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Protocol Architecture
Summary of the inner workings of the THX Network protocol, including the governance role of $THX
Source: The inner workings of THX Network 🛠️ 👩💻👨💻— Tokenomics (I), Nov 17, 2021. Updated where necessary on new developments.
THX Network is a blockchain protocol that allows users to create and embed token powered loyalty programs in any app or website.
The protocol's architecture consists of "Asset Pools," smart contracts that hold tokens or collectibles based on Ethereum's ERC-20 and ERC-721 standards. THX Network provides an easy-to-use API for integration and employs Polygon, for fast and cheap blockchain transactions.
The modular architecture is built using the EIP-2535 (Diamonds) concept, offering benefits like no contract size limit, deterministic contract addresses, and maintainable contract functionality.
The modular basis allows us to combine a variety of contracts and use them to deploy one single AssetPool smart contract. This means we’re not limited to a predefined set of features for a list of asset pool types, since we can mix modules to come up with new types while reusing existing functionality. This list shows the addresses for all Diamond facets that are maintained in this repository.
The pool registry is used to store important protocol parameters. These parameters will become governable in the future. Currently asset pools read the
feeCollector and feePercentage parameters from this registry.The THX token serves as the governance token for the protocol, with future protocol fees and governance rights as potential benefits for holders.
Protocol fees
Each Asset Pool collects fees when tokenized assets are deposited, and once activated through a community vote, these fees accrue to the THX token holders.
Fee collector address on Polygon: 0x802505465CB707c9347B9631818e14f6066f7513
Governance
THX holders govern protocol parameters and improvements, including managing the Community Treasury, Distribution, and Incentives, as well as Asset Pool fees. Initially, governance will use gasless voting through Snapshot.org, eventually transitioning to on-chain governance.
Last modified 1mo ago