# Community Reward Tokens

For legal reasons, **BCard can only distribute tokens that are NOT considered "investment contracts"**.  

The SEC (Securities and Exchange Commission) uses the Howey Test to define whether or not tokens are investment contracts.  The Howey Test looks at the follow criteria:

1. An investment of money
2. In a common enterprise
3. A reasonable expectation of profit derived solely from the efforts of others

**BCard does not distribute tokens which would satisfy ALL of the above criteria.**  To ensure that's the case, we list all tokens we distribute on this page.

## BCard Points

**Contract Address:** none

BCard are off-chain points which BCard team distributes to document contribution to our mission.

<mark style="background-color:green;">The BCard token is NOT a security:</mark>

1. Investment of money?  <mark style="background-color:red;">Yes</mark>, contributors exchange their effort or interchange fees in exchange for this token.
2. In a common enterprise?  <mark style="background-color:red;">Yes</mark>, contributors are all working to pursue our mission.
3. A reasonable expectation of profit derived solely from the efforts of others?  <mark style="background-color:green;">No</mark>, BCard tokens have no claim on revenue or profit.  In fact, BCard revenues must go towards pursuit of our mission, as defined in our Foundation Bylaws.

## BANK Token

**Contract Address:** [0x2d94aa3e47d9d5024503ca8491fce9a2fb4da198](https://etherscan.io/token/0x2d94aa3e47d9d5024503ca8491fce9a2fb4da198)

The BANK token is distributed by BanklessDAO to incentivize contribution to their mission: to create user-friendly onramps to onboard the next 1B people to bankless tools.

<mark style="background-color:green;">The BANK Token is NOT a security:</mark>

* Investment of money?  <mark style="background-color:red;">Yes</mark>, contributors exchange their effort or purchase tokens from a DEX.
* In a common enterprise?  <mark style="background-color:red;">Yes</mark>, contributors are all working to pursue the mission.
* A reasonable expectation of profit derived solely from the efforts of others?  <mark style="background-color:green;">No</mark>, BANK tokens have no claim on BanklessDAO's treasury.  BANK tokens are for governance rights only.

## Glo Dollar Token (USDGLO)

**Contract Address:** [0x4f604735c1cf31399c6e711d5962b2b3e0225ad3](https://basescan.org/token/0x4f604735c1cf31399c6e711d5962b2b3e0225ad3)

The USDGLO token is distributed by the [Glo Public Benefit Corporation](https://www.glodollar.org/articles/about-us) to help fund public goods via stablecoin profits.

<mark style="background-color:green;">The USDGLO Token is NOT a security:</mark>

* Investment of money?  <mark style="background-color:red;">Yes</mark>, USDGLO tokens are available for purchase on a DEX.
* In a common enterprise?  <mark style="background-color:red;">Yes</mark>, USDGLO exists to help fund public goods.
* A reasonable expectation of profit derived solely from the efforts of others?  <mark style="background-color:green;">No</mark>, all profits from USDGLO go to funding public goods, not to the holders of the token.

## Higher (HIGHER) Token

**Contract Address:** [0x0578d8A44db98B23BF096A382e016e29a5Ce0ffe](https://basescan.org/token/0x0578d8a44db98b23bf096a382e016e29a5ce0ffe)

HIGHER was distributed to early members of the community and is used as a way to reward  contribution to the decentralized Higher brand.

<mark style="background-color:green;">The HIGHER Token is NOT a security:</mark>

* Investment of money?  <mark style="background-color:red;">Yes</mark>, HIGHER tokens are available for purchase on a DEX.
* In a common enterprise?  <mark style="background-color:green;">No</mark>, the Higher ecosystem is sufficiently decentralized to the point where a common enterprise does not exist.  As their [website](https://www.aimhigher.net/) says "There is no team. You can make anything. Aim Higher."
* A reasonable expectation of profit derived from the efforts of others?  <mark style="background-color:green;">No</mark>, HIGHER token is given for contribution and not for profit.

## Noggles (NOGS) Token

**Contract Address:** [0x13741c5df9ab03e7aa9fb3bf1f714551dd5a5f8a](https://basescan.org/token/0x13741c5df9ab03e7aa9fb3bf1f714551dd5a5f8a)

The NOGS token is distributed by [NNS Labs](https://nns.xyz/) to incentivize "nounish behaviour".

<mark style="background-color:green;">The Noggles Token is NOT a security:</mark>

* Investment of money?  <mark style="background-color:red;">Yes</mark>, NOGS tokens are available for purchase on a DEX.
* In a common enterprise?  <mark style="background-color:green;">No</mark>, the Nouns ecosystem is sufficiently decentralized to the point where a common enterprise does not exist.
* A reasonable expectation of profit derived from the efforts of others?  <mark style="background-color:green;">No</mark>, [NOGS tokens are not an investment](https://docs.nns.xyz/) and have no economic value.

## OMF Points

**Contract Address:** none

OMF are off-chain points which BCard team distributes to document contribution to Open Medicine Foundation.

<mark style="background-color:green;">OMF is NOT a security:</mark>

1. Investment of money?  <mark style="background-color:red;">Yes</mark>, contributors contribute interchange fees in exchange for these points.
2. In a common enterprise?  <mark style="background-color:red;">Yes</mark>, contributors are all working to pursue OMF's mission.
3. A reasonable expectation of profit derived solely from the efforts of others?  <mark style="background-color:green;">No</mark>, OMF have no claim on revenue or profit.  They cannot be traded or sold.

## PoolTogether (POOL) Token

**Contract Address:** [0x0cEC1A9154Ff802e7934Fc916Ed7Ca50bDE6844e](https://etherscan.io/token/0x0cEC1A9154Ff802e7934Fc916Ed7Ca50bDE6844e)

The POOL token is distributed by [PoolTogether](https://docs.pooltogether.com/pooltogether/pool-token) to "control the PoolTogether protocol".

<mark style="background-color:green;">POOL token is NOT a security:</mark>

* Investment of money?  <mark style="background-color:red;">Yes</mark>, POOL token is available for purchase on a DEX.
* In a common enterprise?  <mark style="background-color:red;">Yes</mark>, contributors work together to pursue the mission.
* A reasonable expectation of profit derived from the efforts of others?  <mark style="background-color:green;">No</mark>, POOL token is meant for governance and not for profit.

## PURP points

**Contract Address:** none

PURP are off-chain points which BCard team distributes to document contribution to Purple.

<mark style="background-color:green;">PURP is NOT a security:</mark>

1. Investment of money?  <mark style="background-color:red;">Yes</mark>, contributors contribute interchange fees in exchange for these points.
2. In a common enterprise?  <mark style="background-color:red;">Yes</mark>, contributors are all working to pursue Purple's mission.
3. A reasonable expectation of profit derived solely from the efforts of others?  <mark style="background-color:green;">No</mark>, PURP have no claim on revenue or profit.  They cannot be traded or sold.

## Wrapped Origin ETH (WOETH)

**Contract Address:** [0xd8724322f44e5c58d7a815f542036fb17dbbf839](https://arbiscan.io/address/0xd8724322f44e5c58d7a815f542036fb17dbbf839#code)

WOETH token is distributed by [Origin Protocol](https://www.originprotocol.com/) and "designed to offer enhanced security, higher yield, and a tighter peg to ETH".  Origin Protocol has a legal opinion from a leading US law firm that states that OETH is unlikely to be considered a security under US law.

<mark style="background-color:green;">WOETH token is NOT a security.</mark>

* Investment of money? <mark style="background-color:red;">Yes</mark>, WOETH is available for purchase on DEX.
* In a common enterprise? <mark style="background-color:green;">No</mark>, [according to the SEC](https://www.sec.gov/news/speech/speech-hinman-061418) ETH (and therefore WOETH) is not a security because it is sufficiently decentralized.
* A reasonable expectation of profit derived solely from the efforts of others?  <mark style="background-color:green;">No</mark>, WOETH has a reasonable expectation of profit, but this comes from the underlying asset (ETH) and not from Origin Protocol.


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