CHAT OpenChat

OpenChat is a comprehensive, decentralized chat application built on the Internet Computer blockchain. It offers features such as direct messaging and private groups similar to WhatsApp and Signal, public groups akin to Telegram, and “communities” that resemble Slack workspaces or Discord servers.

This application is designed as a responsive progressive web application (PWA), adapting to various screen sizes and integrating with devices like native apps, including support for push notifications. The complete development roadmap is available for review.

As an open-source platform, OpenChat operates through a series of canister smart contracts, allowing users to access the code for any canister at any time. This transparency enables independent verification of the code’s operation.

Each user has a dedicated canister that stores their direct chat data, links to their groups and communities, and functions as a wallet for managing tokens. Additionally, each group and community is represented by its own canister, facilitating scalability to accommodate hundreds of millions of users.

Users can send messages that include tokens such as ICP, ckBTC, ckETH, and soon ckUSDT, enabling global remittance capabilities.

A key differentiator for OpenChat compared to similar applications is its governance structure, which operates as a decentralized autonomous organization (DAO).

What is the CHAT Token?

OpenChat features a utility token called CHAT, which can be staked as neurons, similar to ICP neurons. This allows token holders to engage in OpenChat’s governance by voting on SNS proposals and earning rewards that increase with the duration of the stake. This incentivizes holders to act in the long-term interests of the platform.

CHAT can also be utilized by users to pay for premium features like Diamond membership and to reward contributions to the service’s development through automated user rewards or SNS proposals. The initial supply of CHAT is 100 million tokens, with 2.5% minted annually to reward governance participation. The token can be burned to decrease supply, and as revenue from premium features grows, it is expected that the burn rate will stabilize or even surpass the minting rate, potentially leading to a stable or deflationary supply of CHAT tokens.