Most Ecency users know about history of our Points and how after rebranding we gave it placeholder name as
Points. Since 2nd layer tokenization is still being worked on by multiple teams on Hive, we had extra time to work on our website, apps and add more functionality. Work on improving use cases, which in this post we want to give you an update about state of Points ("your entry to Token").
Total fixed supply: 1,000,000,000
Mining/minting allocation: 65%
Incentive, referral, bounty programs: 15%
In-app purchases: 10%
Team allocation: 5%
Circulating supply: 360,056,955.134
We have decided fixed supply to make sure system is self-sustaining, so with time demand and supply equation would find equilibrium. Points are minted just by using Ecency apps or by delegating to HP to @ecency, so everyone who uses either Ecency website, desktop or mobile app, already knows how earning works and how fun it is.
Once max supply is reached, pool allocation is recycled. How this works?! Currently every time user uses Points to promote or boost their content, points are sent to reward pool reserve and after max supply is reached those points are sent back to reward pool which is minted by users again, token cycles in system. Some similar token-economics usually add small fee to burn and lower the supply, which might be interesting to analize in future. Now, we wanted to decentralize this new rewarding system but on-chain SMT or other solutions were not ready or mature enough that gives us smart contract functionality. But since current Points system is great for distribution of our actual token, we are not rushing this decision and do what's best for growth, plan long term.
Points can be used for
Promoting content which will promote content across the feeds to all Ecency users.
Boosting content is getting limited boost to content in form of curation/vote.
Gifting is to basically tip or transfer Points to another user. Now we are working on next use cases which we thinking might help us gradually decentralize and establish our token that's both sustainable and widely used.
One of such use case that we think will excite everyone is
Community points and have your own community standout, as more people post in your community from Ecency the more your community account earn Points, that way you can use extra rewards to organize giveaway, contest and manage, grow your community.
More on other use cases later, there is one more which we think will take this into next level. Stay tuned.
- Earn Ecency Points now by using Ecency apps.
- Refer friends to earn even more, referral link example: https://ecency.com/signup?referral=ecency
- By delegating HP to @ecency account. Delegation rewards daily Points, for example 1000 HP delegation mints out ~100 Points daily. Delegation also helps us to onboard more users to Hive which we have been doing for few months now, successfully.
Learn more in our FAQ: https://ecency.com/faq