INK Protocol

Creating a party

Why should I create a party?

Party leaders have an important role in INK because essentially a party allows you to:
  • Build your community
  • Promote your brand, group, cause, etc
  • Make savings more fun

Responsibilities for Party Leaders

"With great power comes great responsibility" - Uncle Ben from Spiderman

Any user can create a party. By creating a new party, you are immediately a "Party Leader". In creating a party, there are a few considerations outlined here:
  1. 1.
    There is a minimum deposit of 100 UST to create a new party and 50 UST to claim a party.
  2. 2.
    One wallet is limited to creating one party.
  3. 3.
    One party has a maximum cap of 50 users (including party leader).
  4. 4.
    In creating a new party, party leaders must provide the following:
    • Party's image/logo/icon
    • Party's name
    • Party's minimum deposit amount
    • Leader Twitter account
  5. 5.
    The party leader decides on whether this is a "public" or a "private" party.
    • Public party: A party that is open to anyone to join that meets the minimum deposit requirements as set by the party leader.
    • Private party: A party that is closed, users must "request to join" and meet the minimum deposit requirements as set by the party leader. The party leader has the ability to admit or reject any user's "request to join"
  6. 6.
    The party leader cannot remove members once they joined.
  7. 7.
    In the case that the party leader wants to withdraw their entire deposit, the party leader must wait after the 7-day cooldown period from their last deposit. Additional deposits will reset and re-calculate the 7-day cooldown period.
  8. 8.
    Withdrawals from party leadership will be subjected to a 3% or 1.5% "responsibility tax" on party leader deposits.
    • Responsibility tax is for a party leader that wants to withdraw the entire deposit and step down as a leader, thus leaving the party leaderless. The fees will go into INK Treasury.
Every deposit into a party, whether you are a party leader or member will have a cooldown period of 7 days. In other words, your deposit will be locked for 7 days to prevent just-in-time deposits and withdrawals.