What is Fei Protocol (FEI) | What is Fei Protocol token | What is FEI token

In this article, we’ll discuss information about the Fei Protocol project and FEI token

Fei Protocol ($FEI) represents a direct incentive stablecoin which is undercollateralized and fully decentralized. The goal of the Fei Protocol is to maintain a liquid market in which ETH/FEI trades closely to the ETH/USD price. FEI achieves this via a new stability mechanism known as direct incentives. Direct incentive stablecoins use dynamic mint rewards and burn penalties on DEX trade volume to maintain the peg. FEI uses Uniswap as its incentivized DEX at launch. Governance can add and update DEX integrations and other incentives as needed.

The Inspiration for Fei

Stablecoins are a staple of DeFi. Users want to access dapps like  Compound and  Aave without worrying about volatility. However, each existing stablecoin model has a critical fault. Fiat-collateralized stablecoins like USDC and USDT are centrally controlled. This represents a regulatory risk and a point of failure for apps wishing to be truly decentralized. Crypto-collateralized stablecoins like DAI have scalability issues due to capital inefficiency. In other words, generating crypto-collateralized stablecoins requires an excess of collateral. They also require demand for debt or leverage to grow. Seigniorage models like ESD and Basis Cash centralize supply expansion rewards. This creates an unfair distribution in the growth of the stablecoin. In addition, liquidity providers are incentivized to withdraw at the first sign of danger.

Fei Protocol was born in an attempt to solve all these issues. The inspiration for the vision of Fei Protocol comes from an ancient stone currency —  Rai, or Fei, of the Micronesian island of Yap. We hope that the FEI stablecoin exhibits the same stability, simplicity, and ubiquity as its stone counterpart.

How FEI Supply Expands

The FEI stablecoin has an uncapped supply that tracks demand. FEI enters circulation via sale along a bonding curve. This curve approaches and fixes at the $1 peg. When new demand for FEI arises, users can acquire it by buying on the bonding curve. The price function will start low to reward early adopters for purchasing FEI. Fei Protocol will support the creation of bonding curves denominated in any ERC20. The launch will contain only a single curve denominated in ETH.

The mission of Fei Protocol is to create an entirely decentralized stablecoin. Therefore it is critical that no tokens issued by trusted third-parties (e.g. USDC, USDT, wBTC) be used as collateral on the bonding curve. This is a stance the development team hopes will be shared by the governance community post-launch.

The ETH bonding curve will have a target FEI supply for bootstrapping before fixing the price at $1. This target is known as Scale; reaching Scale will denote the end of the bootstrapping phase. Scale will be set to 250,000,000 FEI, to be large enough to merit integration with other DeFi protocols. We also believe it is small enough to hit within a short time frame to minimize the bootstrap period. Post-Scale, the bonding curve price will fix at a governance-able buffer above the peg. This price creates a ceiling throughout the ecosystem. Arbitrageurs can buy on the bonding curve and sell on secondary markets if the price is higher elsewhere.

Users cannot sell FEI on the bonding curve. Instead, the protocol retains the incoming ETH as Protocol Controlled Value (PCV). Fei Protocol deploys the PCV to create a liquid secondary market where users can sell FEI back into ETH. We will explore below how PCV supports the FEI ecosystem.

Protocol Controlled Value

Most DeFi platforms use a user-owned Total Value Locked (TVL) model. In these platforms, users receive an IOU and can withdraw assets at any time; lockups are increasingly common. Protocols can incentivize TVL via token distribution rewards. While this can lead to massive amounts of capital, it also creates the problem of mercenary capital: when liquidity is incentivized, DeFi platforms need to inflate and offer heavy rewards to maintain it. Deposited capital is then only loyal as long as the rewards are active. This is not sustainable long term as shiny new yield opportunities arise daily. There is a constant fear of rug-pulling when the rewards dry up and capital moves elsewhere.

Fei Protocol developed a Protocol Controlled Value (PCV) model to solve these issues. PCV is a subset of the concept of TVL, in which a platform outright owns the assets locked into the smart contracts. This is a stronger use case than the IOU common to most TVL applications, as the PCV is permanent. PCV gives the protocol more flexibility to engage in activities that are not profit-oriented. These activities can align with more fundamental goals, such as maintaining stability in the peg. As we have defined it, common use cases such as governance treasuries and insurance funds are types of PCV. Other possibilities include guaranteed liquidity or a price backstop for DeFi users. Unlike the IOU model, PCV is irrevocable. Governance tokens in a PCV platform accrue deeper value capture and corresponding responsibility.

User Controlled TVL approach vs a PCV approach to collateralization

Fei Protocol is the ideal application for generalized PCV. Bonding curves and other incentives fund a PCV pool that is approximately as large as the entire user circulating amount of FEI. It will initially allocate 100% of the PCV funded by the ETH bonding curve to a Uniswap pool denominated in ETH/FEI. The development team chose Uniswap due to the lower barrier to entry and higher level of familiarity for the average DeFi user. While Balancer and other alternatives have great value propositions, we feel that Uniswap is the right approach for v1. Governance can reallocate PCV to other platforms in the future if the use case is clear. The protocol mints and owns the FEI needed for this liquidity. This additional protocol-owned FEI is paired with each unit of FEI bought by users on the bonding curve. Therefore, the depth of this market liquidity should be on par with the total remaining circulating FEI. This approach has two key advantages over stability mechanisms that rely on external liquidity provision:

1. Guaranteed Liquidity — FEI holders can rest easy knowing that no whale can pull out the protocol owned liquidity. It is funded by the bonding curve and put into the Uniswap ETH/FEI pair.
2. Peg Reweights — In the event of extended periods below the peg, the Fei Protocol can reweight the Uniswap price back to the peg. It achieves this by executing the following atomic trade: 1. Withdraw all protocol owned liquidity, 2. Buy FEI with the withdrawn ETH to bring price up to peg. 3. Resupply remaining PCV as liquidity. 4. Burn the excess FEI. Any keeper can trigger a peg reweight when the price has been low for a certain period. The protocol rewards keepers with a FEI mint incentive.

PCV reweights of FEI/ETH Uniswap pool to peg price

Through governance, future use cases for PCV can be even more creative. The protocol can maintain a collateral balance in a lending platform such as Aave. It can then adjust interest rates in the FEI market by supplying and borrowing FEI tokens. Fei Protocol can even maintain balances in governance tokens of integrating platforms. It can leverage these tokens to contribute to the governance process throughout the ecosystem.

Bonding curve purchase of FEI with ETH PCV deployment

Direct Incentives

FEI is stabilized by a new mechanism we call Direct Incentives.

From the Fei Protocol white paper:

A direct incentive stablecoin is one in which both the trading activity and usage of the stablecoin are incentivized, where rewards and penalties drive the price towards the peg. In general this would include at least one incentivized exchange acting as a hub. All other exchanges and secondary markets can arbitrage with the incentivized exchanges. This helps maintain the peg throughout the ecosystem.

Fei Protocol achieves this goal by incentivizing Uniswap trading volume with mints and burns. These incentives apply directly to the trader’s balance, in proportion to the distance from the peg. This means that a larger sell incurs a larger burn. The protocol incentivizes traders via mint to return the price back up to the peg. The formulas used ensure that all volatility below the peg is net deflationary. This will help bring the supply down to the right level relative to the current demand.

Direct incentives to maintain peg price on incentivized exchange

The incentives only apply to trades when the spot price is below the peg. The side above the peg is taken care of by the arbitrage loop with the bonding curve.

Arbitrage loop maintaining price above peg

The direct incentive implementation of Fei Protocol is like a cousin of rebasing tokens (e.g. AMPL and YAM). It does directly operate on user balances, but only those of the users who actively engage in the incentivized behaviors. This has nice game theoretic properties when coupled with the protocol reweight price backstop. In the event of high FEI sell pressure, the sellers incur the associated deflation costs. Holders can rest confidently in the protocol backstopping the price if no trader restores the price. The long term ability to backstop is assisted by the deflation. These novel properties lead to a high fidelity peg for FEI.

Summary of the FEI peg maintenance dynamics and where they kick in

TRIBE and Fei Protocol Governance

Fei Protocol will launch with a fully decentralized DAO on day one. The TRIBE token controls the DAO. TRIBE holders can vote on the following actions among others:

• Adding new bonding curves in new tokens or adjusting price functions of existing curve(s)
• Adjusting the allocation of PCV for new incoming funding or existing PCV

The Fei Protocol DAO will be both powerful and governance-minimized. FEI stability does not require any active intervention by governance. The development team encourages mechanisms that are autonomous and algorithmic over those that are rigid and reliant on governance. We believe this governance-minimized approach creates a more predictable and efficient system.

The protocol allocates a portion of the TRIBE token to a FEI staking pool. Users can deposit FEI and receive a pro-rata percentage of the TRIBE drip into the pool. The development team and investors retain another portion. A percentage will be split between the Genesis Group and Initial DeFi Offering we discuss below. The remaining TRIBE stays in a treasury controlled by governance.

Genesis Group and Initial DeFi Offering

The earliest portion of the bonding curve will offer attractive prices for FEI. To mitigate frontrunning and unequal early distributions, Fei Protocol will include a “Genesis Period.” The Genesis Period will be a time period of 2–3 days in which early adopters can pool their ETH. This group will be known as the Genesis Group. Members of the Genesis Group earn a shared pro-rata percentage of the first bonding curve transaction. This is similar to the Hegic IBCO. Using this approach, access to the earliest FEI on the bonding curve will be open to all with equal opportunity. As an additional reward, the Genesis Group earns 10% of the total TRIBE supply pro-rata.

The Genesis Group completion will kick off an Initial DeFi Offering of the TRIBE token. The listing will be on Uniswap, denominated in FEI and TRIBE. The FEI for the IDO is minted by the protocol. The circulating FEI and TRIBE from the Genesis Group can be used in the IDO for efficient price discovery. The fully diluted valuation of TRIBE will be set to the same value as the amount of ETH raised in the Genesis Group. The Uniswap liquidity tokens for this IDO will be stored in a development fund. It will have linear vesting over 4 years to guarantee the liquidity for a sufficient period. The IDO allows for open price discovery and access to TRIBE immediately at the close of the Genesis Period.

As we get closer to launch later in Q1 2021, we will release more details on how to participate in the Genesis Group!

FEI and the Future of Stablecoins

As discussed above, the FEI Protocol has key advantages over existing stablecoin models. These advantages can allow it to become a core decentralized stablecoin in DeFi. It is designed to have irrevocable and deep liquidity, and strong mechanisms for maintaining the peg. All deflation costs are offloaded to traders selling below the peg, so holders can be confident in the long term $1 price. The funding controlled as PCV by the protocol is deployed to benefit the FEI ecosystem, not locked in a vault. The Genesis Group and Initial DeFi Offering allow for broad and fair access to TRIBE. All the benefits of inflation are socialized rather than centralized in the hands of an equity minority. We believe FEI presents a strong value proposition over alternative stablecoins, namely decentralization, capital efficiency, and fair supply expansion distribution. We are excited to share the Fei Protocol with the DeFi community.

The total initial supply of TRIBE is 1 billion. The token distribution breaks down as follows, with Team and Investors rounded to the nearest percent:

• 40% DAO Treasury
• 20% Initial DEX Offering (IDO)
• 13% FEI Core Team
• 10% Genesis Group
• 10% Staking Rewards
• 5% Investors
• 2% Grants

A critical consideration is that the community of TRIBE holders collectively maintains the ability to inflate the TRIBE supply. This may be of interest to the community for numerous reasons, including creating enhancements such as a backstopping feature for deflating in black swan scenarios, like the MKR debt auction feature of MakerDAO.

Liquidity Timeline

Time-lock for key TRIBE allocations

One of the biggest problems with DeFi projects today is the early access to liquidity. Investors and team members at some of the biggest projects have been getting unfathomably rich way too quickly. In startups, employees and investors are illiquid for many years and build towards a liquidity event.

Early developers and investors have agreed to lock-ups which are intended to incentivize them to continue to support the ecosystem along with new developers. This will also ensure prioritization of the Community having instant liquidity in TRIBE.

This is the way.

Genesis Group

Before launch, we will share a post that describes how to participate in the Genesis Group and IDO. The Genesis Group will receive 10% of the initial TRIBE supply. It is important to note that this allocation is distributed pro-rata (based on ETH) to all participants in the Genesis Group. If the total raised is 100,000 ETH and you put in 100 ETH, you will receive 0.1% of the Genesis Group TRIBE. This would be 0.01% of the total initial supply. This TRIBE is a bonus in addition to the FEI received from the bonding curve; see more in the IDO section below.

Initial DEX Offering (IDO)

The IDO will be a direct listing of FEI-TRIBE on Uniswap. It is available immediately at Genesis Period completion. The IDO will receive 20% of the initial TRIBE supply. As we discussed in the Fei Protocol Announcement, the FEI for this IDO is minted by the protocol at Genesis Period completion. The liquidity (Uniswap v2 LP tokens) for this IDO are time-locked and owned collectively by the Fei Core Team and investors. The timelock follows the same four-year linear vesting as the investor allocation discussed below. This allocation strategy allows for both deep TRIBE liquidity at launch and additional incentives for the development team to support the protocol. A win-win.

The listing price of the IDO is determined as follows: take the fully diluted valuation of TRIBE at Genesis and set it equal to the amount of FEI purchased on the bonding curve at Genesis. Therefore the 20% of the TRIBE in the IDO will be listed with the equivalent amount of FEI as 20% of the FEI purchased by the Genesis Group.

This FEI is minted by the protocol and not taken out of the Genesis Group’s stake. This sets the valuation at approximately a multiple of 1x on the ETH Protocol Controlled Value (PCV) raised in the Genesis Group. This price is used as a security floor on attackers being able to 51% attack Fei Protocol to withdraw all of the PCV. As a refresher, PCV refers to the assets that are algorithmically owned and deployed by Fei Protocol to help support the peg.

IDO Pre-Commitment

An important concern brought up by the Community is the ability of bots to front-run the IDO at the expense of prospective investors. We are proud to announce a feature enhancement to the Genesis Group functionality to address this concern! Genesis participants can “pre-commit” their FEI from the bonding curve to go straight to the IDO to purchase TRIBE at Genesis completion. As long as you are in the Genesis Group at any time, you can be the first purchaser on the IDO before any bots get a chance! The pre-commit feature allows you to commit any percentage of your stake in Genesis.

To illustrate the pre-commit feature, let’s say you personally have 1% of Genesis ETH staked and pre-commit half of it. Now the Genesis Group closes with enough ETH to purchase 100m FEI on the bonding curve. Without the pre-commitment, you would be entitled to 1m FEI and 1% of the Genesis TRIBE. With the pre-commitment, you get 500k FEI and the remaining 500k goes to the IDO to purchase TRIBE.

All pre-committed FEI get the same TRIBE price and the very first transaction on the IDO.

Staking Rewards

Fei Protocol will set aside 10% of the TRIBE supply for staking rewards. The staked asset will be FEI-TRIBE Uniswap LP tokens. This provides a way for users to deploy their FEI post-Genesis to earn more of a share in Fei Protocol governance. It also increases the liquidity of TRIBE for potential buyers.

The staking rewards will follow a linearly decreasing schedule over two years. The staking contract was specially designed by the Fei Protocol team to be completely fluid with no epochs or lockups. We will publish another post on Fei Protocol staking and its novel mechanisms before the Genesis

Period.

DAO Treasury

The remaining TRIBE holders control the DAO Treasury with 40% of the initial supply. The rationale behind such a large treasury is for two main reasons. First, we as the development team feel that the Community will be great stewards and partners with us when deciding where best to allocate these TRIBE tokens. Second, we want to seriously prioritize ways to distribute governance into the hands of users in a non-capital dependent way. The Genesis Group and IDO, while designed to be fair in a proportional way, still favor users with more capital. We feel an appropriate balance between capital dependent and non-capital dependent rewards will create a robust and incentive-aligned Community.

Fei Core Team

We care about attracting people to the protocol who think long-term. That is why we are back-weighting the distribution of tokens to the team. Approximately 13% of the initial TRIBE supply belongs to the Fei Core Team.

These tokens are subject to 5-year back-weighted vesting. Team members receive in each of the 5 years 10%, 15%, 20%, 25%, and 30%, respectively. We want to be meaningfully incentivized to continue supporting this protocol for the long-term, and voluntarily chose this vesting schedule to put our money where our mouths are. We are looking to set a new standard in the DeFi space by encouraging long-term alignment.

Almost half of this allocation is earmarked for future core team members! We are always looking for more amazing and talented people to work with. If you are interested, we welcome your DMs via our Twitter or Discord.

Note: This vesting and distribution will be controlled by the company, not the smart contract, for code simplicity and accounting purposes. The contract vesting follows the 4-year linearity of the investor allocation.

Investors

We feel strongly that the right partnerships are critical to the long-term success of the protocol. The Fei Core Team raised funding ahead of Genesis to fund extensive security audits and recruit top tier talent for the protocol. We are fortunate to have a set of world-class investors who are aligned with our vision for Fei Protocol. They are ready to help with mechanism design, regulatory conversations and lobbying, and liquidity provision right alongside the Community.

We want to clearly demonstrate that the Community and protocol success are our top priorities with this token distribution. Investors are subject to a four-year linear lockup where the Community gets immediate liquidity.

The Community directly receives twice as many tokens at Genesis as investors and has access to 6x as many if including the IDO. If the Community does not have conviction in the project’s future, then they should be able to exit before the core team and investors — not the other way around.

Would you like to earn TOKEN right now! ☞ CLICK HERE

How and Where to Buy Fei Protocol (FEI)?

Fei Protocol is now live on the Ethereum mainnet. The token address for FEI is 0x956F47F50A910163D8BF957Cf5846D573E7f87CA. Be cautious not to purchase any other token with a smart contract different from this one (as this can be easily faked). We strongly advise to be vigilant and stay safe throughout the launch. Don’t let the excitement get the best of you.

Just be sure you have enough ETH in your wallet to cover the transaction fees.

You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…

We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.

Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…

☞ SIGN UP ON BINANCE

Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)

Next step

You need a wallet address to Connect to Uniswap Decentralized Exchange, we use Metamask wallet

If you don’t have a Metamask wallet, read this article and follow the steps
☞What is Metamask wallet | How to Create a wallet and Use

Next step

Connect Metamask wallet to Uniswap Decentralized Exchange and Buy FEI token

Contract: 0x956F47F50A910163D8BF957Cf5846D573E7f87CA

Read more: What is Uniswap | Beginner’s Guide on How to Use Uniswap

The top exchange for trading in FEI token is currently Uniswap (V2), Gate.io, MXC.COM, LBank, and AEX

Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once FEI gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!

Top exchanges for token-coin trading. Follow instructions and make unlimited money

☞ https://www.binance.com
☞ https://www.bittrex.com
☞ https://www.poloniex.com
☞ https://www.bitfinex.com
☞ https://www.huobi.com
☞ https://www.mxc.ai
☞ https://www.probit.com
☞ https://www.gate.io
☞ https://www.coinbase.com

Find more information FEI

☞ Website ☞ Explorer ☞ Social Channel ☞ Social Channel 2 ☞ Social Channel 3 ☞ Message Board ☞ Coinmarketcap

🔺DISCLAIMER: Trading Cryptocurrency is VERY risky. Make sure that you understand these risks if you are a beginner. The Information in the post is my OPINION and not financial advice, is intended FOR GENERAL INFORMATION PURPOSES ONLY. You are responsible for what you do with your funds

If you are a beginner, learn about Cryptocurrency in this article ☞ What You Should Know Before Investing in Cryptocurrency - For Beginner

Don’t hesitate to let me know if you intend to give a little extra bonus to this article. I highly appreciate your actions!

Wallet address:

BTC  : 1FnYrvnEmov2w9fovbDQ4vX8U2dhrEc29c
USDT  : 0xfee027e0acfa386809eca0276dab286900d75ad7
DOGE  : DSsLMmGTwCnJ48toEyYmEF4gr2VXTa5LiZ

I hope this post will help you. Don’t forget to leave a like, comment and sharing it with others. Thank you!

#blockchain #bitcoin #fei #fei protocol

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What is Fei Protocol (FEI) | What is Fei Protocol token | What is FEI token

In this article, we’ll discuss information about the Fei Protocol project and FEI token

Fei Protocol ($FEI) represents a direct incentive stablecoin which is undercollateralized and fully decentralized. The goal of the Fei Protocol is to maintain a liquid market in which ETH/FEI trades closely to the ETH/USD price. FEI achieves this via a new stability mechanism known as direct incentives. Direct incentive stablecoins use dynamic mint rewards and burn penalties on DEX trade volume to maintain the peg. FEI uses Uniswap as its incentivized DEX at launch. Governance can add and update DEX integrations and other incentives as needed.

The Inspiration for Fei

Stablecoins are a staple of DeFi. Users want to access dapps like  Compound and  Aave without worrying about volatility. However, each existing stablecoin model has a critical fault. Fiat-collateralized stablecoins like USDC and USDT are centrally controlled. This represents a regulatory risk and a point of failure for apps wishing to be truly decentralized. Crypto-collateralized stablecoins like DAI have scalability issues due to capital inefficiency. In other words, generating crypto-collateralized stablecoins requires an excess of collateral. They also require demand for debt or leverage to grow. Seigniorage models like ESD and Basis Cash centralize supply expansion rewards. This creates an unfair distribution in the growth of the stablecoin. In addition, liquidity providers are incentivized to withdraw at the first sign of danger.

Fei Protocol was born in an attempt to solve all these issues. The inspiration for the vision of Fei Protocol comes from an ancient stone currency —  Rai, or Fei, of the Micronesian island of Yap. We hope that the FEI stablecoin exhibits the same stability, simplicity, and ubiquity as its stone counterpart.

How FEI Supply Expands

The FEI stablecoin has an uncapped supply that tracks demand. FEI enters circulation via sale along a bonding curve. This curve approaches and fixes at the $1 peg. When new demand for FEI arises, users can acquire it by buying on the bonding curve. The price function will start low to reward early adopters for purchasing FEI. Fei Protocol will support the creation of bonding curves denominated in any ERC20. The launch will contain only a single curve denominated in ETH.

The mission of Fei Protocol is to create an entirely decentralized stablecoin. Therefore it is critical that no tokens issued by trusted third-parties (e.g. USDC, USDT, wBTC) be used as collateral on the bonding curve. This is a stance the development team hopes will be shared by the governance community post-launch.

The ETH bonding curve will have a target FEI supply for bootstrapping before fixing the price at $1. This target is known as Scale; reaching Scale will denote the end of the bootstrapping phase. Scale will be set to 250,000,000 FEI, to be large enough to merit integration with other DeFi protocols. We also believe it is small enough to hit within a short time frame to minimize the bootstrap period. Post-Scale, the bonding curve price will fix at a governance-able buffer above the peg. This price creates a ceiling throughout the ecosystem. Arbitrageurs can buy on the bonding curve and sell on secondary markets if the price is higher elsewhere.

Users cannot sell FEI on the bonding curve. Instead, the protocol retains the incoming ETH as Protocol Controlled Value (PCV). Fei Protocol deploys the PCV to create a liquid secondary market where users can sell FEI back into ETH. We will explore below how PCV supports the FEI ecosystem.

Protocol Controlled Value

Most DeFi platforms use a user-owned Total Value Locked (TVL) model. In these platforms, users receive an IOU and can withdraw assets at any time; lockups are increasingly common. Protocols can incentivize TVL via token distribution rewards. While this can lead to massive amounts of capital, it also creates the problem of mercenary capital: when liquidity is incentivized, DeFi platforms need to inflate and offer heavy rewards to maintain it. Deposited capital is then only loyal as long as the rewards are active. This is not sustainable long term as shiny new yield opportunities arise daily. There is a constant fear of rug-pulling when the rewards dry up and capital moves elsewhere.

Fei Protocol developed a Protocol Controlled Value (PCV) model to solve these issues. PCV is a subset of the concept of TVL, in which a platform outright owns the assets locked into the smart contracts. This is a stronger use case than the IOU common to most TVL applications, as the PCV is permanent. PCV gives the protocol more flexibility to engage in activities that are not profit-oriented. These activities can align with more fundamental goals, such as maintaining stability in the peg. As we have defined it, common use cases such as governance treasuries and insurance funds are types of PCV. Other possibilities include guaranteed liquidity or a price backstop for DeFi users. Unlike the IOU model, PCV is irrevocable. Governance tokens in a PCV platform accrue deeper value capture and corresponding responsibility.

User Controlled TVL approach vs a PCV approach to collateralization

Fei Protocol is the ideal application for generalized PCV. Bonding curves and other incentives fund a PCV pool that is approximately as large as the entire user circulating amount of FEI. It will initially allocate 100% of the PCV funded by the ETH bonding curve to a Uniswap pool denominated in ETH/FEI. The development team chose Uniswap due to the lower barrier to entry and higher level of familiarity for the average DeFi user. While Balancer and other alternatives have great value propositions, we feel that Uniswap is the right approach for v1. Governance can reallocate PCV to other platforms in the future if the use case is clear. The protocol mints and owns the FEI needed for this liquidity. This additional protocol-owned FEI is paired with each unit of FEI bought by users on the bonding curve. Therefore, the depth of this market liquidity should be on par with the total remaining circulating FEI. This approach has two key advantages over stability mechanisms that rely on external liquidity provision:

1. Guaranteed Liquidity — FEI holders can rest easy knowing that no whale can pull out the protocol owned liquidity. It is funded by the bonding curve and put into the Uniswap ETH/FEI pair.
2. Peg Reweights — In the event of extended periods below the peg, the Fei Protocol can reweight the Uniswap price back to the peg. It achieves this by executing the following atomic trade: 1. Withdraw all protocol owned liquidity, 2. Buy FEI with the withdrawn ETH to bring price up to peg. 3. Resupply remaining PCV as liquidity. 4. Burn the excess FEI. Any keeper can trigger a peg reweight when the price has been low for a certain period. The protocol rewards keepers with a FEI mint incentive.

PCV reweights of FEI/ETH Uniswap pool to peg price

Through governance, future use cases for PCV can be even more creative. The protocol can maintain a collateral balance in a lending platform such as Aave. It can then adjust interest rates in the FEI market by supplying and borrowing FEI tokens. Fei Protocol can even maintain balances in governance tokens of integrating platforms. It can leverage these tokens to contribute to the governance process throughout the ecosystem.

Bonding curve purchase of FEI with ETH PCV deployment

Direct Incentives

FEI is stabilized by a new mechanism we call Direct Incentives.

From the Fei Protocol white paper:

A direct incentive stablecoin is one in which both the trading activity and usage of the stablecoin are incentivized, where rewards and penalties drive the price towards the peg. In general this would include at least one incentivized exchange acting as a hub. All other exchanges and secondary markets can arbitrage with the incentivized exchanges. This helps maintain the peg throughout the ecosystem.

Fei Protocol achieves this goal by incentivizing Uniswap trading volume with mints and burns. These incentives apply directly to the trader’s balance, in proportion to the distance from the peg. This means that a larger sell incurs a larger burn. The protocol incentivizes traders via mint to return the price back up to the peg. The formulas used ensure that all volatility below the peg is net deflationary. This will help bring the supply down to the right level relative to the current demand.

Direct incentives to maintain peg price on incentivized exchange

The incentives only apply to trades when the spot price is below the peg. The side above the peg is taken care of by the arbitrage loop with the bonding curve.

Arbitrage loop maintaining price above peg

The direct incentive implementation of Fei Protocol is like a cousin of rebasing tokens (e.g. AMPL and YAM). It does directly operate on user balances, but only those of the users who actively engage in the incentivized behaviors. This has nice game theoretic properties when coupled with the protocol reweight price backstop. In the event of high FEI sell pressure, the sellers incur the associated deflation costs. Holders can rest confidently in the protocol backstopping the price if no trader restores the price. The long term ability to backstop is assisted by the deflation. These novel properties lead to a high fidelity peg for FEI.

Summary of the FEI peg maintenance dynamics and where they kick in

TRIBE and Fei Protocol Governance

Fei Protocol will launch with a fully decentralized DAO on day one. The TRIBE token controls the DAO. TRIBE holders can vote on the following actions among others:

• Adding new bonding curves in new tokens or adjusting price functions of existing curve(s)
• Adjusting the allocation of PCV for new incoming funding or existing PCV

The Fei Protocol DAO will be both powerful and governance-minimized. FEI stability does not require any active intervention by governance. The development team encourages mechanisms that are autonomous and algorithmic over those that are rigid and reliant on governance. We believe this governance-minimized approach creates a more predictable and efficient system.

The protocol allocates a portion of the TRIBE token to a FEI staking pool. Users can deposit FEI and receive a pro-rata percentage of the TRIBE drip into the pool. The development team and investors retain another portion. A percentage will be split between the Genesis Group and Initial DeFi Offering we discuss below. The remaining TRIBE stays in a treasury controlled by governance.

Genesis Group and Initial DeFi Offering

The earliest portion of the bonding curve will offer attractive prices for FEI. To mitigate frontrunning and unequal early distributions, Fei Protocol will include a “Genesis Period.” The Genesis Period will be a time period of 2–3 days in which early adopters can pool their ETH. This group will be known as the Genesis Group. Members of the Genesis Group earn a shared pro-rata percentage of the first bonding curve transaction. This is similar to the Hegic IBCO. Using this approach, access to the earliest FEI on the bonding curve will be open to all with equal opportunity. As an additional reward, the Genesis Group earns 10% of the total TRIBE supply pro-rata.

The Genesis Group completion will kick off an Initial DeFi Offering of the TRIBE token. The listing will be on Uniswap, denominated in FEI and TRIBE. The FEI for the IDO is minted by the protocol. The circulating FEI and TRIBE from the Genesis Group can be used in the IDO for efficient price discovery. The fully diluted valuation of TRIBE will be set to the same value as the amount of ETH raised in the Genesis Group. The Uniswap liquidity tokens for this IDO will be stored in a development fund. It will have linear vesting over 4 years to guarantee the liquidity for a sufficient period. The IDO allows for open price discovery and access to TRIBE immediately at the close of the Genesis Period.

As we get closer to launch later in Q1 2021, we will release more details on how to participate in the Genesis Group!

FEI and the Future of Stablecoins

As discussed above, the FEI Protocol has key advantages over existing stablecoin models. These advantages can allow it to become a core decentralized stablecoin in DeFi. It is designed to have irrevocable and deep liquidity, and strong mechanisms for maintaining the peg. All deflation costs are offloaded to traders selling below the peg, so holders can be confident in the long term $1 price. The funding controlled as PCV by the protocol is deployed to benefit the FEI ecosystem, not locked in a vault. The Genesis Group and Initial DeFi Offering allow for broad and fair access to TRIBE. All the benefits of inflation are socialized rather than centralized in the hands of an equity minority. We believe FEI presents a strong value proposition over alternative stablecoins, namely decentralization, capital efficiency, and fair supply expansion distribution. We are excited to share the Fei Protocol with the DeFi community.

The total initial supply of TRIBE is 1 billion. The token distribution breaks down as follows, with Team and Investors rounded to the nearest percent:

• 40% DAO Treasury
• 20% Initial DEX Offering (IDO)
• 13% FEI Core Team
• 10% Genesis Group
• 10% Staking Rewards
• 5% Investors
• 2% Grants

A critical consideration is that the community of TRIBE holders collectively maintains the ability to inflate the TRIBE supply. This may be of interest to the community for numerous reasons, including creating enhancements such as a backstopping feature for deflating in black swan scenarios, like the MKR debt auction feature of MakerDAO.

Liquidity Timeline

Time-lock for key TRIBE allocations

One of the biggest problems with DeFi projects today is the early access to liquidity. Investors and team members at some of the biggest projects have been getting unfathomably rich way too quickly. In startups, employees and investors are illiquid for many years and build towards a liquidity event.

Early developers and investors have agreed to lock-ups which are intended to incentivize them to continue to support the ecosystem along with new developers. This will also ensure prioritization of the Community having instant liquidity in TRIBE.

This is the way.

Genesis Group

Before launch, we will share a post that describes how to participate in the Genesis Group and IDO. The Genesis Group will receive 10% of the initial TRIBE supply. It is important to note that this allocation is distributed pro-rata (based on ETH) to all participants in the Genesis Group. If the total raised is 100,000 ETH and you put in 100 ETH, you will receive 0.1% of the Genesis Group TRIBE. This would be 0.01% of the total initial supply. This TRIBE is a bonus in addition to the FEI received from the bonding curve; see more in the IDO section below.

Initial DEX Offering (IDO)

The IDO will be a direct listing of FEI-TRIBE on Uniswap. It is available immediately at Genesis Period completion. The IDO will receive 20% of the initial TRIBE supply. As we discussed in the Fei Protocol Announcement, the FEI for this IDO is minted by the protocol at Genesis Period completion. The liquidity (Uniswap v2 LP tokens) for this IDO are time-locked and owned collectively by the Fei Core Team and investors. The timelock follows the same four-year linear vesting as the investor allocation discussed below. This allocation strategy allows for both deep TRIBE liquidity at launch and additional incentives for the development team to support the protocol. A win-win.

The listing price of the IDO is determined as follows: take the fully diluted valuation of TRIBE at Genesis and set it equal to the amount of FEI purchased on the bonding curve at Genesis. Therefore the 20% of the TRIBE in the IDO will be listed with the equivalent amount of FEI as 20% of the FEI purchased by the Genesis Group.

This FEI is minted by the protocol and not taken out of the Genesis Group’s stake. This sets the valuation at approximately a multiple of 1x on the ETH Protocol Controlled Value (PCV) raised in the Genesis Group. This price is used as a security floor on attackers being able to 51% attack Fei Protocol to withdraw all of the PCV. As a refresher, PCV refers to the assets that are algorithmically owned and deployed by Fei Protocol to help support the peg.

IDO Pre-Commitment

An important concern brought up by the Community is the ability of bots to front-run the IDO at the expense of prospective investors. We are proud to announce a feature enhancement to the Genesis Group functionality to address this concern! Genesis participants can “pre-commit” their FEI from the bonding curve to go straight to the IDO to purchase TRIBE at Genesis completion. As long as you are in the Genesis Group at any time, you can be the first purchaser on the IDO before any bots get a chance! The pre-commit feature allows you to commit any percentage of your stake in Genesis.

To illustrate the pre-commit feature, let’s say you personally have 1% of Genesis ETH staked and pre-commit half of it. Now the Genesis Group closes with enough ETH to purchase 100m FEI on the bonding curve. Without the pre-commitment, you would be entitled to 1m FEI and 1% of the Genesis TRIBE. With the pre-commitment, you get 500k FEI and the remaining 500k goes to the IDO to purchase TRIBE.

All pre-committed FEI get the same TRIBE price and the very first transaction on the IDO.

Staking Rewards

Fei Protocol will set aside 10% of the TRIBE supply for staking rewards. The staked asset will be FEI-TRIBE Uniswap LP tokens. This provides a way for users to deploy their FEI post-Genesis to earn more of a share in Fei Protocol governance. It also increases the liquidity of TRIBE for potential buyers.

The staking rewards will follow a linearly decreasing schedule over two years. The staking contract was specially designed by the Fei Protocol team to be completely fluid with no epochs or lockups. We will publish another post on Fei Protocol staking and its novel mechanisms before the Genesis

Period.

DAO Treasury

The remaining TRIBE holders control the DAO Treasury with 40% of the initial supply. The rationale behind such a large treasury is for two main reasons. First, we as the development team feel that the Community will be great stewards and partners with us when deciding where best to allocate these TRIBE tokens. Second, we want to seriously prioritize ways to distribute governance into the hands of users in a non-capital dependent way. The Genesis Group and IDO, while designed to be fair in a proportional way, still favor users with more capital. We feel an appropriate balance between capital dependent and non-capital dependent rewards will create a robust and incentive-aligned Community.

Fei Core Team

We care about attracting people to the protocol who think long-term. That is why we are back-weighting the distribution of tokens to the team. Approximately 13% of the initial TRIBE supply belongs to the Fei Core Team.

These tokens are subject to 5-year back-weighted vesting. Team members receive in each of the 5 years 10%, 15%, 20%, 25%, and 30%, respectively. We want to be meaningfully incentivized to continue supporting this protocol for the long-term, and voluntarily chose this vesting schedule to put our money where our mouths are. We are looking to set a new standard in the DeFi space by encouraging long-term alignment.

Almost half of this allocation is earmarked for future core team members! We are always looking for more amazing and talented people to work with. If you are interested, we welcome your DMs via our Twitter or Discord.

Note: This vesting and distribution will be controlled by the company, not the smart contract, for code simplicity and accounting purposes. The contract vesting follows the 4-year linearity of the investor allocation.

Investors

We feel strongly that the right partnerships are critical to the long-term success of the protocol. The Fei Core Team raised funding ahead of Genesis to fund extensive security audits and recruit top tier talent for the protocol. We are fortunate to have a set of world-class investors who are aligned with our vision for Fei Protocol. They are ready to help with mechanism design, regulatory conversations and lobbying, and liquidity provision right alongside the Community.

We want to clearly demonstrate that the Community and protocol success are our top priorities with this token distribution. Investors are subject to a four-year linear lockup where the Community gets immediate liquidity.

The Community directly receives twice as many tokens at Genesis as investors and has access to 6x as many if including the IDO. If the Community does not have conviction in the project’s future, then they should be able to exit before the core team and investors — not the other way around.

Would you like to earn TOKEN right now! ☞ CLICK HERE

How and Where to Buy Fei Protocol (FEI)?

Fei Protocol is now live on the Ethereum mainnet. The token address for FEI is 0x956F47F50A910163D8BF957Cf5846D573E7f87CA. Be cautious not to purchase any other token with a smart contract different from this one (as this can be easily faked). We strongly advise to be vigilant and stay safe throughout the launch. Don’t let the excitement get the best of you.

Just be sure you have enough ETH in your wallet to cover the transaction fees.

You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…

We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.

Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…

☞ SIGN UP ON BINANCE

Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)

Next step

You need a wallet address to Connect to Uniswap Decentralized Exchange, we use Metamask wallet

If you don’t have a Metamask wallet, read this article and follow the steps
☞What is Metamask wallet | How to Create a wallet and Use

Next step

Connect Metamask wallet to Uniswap Decentralized Exchange and Buy FEI token

Contract: 0x956F47F50A910163D8BF957Cf5846D573E7f87CA

Read more: What is Uniswap | Beginner’s Guide on How to Use Uniswap

The top exchange for trading in FEI token is currently Uniswap (V2), Gate.io, MXC.COM, LBank, and AEX

Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once FEI gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!

Top exchanges for token-coin trading. Follow instructions and make unlimited money

☞ https://www.binance.com
☞ https://www.bittrex.com
☞ https://www.poloniex.com
☞ https://www.bitfinex.com
☞ https://www.huobi.com
☞ https://www.mxc.ai
☞ https://www.probit.com
☞ https://www.gate.io
☞ https://www.coinbase.com

Find more information FEI

☞ Website ☞ Explorer ☞ Social Channel ☞ Social Channel 2 ☞ Social Channel 3 ☞ Message Board ☞ Coinmarketcap

🔺DISCLAIMER: Trading Cryptocurrency is VERY risky. Make sure that you understand these risks if you are a beginner. The Information in the post is my OPINION and not financial advice, is intended FOR GENERAL INFORMATION PURPOSES ONLY. You are responsible for what you do with your funds

If you are a beginner, learn about Cryptocurrency in this article ☞ What You Should Know Before Investing in Cryptocurrency - For Beginner

Don’t hesitate to let me know if you intend to give a little extra bonus to this article. I highly appreciate your actions!

Wallet address:

BTC  : 1FnYrvnEmov2w9fovbDQ4vX8U2dhrEc29c
USDT  : 0xfee027e0acfa386809eca0276dab286900d75ad7
DOGE  : DSsLMmGTwCnJ48toEyYmEF4gr2VXTa5LiZ

I hope this post will help you. Don’t forget to leave a like, comment and sharing it with others. Thank you!

#blockchain #bitcoin #fei #fei protocol

Words Counted: A Ruby Natural Language Processor.

WordsCounted

We are all in the gutter, but some of us are looking at the stars.

-- Oscar Wilde

WordsCounted is a Ruby NLP (natural language processor). WordsCounted lets you implement powerful tokensation strategies with a very flexible tokeniser class.

Are you using WordsCounted to do something interesting? Please tell me about it.

 

Demo

Visit this website for one example of what you can do with WordsCounted.

Features

• Out of the box, get the following data from any string or readable file, or URL:
  • Token count and unique token count
  • Token densities, frequencies, and lengths
  • Char count and average chars per token
  • The longest tokens and their lengths
  • The most frequent tokens and their frequencies.
• A flexible way to exclude tokens from the tokeniser. You can pass a string, regexp, symbol, lambda, or an array of any combination of those types for powerful tokenisation strategies.
• Pass your own regexp rules to the tokeniser if you prefer. The default regexp filters special characters but keeps hyphens and apostrophes. It also plays nicely with diacritics (UTF and unicode characters): Bayrūt is treated as ["Bayrūt"] and not ["Bayr", "ū", "t"], for example.
• Opens and reads files. Pass in a file path or a url instead of a string.

Installation

Add this line to your application's Gemfile:

gem 'words_counted'

And then execute:

$ bundle

Or install it yourself as:

$ gem install words_counted

Usage

Pass in a string or a file path, and an optional filter and/or regexp.

counter = WordsCounted.count(
  "We are all in the gutter, but some of us are looking at the stars."
)

# Using a file
counter = WordsCounted.from_file("path/or/url/to/my/file.txt")

.count and .from_file are convenience methods that take an input, tokenise it, and return an instance of WordsCounted::Counter initialized with the tokens. The WordsCounted::Tokeniser and WordsCounted::Counter classes can be used alone, however.

API

WordsCounted

WordsCounted.count(input, options = {})

Tokenises input and initializes a WordsCounted::Counter object with the resulting tokens.

counter = WordsCounted.count("Hello Beirut!")

Accepts two options: exclude and regexp. See Excluding tokens from the analyser and Passing in a custom regexp respectively.

WordsCounted.from_file(path, options = {})

Reads and tokenises a file, and initializes a WordsCounted::Counter object with the resulting tokens.

counter = WordsCounted.from_file("hello_beirut.txt")

Accepts the same options as .count.

Tokeniser

The tokeniser allows you to tokenise text in a variety of ways. You can pass in your own rules for tokenisation, and apply a powerful filter with any combination of rules as long as they can boil down into a lambda.

Out of the box the tokeniser includes only alpha chars. Hyphenated tokens and tokens with apostrophes are considered a single token.

#tokenise([pattern: TOKEN_REGEXP, exclude: nil])

tokeniser = WordsCounted::Tokeniser.new("Hello Beirut!").tokenise

# With `exclude`
tokeniser = WordsCounted::Tokeniser.new("Hello Beirut!").tokenise(exclude: "hello")

# With `pattern`
tokeniser = WordsCounted::Tokeniser.new("I <3 Beirut!").tokenise(pattern: /[a-z]/i)

See Excluding tokens from the analyser and Passing in a custom regexp for more information.

Counter

The WordsCounted::Counter class allows you to collect various statistics from an array of tokens.

#token_count

Returns the token count of a given string.

counter.token_count #=> 15

#token_frequency

Returns a sorted (unstable) two-dimensional array where each element is a token and its frequency. The array is sorted by frequency in descending order.

counter.token_frequency

[
  ["the", 2],
  ["are", 2],
  ["we",  1],
  # ...
  ["all", 1]
]

#most_frequent_tokens

Returns a hash where each key-value pair is a token and its frequency.

counter.most_frequent_tokens

{ "are" => 2, "the" => 2 }

#token_lengths

Returns a sorted (unstable) two-dimentional array where each element contains a token and its length. The array is sorted by length in descending order.

counter.token_lengths

[
  ["looking", 7],
  ["gutter",  6],
  ["stars",   5],
  # ...
  ["in",      2]
]

#longest_tokens

Returns a hash where each key-value pair is a token and its length.

counter.longest_tokens

{ "looking" => 7 }

#token_density([ precision: 2 ])

Returns a sorted (unstable) two-dimentional array where each element contains a token and its density as a float, rounded to a precision of two. The array is sorted by density in descending order. It accepts a precision argument, which must be a float.

counter.token_density

[
  ["are",     0.13],
  ["the",     0.13],
  ["but",     0.07 ],
  # ...
  ["we",      0.07 ]
]

#char_count

Returns the char count of tokens.

counter.char_count #=> 76

#average_chars_per_token([ precision: 2 ])

Returns the average char count per token rounded to two decimal places. Accepts a precision argument which defaults to two. Precision must be a float.

counter.average_chars_per_token #=> 4

#uniq_token_count

Returns the number of unique tokens.

counter.uniq_token_count #=> 13

Excluding tokens from the tokeniser

You can exclude anything you want from the input by passing the exclude option. The exclude option accepts a variety of filters and is extremely flexible.

1. A space-delimited string. The filter will normalise the string.
2. A regular expression.
3. A lambda.
4. A symbol that names a predicate method. For example :odd?.
5. An array of any combination of the above.

tokeniser =
  WordsCounted::Tokeniser.new(
    "Magnificent! That was magnificent, Trevor."
  )

# Using a string
tokeniser.tokenise(exclude: "was magnificent")
# => ["that", "trevor"]

# Using a regular expression
tokeniser.tokenise(exclude: /trevor/)
# => ["magnificent", "that", "was", "magnificent"]

# Using a lambda
tokeniser.tokenise(exclude: ->(t) { t.length < 4 })
# => ["magnificent", "that", "magnificent", "trevor"]

# Using symbol
tokeniser = WordsCounted::Tokeniser.new("Hello! محمد")
tokeniser.tokenise(exclude: :ascii_only?)
# => ["محمد"]

# Using an array
tokeniser = WordsCounted::Tokeniser.new(
  "Hello! اسماءنا هي محمد، كارولينا، سامي، وداني"
)
tokeniser.tokenise(
  exclude: [:ascii_only?, /محمد/, ->(t) { t.length > 6}, "و"]
)
# => ["هي", "سامي", "وداني"]

Passing in a custom regexp

The default regexp accounts for letters, hyphenated tokens, and apostrophes. This means twenty-one is treated as one token. So is Mohamad's.

/[\p{Alpha}\-']+/

You can pass your own criteria as a Ruby regular expression to split your string as desired.

For example, if you wanted to include numbers, you can override the regular expression:

counter = WordsCounted.count("Numbers 1, 2, and 3", pattern: /[\p{Alnum}\-']+/)
counter.tokens
#=> ["numbers", "1", "2", "and", "3"]

Opening and reading files

Use the from_file method to open files. from_file accepts the same options as .count. The file path can be a URL.

counter = WordsCounted.from_file("url/or/path/to/file.text")

Gotchas

A hyphen used in leu of an em or en dash will form part of the token. This affects the tokeniser algorithm.

counter = WordsCounted.count("How do you do?-you are well, I see.")
counter.token_frequency

[
  ["do",   2],
  ["how",  1],
  ["you",  1],
  ["-you", 1], # WTF, mate!
  ["are",  1],
  # ...
]

In this example -you and you are separate tokens. Also, the tokeniser does not include numbers by default. Remember that you can pass your own regular expression if the default behaviour does not fit your needs.

A note on case sensitivity

The program will normalise (downcase) all incoming strings for consistency and filters.

Roadmap

Ability to open URLs

def self.from_url
  # open url and send string here after removing html
end

Contributors

See contributors.

Contributing

1. Fork it
2. Create your feature branch (git checkout -b my-new-feature)
3. Commit your changes (git commit -am 'Add some feature')
4. Push to the branch (git push origin my-new-feature)
5. Create new Pull Request

---

Author: abitdodgy
Source code: https://github.com/abitdodgy/words_counted
License: MIT license

#ruby  #ruby-on-rails 

WordsCounted: A Ruby Natural Language Processor

WordsCounted

We are all in the gutter, but some of us are looking at the stars.

-- Oscar Wilde

WordsCounted is a Ruby NLP (natural language processor). WordsCounted lets you implement powerful tokensation strategies with a very flexible tokeniser class.

Features

• Out of the box, get the following data from any string or readable file, or URL:
  • Token count and unique token count
  • Token densities, frequencies, and lengths
  • Char count and average chars per token
  • The longest tokens and their lengths
  • The most frequent tokens and their frequencies.
• A flexible way to exclude tokens from the tokeniser. You can pass a string, regexp, symbol, lambda, or an array of any combination of those types for powerful tokenisation strategies.
• Pass your own regexp rules to the tokeniser if you prefer. The default regexp filters special characters but keeps hyphens and apostrophes. It also plays nicely with diacritics (UTF and unicode characters): Bayrūt is treated as ["Bayrūt"] and not ["Bayr", "ū", "t"], for example.
• Opens and reads files. Pass in a file path or a url instead of a string.

Installation

Add this line to your application's Gemfile:

gem 'words_counted'

And then execute:

$ bundle

Or install it yourself as:

$ gem install words_counted

Usage

Pass in a string or a file path, and an optional filter and/or regexp.

counter = WordsCounted.count(
  "We are all in the gutter, but some of us are looking at the stars."
)

# Using a file
counter = WordsCounted.from_file("path/or/url/to/my/file.txt")

.count and .from_file are convenience methods that take an input, tokenise it, and return an instance of WordsCounted::Counter initialized with the tokens. The WordsCounted::Tokeniser and WordsCounted::Counter classes can be used alone, however.

API

WordsCounted

WordsCounted.count(input, options = {})

Tokenises input and initializes a WordsCounted::Counter object with the resulting tokens.

counter = WordsCounted.count("Hello Beirut!")

Accepts two options: exclude and regexp. See Excluding tokens from the analyser and Passing in a custom regexp respectively.

WordsCounted.from_file(path, options = {})

Reads and tokenises a file, and initializes a WordsCounted::Counter object with the resulting tokens.

counter = WordsCounted.from_file("hello_beirut.txt")

Accepts the same options as .count.

Tokeniser

The tokeniser allows you to tokenise text in a variety of ways. You can pass in your own rules for tokenisation, and apply a powerful filter with any combination of rules as long as they can boil down into a lambda.

Out of the box the tokeniser includes only alpha chars. Hyphenated tokens and tokens with apostrophes are considered a single token.

#tokenise([pattern: TOKEN_REGEXP, exclude: nil])

tokeniser = WordsCounted::Tokeniser.new("Hello Beirut!").tokenise

# With `exclude`
tokeniser = WordsCounted::Tokeniser.new("Hello Beirut!").tokenise(exclude: "hello")

# With `pattern`
tokeniser = WordsCounted::Tokeniser.new("I <3 Beirut!").tokenise(pattern: /[a-z]/i)

See Excluding tokens from the analyser and Passing in a custom regexp for more information.

Counter

The WordsCounted::Counter class allows you to collect various statistics from an array of tokens.

#token_count

Returns the token count of a given string.

counter.token_count #=> 15

#token_frequency

Returns a sorted (unstable) two-dimensional array where each element is a token and its frequency. The array is sorted by frequency in descending order.

counter.token_frequency

[
  ["the", 2],
  ["are", 2],
  ["we",  1],
  # ...
  ["all", 1]
]

#most_frequent_tokens

Returns a hash where each key-value pair is a token and its frequency.

counter.most_frequent_tokens

{ "are" => 2, "the" => 2 }

#token_lengths

Returns a sorted (unstable) two-dimentional array where each element contains a token and its length. The array is sorted by length in descending order.

counter.token_lengths

[
  ["looking", 7],
  ["gutter",  6],
  ["stars",   5],
  # ...
  ["in",      2]
]

#longest_tokens

Returns a hash where each key-value pair is a token and its length.

counter.longest_tokens

{ "looking" => 7 }

#token_density([ precision: 2 ])

Returns a sorted (unstable) two-dimentional array where each element contains a token and its density as a float, rounded to a precision of two. The array is sorted by density in descending order. It accepts a precision argument, which must be a float.

counter.token_density

[
  ["are",     0.13],
  ["the",     0.13],
  ["but",     0.07 ],
  # ...
  ["we",      0.07 ]
]

#char_count

Returns the char count of tokens.

counter.char_count #=> 76

#average_chars_per_token([ precision: 2 ])

Returns the average char count per token rounded to two decimal places. Accepts a precision argument which defaults to two. Precision must be a float.

counter.average_chars_per_token #=> 4

#uniq_token_count

Returns the number of unique tokens.

counter.uniq_token_count #=> 13

Excluding tokens from the tokeniser

You can exclude anything you want from the input by passing the exclude option. The exclude option accepts a variety of filters and is extremely flexible.

1. A space-delimited string. The filter will normalise the string.
2. A regular expression.
3. A lambda.
4. A symbol that names a predicate method. For example :odd?.
5. An array of any combination of the above.

tokeniser =
  WordsCounted::Tokeniser.new(
    "Magnificent! That was magnificent, Trevor."
  )

# Using a string
tokeniser.tokenise(exclude: "was magnificent")
# => ["that", "trevor"]

# Using a regular expression
tokeniser.tokenise(exclude: /trevor/)
# => ["magnificent", "that", "was", "magnificent"]

# Using a lambda
tokeniser.tokenise(exclude: ->(t) { t.length < 4 })
# => ["magnificent", "that", "magnificent", "trevor"]

# Using symbol
tokeniser = WordsCounted::Tokeniser.new("Hello! محمد")
tokeniser.tokenise(exclude: :ascii_only?)
# => ["محمد"]

# Using an array
tokeniser = WordsCounted::Tokeniser.new(
  "Hello! اسماءنا هي محمد، كارولينا، سامي، وداني"
)
tokeniser.tokenise(
  exclude: [:ascii_only?, /محمد/, ->(t) { t.length > 6}, "و"]
)
# => ["هي", "سامي", "وداني"]

Passing in a custom regexp

The default regexp accounts for letters, hyphenated tokens, and apostrophes. This means twenty-one is treated as one token. So is Mohamad's.

/[\p{Alpha}\-']+/

You can pass your own criteria as a Ruby regular expression to split your string as desired.

For example, if you wanted to include numbers, you can override the regular expression:

counter = WordsCounted.count("Numbers 1, 2, and 3", pattern: /[\p{Alnum}\-']+/)
counter.tokens
#=> ["numbers", "1", "2", "and", "3"]

Opening and reading files

Use the from_file method to open files. from_file accepts the same options as .count. The file path can be a URL.

counter = WordsCounted.from_file("url/or/path/to/file.text")

Gotchas

A hyphen used in leu of an em or en dash will form part of the token. This affects the tokeniser algorithm.

counter = WordsCounted.count("How do you do?-you are well, I see.")
counter.token_frequency

[
  ["do",   2],
  ["how",  1],
  ["you",  1],
  ["-you", 1], # WTF, mate!
  ["are",  1],
  # ...
]

In this example -you and you are separate tokens. Also, the tokeniser does not include numbers by default. Remember that you can pass your own regular expression if the default behaviour does not fit your needs.

A note on case sensitivity

The program will normalise (downcase) all incoming strings for consistency and filters.

Roadmap

Ability to open URLs

def self.from_url
  # open url and send string here after removing html
end

---

Are you using WordsCounted to do something interesting? Please tell me about it.

 

RubyDoc documentation.

Demo

Visit this website for one example of what you can do with WordsCounted.

---

Contributors

See contributors.

Contributing

1. Fork it
2. Create your feature branch (git checkout -b my-new-feature)
3. Commit your changes (git commit -am 'Add some feature')
4. Push to the branch (git push origin my-new-feature)
5. Create new Pull Request

Author: Abitdodgy
Source Code: https://github.com/abitdodgy/words_counted 
License: MIT license

#ruby #nlp 

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