Less is more - About Musicforlife community token (inflation and supply)

in Musicforlife 🎶2 months ago (edited)

Hey Hello!! These days I will not be able to rest easy until I have better planned the details of the tribe and before I start with more advanced marketing strategies and other things, I want to go step by step to build a solid foundation for the construction of this community.

The topic that I want to discuss today is about the token and I want EVERYTHING to be open for debate before I write something in "stone". and I want you to know that I always read you in the comments you have been leaving in the last posts and I thank you with all my heart.

Then I will go on to tell you my current ideas for what will be the central currency of our tribe and the one that will keep the value of it on her shoulders.

Less is more

This is something that I as an investor always see when putting money in a cryptocurrency, currencies like TRX with so much supply scare me how to think of them as a good investment in terms of protecting their value. We do not have to go very far, we can see with BITCOIN that it barely has 21 million maximum supply and this will not be reached until the year 2147.

The only reason why the tribe will have inflation is because it is the way to quantify rewards for the users who will be part of it, just like bitcoin with the rewards for the miners.

However, I will totally aim for inflation that does not exceed 5% per year and a maximum supply of 21 MILLION. YES, such as how bitcoin is a clear tribute to it and I will also explain why I want our currency to have such a low supply (read until the end of the post that there will be little surprises)

So far hive has a total circulation of 411,086,926 and has an inflation of around 8-10% which mitigates a bit considering it an asset that protects the value of the investment, at least until after the year 2025 when inflation will be around 5 %.

Leofinance, which is undoubtedly one of my favorite tribes and the one that has inspired me the most to see the potential of content creation, has a circulating supply of 6,121,547 and a staking of 4,400,657, so the available supply will be around 10 Million.

What I propose is that our initial supply will be between a minimum of 100,000 coins and a maximum of 1,000,000, and that from there we apply the maximum of 5% annual inflation for the rewards, which would basically be divided into:

  • Authors 35%
  • Curators 35%
  • Token Holders 20%
  • Miner tokens (Like LeoMiner) 10%

This is how the annual inflation would be divided into 4 POOL of rewards, basically we can see that 70% will go directly to users who are active within the platform, making content creation and interactivity the largest source of creation of wealth through the proof of brain.

20% would be for staking within the platform (token holders), just like when you place hive in hive power you will receive passive rewards for having it there, it will be the same with this new token. In this way we reward those investors who decide to buy and protect their investment in our currency.

10% for token miners, well this at the beginning will be a way to get liquidity for the team for marketing and expenses issues but in the sense of the reward, it is a much more passive way for investors unless they do not want to keep the currency in power and they do not want to be part of the tribe's activities, but they nevertheless want to participate in the project.


But aren't there very few coins?

No! Like I said, less is more. I want that apart from the fact that we are going to be the largest community of music lovers in hive, we are seen as the tribe with a token that is a refuge of value, and the only ones that can be seen like that are those assets that are scarce and valuable. That is the goal of my youth, to create together with you a platform based on a useful, fast token and without commissions thanks to the hive blockchain, easily accessible and that protects the investment of its users with policies and economic measures that allow it. .

In the worst case, what will happen is that we will have a coin with too much value that may not be accessible to everyone as an investment if they wanted to buy one, but it is as simple as creating the token (thanks to hive -engine) with the possibility of having several decimal places (perhaps the same as bitcoin 👅), thus making it possible to acquire smaller parts of a token and having the possibility of any user being able to participate in this big project.


Competitiveness

It's a word that I personally love, there are people who don't, but I think that the fact of competing brings out the best in us, that internal energy to give more and more and be victorious. Anyway, I see it as something totally positive for the development of anything, that is why I believe that in this aspect we will be the most attractive tribe as an investment within hive starting from the point of view of a refuge of value (which is something of the that the other tribe have not taken advantage of) and making us a renown in our niche that is the subject of music and derivatives.

In addition to that same competitiveness, it will be what makes us want to get more and more products, services and ways of adding value to the currency. We start from the fact that the tribe has an extra advantage when it comes out with a game that is @risingstargame, and that it will be just the basis of what we can do.



Be included in the initial distribution

If you have come this far in reading, you will be rewarded because if you read my last post about a bit of the way in which we will do the initial distribution as far as users are concerned, you will know that there will only be 2 ways to participate in it:

  • Being active in the community with posts
  • Burning starbits

On the first, we will do it through a (still rustic) system of points in reference to the posts you make within the community. 1 POST (decent quality) = 1 POINT.

But you can also earn a couple of points today by answering these questions in the comments! I will notify my colleagues who are in charge of keeping an account of these so that they can update the document with the participation you have in this activity.

1 question = 1 point (answers with monosyllables are not valid ..)

1) What do you think of the tribe's proposal as a haven of value thanks to low inflation and supply?

2) What do you think would be the best name for the tribe and its currency? based on our niche theme which is music

As the actual #musicforlife It is a name to test the product, but if we find a better one, we will surely end up opting for another name.

Follow the development here
Community Announcement
Initial distribution

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  1. What do you think of the tribe's proposal as a haven of value thanks to low inflation and supply?

I have no opinion. As I think you know, I feel strongly that not everyone who participates in initiatives such as this (at a micro (the tribe) and a macro (Hive itself) level) should not have to be any sort of expert in tokenomics. In fact, if you want to extent the audience to all music lovers (and not just cryptoheads who like music), then it is essential that there is as little cryptofriction as possible.

  1. What do you think would be the best name for the tribe and its currency? based on our niche theme which is music

I'd try for something that embodied the involvement that you want to foster. Maybe with a soft call to action in the name e.g.

MusicChat (MCHAT)

That's a bit weak - but I'll think about this over the next day or two and see if I can come up with a couple of better suggestions...

.g

calm! these things of discussions about the token and others is only for now, until we already launch a product that we can massify beyond the crypto world. I want to lay the foundations of the community so well that I don't have to worry about it again (token-economics) for a long time and focus on improving the product.

Hope to read more name-ideas!! ill write them all and see which can be better to express the soul of the tribe. Thanks!!

Oh, I am calm. 😄

I'm just not going to pass up any chance to bang on about it 😉

More 'off the top of my head' names (as I think using MUSIC for the token is nailed on if it's available!)

Music Matters (although that's a bit Alan Partridge!!)
Music And Me
Musical Musing
The Music Center
Musicology

Or you could go for the 'does what it says on the tin' approach.

The Music Community

Informative post

  1. What do you think of the tribe's proposal as a haven of value thanks to low inflation and supply?

I would prefer a lower supply for the collectability of the token. So if the max initial supply is chosen say 1m tokens, and you apply 5% inflation -> does that mean there will be 1.628 m in 10 years?

In addition, you say a maximum of 5% inflation, so are you reducing it, so that it will tend towards a maximum in maximum for many years to come or is there not really a max? That being said I think the rate of inflation is low enough for your initial supply. So it is really choosing the initial supply of between 100k and 1m. Either one seems kind of okay, just my 2 starbits. 100k sounds a bit better, but then users will be getting decimal points of the new token haha.

  1. What do you think would be the best name for the tribe and its currency? based on our niche theme which is music

musicforlife is decent name for the tribe I think, so it can be used for the tribe, but maybe it is a bit too long for the currency, you may need a shorter version of it for the token or something to do with music. How about 'Piece'? Sounds like Peace, and you are earning a piece of the rewards lol.

'Notes' suggested by @bocatan is also very relevant.

really with that supply and inflation, we will have rewards up to a century and more hahaha. I would say to start with 5% and well we have to calculate how many years after the start inflation would go down to say 1-2%.

and about users getting decimals, I don't care at all haha. The thing is that those decimals will have a lot of value, for example a user will prefer 0.001 BTC to 100 TRX,right? for the value of these cryptos. What we are going to have in the tribe is a section with the real price of the token like in leofinance, so the users will know how much $ are earning.

  1. What do you think of the tribe's proposal as a haven of value thanks to low inflation and supply?

    Honestly, low inflation and supply are good for the economy of the token, so that's a good thing.

  2. What do you think would be the best name for the tribe and its currency? based on our niche theme which is music

    Maybe it could be notes (as in music notes). It is still within the theme, but makes it stand out.

I'd avoid notes - it may get associated with Choon and possibly the bad blood that was around with it's closing.

That's true

  1. What do you think of the tribe's proposal as a haven of value thanks to low inflation and supply?

It plays a primary role and the investors feel it a safe haven to be active participants. #archon #leo are good examples, already. My choice would be "low inflation and supply".

  1. What do you think would be the best name for the tribe and its currency? based on our niche theme which is music

I'll suggest Magical Beats

perfect! glad you like the idea of low inflation and supply

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  1. What do you think of the tribe's proposal as a haven of value thanks to low inflation and supply?

I guess it will work nicely.

  1. What do you think would be the best name for the tribe and its currency? based on our niche theme which is music

Chimes.

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I think it makes sense to mimic Bitcoin in terms of the supply and inflation as it is after all the Daddy of crypto and a lot of thought went into its creation.

Why don't we call the token MUSIC? That seems to be available. Obvious names are always best.

Haha! Really? I just assumed it would already have been used!

Little lesson for gribbles, there. 😉

If MUSIC is available, then it gets my vote.

Yeah I was thinking MUSIC, but MUSIC is already used by another crypto called Music coin so there might be some confusion?

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OMG MUSIC its still available? haha im surprised like @gribbles.

and we can be better than bitcoin in the sense of that we dont have fees and that makes even easier to massify the product!!

Crossposting from the Discord, 'cos I think I've come up with a doozy for the name of the token 😁

What about $APPLAUSE ?

I like the idea of sending someone some $APPLAUSE, or saving my $APPLAUSE up (staking)
It works that the more $APPLAUSE you have, the more popular you probably are. (Ignoring that you can simply buy $APPLAUSE - but even that works in a way!!! 😉)

hey!

  1. Less is more definitely, we've seen it in other projects with high supply, dumpsters come and do their thing and the price of the tokens go super low. So better keep it in a low printing machine, distribute only to people who really deserve it; make the token desiderable, hard to get, but reachable. Like everything in life, if it takes effort to get, it will be more precious ;D
  2. Names for tribe could be: music lovers, love for music, music for life (as this account), musicphilia, heartmusic, music passion, hive band ... for the token I think the name is more important, needs to be short and catchy like Vibes, Chords, Notes, Tones, Melodies, Tunes...

:D

Late to the party but I think using the same concept as Bitcoin with 21 million is fine but as long a the majority of people getting involved and using the new website/community aren't going to need too much knowledge of crypto then that's the main thing! Crypto has ruined many friendships!

As for the name of the token, you could create a LISTN (listen) token, MUSIC also an option (musicoin seems to be dead?).

hey!! not late, we still working on the project and i think we are gonna launch it the next month :) as seems we have enough users and a lot more coming from my youtube channel.

I like the LISTN name. and yeah totally thats the goal, to make a newbie friendly web page with a good design :)