Hey everybody,
The world has changed so badly that things are never going to be same ever, so we should change plans, strategy, objectives and so on. The change is not only affecting our jobs and personal lives, it is also reshaping (and reviving) the cryptocurrency market. We are in a global crisis indeed, we are now living in a new world! What can we do with the Devcoin project then? Well, I need your input to the following ideas:
Let me share with you my strong interest on an idea proposed for so long by Mark:
Devcoin as a token. We were actually going towards that goal but COVID-19 came first along the fork of STEEM, which brought HIVE and blah blah blah. Long history short: we need to look for a safer place to release Devcoin tokens. Mark proposed to release in the Stellar network, something that makes a lot of sense but lets explore more alternatives. How about TRON? ETH? EOS?... I'm keen to hear proposals, pros and cons. Community, can you share your feedback here?
Who needs another token out there?Another very important idea IMHO is to understand why do we need a Devcoin Token. There are many reasons but let me share what I consider the most important and I'll do my best to be clear. Devcoin is 9 years old, its source code is a 99% based on on aged Bitcoin fork and it is only differentiated by a philanthropic distribution system, where miners get 10% of block rewards and the other 90% should be distributed to different people (see:
http://www.devtome.com/devtome_stats). Devcoin managed to have some position in the crypto market, at least good enough to trade Devcoins at any time. Unfortunately, many things contributed to the destruction of Devcoin's market value and we also have a small number of people that managed to hold huge reserves of Devcoin, let's call them whales for short.
The situation with whales is a key aspectWe know that there has been a HUGE number of Devcoins going round after round to people "contributing" to Devtome when it was kind of abandoned. That's why the administrators decided to set a temporal moratorium and later we tried to move it into the STEEM blockchain so that we can implement a fair distribution system, with content curation and a bigger ecosystem. Well, that is old history now. At EOD what really matters is that there is STRONG FEAR for a whale (or whales) that come and dump the value of Devcoin as soon as we try to build it up. Somebody seems to be taking unfair advantage of all our efforts as a project!
Let's fix this! How about forking the blockchain?Oh, wait, there is another key aspect here. Miners don't show any interest on forking and there aren't other miners interested on Devcoin, so we are basically stuck with the blockchain that we have. Things are like they are right now. We have some people that earned a BIG amount of Devcoins in a questionable way and we can't change that, unfortunately.
What can we do then?Short answer: Lets release Devcoin Tokens in a NEW market! Long answer: Remember all funds we are holding into the OpenSourceFund wallet and friends? Well, how about "burning" them in exchange for Devcoin Tokens? Let's say that we find a very safe way to "burn" them so that nobody can ever use them. It means that we can
start over in a new market with a renewed and fair distribution system!
Voilà! Presto! Eureka! ... Not so fast...
How can we give Devcoin Tokens some intrinsic value if they are purely based on the broken Devcoin market value?Who said that? We do still have some assets out there. The @devcoin and @devtome accounts at STEEM and HIVE
hold some funds. The devcoin.org and devtome.com websites still have some traffic that we can use for
marketing the new token, and the most important:
We still have people willing to contribute to the project. As long as we have that, we can find a good strategy to build up the value of the future Devcoin tokens.
Quick idea for building up the value of Devcoin tokensInspired on STEEM, EOS and HIVE, we can have Devcoins in the blockchain and DevDollars as a token. Then, we burn Devcoins as they are generated (lets say that we burn 100 million Devcoins on every round), in the other side we release DevDollars. We should then have a helper market in a token based network, where we can exchange the other Token (Lumens?) for DevDollars. The Devcoin Foundation should release an X amount of DevDollars, pay them to the beneficiaries along a buy order for that amount of DevDollars. That is how we guarantee a minimum value for DevDollars. Speculators will have to buy at a higher rate and the winner will always be the beneficiaries.
How many DevDollars should Devcoin Foundation release on every round?We should first resolve how to buy Lumens! We'll have to use our funds (SBD & HBD) at STEEM and HIVE to buy Lumens, then we can make numbers. Since we are talking about "dollars" here, we could pair the value of DevDollars with USD Dollars. For example, if we have $10 USD worth of Lumens, then the Devcoin Foundation can release up to $10 DevDollars that given round. All in all, it means that we have just burned 100 million Devcoins for $10 DevDollars.
Many raw ideas here, I look forward to your feedback.
Go go Devcoin!
- develCuy
I'm a bit confused about something in this proposal: what happens with coins that already exist? I know there's fear about whales having a lot of coins but keep in mind that some of us spent YEARS helping build the site, contributing, and spending countless hours on administration work. On top of that, some of us that spent the majority of our time working on the project have still sold exactly ZERO Devcoins. So while I get the fear aspect, it's important to remember that some of us believed in the old project so much that even as it tanked we held tight (and accumulated more coins on the market), rather than trying to cash out. Anything that would push coins out of whales' wallets is only a punch in the face to those who relentlessly worked to help the project and took zero remuneration due to wanting to see it succeed.