What are Prime Keys?
A Prime Key is an NFT that was issued to people that participated in our pre-sale and or purchased a Parallel NFT on secondary markets (opensea) prior to a communicated “SnapShot” date. For every Parallel NFT owned, we deposited one Prime Key to the holders of those cards. In total, 1,500 Prime Keys were minted of which approximately 1,000 are in circulation today. The remaining Prime Keys are being held for distribution in packs progressively as we continue to release cards from the Parallel Alpha deck to the community.
Prime Keys were a result of the Parallel Community (Discord) voting as to how we can bring the cost of cards down for future pack sales while maintaining the scarcity of the cards purchased.
The community originally voted in favour of the Prime Keys (with unknown functionality) but this didnt solve diluting the value of the cards purcahsed in presale with the remaining cards being distributed in packs so we decided to reward the early Parallel supporters with both the Prime Keys and a SE [Special Edition] card for every card that they held but the edition size of the SE card was limited to how many were purchased before the pre-sale closed. This solution both provided our community with both a preserved rarity of the cards they purchased [via SE cards with high scarcity] and a Prime Key for every card they held.
Prime Key Voting Access
Prime Keys are designed to have multiple functions. One function of a Prime Key is as an access pass to enter into the Paradox — the Parallel community voting mechanism. Currently this mechanism is not setup as a DAO but a channel where Prime Key holders can formally vote on matters that are submitted to the team for review. Prime (ERC20) will be used to express additional votes [when in circulation] by allowing the Prime Key holders to add additional votes within the time window of the vote which will be quadratically more expensive. This is an important mechanism as effectively what quadratic voting does is take the voice of those who have less prime and increase their voice and while it respects the larger $PRIME holders with every subsequent vote their voice loses power — effectively bringing power in check within Parallel.
Here are the designs we are building against for the Paradox:
Burn Keys for PRIME Tokens
Another function of Prime Keys is that they can be burned for $PRIME [ERC20]. The proposed mechanism is that you can choose to burn a Prime Key by sending it to a specific contract that will hold a % of the total supply of $PRIME. In sending the Prime Key to this contract, you will get back $PRIME tokens and a burnt Prime Key as an NFT artifact — see below image. The thought here is that with each Prime Key that is burned the remaining Prime Keys will get more $PRIME from the total % of $PRIME tokens than the last — effectively increasing the redeemable $PRIME for all subsequent unburned keys. The $PRIME can then be used to increase the number of votes within the Paradox [via Quadratic Voting] beyond just one key one vote.
Its important to note that these are evolving ideas, we arent fully comitted to this path but are exploring these possibilities and others. If you are interested in voting mechanisms, prime keys, and what we are building in general we welcome you to get involved with Parallel on our Discord or follow us on Twitter.