Colony (blockchain)

Established by Alex Rea, Collin Vine, and Jack du Rose, Colony is a blockchain protocol and social collaboration platform headquartered in London, England. It was designed to be utilized by enterprises that are self-organizing. Colony is developed on open-source smart contracts utilizing the Ethereum network.

Colony's native token is CLNY. It is used for governance. Disputes in the Metacolony need CLNY to be staked as surety. When a staker wins a dispute, they receive a share of the loser’s CLNY. Accounts with both CLNY and Reputation in the Metacolony can claim a share of Metacolony revenue. Miners calculate Reputation updates off-chain and stake CLNY to compete and receive CLNY and Reputation. Fees denominated in tokens different from USDT, USDC, XDAI, and WETH are auctioned for CLNY.

Colony receives revenue from network fees. Fees that are paid in whitelisted tokens are received by the Metacolony to support development, security, maintenance, and the platform's ecosystem incentive mechanism: BudgetBox. Colony also levies a fee on payments leaving the platform to an external address. Fees that are paid in other ERC20 tokens are sent to auctions where token buyers can get ERC20 tokens using CLNY, which is then burned.