Page 1 literally says it is: "Coinbase (block reward): 10 000 SMLY (halved after 7 years) goes to miners (10%), dividends (45%) and donations (45%)"
Only 10% for miners is incredibly discouraging.
Ah, yes, sorry, I've changed this to just say
coinbase since it now confused me as well.
Usually we think of
coinbase=block reward = miner's reward for a coin and this is not the case for SmileyCoin.
5k is the block reward.
2250 to someone
2250 to someone else
500 TO THE MINER
appears to me that coinbase IS the block reward since miner gets 10% of 5,000, which is 500.
The first post even says this: miners (10%), dividends (45%) and donations (45%)
wtf is a dividend, and why is that wallet not being used? where are donations being spent?
One wallet has 486,045,000 SMLY, another 27,826,000. Nothing out, only in. More than one of these wallets earning, too. Each block shows other wallets for the 45%.
The 'official' coin fund( I assume dividends) is at 9,543,133,975.82 SMLY (25% of all coins produced, by the way)
The 'official' Charity fund(donations is most logical) is at 2,619,266,032.25 SMLY.
All of this is detailed in a peer-reviewed professional publication, which you can find here:
https://ledger.pitt.edu/ojs/ledger/article/view/103I've removed the reference to "block reward" since it's not really a "reward" and I suspect most of us think "miner's reward" when we hear "block reward".
Allow me to summarise, first the
coinbase split. The coinbase is currently 5000 SMLY:
- Miners receive 10% of the coinbase, currently 500
- 45% form a donation: paid in a rotation to 10 income streams for charities - payments from every block to the SmileyCharity
- 45% automatically pays dividends to those who hold 25M SMLY in one address - rotating payments from every block
Next, allow me to explain some of the addresses which are at the top of the rich list:
- The SmileyCoinFund is a formal fund with a Board, to support edTech and related activities. To date the only applications have come from the SmileyTutor, which has a reward scheme used to support students in African slums who borrow tablets in libraries to study. As they progress in their studies, the students earn SmileyCoin which they can use to purchase foodstuffs, sanitary pads, airtime or even the tablets themselves. This is currently used in 45 SmileyLibraries in Kenya. These coins were set aside back in 2014 and subsequently moved to a formal fund which is designed to be a traceable as possible: Each transaction out of the fund is described with a plaintext string describing where the funds are being sent. Four organisations each have one member on the Board.
- The donation address for the SmileyCharity is the next one on the list. When the students purchase tablets or purchase foodstuffs in the SmileyStores, these items have in fact been donated by the SmileyCharity which therefore receives the actual SmileyCoin payments.
- Most of the donations in the 10 income streams are still unused. One income stream is used to test Universal Basic Income in African slums and another two are simply paid forward to 40 other charities.
The
dividends are simply rotating payments to any address containing at least 25 M SMLY. The reason for this is that these are the HODL-ers who have purchased SmileyCoin to support the project. If the amount in such an address falls below 25M then the address stops receiving dividends. If any spending occurs from the address, then it moves to the back of the list. The point is to encourage support for the coin.
Some history for those of you who are new to the coin:When the coin started i 2014, a 50% premine (24 bn SMLY) was set up to support the SmileyTutor. The intention was to spend the premine roughly at the same speed as the miners generated new coins. Today the SmileyCoinFund has 9bn left whereas 12bn have yet to be mined, so the spending from the fund is a bit more than new coins from mining, but the mining is also a bit behind schedule.
In 2017 the coinbase split was set up. There were many reasons for this, among them was incredibly difficult logistics introduced by mining pools who aggressively mined the coin (using bad allocation algorithms) and then left it with an extremely high difficulty (this is actually why the mining is behind schedule). This was also why we changed the coin to allow mining using several mining algorithms.
If we had known in 2014 that we could simply split the coinbase, then we would probably have doubled the coinbase and gone with a coinbase split directly to the SmileyTutor but no premine. It's easy to be clever in hindsight.
If you managed to get through the previus post:
The SmileyCoinFund donates to the SmileyTutor, which pays students who purchase stuff from SmileyLibraries and the SmileyCharity basically buys back those coins.
Since there has never been much of a market for SmileyCoin, for the most part this just stays in the SmileyCharity's wallet.
Further, the SmileyCharity is in charge of the 10 donation addresses which receive 45% of the coinbase. Three of these are actively used for UBI or forwarded to other charities.
As more coins leave the SmileyCoinFund and more students purchase more stuff, more coins end with the SmileyCharity. There have never been much of a market for SmileyCoin and the SmileyCharity has never really been able to sell many of its coins.
For the SmileyCharity it would be optimal if an active SmileyCoin market would exist, with some demand for the SmileyCoin. However, this has not materialised even though the coin is now almost 10 years old.
The net result is that the SmileyCharity is accumulating too many coins...
Give it another 3-4 years and the SmileyCoinFund will no longer be at the top of the rich list.
As this trend continues, we need to start thinking whether the SmileyCharity should eventually take over from the SmileyCoinFund, donating coins back to the SmileyTutor. The SmileyCharity has a mission to help students in slums and refugee camps to get into university. It doesn't really run the SmileyTutor, which is open software developed by the University of Iceland and Shuttle Thread, but if the coins can not be sold and just keep accumulating then the SmileyCharity may just as well donate them back to the SmileyTutor.
Comments welcome...
It is now possible to purchase SmileyCoin on FreiXLite
Many thanks to the administrator who put considerable effort into this!
SmileyCoin is now also a part of the Hybrix ecosystem.
Go to hybrix.io to pick up a wallet.
Hybrix is pretty cool: it combines a multicoin wallet with a swapping mechanism where you can swap coins.
If you are here, you probably know that students in African slums and refugee camps are the main users of SmileyCoin.
That project is run by the SmileyCharity and you can more about this on Patreon, at
http://patreon.org/eias.
By joining up with Hybrix, SMLY is a part of a multicoin wallet with swap options in several pools. This is really cool stuff.
There is a proposal to extend the SmileyCoin onto other chains. For example it would be useful to have SMLY also on the BNB chain. This has already been done for HY within the HY ecosystem. The simplest and safest way to do this is for the SmileyCharity to burn some of their coins on the old chain and generate newSMLY on the BNB chain.
The SmileyCharity has just started a tree-planting programme in Kenya. Students plant fruit trees, report on progress and earn SmileyCoin. The SmileyLibrary (school/library) will own the trees and the plan is for the SmileyLibrary to sell the fruit for SmileyCoin.
Check out the SmileyCharity page on Patreon to see stories about education and how SmileyCoin is used in slums and refugee camps.
https://www.patreon.com/eias[moderator's note: consecutive posts merged]
