Towns

TOWNS is a utility token used within the Towns Protocol ecosystem. It does not represent equity, claims to profit, or rights to capital reimbursement. Its utility includes the following functions:

• Staking: Validators must stake TOWNS to participate in securing the protocol’s Layer 2 network. This includes running validator nodes on Towns Chain or delegating tokens to existing node operators.
• Delegated Staking: Token holders who do not run nodes can delegate their TOWNS to node operators, enabling indirect participation in network security and governance.
• Governance Participation: TOWNS holders vote on protocol upgrades, economic parameters, and structural changes via on-chain proposals submitted through the Towns DAO.
• Access to Features: Delegating tokens to Spaces unlocks advanced features such as enhanced storage, custom access rules, and monetisation modules (e.g. paid memberships, tipping, and in-app reputation systems).
• Buy-and-Burn Mechanism: Protocol revenue collected in ETH may be used to repurchase and burn TOWNS tokens, counterbalancing inflation introduced via staking rewards.

The token is transferable, though it may be subject to temporary locks due to protocol-specific mechanisms like staking cooldowns. It is designed to be natively functional upon issuance and is used to access and activate protocol-level operations.

TOWNS was created by the team behind Here Not There Labs, a U.S.-based company focused on decentralised communication platforms. The three co-founders are:

• Ben Rubin (CEO): Previously co-founder of Meerkat and Houseparty, Rubin brings experience in building large-scale social communication platforms. He leads the vision and strategic development of Towns Protocol, aiming to apply decentralisation principles to group messaging and community infrastructure.
• Brian Meek (Co-founder & CTO): Formerly CTO at STRIVR Labs and General Manager of Engineering at Skype. He is responsible for the protocol’s technical architecture and led the design of Towns Chain and stream node infrastructure.
• Patrick Fives (Co-founder): Involved in early-stage product and community development. He contributes to the DAO governance framework and user experience aspects of Towns Protocol.

These founders collectively launched the project under Here Not There Labs and later formed the River Eridanus Association in Switzerland to provide decentralised oversight and compliance under MiCAR regulations.