The Echelon PRIME Foundation (EPF) is an organization with the mission of creating and supporting a Web3 ecosystem for game developers and studios. Echelon utilizes an ERC-20 token called PRIME to create an infrastructure capable of connecting multiple games via Echelons native token.
Additionally, they foster a community driven, open-source development environment by decentralizing governance, infrastructure as well as the PRIME token itself and making all these resources accessible to every partner within the ecosystem. The organization acts as a facilitator while over time the growth and evolution of the ecosystem is determined by the community as a whole.
The Echelon Prime Council
Typically a foundation, as both a legal and practical matter, requires a formal governing body and the EPF is no different. Echelon’s government is an 11-member ruling body called the Echelon Prime Council, and its members are formally titled Emissary Prime, or EPs for short.
Emissary Primes are elected to one of the eleven positions each year. For the first year of EPF’s existence Emissary Primes were publicly elected by holders of the “Prime Key” NFT. The “Prime Key” was designated as the first formal “Primary Asset” of the Echelon ecosystem.
In present day the Emissary Primes are elected each year in one of two ways:
--> 4 seats are voted on internally through ranked choice voting by EPs
--> All remaining seats publicly are voted upon with quadratic-weighted voting by PRIME token holders
The internal vote takes place two months prior to the end of each term. EPs anonymously vote in a ranked choice election. The 4 re-elected EPs are then responsible for all decisions pertaining to the public election and all detail and decisions for the public election must be approved by 3 out of 4 of the elected EPs.
What tasks do the Emissary Primes (“EPs”) handle?
The primary role of the EPs is to manage the day-to-day operations of the EPF and to vote on community submitted proposals put before the foundation. Day-to-day tasks for an Emissary Prime may also include, but are not limited to:
- Maintaining and hosting technical infrastructure to maintain the PRIME ecosystem
- Managing relationships with contributors & vendors
- Bookkeeping and accounting
- Setting and regularly reviewing annual budgets
Voting on Community Proposals
One of the main responsibilities of the Emissary Primes is voting on proposals which are submitted by the community.
When a proposal is formally submitted, it’s first voted on by the community. For a proposal to be successful it must reach a minimum amount of required participation, which is called a “quorum”. If that happens and the majority of the public votes are in favor of the proposal, then it will move to the Emissary Council for review.
The EP council will review the documentation, discuss the merits of the proposal and prepare a formal vote to move the proposal forward. EPs may vote in favor, against, or abstain from voting. At least 3 votes in favor are required to ratify a proposal. A minimum of 3 votes is also required to veto a proposal. This means a proposal will pass or fail based on the majority vote of the Emissary Council, so long as the 3-vote minimum requirement is achieved.
What does Echelons Ecosystem offer game developers apart from the Prime token?
Partner developers within the Echelon Ecosystem gain access to a suite of tools and resources for the development of Web3 games.
Some of these tools and resources include:
- Inb0x, a web3 messaging tool
- PRY[SYS], a proprietary NFT distribution mechanism
- Smart contract templates that recognize Echelon Approved Digital Assets
- Game oracles for monitoring game and player performance
- Dynamic Repricing Oracle (for the adjustment of PRIME Sink costs)
- Professional grade APIs and SDKs to fast-track game development
How is all this funded? (And what is a PRIME Sink?)
Echelon is funded through royalties on secondary market sales of EADAs, PRIME Sinks, and fees associated with Echelon Ecosystem resources. EADAs have a 10% secondary market royalty and Echelon receives ½ of the 10%, with the other ½ going to the developer studio.
A PRIME Sink is any feature in a game or project within the Echelon Ecosystem that requires a fee paid with the PRIME token.
Echelon splits PRIME Sink fees with the developer of the sink as well as with holders of Cornerstone Assets. PRIME Sinks will be explained in more detail in a later article covering the PRIME token and its tokenomics.
Treasury Allocation
The Echelon Treasury supports the Echelon PRIME Foundation, its partner projects, and the PRIME token economy.
Treasury initiatives may include expanding the number of games developed within the ecosystem, developing software and tools for partners, marketing campaigns, funding grants, compensating Emissary Primes, funding the general operation of the EPF, and much more.
The treasure allocation of the EPF strives to maintain allocation balance like so:
- 20% for operations costs
- 10% for grants
- 20% for compensation (EPs, contractors, 3rd party vendors, ...)
- 30% for research and development
- 20% for marketing and education