In the last edition of PhotoChain I talked about a couple of new initiatives for this week within the landscape around the contest. The first of the 2 is this: the official launch of the PF, which stands for Photochain Fund.
To make us understand by those who have never arrived at the posts of the competition, Photochain is a photographic contest organized by me whose rules allow a chain-like method of work, where each weekly edition is guided by the result of the previous one. This functioning allowed me to define it as a real Blockchain-like Photography Contest, even if the functioning of a blockchain is much more complex. For more information, you can visit the latest editions and the Post about the transfer on Hive, where you will find the list of rules to follow to join.
And now ... the PHOTOCHAIN FUND (PF)
The Photochain contest has been created for fun, but the sequence of editions convinced me that more awards wouldn't be unwelcome. Participants have always been awarded in SBI and STEEM; then only in Hive SBI, to finish at the current 2 HIVE and 2 Hive SBI weekly. I have to thank some users for their contributions, like @melinda010100, @qwerrie, @barbara-orenya. I managed my self the biggest part of the prize, using my personal Hive income.
Unfortunately, this leaves a sore point, id est the scarcity of prizes destined for valid participants and not just the winners. The idea of the PF was born from here, then developing on a second path: future perspectives. In addition to a part to be assigned to the winners, there will be a second slice destined to remain - for the moment - immobile within the fund, and which will be used to organize and manage further initiatives or curation systems.
PHOTOCHAIN FUND: The Identity Details
The PF will simply be a fund: by "fund" I mean a set of different wallet addresses containing an amount of value. Specifically, it will be a "cryptocurrency" fund: I mean that the value contained will be in the form of a "cryptocurrency"/"token" accepted by the addresses that make up the fund. From now, those who wish can DONATE in the form of cryptocurrency to the photochain fund, which will be managed as explained below.
To start, we indicate below the accepted tokens and cryptocurrencies and the relative addresses that will form the fund. The addresses are not exchanges addresses but were created through desktop wallets or web browser extensions. Here is the list:
(wBTC / DAI / PAX / PAXG / BAT / USDT / BUSD)
Indicating them more extensively and in order, we have:
HIVE, Bitcoin, Litecoin, Ethereum
followed by ERC-20 tokens:
Wrapped Bitcoin, Dai Stablecoin, Paxos Standard, Pax Gold, Basic Attention Token, Tether USD, Binance USD
PHOTOCHAIN FUND: The Functioning Details
The fund is based on DONATIONS. Each donation will be collected and remain locked for a locking period. Each locking period will last 3 months about. At the end of the 3 months, a screenshot will be taken and shared in an official post on HIVE. At that point, we would have 2 parts:
40% of the funds accumulated in the previous collection session, which for the moment will remain locked in the fund and destined for future use (initiatives, flaws in the performance of PhotoChain, etc.); more details below;
60% of the funds accumulated in the collection session of the just ended locking period, which will be divided by the number of active users in our unofficial "community" of the just ended locking period (founder and valid participants). Users will be mentioned in a post on Hive and can request their share in the comments or by contacting the @davidesimoncini account. Below in the post, the step-by-step specifications.
It will remain locked in the form of cryptocurrency value - as it was sent - within the fund. It may be used for future purposes at the discretion of the founder account of Photochain, @davidesimoncini.
For example purposes only, they can be used for: errors and bugs in the contest; initiatives, investments, marketing in order to grow Photochain; start-up of curation systems in any case linked to Photochain; charity initiatives (in this case also external to the Photochain and blockchain landscape in general), etc.
When the fund will be closed, the content will be liquidated in the same way as described below for 60%-slice.
Once the fundraising has been completed for the previous 3 months, the cryptocurrencies will be moved to one or more exchange services, from which they will be transformed into HIVE or HBD (depending on the token released by the blockchain in that moment) . All HIVE or HBD tokens obtained through exchanges will be sent to the @photochain account.
At this point, a post will be published with screenshots and in which all the possible beneficiaries of the sum equally divided will be mentioned. We will reward only the active participants in the photochain challenge's editions held during the just ended locking period. At that point:
each user will have 10 days to request their share;
the sum will be sent in the form of HIVE or HBD starting from the end of the 10 days, in a variable period of time. Please be patient, as the process is manual.
Why did we set 10 days? I'll explain.
This decision because unclaimed tokens will not be left inside the PF as liquid tokens, but converted into HP.
If this fund manages to collect a fair amount in HIVE, the unclaimed HIVE tokens in the available time frame of 10 days will be used in a Power-Up process of the @photochain account. Any user who has not benefited will be able to request the sum, however, subject to the power-down times of the Hive blockchain system (at the time of the fund's launch, 13 weeks).
IMPORTANT: HIVE or HBD tokens will be sent ONLY AND EXCLUSIVELY to the beneficiaries. If they want to send them to other users, they can do so through their account.
I made this choice - in the same way as that of the transformation into HIVE/HBD of the crypto collected - in order to avoid possible fraud starting from someone who indicates false or incorrect wallet addresses, on which only the blockchain will have the competence (the result would be the full and irreversible loss of your funds).
PHOTOCHAIN FUND: An incentive for those who donate
To promote the sending of donations, I decided to add a small incentive to those who want to make donations to the fund.
For cryptocurrency amounts exceeding the amount of USD 15 at the time of sending, a very simple advertising banner or a short description may be requested which will be included in the next edition of Photochain, together with a mention and a link related to the URL of the page to which the benefactor would like users to be redirected. You can ask any information to the email address:
However, I invite you to consider it ABSOLUTELY NOT AS A FORM OF OFFICIAL ADVERTISING, professional and regulated, but only a way to have a little more visibility after making a donation to a hobby that you consider interesting and fun.
I hope I have resolved all doubts regarding this new project. All to see if it will be able to take off or will it remain yet another hole in the water. Below, I will insert a banner with the QR codes that you can use to send your donations directly to the fund addresses. If you want to donate in HIVE tokens, you can start a transfer to @photochain.
And now I greet you waiting for you at the next Photochain edition. For direct contacts before the donation and for information on the available mentions on benefactors, you can also write to me using the email address [email protected],
and indicating PHOTOCHAIN in the object field of the message.
Please, follow the @photochain account and the official tag of the #photochain competition!
Thank you everyone to join the contest!