A very simple idea for a token, what are your thoughts about it ?

gravityfoil

newbie

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Quote from: coinmaster241 on March 10, 2021, 04:34:32 AM

I still don't really understand that, what I understand is how often the incoming and outgoing transactions count how difficult the block is,
Sorry if what you explain makes me not understand

Not a problem.
1. Each address has a right to claim 1 token. This means that there are (in theory only) infinite number of claims that anyone can make.
2. Each claim costs some GAS money (this means that I am thinking about Ethereum network or any other where you have to pay the GAS).
3. We can automatically regulate the amount of GAS money increase per time, number of tokens claimed, or both. In a sense this would be equivalent to a constantly-rising mining difficulty... whether you spend the GAS money or pay the electricity bill... does not matter at the end. We could complicate it more and make it follow the actual mining difficulty of the main network currency, but lets keep it simple for now.

gravityfoil

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Quote from: gravityfoil on March 09, 2021, 10:32:07 PM

If you have to claim the token and the value of the token is less than gas, no one will claim it. If team members received tokens they will dump on the market and that will keep the price down, which will prevent people from claiming. The main issue though is, why do people want the token? What does it do? What is the utility? I could mint a million fart tokens right now and send them to you but they wouldn't be worth anything.

If nobody claims, then the total amount stays low (and constant) and therefore the price correlates a demand. What prevents people from claiming is the increase in price (over time, total token amount, or both) while claiming is regulated by the GAS fees. The utility is simple, and it is to rise its price together with a demand. The price increase is driven by the GAS fees, which means that it should be very rare to find a token sold below the price that claimers paid for.

I know, the design is too simple, and the success is implied by the hype... It was only an idea. Like I said, I can make this token in one day and finish the whole project in a few weeks without any team. The rest is just promotion, which may cost more than whatever you'd gain by selling it on exchanges... which means, it needs a strong community.

RussianEnglishTranslation

jr. member

Activity: 840

Merit: 6

Quote from: gravityfoil on March 09, 2021, 10:32:07 PM

Here is an idea: create an ECHO token. Each new address gets exactly 1 token. In other words, you mine the token by opening a new address and by minting exactly one token per address, with a contract.
Difficulty increases by echoing the calls between two contracts, meaning that the lowest price should be the gas price spent on obtaining 1 token (with a standard of 18 decimals).

We can also automate difficulty and increment it by 1 call after a certain period of time or after a certain number of tokens are minted (or both).

Very simple design, I can code it in 1 day. I can also code the DAPP for it too.
PS It doesn't need a contract owner, and can be fully autonomous.

Thoughts? Opinions?

Thank you.

If you have to claim the token and the value of the token is less than gas, no one will claim it. If team members received tokens they will dump on the market and that will keep the price down, which will prevent people from claiming. The main issue though is, why do people want the token? What does it do? What is the utility? I could mint a million fart tokens right now and send them to you but they wouldn't be worth anything.

coinmaster241

member

Activity: 672

Merit: 32

I still don't really understand that, what I understand is how often the incoming and outgoing transactions count how difficult the block is,
Sorry if what you explain makes me not understand

CaptainDeFi

newbie

Activity: 114

Merit: 0

Tokenized health care Roll Eyes

gravityfoil

newbie

Activity: 14

Merit: 0

Here is an idea: create an ECHO token. Each new address gets exactly 1 token. In other words, you mine the token by opening a new address and by minting exactly one token per address, with a contract.
Difficulty increases by echoing the calls between two contracts, meaning that the lowest price should be the gas price spent on obtaining 1 token (with a standard of 18 decimals).

We can also automate difficulty and increment it by 1 call after a certain period of time or after a certain number of tokens are minted (or both).

Very simple design, I can code it in 1 day. I can also code the DAPP for it too.
PS It doesn't need a contract owner, and can be fully autonomous.

Thoughts? Opinions?

Thank you.

Topic: A very simple idea for a token, what are your thoughts about it ? (Read 46 times)