Today I created the PRECIOUS Token on Hive Engine. What is it? Well, at the moment it’s just a Token with no real use case but it’s intended to be a token that can be used to help raise funds and add functionality for the Silver Gold Stackers Community Curation Project otherwise known as Precious The Silver Mermaid or @ssg-community
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For now it doesn’t really do anything but I am experimenting and have some ideas. I’ve been asked many times over recent years whether we should create such a token. I’ve been reluctant until now because I know how easy it is to stuff something like this up and with so many scams and rorts going on around the place I didn’t want to be involved in creating another one where our members at SGS could get burnt or bring our community into disrepute. I think I’ve got a good handle on how to do Tokenomics wisely now so figured why not give it a try.
To start with I’ve issued just 5000 tokens to the @monsterpit account – which is a subsidiary of @ssg-community and has been dormant for some time now. I figured it was as good a place as any to do an initial token sale and compartmentalize any fundraising effort for the community account as the @monsterpit account has been used for fundraising before. I’ve put some sell orders on Hive Engine with 4000 of these initial Precious Tokens up for sale – starting at a price of 0.1 HIVE each. It’s not intended to be a pegged asset at all, but I think 0.1 HIVE each is a good target price for a PRECIOUS Token. Of course that’s not going to stop people from bidding it up to a ridiculous price and then dumping it to zero so be careful.
Source
However, if you want to help raise funds for SGS and get in on this token at the ground floor then go ahead and buy some. Please understand that the token doesn’t yet have a use case so if you’re buying PRECIOUS Token you should consider it just a Donation to the SGS Community Curation Project until functionality can be developed and accepted by the community itself.
My plan is to start airdropping the PRECIOUS token in coming days to our approved authors as an additional reward for the curation earnings that the @ssg-community account receives from our authors posts. I’m working on some code now to pull those curation rewards off the blockchain and transfer PRECIOUS tokens to match the curation received in HIVE. For example, if your post is voted by @ssg-community which then earns 5 HIVE in curation rewards from that vote then you should receive 5 PRECIOUS Tokens to match the curation reward you’ve generated. It is intended that this will give the PRECIOUS token some distribution amongst our most active members on HIVE and also add a tiny sweetener to our authors rewards. If it can help create an additional incentive to create more and better quality content and therefore generate more curation rewards then that would be a great outcome but I think we could also do some other pretty cool stuff with it too.
If it can put a few extra Hive into #sgs projects then I'm in.
I better get to supporting this thing and pickup a few on HE.
Great ideal @buggedout
😉
!WETKISSES
!SWIMSWITHTHEFISHIES
!FISHSLAP
!NEMOGOHOME
!SHINY
Amazing! looks like @thekittygirl beat me to it. Don't be stingy y'all we printing money out here support my precious <3
sweet, time to buy some !
Very good, @buggedout.
Good luck!
Let's make it work!
Sounds like it could be something pretty awesome. The silver stackers community seems to be growing and I for sure need to jump in on that!
That's an awesome idea, thanks for coming up with it! I just dumped my Hive spend for the week but I'll be picking some up soon to support the community!
Count me in! I'll go pick up some.
I am in and just grabbed up a little.
Very cool
Good luck on your new project 🤟
@tipu curate
Upvoted 👌 (Mana: 51/61) Liquid rewards.
Great idea! I will buy some on hive engine!
How difficult is it to create a token?
Not difficult. It costs 100 BEE tokens - about $14.54 US by todays prices.
profitability is another matter, but I'll keep my fingers crossed for you 😉that it meets your expectations
The idea is interesting. But how many dead tokens are there on Hive-Engine that also looked interesting at first? I'm more of a pessimist in life.
However, some ideas manage to be implemented and bring profit. I wish the same for this token of yours.
I hear you. There are no guarantees on this token but I have some good ideas that I think will work if the community supports them.
Good idea, that's a good guarantee. I bought a symbolic 2 pieces of PRECIOUS token. Maybe someday my descendants will thank me...
We know the token could do a deep six like most of the others did, but we could have a bit of fun while it does, or does not.
So I also symbolically bet... Maybe one day I'll buy a bunch of silver coins for my bet.
My PRECIOUS!
I think I can spare one hive and buy a few... Won't hurt me and it might add some value...
It's the idea that counts right!
Goodluck with the project!
!PIZZA
!LUV
@buggedout, @technicalside(2/3) sent LUV. | connect | community | HiveWiki | NFT | <>< daily
! help(no space) to get help on Hive. InfoOoh that makes a lot of sense since it is intended in helping people
Kudos!!!
It is interesting to see how you are experimenting with new ways to use tokens to raise funds and add functionality for the Silver Gold Stackers Community Curation Project.
I think it is a good idea to start by airdropping the PRECIOUS token to approved authors as an additional reward for the curation earnings that the @ssg-community account receives from their posts. This will help to give the token some distribution and also add a little incentive to create more and better quality content.
Wishing you a very good luck man. Hopefully your coin and project going very popular over all the World. We all will also try to buy this and support your project a lot.
The initiative behind the token is really great
You received an upvote of 100% from Precious the Silver Mermaid!
Thank you for contributing more great content to the #SilverGoldStackers tag.
You have created a Precious Gem!
$PIZZA slices delivered:
@technicalside(2/5) tipped @buggedout