Some history...Hello! I am Real Rouse from the BSOV Token community (
https://bsovtoken.com). I am a long-term voluntary contributor to BSOV Token, and have been so for nearly 5 years now, since I discovered BSOV a few months after its smart-contract was deployed June 17th, 2019.
BSOV Token is a PoW-minted and deflationary ERC20 Token built on Ethereum (ETH) blockchain, deployed by a pseudonymous creator "Mundo", therefore making BSOV completely community-driven, as there is not one person or organization with a pre-mine.
A few months after BSOV was deployed, the token was PoW-minted like crazy, and received hundreds of new holders.
Some of the biggest and most committed holders decided to timelock their tokens in a smart-contract. David (NoMoreHandlesMan) wrote and deployed a timelock contract where any BSOV holders could voluntarily timelock their BSOV Tokens. A few people did timelock their tokens, and due to the smart-contract logic, can only withdraw a limited amount of 1000 BSOV per week. However, only a few have actually done so, over the 4 years the timelock contract has existed.
After I discovered this timelock contract, I timelocked a lot of my BSOV tokens and decided we could do more, so I coined the term "SovCube", as in "Store-of-Value Cube". The term Store-of-Value (SoV) also lies in the name of BSOV Token, which is short for "Bitcoin Store-of-Value", or "BitcoinSoV" as you can see if you look up the token contract in Etherscan at
https://etherscan.io/token/0x26946ada5ecb57f3a1f91605050ce45c482c9eb1. Take note that I have determined that saying BSOV Token is better than saying BitcoinSoV when speaking about this token, due to the misconception and confusion with the original Bitcoin name, and due to ease of speech. It's difficult to say "Bitcoin S, O, V", so now I say something more similar to "BEE SOV TOKEN". The reason why this token was called BitcoinSoV was because of the similarity to Bitcoin's 21 million token max supply, and the PoW-mining function with the same 4-year halving schedule. The reason for the SoV-name is the deflationary mechanism of BSOV Token, where 1% of the amount of each transaction is burnt and destroyed forever, making the supply decrease over time. The supply decrease, if given adoption; will make the price appreciate over time after all the tokens have been minted. The original Bitcoin when fully adopted, is designed to become stable, and BSOV Token is designed to increase. Of course, BSOV is not Bitcoin - Bitcoin is a first-mover, and BSOV is one of tens of thousands of tokens out there; so comparing the two in terms of adoption and network effect is not really rational.
The deflationary mechanism of BSOV provides a deflationary alternative to this increasingly inflationary world, where centrally controlled inflationary currencies (CCIC) a.k.a fiat-currency go rampant across the world; undermining the world's population. People are forced to use the ever-inflating fiat currencies, due to the Legal Tender laws. Inflation is policy that all economy students are taught is good for the economy. The central planners have decided that 2% inflation is a good target, and they believe this fuels market innovation. The reality may be something completely different, and these policies are not usually democratically chosen by the people. Very few people actually understand the intricacies of fiat-currency, economy and inflation, and therefore do not understand the hidden tax of inflation. Inflation makes governments stronger, it doesn't necessarily make the economy stronger. When shit hits the fan, and the economy becomes worse, they try to push buttons to increase interest rates, and have previously bailed out banks who fail. This is one of the reasons Bitcoin was created by Satoshi Nakamoto after the financial crisis (2007-2008), because he was fed up with the current centrally controlled nature of money.
So, about SovCube: In 2020, I coined the term SovCube and made the website
https://sovcube.com to display and showcase the voluntarily timelocked tokens by the SovCube community. This was very welcomed by the BSOV community, and even more people (including myself) began buying and timelocking BSOV Tokens, totalling over 1 million BSOV Tokens timelocked; which is currently about 29% of the minted BSOV tokens. Consequently, this made BSOV increase rapidly in price, but the price did not sustain, possibly due to mining becoming profitable, so the miners would quickly sell the tokens as soon as they were minted.
Fast forward to December, 2022 and something unexpected happened! A bug now called the "Bricking Bug" in the BSOV smart-contract stopped all mining, (read details at:
https://medium.com/@real-rouse/bsov-token-has-stopped-minting-new-tokens-20b19bbf5eae), effectively capping the max supply of BSOV to 3,980,500 (nearly 4 million). This was a blessing for some, and a curse for others. The blessing for current holders was that their token's value would never be diluted by more PoW-mining. The curse was that BSOV Token lost the mining function that defined BSOV.
A consequence of the Bricking Bug is that the excitement for BSOV quickly faded for many. The community went AWOL so to say, and nearly no activity was present in the Telegram chat at
https://t.me/BitcoinSoVcommunity. I thought this was very frustrating, and there were several months that no one answered me when I talked about things in the chats. "Have people forgotten BSOV and our goal?" I thought, or "Have people completely disbanded BSOV?", so began to conjure up a plan. I am a big holder of BSOV, so I decided it was up to me to continue the legacy. This was when I thought of the idea to upgrade SovCube.
SovCube had to be upgraded. We had to recruit new holders. We need something better than the old SovCube, so we need incentives. That's when I decided I will gather up 300,000 BSOV Tokens (currently worth $12,000 USD) and give them out to people who timelock tokens. With no funds to pay a developer, this plan forced me to learn solidity and smart-contract programming, and web3 libraries. With the help of the AI from ChatGPT, I managed to build the new SovCube in less than 3 months.
Testnet ReleaseTherefore, with this post I am pleased to announce that SovCube Timelock Rewards dApp has been released on Goerli Testnet. It currently works like a charm, and I'm already in contact with someone to audit the contract. However, I would be pleased to receive more testers before I will release the dApp on mainnet on BSOV Token's 5-year Anniversary which occurs at the 17th of June, 2024.
The new dApp has these functions:
- Timelock Tokens for a lock period of 1000 days.
- Claim Timelock Rewards after timelocking. The earliest users will double their investment (ROI at 100%).
- Withdraw Tokens after the initial lock period has expired, at a maximum of 100 tokens per week.
- Send Timelocked Tokens. Even if you have timelocked your tokens, you are able to send timelocked tokens to anyone else. This means you can gift or pay other people with timelocked tokens.
You can find info about SovCube and its features in the links below:
SovCube Website -
https://sovcube.comTestnet Website -
https://testnet.sovcube.comGithub -
https://github.com/realrouse/sovcube.comOverview of SovCube dApp -
https://medium.com/@real-rouse/sovcube-timelocking-dapp-with-rewards-an-overview-dd9f4e9ebccbDocumentation & Help -
https://testnet.sovcube.com/docsBSOV Token Website -
https://bsovtoken.comIf you need help to start testing it, then please join the SovCube Telegram at
https://t.me/SovCube and I will help you get started. I will also send you testnet tokens.
Otherwise, follow
https://twitter.com/BSOV_ and
https://twitter.com/SovCube on Twitter/X.
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