IDEA: Medium of Exchange for the Inite Economy

IDEA is the utility token that fuels all economic transactions within the Inite ecosystem. It is earned by contributing value to the network and can be spent to access premium services, stake for rewards, or trade on secondary markets.

Some of the key use cases for IDEA include:

- Idea Submission: Innovators can stake IDEA to submit their ideas to the platform, with higher stakes required for more prominent placement or faster review times.

- AI Assistant Services: Utilize IDEA to access our advanced SaaS AI assistants on for a multitude of services including website creation, marketing strategy development, and legal advice.

- Collaboration Rewards: Contributors who provide valuable feedback, skills, or resources to help develop an idea can earn IDEA based on the impact of their contributions.

- IP Licensing: IDEA is used to license intellectual property rights for ideas and innovations generated on the platform, with a percentage of each transaction going to the original creator(s).

- Marketplace Transactions: IDEA is the default currency for all purchases, sales, and auctions conducted on Inite's decentralised marketplace, including data sets, AI models, and innovation-related services.

- Staking and Governance: IDEA can be staked alongside INIT to participate in governance decisions and earn additional rewards, providing a way for all participants to have a voice in the direction of the protocol.

Unlike INIT, IDEA has an elastic supply that can expand or contract based on the needs of the ecosystem. New IDEA is minted as a reward for value-added contributions and burned when used to pay for platform fees or staking penalties. This mechanism helps to ensure that the supply of IDEA remains in line with the demand for its utility within the ecosystem.

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