Announcement - New buyback system coming soon
50% of all revenue of Holybread go to our prize pool of which we distribute 20% of it every week to the players in our weekly buyback. After only a few weeks we realize we are not happy with our buyback system because some players are disadvantaged. We receive a lot of suggestions on how to change it by users in our discord server and even in comments below our posts. In order to create a fair and equal system we decided to make some changes to our buyback in the near future. It will be easier for everyone!
How does the buyback work currently?
Since the release of Holybread we buy back Breadcrumbs from players on Steem Engine every Sunday. Players have to transfer their ingame Breadcrumbs to Steem Engine. Therefore we use 20% of the prize pool to assure a more or less stable amount of Steem to use for the buyback. On random times throughout the day we fill sell orders on the market. We start from the lowest sell order until we run out of Steem.
What we don't like about the system
There are two major points that we do not like about the current system:
People have to get familiar with Steem Engine. Some players have probably never used Steem Engine let alone traded their tokens there. In order to receive part of the Steem from the prize pool it is inevitable to send Breadcrumbs from ingame to Steem Engine and create sell orders.
The exchange rate for Breadcrumbs is not equal. As people set sell orders at different prices, the value of Breadcrumbs differs within one round of buyback. It feels a bit like gambling to set a price for a sell order to make sure it gets filled at the highest exchange rate possible.
How will the new buyback system work?
The new system will distribute Steem from the prize pool on a daily basis. In order to receive part of the Steem players have to send the amount of Breadcrumbs they choose to a pool ingame. None can see how much Breadcrumbs are already in the pool for the day. After a period of 24 hours, the amount of Steem from the daily prize pool will be devided equally among everyone who has sent Breadcrumbs to the buyback pool. The Breadcrumbs players have sent will be gone. After all Steem is sent to the players, a list will be published ingame. This list will show all players and their amount they sent into the pool and the Steem they received in return.
What advantages does it have over the old buyback?
We see four huge advantages in this system:
- It is simple! Everyone can join in easily without caring much about Steem Engine and sell orders. It's just one click at a button ingame and you're in.
- The price of each Breadcrumb within one circle is exactly the same. Everyone who sends Breadcrumbs into the pool can be 100% sure that he/she will receive a part of the Steem from the prize pool.
- It is very transparent! After every 24 hour period, every player has acess to the list that shows ever detail of the buyback.
- It's on a daily basis. When a player doesn't have time to send his Breadcrumbs to the pool on one day, he/she doesn't have to wait a full week.
When will the new system come into effect?
We do not have a date for the new system yet. It will take a few weeks as we want each and every player to be well informed in advance. Also the system has to be thoughtfully developed and extensively tested.
We will let you know about the date early in advance before the new system starts. There will be another announcement here and in discord, as well as an ingame notification.
Please feel free to aks questions.