Vision & Regulation Rules

The following text has been taken from the senate proposal that was submitted to the Students' Senate, IITK by the Science and Technology Council, IITK.

• In this document, we provide our vision for _coin, that is, the pseudo-currency for use in the IITK Campus.
• The currency is imagined to be similar to premium currencies in video games (for example, Primogems in Genshin Impact) with the additional feature that it can be traded between people while paying a small amount of tax.
• The amount of _coin that a person can hold at any point in time will be capped. Thus, the total amount in the system at any point is also capped.
• Unlike Bitcoin, the amount that can be generated is not limited. As long as SnT conducts events, there will be avenues to earn. Moreover, the currency is not de-centralised and will be under control of a central authority (GenSec and AH).
• _coin can be awarded to a person for not only winning but also participating. Whenever a person earns _coin, new currency is generated and added to the system.
• Any transaction that does not generate _coin will lead to destruction of a certain percentage of _coin involved.
• A transfer between two people will lead to destruction of 2% _coin involved in the form of taxes.
• Across the batch transfer will cause a destruction of 33% of _coin.
• Redeeming _coin will lead to destruction of 100% of the _coin.
• _coin will be regulated by the Council Core Team.
• Decisions on how to use them will be upto the owner.
• Earning avenues will be decided by the Core Team. The prizes for various events will be provided in the form of _coin.
• _coin be exchanged for goodies. These will be bought by the Council using a certain portion of the Council budget obtained from Gymkhana.
• No person will be able to exchange the _coin unless they have participated in a certain number of events.
• _coin should not be measured in terms of Actual Money.
• The amount of items in the store shall be limited and once exhausted, they’ll replenish depending upon whether the Council has the money to replenish them or not.
• No _coin will be provided for conducting events.
• Inputs to Council Core Team member accounts will be frozen in the sense that they can spend the ones already collected ones but cannot earn new ones. The only exception to this is, if the GenSec or the AH provide them with the same.
• GenSec and AH will not be able to increase the balance of their _coin wallet in any way.
• The graduating batches have 2 options:
  1. Move it: Transfer it to students of other batches
  2. Lose it: Redeem it
     Failure to do so, will lead to destruction of all the _coin when they leave the campus and their email IDs are freed for use.