Meet the Stakeholders
Last updated
Last updated
The Refract Network is designed to create a trustless medium of interaction where off-chain service providers can effectively scale the point of access for their services, making them readily accessible to be used and interoperated by other applications on the blockchain. This section introduces the key stakeholders involved in the Refract Network system, providing a clear understanding of their roles and interactions within the ecosystem.
Off-chain Service Endpoints (OSEs) are the specific parties that provide a collection of services outside of the blockchain. These entities can range from local businesses, such as a coffee store, to digital service providers, like an LLM computation operator that executes LLM prompts, or even community-driven platforms, such as a Discord server that promotes or demotes users within the server.
OSEs play a crucial role in the Refract Network by bringing off-chain service offerings onto the blockchain tokenized as . By integrating with the Refract Network, OSEs can expand their reach and tap into a new market of decentralized applications, opening up new revenue streams and opportunities for growth.
dApps, or decentralized applications, are on-chain applications that seek to interact and interoperate with the services provided by OSEs. These applications represent the demand side of the Refract Network ecosystem, as a growing number of consumer dApp projects are looking to expand their service offerings into the real world.
By leveraging the Refract Network, dApps can easily access and integrate a wide range of off-chain services, enabling them to create more comprehensive and feature-rich user experiences. This integration allows dApps to offer their users access to real-world goods, services, and experiences, bridging the gap between the digital and physical worlds.
The RefractDAO is a decentralized autonomous organization that governs the growth and focus of the Refract Network. As a community-driven entity, the RefractDAO plays a vital role in shaping the direction and development of the ecosystem.
The RefractDAO has several key responsibilities, including:
Overseeing the development and maintenance of the Refract Network protocol and its associated components.
Managing the Refract Network treasury and allocating resources to support ecosystem growth and adoption.
Coordinating and incentivizing community-driven initiatives, such as hackathons, grants, and bounty programs.
Ensuring the security, reliability, and performance of the Refract Network through ongoing audits and upgrades.
Refractor Stakers are parties who wish to support an OSE by staking their tokens with them. By staking tokens, these individuals or entities demonstrate their confidence in the OSE and help to secure its position within the Refract Network ecosystem.
In return for their support, Refractor Stakers receive stake dividends, which are generated from the fees and rewards earned by the OSE through its participation in the Refract Network. This staking mechanism creates a mutually beneficial relationship between OSEs and their supporters, incentivizing long-term commitment and collaboration within the ecosystem.
By understanding the roles and interactions of these key stakeholders, developers, businesses, and users can better navigate the Refract Network ecosystem and unlock the full potential of decentralized, cross-chain interoperability. As the Refract Network continues to grow and evolve, the collaboration and contributions of these stakeholders will be essential in driving the adoption and success of this groundbreaking platform.
Participants in the RefractDAO are rewarded with , the native governance token of the Refract Network. RFR token holders can actively participate in the decision-making process, propose and vote on improvements, and shape the future of the ecosystem.
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