As some of you may have heard, there's a new project I've been working on the past few months, although it's been in the planning for years. While it's not ready for me to announce or even pre-announce it, I wanted to talk about how I imagine the token distribution for it to work.
POSH took quite a brutal hit after Twitter decided to make it impossible to work on it without paying up to $42k per month, while this took many by surprise, even projects 100-1000x bigger than POSH, needless to say it also very much sucked for us. It's not all bad, though, we had a couple good years that I believe did quite a lot for both rewarding those putting in effort in growing their Twitter reach and bringing in traffic to our ecosystem and continuing to do so even now after POSH twitter is disabled. While Reddit thankfully still works, potentially due to the protests that occurred all around they made their API restrictions less stupid than Twitter, it's still lacking activity because it's not as easy to successfully share there.
While we're still working now and in the future on seeing how else we can scale the proof of sharing intiatives on other platforms, I wanted to also change things up a bit where POSH isn't just that but potentially also something more.
One thing I admire about POSH and especially the current holders of POSH is that there's some true diamond hands there. The token never promised any returns, never asked people to stake or hold it (staking of POSH isn't even enabled on hive-engine) and even its future usability was questionable. Yet there's over 3500 accounts that hold the miminal amount of POSH and some holding thousands of it they've mostly earned by sharing Hive links on web2. Even after the token went from 0.01/0.02 hive per token to currently sitting at 0.35 hive per token through our buyback system over 2 years, many of them are still holding and I think that's something that deserves recognition and potential more rewards through receiving stake in future projects POSH will get involved with or help bootstrap.
This is what's planned for the new project, and I wanted to talk a bit more about the reasoning behind it other than the part mentioned above.
Since POSH was launched it has been truly fairly distributed, there's been no CEO, no team or other allocation of tokens for the sake of working on it or having started it. This goes against potentially 99% of coins and tokens we see in the rest of the ecosystem. Eventually we introduced a HP delegation system where people could also "invest" in POSH through delegations since the markets were always so thin and wouldn't allow people to buy in much at a time. This helped with getting the POSH buyback system some extra ammunition which in turn got more people to start sharing and those doing it to get better at it. While this was all well there were times where we felt we could use more rewards and as long as those rewards went to the growth of POSH itself it felt okay with taking some rewards from the post reward pool at times and most other stakeholders seemed to be okay with it since they understood it's not going to someone specific but to a project whose sole purpose was to support the Hive ecosystem.
In a similar manner, POSH now using some of its stake it has ammassed over the years to bootstrap a new project, we felt that POSH itself and its holders deserve stake in that new project as well. This means that the account @poshtoken.wallet which takes care of paying for maintenance and more importantly buys back tokens from the market and is currently sitting at almost 250k POSH out of 550k+ existing supply, will also be receiving stake in the new project. This stake will also be held similarly to POSH and eventually, since majority of Hive @poshtoken has earned has been from the curation and post rewards pool, it will make sure to give some of the profits it takes over time back to Hive.
How to give back to Hive? This has also been considered in many different ways and we believe we've come up with quite a cool way other than the thing most would think first of to just send it to the DHF. Instead we've created an account called @poshsink and the idea behind it is that we're going to destroy all keys by setting them to @null apart from the posting key. This means that everyone can verify through the public keys that the rewards it receives as stake will never make it possible to power down the Hive and trade it off and when we send it rewards or beneficiaries or delegations, we have to make sure that all of those rewards end up as stake. I.e. either powering up to the account directly when you transfer (rather than sending it liquid Hive), sending beneficiaries through 100% hive power post rewards and with delegations it'll automatically come as 100% hive power through curation rewards. The posting key will allow us to still claim these rewards for the sink to grow, meaning that this account will consistently over time both remove Hive from circulation but also compete in the curation rewards pool for forever. We believe this will be a cool new way to place Hive in sinks that'll continuously grow over time and hope the community will like it.
To get back to the token distribution, while POSH will assist this new project on getting started with paying for devs, servers, maintenance, etc, we do intend for the project to eventually stand on its own and stop receiving support from POSH. We're going to need to do some calculations there where based on how much POSH assisted it, the distribution to POSH holders of the new project will stop and the project will fund itself through HP delegations to the project.
That said, we aim that for the foreseeable future, there won't be much rewards to go to the POSH sink until the token of the new project is stable and can withstand POSH selling of some of its earned stake of it. At the same time whatever the new project earns, whether its through HP delegations, NFT sales and other revenue streams, it's all going to go towards growing the project itself and making sure it rewards those working on it through transparent reports. Those wishing to get invested in the new project are going to either need some POSH, delegate some HP or eventually purchase tokens from other members when the first unstakes occur. The project itself is never going to sell tokens directly similar to how POSH operated all these years.
Anyway, I know this was quite a bit of info and I hope I didn't forget some interesting parts, but feel free to let me know what you think of this token distribution, POSH becoming some kind of bootstrapper in the ecosystem of projects it believes will help Hive grow and at the same time attempt to also buy Hive back to effectively burn them from circulation, etc.
It's been quite a while I've posted again, but as usual I'll try to post a bit more soon and hopefully I can talk more about the new project we've been working on. For those of you who know, please try not to spill the beans just yet. :D
Thanks for reading!
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That's massive. Using a layer-2 token to bootstrap another layer-2 token can be a great impact for both of them! Both the new and the POSH (and the GOSH eventually).
I think that the idea is cool but as you mention, some deep calculation has to be made to make sure that the tokens distribution in terms of allocation, real distribution AND usage are balanced and will not dismantle the token value itself.
I offered myself even before so you know that if help and professionals is required, I am happy to help and support.
I have already wrote you on Discord so feel free to reach out and eventually dig deeper into it and make some preliminary evaluations.
Hey, thanks, will definitely keep this in mind!
We've also yet to completely dive into the tokenomics of the new project but will be starting things off with distribution phase while we wait for the project to launch.
Sure things! Tokenomics is an iterative process between the professional and the founders to make sure that on one hand it's sustainable and on the other hand it really represents the idea and concept of the Founders 🌊
Let's stay in touch
You have definitely ignited our interest here! Can you share an estimated roadmap or timeframe?
Yeah we will after/with the announcement!
So I should not even ask when we should expect the announcement 😂😂
Looking forward to it and happy to be hodling my $posh 🙏
Soon TM. :p
Interesting. I am looking forward to more details as they become available. I was looking at selling my POSH a while ago but decided to hold onto it in case something like this came along. Very nice!
The dedication shown by POSH token holders, referred to as "diamond hands", is truly impressive and commendable. While my previous research has only scratched the surface of POSH, I haven't been able to fully grasp its details. Still, I believe it is necessary to follow the updates and engage with the topic to gain a better understanding. I wish you success in your work on the project!
It has certainly helped to the hive ecosystem - almost became an habit , even poshed today before reading this :)
Thanks for sharing about the project, even though I'm absolutely clueless here.
Sorry, haven't been long enough within this space to know about these tokens 😅
How could I join project? I am excited and would love to support in some ways if I could especially when it is being led by you! 😁
Looking forward to more project updates 🤗
If you don't hold any POSH, the other and main way to earn the token will be by delegating HP. Other than that you'll have to wait for the release to take part in it in other ways. ^^
I'm in the process of building up my own pool of HP, probably still at an infancy stage with the amount I have. Would that be helpful in delegating? 😅
https://leofinance.io/threads/acidyo/re-leothreads-22tbtxd6e
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Twitter API lockdown to blame, but how about adding a web form or comment bot where Hivers could manually input their tweets IDs. I think individual tweets are still accessible even without paying for the API / login.
Yeah, we've been meaning to do this, recently they gave us issues even with just a simple twitter login authentication, so we decided to wait it out a bit until things are a bit more stable on their side rather than working on something and getting blocked again and again.
I also saved my handful of tokens.
Uh, too bad I sold some posh soon. The price had gone up and I wanted to capitalize on it. Maybe I can buy it back while it's still low. It's admirable that you have so many great projects on Hive and that you work on all of them with the same dedication. Thank you for all!
Good luck with the new project, we will follow developments very gladly
Happy to have earnt some POSH before Twitter changes! POSH was a real incentive to share Hive posts on Twitter and I miss it a lot... however seeing POSH still being alive and getting new utility is exciting, even if I own a very small amount of it :)
It looks exciting and I hope this should be released this year. Thanks for sharing the insight of the upcoming project.
It's even GOSH I'm more interested in, POSH is already a success from day one, being the first bridge that connect the Hive blockchain to the main stream Social media. I've loved it since
We wanted to include GOSH as well but it was released quite recently and basically copied over all balances of POSH so it would feel a bit like double-dipping for this new project.
How eager we are then, anticipating the launching, my interest has been deeply fueled, waiting for the announcement soon
It is so bad to see POSH project been affected due to the adjustment change on twitter. Really sad to hear 😔
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It's been a long time see your post.
I also tried to connect my Twitter account with hive but i wasn't successful to connect Twitter, maybe i can't save some posh.......
Yeah it being disabled might be a reason
Hope so in future it'll be able to connect 😺
Have a happy new month 🎈
A very good idea.
I am a newbie on this platform but this has caught my interest
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I concur
This is very interesting and can't wait to read the announcement. Glad to have kept my POSH 😅
Sounds like a good plan :) it is something similar to SIP idea by SPK Network which is Community Owned Liquidity Pool, that will be something like POSH Community Account Owned in AUTO stake mode.
What a great initiative. I'm always a fan of seeing projects that increase Hive activity.
It is a massive shame that Twitter is locking 3rd parties out. It is quite against what Elon implies as his mission imo but who am I to talk on that.
this well-structured and informative article sheds light on an innovative and community-centered approach, igniting curiosity and enthusiasm for the future of Hive's ecosystem and its growth. Keep up the excellent work, and I'm looking forward to hearing more about the new project soon!