At CoinDesk, we're not just reporting on the business model transformation that digital assets and the blockchain have enabled - we're actively participating in it.
At last year's Consensus event, we tested DESK, an experiment in using token-based rewards to incentivize engagement and community building. The audience loved it.
Now CoinDesk is introducing DESK as a full-fledged on-chain token at Consensus 2022, making it a central part of the experience at our first live event since 2019.
Below is everything you need to know about DESK and how to use it. This post will be updated regularly as we build the DESK program, so check back often for the latest information.
What is DESK?
DESK is CoinDesk's social token. It is the experimental fuel for the Consensus 2022 Festival, which will take place June 9-12 in Austin, Texas.
What is DESK's mission?
DESK is designed to build a community around the CoinDesk brand and reward our audience for engaging with our content.
DESK's ethos is guided by the core principles of blockchain technology: openness, community, empowerment, and innovation. With DESK, we hope to create a feedback loop with our users that will help us build an ecosystem together.
How can I get DESK?
In the weeks leading up to the event, we will be distributing a limited number of giveaways to all registered attendees.
At the event, you will have numerous opportunities to earn DESK by, for example.
- Picking up your badge at check-in.
- Scanning codes displayed on screens during panels and presentations.
- Visiting exhibitor booths.
- Participate in "experience drops" at the opening party, off-site venues, happy hours, morning wellness sessions, etc.
- Participate in chats on the event virtual platform.
- Participating in chats on our Discord server.
- Participating in special quests and discovering Easter egg airdrops around the festival.
Cool, and what can I do with DESK?
At the event you can redeem DESK for the following rewards:
- A drink at the bar.
- Food from nearby vendors who have partnered with CoinDesk.
- Merchandise, such as hoodies or t-shirts.
- Non-fungible tokens (NFTs) from our online marketplace.
- Special on-site offers from Consensus exhibitors and partners.
- Unlocking the token-protected Discord server.
- Unique experiences, like playing H-O-R-S-E basketball with Spencer Dinwiddie or chess with Gary Kasparov.
You can also use DESK to give tips to other users on our Discord server or vote on things like best panel, best speaker, etc.
What blockchain does DESK run on?
DESK runs on Polygon, a sidechain, or a parallel network to Ethereum.
Why isn't DESK running on Ethereum itself?
Polygon can handle many more transactions per second.
What do I need to do before the event to issue DESK?
You need to set up a cryptocurrency wallet that works with Polygon. MetaMask and Coinbase Wallet are the easiest for beginners to use.
Do I need to set up a CoinDesk account to use DESK?
No. A CoinDesk account provides a dashboard linked to the entire DESK ecosystem, an actionable list of "quests" users can complete to earn DESK, and a QR code feature. Users who prefer to use the standard Web 3 experience with the wallet can do so.
What is the problem you are trying to solve?
In the Web 2 era, content creators - be they authors, artists, filmmakers, publishers, media companies or event organizers - are at the mercy of the algorithms of intermediary platforms, which complicates their efforts to reach and engage audiences directly. Put simply, the Internet has replaced one set of gatekeepers (major newspapers, magazines, and television networks) with another (social media and search engines).
Like many others, we hope that crypto and Web 3 solutions involving tokens and new data and governance models will enable a more direct relationship with our audience and the building of a community of engaged participants independent of the platforms.
We believe Consensus, which moves the relationship between content creators and audiences out of the digital realm and into a physical space where Internet gatekeepers have less influence, is a great place to experiment with new token and incentive models to achieve this goal.
We hope DESK will produce a community that engages in lively exchanges with each other and with CoinDesk articles and other content throughout the year, and then comes back every year to meet in person at this annual cornerstone event.
Why do you need a blockchain for loyalty points?
Social tokens enable community-driven technology by creating a feedback loop between product developers and product users. This allows the DESK team to get real-time data on DESK user engagement and use that data to evolve the DESK ecosystem to become more and more responsive to user needs and wants.
Simply put, DESK is being used to align our efforts as a media and events company with the wants and needs of our target audience.
No, really, why do you need a blockchain to do that?
To be honest, a Blockchain is not 100% necessary at this stage of DESK, but we are laying the foundation for a growing ecosystem.
First, the Blockchain provides us with data about DESK usage. The blockchain also prevents insider trading or under-the-table gifts, as the public ledger would expose such misconduct. This means that anyone claiming NFTs or physical rewards will have to put in the work (engaging with our content) to earn their rewards.
Will DESK increase in value?
No. DESK is not a currency, a financial asset, or an investment product of any kind. It is not meant for speculation and will not make anyone rich. It is neither a vehicle for the savings of others nor a way to make money.
Why does DESK have no monetary value?
It is a reward token, analogous to airline miles, hotel guest points and the like. CoinDesk will take strict measures to prevent the token from being used for speculation or trading.
By providing a system for users to contribute to the functioning of a collective, digital system, the blockchain is laying the groundwork for a new kind of organization: the tokenized community. We have seen examples of this in recent years with NFT communities and distributed autonomous organizations (DAOs). To shed light on this use case of blockchain, we decided to focus on enabling and extending social value to create community value, rather than focusing on monetization.
Can I mine DESK?
No. DESK can only be earned as rewards for participating in CoinDesk events and content or as a tip from other users.
Can I use my DESK to earn more tokens?
No. See above.
How is the revamped version of DESK different from the version introduced at Consensus 2021?
The most important thing is that the new DESK will be easier to use, and you will be able to spend it not only online, but also in real life, thanks to agreements with local vendors and our partner Flexa, which aims to bring crypto payments into the mainstream. As mentioned earlier, the redesigned DESK will also allow users to unlock our token-driven Discord server and vote on their favorite panels, speakers, and so on at Consensus 2022.
On a technical level, the beta version of DESK ran on Rinkeby, a testnet or experimental environment for software development on Ethereum. As mentioned earlier, the revised DESK will run on the mainnet or in the wild, albeit on the Polygon sidechain.
Wait, if the token is on the mainnet, what's stopping someone from listing or trading it on an exchange?
Listing, buying, or trading DESK violates our Terms of Service, as we want the rewards and value to come from the ecosystem. We reserve the right to suspend accounts and blacklist wallet addresses that violate our Terms of Service.
Ban? Blacklist them? That doesn't sound very decentralized. How come?
It's important to remember that not all blockchain assets are fully decentralized or claim to be. Ether, Ethereum's native currency, is fully user-driven, but ERC-20 tokens built on the network may or may not be, depending on how the issuer designs them. For example, some regulated stablecoins are ERC-20 tokens, and their issuers have the authority to freeze funds from suspicious addresses to comply with law enforcement requests.
DESK is thus not decentralized and does not pretend to be. It does not compete with Bitcoin or Ether.
OK, but if DESK has no monetary value, why will taco stands or bars in Austin accept it during Consensus 2022?
Part of the value DESK provides is what CoinDesk brings to the ecosystem when we want to reward our users for engaging at a deeper level. This means you can use your DESK to redeem food and beverages at establishments CoinDesk partners with locally.
Are there gas (on-chain calculations) fees for using DESK?
No. The DESK ecosystem is 100% gas-free.
How.
CoinDesk covers the gas costs on Polygon.
What if I purchased DESK from the virtual consensus last year? Can I still use it?
Since DESK has transitioned from the testnet to the mainnet, DESK collected last year is no longer usable. However, we still appreciate the feedback and efforts of DESK beta testers, so be on the lookout for a reward coming your way.
Who are the "Piranhas"?
The Piranhas are the young community that formed around DESK during Consensus 2021. They created their own Discord channel and created memes about the token. The phenomenon was a clear validation of the concept for CoinDesk.
At Consensus 2022, CoinDesk's new Discord server will be the official hub of the DESK community, where we welcome piranhas and newcomers alike.
Who built DESK?
CoinDesk did, with the help of several key external partners.
As mentioned earlier, Flexa is handling the merchant integration at the Austin event.
We also partnered with Coinvise to create the token contract, quests, and airdrops.
NFTify provided our gasless NFT marketplace where users can buy and sell curated NFTs with DESK.
Which wallets support DESK?
As mentioned earlier, MetaMask and Coinbase Wallet are the easiest to use, but any wallet that works on Polygon can be used.
How can I use DESK to buy an NFT?
Participants with a CoinDesk account can access our NFT marketplace through the DESK dashboard or URL https://coindesk.nftify.network/. Participants using the standard Web 3 wallet can access the market via the URL. Users simply need to make sure they are on the Polygon network and then connect their wallet. They can then use DESK to purchase an NFT.
How do I connect my DESK wallet to my CoinDesk account?
Navigate to the DESK dashboard. Select "Create or connect wallet" and approve the transaction in your wallet.
Can I send DESK to another Consensus 2022 participant?
Yes. As mentioned earlier, tipping other conference attendees is an initial use case. Users can send DESK to each other via their wallets or via the Collab.land bot.
Are DESK transactions anonymous?
Depends. CoinDesk can only associate identities with wallets when users create an account on desk.coindesk.com. We will not use this data for anything other than authenticating users at signup or distributing DESK rewards, we will never sell it, and we will scrupulously protect user data. (See: Privacy Policy.) DESK transactions are displayed on the DESK page in the Polyscan block explorer, but only wallet addresses are displayed.
Do I need to report DESK transactions on my taxes?
DESK has no inherent monetary value, but whether or not you live in a country where utility tokens are taxable, you should consult a tax advisor if you have concerns.
How can I keep up to date with DESK updates?
We keep you up to date on airdrops, product developments, and other updates relevant to DESK's roadmap and tokenomics on our DESK product blog.
You can also keep up with DESK updates on our Discord server.
What is the future of DESK?
After Consensus 2022 in Austin, we plan to expand the DESK ecosystem so that it can not only be a reward for engagement, but also a tool for our audience to share their thoughts as we collectively reshape crypto media and events.