Most LVL 2 coins tend to suck.
This is one that I started that is no exception.
Sure there are some good ones like the LEO coin in this community. Yes, I've collected a bunch of AFIT and AFITX in the Actifit community. I even have some SPT tokens from the Splinterlands community
However, there are a lot of Lvl 2 coins which are dead, dying, or suffer from a total lack of value and utility.
History of the GLD coin
Now I had originally created a lvl 2 coin called "GLD" a long time ago. The idea was to use it in a newly created Splinterlands guild as a token to be used amongst guild members when sharing cards and making donations.
However, the collapse of the Splinterlands economy just after Chaos Legion came out and a total revamp of the guild donation system meant a couple things:
- The guild died due to lack of attention and members
- The GLD coin served no useful purpose
I made sure that anyone who held the coin could trade it back on the hive-engine so no-one got the rug pulled out from under them but still looking at the coin made me sad.
Unloved
Unused
No purpose
.... but that's just how things happen sometimes in the crypto world.
A Community in Need of Curation
Fast forward a year and I'm now devoting a lot more of my time to a new community on Hive. The Community is "Earn, Spend, Give" but it has a problem. How to make sure that people in the guild get curated for their time and effort in posting. ** And it IS a problem.** I only have about 1200HP and if I curate all the good posts in the community people are getting maybe 0.02HP which is just terrible. I wouldn't be motivated to post for that little so why should anyone else!
Also I get maybe 5 posts a week in the community. I'll be curating elsewhere if I want to get the full return on my staked HP.
I also have 1000 HBD staked on an alternate account @hiveabbyftp and that gives me a fair number of HBD every month. However, the payout is monthly which means if I use it for rewards I may have to wait a while for it to become available.
Overall it made for a diffcult way to rewards faithful posters -- even though there weren't many.
A new use for an old coin
With a little brainstorming and a little help from some Hive based sites I think I found a way to take my old GLD coin, my 1200HP and my HBD saving interest and make a useable reward system for the community.
Here's how I came up with my solution:
- Delegate my 1200HP to @leo.voter ... This means that my vote is essentially worth nothing if I upvote my users but every day I'm given just over 3 LEO for my delegation!
Note: I was originally going to delegate to @hivepakistan because they were gracious enough to help me out and curate many posts in the community BUT their payout rate just wasn't quite as good as the leo.voter AND it was easier to use the LEO tokens than hive tokens for this instance.
Now I have a daily income solution for my HP and I get a monthly income from my HBD.
Create a liquidity pool between swap.hive and the GLD token on tribaldex. It cost 100 BEE but now anyone who holds GLD knows they can swap to hive and get value for those coins. The GLD token went from only as valuable as I'm willing to payout to liquid. All by using the liquidity pool! Now the coin will no longer be dead. It will always be tradeable by any holder. Horray!
I purchase GLD from the liquidity pool weekly using my LEO payments and purchase GLD monthly from my HBD interest.
As long as I purchase more than I give out then the price of the GLD coin will continue to increase
Initially the price of swap.hive : GLD was 0.005:1 but with regular purchasing from my LEO and HBD the vaue has gone up to about 0.007:1. I'm going to keep on purchasing until the value goes up to 0.01:1
In short I want the GLD coin to be valued as a Hive Penny
Why is this valuable?
Its valuable because it works to "concentrate" my vote. If I had my full 1200HP I could make 20 votes a day and 7 days a week. 140 votes total but each oneis worth very little. By delegating my HP I get a slightly better amount in daily than if I were to vote myself. I get 21 LEO each week.
In a day it looks like this: Convert Leo to swap.hive
Then convert the swap.hive to GLD
I can purchase almost 450 GLD a week and give that to those people who make posts. I've effectively concentrated my voting power I just have to tip the few writers I have rather than hope an upvote for curation rewards will be enough.
Concentrating my upvote was great but there is more
As long as I keep buying more coin than I give out the value should continue to go up for those holding the coin. However, with the liquidity pool anyone who gets a tip can cash out right away.
For those choose not to liquidate immediately they can hold on for more value down the road.
First: I'm comitted to purchasing more and more from the liquidity pool until the value goes up to 0.01 HP : GLD. People who hold on should find the value of their coin raising by 42% hopefully within a year.
Second: The community has been running "missions" where I would give out money for a mission in return for a posting the results. That's going to change so that now people in the guild can "spend their GLD" tokens for a deeply discounted mission. Example: Spend 2000 GLD tokens ($5 HBD value) for $10 HBD to accept a dinner mission (where someone gets $10 HBD and their "mission" is to buy dinner and tell the community about it). In this case the 2000 GLD is worth about $5 HBD but I'm discounting the mission so members can get an upsized value on their coin and the community can get a valuable post.
As the name of the community is Earn, Spend, Give .... I want the coin to reflect that. You EARN the coin by posting. You SPEND the coin on missions (or by selling it back through tribaldex) and Give? Well, I'm hoping to set up some philanthropic missions where people spend some coin and I match it to provide food or other benefits to the less fortunate.
In addition to this I'm hoping to start a guild store so members will be able to spend their GLD coin on different items. I'm hoping to buy items and review them as to how useful they are to make a better lifestyle on the cheap. Once I'm done the review I hope to make them available for purchase using the GLD coins at a discounted rate.
In short. Concentrate my vote and give community members the option to spend the coin to participate on different events or purchases
Finding a new use for a languishing coin
Overall I hope that this new use for the GLD coin proves better than the old use. Dusting off an unused coin to make it useful again. However, to anyone out there who isn't in the Earn, Spend, Give community I wouldn't recommend buying the coin.
It has a very small market cap. It has a very limited use case scenario. It also won't appreciate very much in value over time as I expect to fix the price at 0.01hive as much as possible.
Final Thoughts
So to @emreal, @jjmusa2004, @rare-gem, @monica-ene, and @jmis101 the current holders of the coin.
To all people who join the #earnspendgive community and receive the GLD coin in the future.
You can trade off your GLD for HIVE at tribaldex.com
In the future I hope to have a #earnspendgive 'store" so those coins can be used to purchase missions or items that we talk about in the community.
Who knows, maybe I'll even set aside some HP and I'll give monthly HP delegations to newbie's in return for their GLD back :)
But whatever happens I'm glad I have an opportunity to play around with lvl 2 coins and find out how they work.
It's been a learning experience and I still have a lot to learn!
Thanks for reading
and feel free to send feedback if I'm doing something crazy, wrong, or just a little weird :)
Posted Using InLeo Alpha
You vision for this community is just great, I believe all what you said is achievable. I love the idea of delegating your hive power to Leo.voter to get more profit so that you can keep the community running. I have not heard of GLD before, thanks for the enlightenment, I don't plan to trade mine anytime soon , I think I am going to stake it. And the idea of exchanging GLD for HP is just so nice that I wish it were already active 😁😁
I also want to suggest, topics for those who may not really like to take missions to write on instead. I don't know how much you spend on missions but I know it's something huge, don't you think it would be nice if instead of being giving money to take mission, one should just write and then get reward? Maybe that may even cost less.
And also I think getting a curation trail for the community too will go a long way to support members, I know most of us don't have huge HP but if we join the little we have together, it will go a long way too.
The community is just starting, and you are already doing great, members should bear with whatever they are getting for now as reward, I believe with time everything will fall into place.
Thanks so much for the reward..i am grateful 🥰
You are doing a great job, this is very important to the growth of Hive.
Thank you
You are doing a great job, keep it up
Thank you. Glad your back in the community :)
You are welcome
You are really doing an amazing job.
The name changed to #earnspendgive?
I have been a little busy lately and I believe I have missed a lot.
Hopefully I will get to join the week's contest.
Yeah. Name changed. I couldn't see"frugal" one more time. Earn, spend, give. same idea. Earn on Hive. Spend wisely (frugal), give (not stingy).
The GLD token will be
G(enerate) income
L(ive) well
D(evelop) community
I still have lots to learn about.. well.. everything. How you guys tolerate me while I do my best to learn 😀
Okay
That's okay.
We all are learning gradually.
Best to us.
Do have a wonderful day.
This is really impressive.
I like the way you are making impact using hive Blockchain.
I don't know if I'd agree that I'm making much of a difference but I'd like to....so taking baby steps on creating a space on HIVE
Doing something is better than doing nothing.