Waves community token
Waves platform is all about custom application tokens and community based projects. Now, once we have basic token functionality, we start building crowdintelligence-based mechanisms for projects approval and screening. It should engage the community to monitor and vet the upcoming projects, and provide more exposure to valid projects. You might consider it to be some sort of DAO with enhanced security through a certain degree of centralization.
The Waves Community Token (WCT) is intended to provide a tool for community assessment of crowdfunding campaigns launched on the Waves platform and incentivize long-term holding by providing an additional income stream for WAVES token holders in the form of regular asset distributions. WCT will be a virtual community organization. It will be launched in several stages based on the technical maturity of the Waves platform.
Projects launching tokens on the Waves platform can request different services, exchanging these for a certain share of their overall token issue, which will be distributed to WCT asset holders as rewards.
Services include:
- Business side verification
- Proof of Concept verification
- Token specs advice
- Help with testing
- Help with product and services integration
- An introduction to community
Based on current functionality the first stage of asset implementation will be as follows:
WCT will be distributed in stages over a period of 9 months to all Waves holders excluding exchanges. Distribution will take place on the 15th of each month based on a snapshot of WAVES balances. 20% of all WCT assets will be distributed in the first month, with 10% distributed each subsequent month. In this way WCT will constantly add value to all active holders.
The next phase of WCT operation will involve using the upcoming voting functionality. WCT holders will be able to vote for different projects. This will provide some level of community-based KYC and screening.Thus WCT aims to reward long-term holders, incentivise community engagement and provide added value to new projects hosted on the Waves platform.
The first distribution of 20% of all WCT tokens will take place on January, 15 2017. It will be distributed to all waves addresses excluding exchanges proportional to their balance.
https://blog.wavesplatform.com/waves-community-tokens-e9e8b5db0b49#.tntto4bcd
Waves platform is all about custom application tokens and community based projects. Now, once we have basic token functionality, we start building crowdintelligence-based mechanisms for projects approval and screening. It should engage the community to monitor and vet the upcoming projects, and provide more exposure to valid projects. You might consider it to be some sort of DAO with enhanced security through a certain degree of centralization.
The Waves Community Token (WCT) is intended to provide a tool for community assessment of crowdfunding campaigns launched on the Waves platform and incentivize long-term holding by providing an additional income stream for WAVES token holders in the form of regular asset distributions. WCT will be a virtual community organization. It will be launched in several stages based on the technical maturity of the Waves platform.
Projects launching tokens on the Waves platform can request different services, exchanging these for a certain share of their overall token issue, which will be distributed to WCT asset holders as rewards.
Services include:
- Business side verification
- Proof of Concept verification
- Token specs advice
- Help with testing
- Help with product and services integration
- An introduction to community
Based on current functionality the first stage of asset implementation will be as follows:
WCT will be distributed in stages over a period of 9 months to all Waves holders excluding exchanges. Distribution will take place on the 15th of each month based on a snapshot of WAVES balances. 20% of all WCT assets will be distributed in the first month, with 10% distributed each subsequent month. In this way WCT will constantly add value to all active holders.
The next phase of WCT operation will involve using the upcoming voting functionality. WCT holders will be able to vote for different projects. This will provide some level of community-based KYC and screening.Thus WCT aims to reward long-term holders, incentivise community engagement and provide added value to new projects hosted on the Waves platform.
The first distribution of 20% of all WCT tokens will take place on January, 15 2017. It will be distributed to all waves addresses excluding exchanges proportional to their balance.
https://blog.wavesplatform.com/waves-community-tokens-e9e8b5db0b49#.tntto4bcd
Weird concept. Why can't Waves do all the above?
Distribution of a voting token is a way to target the specific portion of investors who are engaged enough to care about the issues surrounding WAVES. Many have never actually made a transaction to or from a wallet. Lots of coins have been purchased on exchanges without being sent anywhere. The people who own those WAVES are much less likely to follow news or have any interest in the goings on around the ecosystem. By issuing tokens to active members of the community you will have a bigger chance of them being used by informed individuals who can make better decisions in the voting process. Somebody who just buys a few and leaves them sitting in an account somewhere probably isn't the type whose votes would be very beneficial. This is a simple method of doing vote qualifications which will positively impact the effectiveness of the electorate.
Don't listen to the trolls who have no idea what they are talking about in this thread. They said full nodes would never be released. Price was supposed to be around $0.01 by now. Nobody involved has a clue about advertising even though they got more initial funding than Ethereum. Financials supposedly look horrible even with 20,000 BTC still provably sitting in reserve with about $5million in liquid cash and a burn rate of barely over $100,000/month. They talk crap for one of three reasons: 1) They are paid to shill against WAVES for the benefit of a competing crypto 2) They own some altcoins and want the money invested in WAVES to flow into other blockchains or 3) They are slowly accumulating for themselves and want the lowest buy-in price possible. Even the most deranged troll wouldn't waste time coming to a boring site like bitcointalk unless money was involved.
There are really just two bad things that have happened thus far in the project. One is a minor issue that is being blown way out of proportion and the other is actually a problem. Sasha sent out two tweets about Poloniex, one critical and another rude, about them not taking on WAVES yet. Trolls are treating it like he was throwing around racial slurs and calling for murder. Since then he has apologized and not repeated the mistake. As much as some would like us to judge people and companies by one or two inappropriate tweets it is my choice to not let social media control my decisions to such a degree.
The other bad move has been the announcement of deadlines that were not upheld. I can forgive the initial road map being changed because I've been around long enough to see how unpredictable the development of this type of technology can be at times. What makes this a serious issue is that new deadlines were set and also not upheld. When I first looked into WAVES there was a big question about whether or not anything would ever come to fruition. Was this all just a scam? Are they going to take the BTC and head for the Caribbean like some were saying? We found out that wasn't the case and there is actually a team of employees in Russia and other countries working to build what was promised.
Why do I care about any of this? Because I decided to start trading crypto four years ago and knew right from the start that the biggest missing piece of the puzzle was decentralized exchanges. Luckily I didn't lose any coins in Mt.GOX but unfortunately lost some due to other hacked exchanges. It is preposterous that we are forced to hold in online wallets just to be able to trade what is supposed to be a decentralized digital asset. There have been previous attempts to make a DEX but all have failed thus far. Sasha had a great idea in that you can have a centralized matching engine with decentralized settlements. Not only does this mean your coins can't be stolen out of their wallet but it is also a way to avoid the extremely tight limits on withdrawals. Right now the largest altcoin exchange, Poloniex, has a $25,000 per day maximum limit and that is only if you give them your ID and SSN. That's absolutely ridiculous considering there are whales on there right now putting up buys and sells for thousands of BTC at a time. It would take you over a month just to get 1,000BTC out of there and possibly several months for some of the larger whales.
Decentralized exchanges are badly needed if bitcoin or any cryptocurrency is ever going to make good on the concept of a worldwide decentralized economy. Is WAVES going to be the platform to do it right? I don't know, but they have the best approach so far. I couldn't give a damn about a couple tweets and some non-critical scheduling blunders. Go take a look at the competition. BitSquare or the DEX running on Ethereum are plain awful which is why their volume is just a few thousand dollars per day even though they've been operating for months already. I'd love to be able to use them but they just don't offer the tools that traders want. Hopefully WAVES or something else can pull through. Either way, don't let whiny, vitriolic trolls affect your decisions.