CoinDesk is launching its social token DESK, making it an integral part of Consensus 2022, our first on-site event since the coronavirus pandemic.
Attendees at the festival, which takes place June 9-12 in Austin, Texas, can earn DESK by doing things like picking up their badges at registration, visiting exhibitor booths, or joining CoinDesk's newly launched Discord server. Tokens can be redeemed at the event for merchandise (e.g., t-shirts or hoodies), food or drinks from Austin vendors who have partnered with us, non-fungible tokens (NFTs), and other rewards.
The big idea is to use tokenomics to build a loyal, engaged community by incentivizing the audience to interact with CoinDesk content - and each other. In addition, participants who have no prior experience with cryptocurrencies can learn about blockchain technology and how to set up and maintain a wallet with a relatively small investment that is not financial in nature.
From test network to main network
CoinDesk tested DESK a year ago at Consensus 2021, a virtual event. At the time, the token was running on Rinkeby, a test network or experimental environment for software under development for the Ethereum blockchain.
It was a hit with attendees, who created hundreds of wallets, claimed thousands of tokens for attending the conference, and redeemed them for NFTs and other rewards. A community spontaneously formed around the product with an unofficial Discord chat and even a nickname: the Piranhas.
Now CoinDesk is reintroducing DESK to the wild with the help of partners Coinvise, Flexa and NFTify.
The new DESK is an ERC-20 standard token on the mainnet, which is the live version of the blockchain. However, to avoid overloading Ethereum, the revised DESK runs on Polygon. This is a sidechain or parallel network to Ethereum that allows for more and cheaper transactions by keeping them off the main chain. CoinDesk will cover the cost of gas or on-chain computation fees for DESK transactions on Polygon.
Not a financial product
It is important to note that DESK is not a currency, a financial asset or an investment product. It is a premium, similar to airline miles, hotel points and the like.
DESK also does not claim to be fully decentralized. As the creator of the token contract, CoinDesk may adjust DESK's offering to encourage spending and prevent speculation or hoarding. The company also reserves the right to delete the CoinDesk account and/or blacklist the addresses of users who attempt to list the token on exchanges or otherwise undermine the purpose of DESK.
That being said, DESK is a blockchain token. Users will need to set up a crypto wallet that works with Polygon (MetaMask is the beginner-friendly option) to claim and redeem the token. Subject to the possible restrictions mentioned above, users retain full control over their DESK and can transfer it to whomever they want.
What's next.
After Consensus 2022, CoinDesk intends to expand DESK as a rewards program for our broader audience, including future event attendees, readers of our flagship news service and research reports, newsletter subscribers, television viewers, and podcast listeners.
In the coming weeks, CoinDesk will release more information about DESK, including an FAQ explaining how to earn and redeem the token, as well as the full backstory on how and why it was created.