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How can you measure the total commitment which token holders have for a token?
How can you prove your token has more committed holders than other tokens?
I was asking myself these questions when I was creating SovCube, and these questions sparked a concept I called Proof-of-Commitment.
Proof-of-Commitment (PoCom)
I created a simple equation.
%OfCirculatingTokensLocked * AmountOfYearsLocked = ProofOfCommitment.
Why? For bragging rights? Well, that's for you to interpret.
What is SovCube?
SovCube is basically just a fancy way of saying "Timelock contract". It is a website at https://sovcube.com - A marketing gimmick which uses BitcoinSOV (BSOV) as a try-out currency. BitcoinSOV is used mainly due to its 0 premine, no dev-fee and that all tokens are mined and not airdropped. All BSOV token holders are already committed to some degree, compared to holders of airdropped tokens. To me, BSOV seemed like a good candidate to experiment with the concept of PoCom. The timelock contract was already written and deployed by David @NoMoreHandlesMan and a proportion of tokens had already been timelocked before I started conceptualising it further.
The effect: I speculate there may become a competition between different ERC20 tokens to prove how many token holders are committed to holding the token by timelocking/freezing their tokens voluntarily.
Nearly 5% of circulating BSOV are already timelocked by volunteers.
What effects do you think Proof-of-Commitment may have?
Do you think Proof-of-Commitment may be an important metric for the deflationary cryptocurrencies to succeed?
How can you prove your token has more committed holders than other tokens?
I was asking myself these questions when I was creating SovCube, and these questions sparked a concept I called Proof-of-Commitment.
Proof-of-Commitment (PoCom)
I created a simple equation.
%OfCirculatingTokensLocked * AmountOfYearsLocked = ProofOfCommitment.
Why? For bragging rights? Well, that's for you to interpret.
What is SovCube?
SovCube is basically just a fancy way of saying "Timelock contract". It is a website at https://sovcube.com - A marketing gimmick which uses BitcoinSOV (BSOV) as a try-out currency. BitcoinSOV is used mainly due to its 0 premine, no dev-fee and that all tokens are mined and not airdropped. All BSOV token holders are already committed to some degree, compared to holders of airdropped tokens. To me, BSOV seemed like a good candidate to experiment with the concept of PoCom. The timelock contract was already written and deployed by David @NoMoreHandlesMan and a proportion of tokens had already been timelocked before I started conceptualising it further.
The effect: I speculate there may become a competition between different ERC20 tokens to prove how many token holders are committed to holding the token by timelocking/freezing their tokens voluntarily.
Nearly 5% of circulating BSOV are already timelocked by volunteers.
What effects do you think Proof-of-Commitment may have?
Do you think Proof-of-Commitment may be an important metric for the deflationary cryptocurrencies to succeed?
It is not a bad try out. I will like to keep up with the progress of your experiment, in as much as I believe it will not have a very good reception because over 90 percent of individuals in this cryptocurrency space are in it for the profit and that is why Proof of Stake (POS) looks more attractive.
People will want to commit to your project if there's something for them in it and developers offer this through staking rewards
Great! Please keep up with us
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