.
Catto Box Tier
Catto NFT Tier 1 Prob.
Catto NFT Tier 2 Prob.
Catto NFT Tier 3 Prob.
Tier 1
0.98
0.02
0
Tier 2
0.25
0.73
0.02
Tier 3
0
0.25
0.75
### **Minting Process Recap**
Select two NFTs (Lvl 6+) with the same topic.
1. Pay the expected cost based on mint times
2. Mint and collect a Catto Box, whose tier is based on the tiers of the source NFTs.
3. Open the Catto Box to collect a new Catto NFT or sell the Catto Box in the marketplace.
# Energy and Runes
### Energy System
Each Catto NFT has an energy capacity, which allows for runes to be socketed to the Catto. As a user gains EXP and levels up their NFTs, the energy capacity of the Catto will grow. Catto NFTs can only hold as many runes as their energy capacity allows for.
Level
Tier 1 Energy Capacity
Tier 2 Energy Capacity
Tier 3 Energy Capacity
0-5
0
2
4
6-10
2
4
6
11-15
3
5
7
16-20
4
6
8
21-25
5
7
9
26-30
6
8
10
31-35
7
9
11
36-40
8
10
12
41-45
9
11
13
46-50
10
12
14
### Runes
#### **Rune Type and Generation**
There are three types of runes (Wisdom Rune, Sharpness Run, and Excellency Rune) that boost static stats when socketed to a pair of Catto NFTs. Runes are generated as users read and differ in rarity, with rarer runes giving a higher stat boost.
#### Rune Effect and Energy Cost
**Wisdom Rune (Boosts Earning Cap)**
Rarity
Boost
Energy Cost
Common
Daily Earning Cap +0.3
2
Uncommon
Daily Earning Cap +0.4
2
Rare
Daily Earning Cap +0.5
1.5
Supre Rare
Daily Earning Cap +0.6
1.5
**Sharpness Rune (Boosts Earning Speed)**
| Rarity | Boost | Energy Cost |
| ---------- | ------------------- | ----------- |
| Common | Earning Speed +0.04 | 2 |
| Uncommon | Earning Speed +0.06 | 2 |
| Rare | Earning Speed +0.08 | 1.5 |
| Super Rare | Earning Speed +0.1 | 1.5 |
**Excellency Rune (Experience)**
| Rarity | Boost | Energy Cost |
| ---------- | ---------------- | ----------- |
| Common | EXP Per Min +1 | 2 |
| Uncommon | EXP Per Min +1.5 | 2 |
| Rare | EXP Per Min +2 | 1.5 |
| Super Rare | EXP Per Min +2.5 | 1.5 |
#### **Rune Socket and Removal**
While it is free to attach a rune to a pair of Catto, it costs $READ to remove a rune.
**Removal Cost**
| Rarity | Cost ($READ) |
| ---------- | ------------ |
| Common | 5 |
| Uncommon | 10 |
| Rare | 20 |
| Super-Rare | 30 |
#### **Rune Generation**
Runes are generated during the reading process.
#### **Rune Upgrade Process**
Runes can also be combined and upgraded to the next rarity.
Rarity
Number of Runes Required From Lower Rarity
Uncommon
2 X Common
Rare
3 X Uncommon
Super Rare
4 X Rare
# Governance
# Topic Management
**Overview**
All **Tier 2** NFT owners will be community managers for the corresponding NFT topic. These users are responsible for growing the community by providing and promoting better content. They will also receive bonuses for community growth.
**Benefits of Topic Managers**
Topic managers will share a 5% of extra bonus from all reading rewards generated from contents with the same corresponding topic.
**The Rights of Topic Managers**
Topic managers are also able to perform the following actions:
* Create content
* Re-post external content
* Invite creators
* Vote on content (to be added to the sub-community)
# Content Voting
Unlike certain traditional content distribution models, the ReadON system utilizes a content voting system which allows users and curators to influence which content becomes popular and gets added to a sub-community.
### Traditional System A: A Centralized Model using Machine Learning, or "TikTok" Style
In these platforms, all uploaded content is parsed through a centralized model, which then uses machine learning to optimize the click-through rate of a piece of content. Content is shown to users that are most likely to interact with it, which serves the platform’s goal of keeping users’ attention, but also tends to bias users to only interact with content they want to see, creating so-called “information cocoons”. In these platforms, the models and data that power the centralized model are the core assets and are owned by the platform.
### Traditional System B: A Subscription Model, or "Twitter/RSS" Style
Here, there is no centralized model as users select which content sources (distributors) to subscribe to. Creators can add content to different distributors and users can subscribe to different distributors. However, users may find it time-consuming to obtain information efficiently as they have to subscribe to each distributor individually. It can also be a lengthy process for new users to find the influencers they like.
### ReadON’s solution
ReadON’s solution is focused on enabling and promoting organic content sharing while giving power to the user to control what content becomes popular. To do this, ReadON will create sub-communities based on topics. Experienced users, those who hold Tier 2 Glasses NFTs, of those sub-communities will become **curators** of the corresponding topics. Curators can cast votes on **new content**; votes are not visible until the voting phase ends.
**Voting Powe**r: Users can **stake** tokens to get voting power and to cast their votes.
**Content Score**: Content score is used to rank content within its sub-community, and is computed via the **Quadratic Voting Procedure** to prevent major token owners from dominating the ranking results.
**Voting Outcomes**: 10% of all reading rewards generated from a piece of content will be shared by its voters, distributed by their voting power, and another 10% of total reward will go to the creator.
We have proved that the Nash Equilibrium will be reached when all parties tell their true understanding of the content quality.
# Topic Creation
The initial topic list (\~20 topics) will be created by the ReadON team and new topics will be determined by ReadON users following the topic creation process below.
### **Topic Creation Criteria**
* Users with Tier 3 NFTs can participate in the topic creation process.
* Topics need to be within 50 characters.
* The ReadON team will select the initial topics, and a decentralized selection process will be implemented at a later stage.
### **Topic Creation Process**
* A Tier 3 NFT user makes a topic-creation proposal by pre-ordering a certain number of NFTs with a potential new topic.
* Each user can pre-order up to 5 NFTs for a new topic.
* The pre-order price will be an average price of Tier 1 NFTs on the market.
* Once a topic has 50 NFT pre-orders, it is officially created. 50 NFTs will be minted and sent to users who participate in the pre-order.
# Advertiser
In the traditional digital content ecosystem, the Advertiser has always played the role of a sponsor behind various media empires. ReadON is the first project to discuss and implement the Advertising role in a decentralized content scenario.
### Advertising process
In ReadON, the Advertiser consumes $READ to place ads. The Advertiser can choose the advertising space for placement, which is constrained to the content type. The more exposure an ad has, the more tokens it will consume. When multiple Advertisers have a need for the same space, a resource conflict will arise and the higher bidder will get the space. The Advertiser's $READ are consumed in real time, and when they are consumed, the ads will be offline.
### Public service announcements
When the advertising demand of the Advertiser is insufficient, ReadON will reserve space for public welfare projects and projects recommended by the community.
# Token Distribution
### $READ Token Economy
The READ token is generated based on user activity within the ReadON ecosystem and has an unlimited supply.
**Supply:**
* Generated through user reading behavior
* Awarded for content curation
* Granted for other community contributions
**Utility:**
* Used for advertising placement fees
* Employed in gaming activities such as content curation contests and other gaming features
### REVOX Governance Token - $RGT
ReadON, as the flagship product within the REVOX ecosystem, and **RGT**, the governance token, will be supplied and utilized within the ReadON system.
For more details about RGT, please refer to
**Supply:**
* Distributed to users contributing to the community
* Airdropped to high-ranking users
**Utility:**
* Consumed in proposing new topic communities
* Repurchased using advertising revenue
* Grants early access or exclusive airdrops from ecosystem projects
* Provides governance and voting rights within the ecosystem
###
# Roadmap
### Product Development Plan
Q3 2022: Close alpha
Q4 2022: Open beta
Q1 2023: NFT Module
Q2 2023: Marketing Tools
Q2 2023: Content Service for Partners
Q3 2023: Social Engagement Data Solutions that Consider User Privacy
### Content Operation Plan
Q3 2022: In-depth Web3 content
Q4 2022: Crypto tutorials
2023: User proposed new topics
☑️ Game
☑️ Entertainment (Limited to selected areas)
### Language Development Plan
Q3 2022: English
Q4 2022: Japanese, Korean
Q1 2023: Russian, Bahasa
Q2 2023: Spanish, Vietnamese
# Team
**Neo | Co-founder**
Neo is a serial entrepreneur who founded a games and applications company that made over 500K DAU
Quant of Cryptocurrency since 2012
**Troy | Co-founder**
Troy was formerly the senior technology manager at TikTok. Before that, he was a senior tech lead at Pinterest (NYSE: PINS)
Troy received his Master of Computer Science from Natural Language Processing lab at Carnegie Mellon University
**Mike | Partner**
Former software engineer of Google
Founder of Bear gaming guild with 100K crypto users
A deep Defi player
**Daniel Olano | Partner |** [**github**](https://github.com/olanod)
Polkadot Senior Ambassador
5 years + blockchain technology experience, founder of virto.network project
12 years of development experience, former autonomous driving algorithm engineer
# Anti-Cheating Agreement
We are working on building a decentralized content platform to provide valuable content for general users. We will detect and penalize cheating, spamming and fake users and related behaviors. The following behaviors will be against our policy:
1. Reverse-engineering or hacking of the current system
2. Faking real devices, including the use of simulators or app clone software.
3. Using automation tools to imitate real users
4. Using rooted or hacked devices
5. Bulk account control and utilization to obtain asset
6. Other kinds of hacking behaviors
ReadON may penalize users with the above behaviors, including:
1. Limiting functions
2. Banning accounts
3. Deducting points
The usage of ReadON's service will be regarded as awareness and agreement on the above policy.
# Revision History
#### *16th Nov 2022 Update*
Officially changed the image of the NFT from glasses to cats(Catto).
Adjust the name of the NFT stats to match the cute cat. Add Vitality and Lucky stats definition.
#### *29th Jan 2023 Update*
Updated details of the Anti-Cheating agreement.
#### ***28th Feb 2023 Update***
Clarify the definition of the false user.
#### ***16th March 2023 Update***
Clarify the definition of faking real devices.
**4th** ***March 2024 Update***
Revised the definition of the governance token RGT to reflect its role as an ecosystem governance token.
