Absorb the essence of Steem and break out of the self-styled currency economy
Guru said that blockchain projects should take the product and platform ecosystem as the main line of development and develop smoothly.In the process of practice, different problems may occur, causing the system to run off the original track.Fine-tuning the system to address shortcomings may be more beneficial to the long-term development of the entire economy.
The most successful circular economy in the world is the dollar economy. It can print its own money and dump it around the world, and the US dollar can also form a closed loop by being tied to the real economy...There are many aspects of the dollar economy worth learning from blockchain projects. Of course, the most eye-catching thing about the blockchain project is that it has a decentralized coin issuing system. Taking the original Bitcoin as an example, the time and method of currency issuance, whether there is an upper limit on supply, etc. are all written in smart contracts. Changes need to be decided through a community vote. This works in a different way from the centralized world's monetary growth, and as a result, it is beginning to be fervently sought after by people all over the world suffering from inflation.
SteemitIt is the world's first content creation platform with a token incentive system.BMBlockchain project founded after leaving BitSharesSteeman app. recentlySteemThe incident remained silent for a long time because the community and Sun Yuchen carried it on, and the two sides continued to use a hard fork as a weapon to wrestleSteemI stood under the spotlight at the center of the stage again.
In decentralized communities, it will also appearThe phenomenon of “unprotected private property”. Sun Yuchen fromSteemBought it back from the management teamSteemIt was removed by the community in the hard fork to eliminate the one after Sun Yuchen's forkHIVEThe impact of the community. Then Sun Yuchen launched another hard fork to take some community members'Steemdelete. There will never be any more protracted and expensive legal lawsuits in the traditional world. The code is the law. In this case, it has been shown to the fullest, and it has also made people who eat melons feel overwhelmed.
(Picture source:CHAIN CHEESE）
Decentralized communities, like centralized communities, are reluctant to come out to express opinions and vote; they even entrust their voting rights to powerful households or communitiesKOL. Therefore, if there are serious differences in the community, resolving the issue will be a protracted tug-of-war process. Some people think that if there is sufficient technical strength, such as quantum computers that will evolve rapidly in the future, it is not difficult to unexpectedly attack decentralized networks. However, there is another voice that believes that when the decentralized community faces a powerful invasion from foreign enemies and is in the midst of life or death, they will also quickly unite and respond together, and the Monero community has set a classic example.
Therefore, the author believes that whether it is a centralized community or a decentralized community, in crisis management, in a communityKOLThe charisma of leaders, their forward-looking views and strategies, is critical to the development of the community.
Guru admits that in the process of founding Coinhu, the team studied it very carefullySteemThe token design system draws on a lotSteemThe advantages of the token design have been improved.
SteemWhat is in the token design3Types of tokens, respectivelySteem，Steem Power（SP) andSteem dollar（SD）. whichSteemIt is the core of the three tokens. It can be transferred to the exchange for trading at any time, and the liquidity is quite good. The other two are derivatives of it.SPThe positioning is shares. If the userSteemConverted toSPBy locking up positions, the platform will amplify this user's various privileges, such as giving likes more weight, making more money, and continuously receiving additional dividends. butSPIt cannot be traded or transferred.SPIf you want to convert toSteem, need to wait30day.SDThe position is a bond,1个SDThe pricing is1The US dollar, similar to the stablecoin we are familiar with, is a safe-haven tool, butSDIt must be converted toSteemYou can only exchange it for other cryptocurrencies or stablecoins. The user isSteemitThe platform creates content, and the rewards you have the chance to receiveSD和SP，SD和SPThe ratio is determined by the content creators themselves.
As you can imagine,BMThere must be no shortage of economists and investment experts in the team.SteemAlthough the project is small, it has all the elements; it is simply a microcosm of the actual financial system.BMThe team's initial idea was supposed to be very ambitious; they wanted toSteemAn image is built on this blockchain projectAPP StoreThat kind of application system.SteemThe token design system has attracted many big names in the blockchain industry to work tirelessly on it and write articlesTalkIt has also inspired many practitioners interested in starting a business in the blockchain field. Gollum is one of them.
However, after readingSteemThe token design, if you're a newcomer to the coin industry, will definitely be taken aback. In fact, mySteem，SD和SPThey all lie untouched in the wallet provided by the platform. Just heardHIVE和SteemitAt the time of the hard fork, I was really a little excited because I was able to eat melons and double my income. However, to be honest, I haven't been on for a long timeSteemitThat's it.
Guru thinksSteemThe token system is too complicated. One more token is one more step in user education, which is very bad for user use and project promotion. As a result, the token system of Coinhu has only one token:KEYGuru and his team believe in the principle of “simplicity is beauty”, which is due to currency and harmonyMYKEYIt can be seen everywhere in the project design. They believe that only in this way will help the project to get out of the circle and achieve a greater network effect.
Everyone who is familiar with Coinhu knows that the design of Coinhu's token andSteemThere are a lot of similarities.
(Image source: First Reading)
First, the one in the lock poolKEYUnlock to be able to trade anytimeKEY, required30day. Some Bitcoins questioned why not2A day or a week? Previously on EthereumThe DaoIn the midst of the crisis, we saw that fortunately, after the transfer was stipulated in the code28Withdrawals are only a matter of time, giving the Ethereum community enough time to discuss solutions; otherwise, the future of Ethereum is worrying. When the community grows into a unicorn, it will attract the attention of more hackers. In the Black Forest, which is full of hungry hackers,30The unlocking time of the day may be a ray of life to prevent users' wealth from being evaporated. Guru said, inKEYBefore unlocking, users' interests were consistent with the platform's ecosystem. During this period, Bitong would psychologically consider itself a stakeholder, and a loss aversion would make Bitong more willing to invest in the platform's ecosystem.
Second, ifKEYLocked in the lock-up pool, Binance can enjoy the benefits of likes. Some people think it is equivalent to interest on the term of deposit in a bank. However, in this token design, there is a difference between charging interest on bank deposits. System-generated newTokens will only be rewarded to active users who are willing to provide resources, such as those who read, like, comment, and retweet on the platform to effectively activate the platform's atmosphere. The entire system indirectly dilutes tokens in the hands of token holders who have not participated in the construction of the platform through this ingenious reward method, as a subsidy obtained and retained by Coinone, giving the decentralized digital labor market a competitive advantage over other market designs.The revenue from likes is generally about10-60%between.
Seen from a grunt's point of viewSteemAt the beginning of the token design,SteemThe rate of inflation is100%, the project's approachtokenThey are all locked in a locked pool, forced not to trade, and orderedSteemLiquidity in the market is quite low. This timeSteemThe price of the currency is very high, and the total market value is at the top of the world ranking5-10, there was a phenomenon of mass foolishness. The advantage of this is that it can attract the world's attention and increase the popularity of the project, but it is not conducive to the long-term development of the product. The subsequent sharp drop in currency prices will affect the development of the project. The ideal situation is to use the product and platform ecology as the main line of development and develop smoothly. Currently releasedKEYThere is inside2/3It's locked，1/3In circulation, this is a healthier ratio.
从The Fisher Price FormulaMV=PQ, you can get some inspiration, among which:
M:Total amount of currency issued
V:The speed of circulation of coins
P:Currency price
Q:Total number of products traded
当M和QWhen it is relatively stable, the higher the circulation speed, the higher the price of the coin. This is why some stocks may enjoy up to a maximum after listing compared to before listing5Double the premium. Of course, there may be many other reasons why the share price is rising.
The “public land tragedy” phenomenon may also exist on content platforms such as Coinhu. The “tragedy of commons” refers to limited resources destined to be overexploited due to free use and unrestricted requirements. The reason why this situation occurs is that every individual is trying to expand the resources they can use. However, when the number of groups that can use the resources may be far greater than the number of resources taken, the cost of resource depletion is passed on to all those who can use the resources.
Coinhu's platform coinKEYThe total circulation is1000100 million.KEYThe distribution is made by4 Some components: incentive pool, promotion and operation pool, coin foundation, team options.
Motivation pool'sKEYThe number of tokens is450100 million, accounting for the total number of tokens45%It is used to motivate users to post and discover excellent content. In the motivational poolKEYIt is initially locked by a smart contract and gradually released over time. The one that releases the balance of the incentive pool every year10%, that is: first year of release45 亿 KEY; Released in the second year40.5 亿 KEY, and so on, perpetually.
One characteristic of Coinhu's community culture is that the platform is often full of different voices, and mutual discussions are sometimes popular, including criticism of the government. Some time ago, there was a phenomenon where there was a dispute between Binance and DongA manifestation of the “tragedy of the commons.” Some Bidong believes that if a popular author posts a few articles every day, then he may be able to startKEYThe incentive pool was distributed to a large percentage, which reduced the earnings of other authors. Authors who regularly change their articles know that unless it's a team operation, it's a waste of time every day. Being able to polish a wonderful article every day is invaluable. If it's multiple articles, it's up to everyone to see if their good articles can maintain their standards. Of course, from the author's point of view, he would think that his work has also contributed a lot to the cryptocurrency ecosystem, and it is only natural that he was rewarded.
The problem of class solidification in the real world is also likely to occur on content platforms such as Coinhu. A project community is both an economy and a small society. When social resources are taken over by powerful players, and others, especially newcomers, lack room to move upstream, many people will be dissatisfied with the platform and choose to leave. Therefore, a self-stabilizing system should, on the one hand, encourage powerful households to contribute under certain restrictions, and on the other hand, give newcomers who lack resources an upward channel for their earned income.
Early coins were economies andSteemOne very similar characteristic is that powerful households have a great influence on the distribution of earnings for authors. The “energy praise” of powerful accounts can directly affect the author's earnings. inSteemitThose who received high profits were big veteran players. Management can also drastically downgrade Xiaosan due to certain events, and there is a feeling that they will never turn around.
(Picture source:Bitcoins）
The coin is there2020The “Good Text Algorithm,” which was reformed every year, changed this situation to a certain extent. On the one hand, it has reduced the sales and likes revenue of major accounts, and on the other hand, it has greatly increased the reading revenue of cryptocurrency owners, as long as you read the article3If you leave comments and interact, like and retweet articles for more than a minute, you can get a very high profit. As a result, a large number of new faces appeared in popular columns, opening up an upward channel for newcomers to a certain extent. Of course, newcomers also need to know marketing techniques, how to package articles, how to attract readers' attention, how to interact with community coin holders, and techniques for sending red envelopes, all of which can be reflected in the revenue of the article. Also, the most important thing is perseverance in writing.
In addition, Guru revealed that the Coinhu platform plans to stratify users. A column will be set up to show in-depth and wonderful articles for blockchain practitioners who like technology and who spend time in depth analysis of various fields of cryptocurrency to watch. It will also give newcomers an opportunity to show wonderful works, which can really be realized“Good articles have good news.” In this way, those who like to eat melons can go eat melons. After all, popular articles don't necessarily need to be in depth. If you like the depth, go to the “Selected Area” to slowly search and explore. I hope we can achieve white snow in the spring and take what we need.
In summary, the token design for a self-circulating economy, including Bitcoin, Ethereum,Steem, the coin...All must first establish a relatively fair and just distribution system before large-scale collaboration can occur, so that the system can operate effectively and for a long time. After two years of actual combat, the coin community andSteemLike the community, different problems have arisen during the implementation process, causing the system to run off the original track.SteemThe community uses hard forks to resolve disputes, while the coin uses reform algorithms to optimize the structure. The results show that fine-tuning the system in response to shortcomings may be more beneficial to the long-term development of the entire economy.
By Claire Wu, a writer from Twitter
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