Topic: [ANN] DeFiBronze (DFB) - Proof of Burn (PoB) Token on Polygon/MATIC Network (Read 132 times)

I think Proof of Activity Sounds like a Good General New Protocol.

There is a Pitfall to be avoided, but we can get to that Now. There have been Tokens made on the Blockchain that made it where, I am not sure on the Math but to make it simple let's say the way it Worked (and this is how it Worked, I am just not sure on the Math) it Released 1 Token Every Time someone did some Specific Action. This seems Fair at First because anyone can come in and get one.

But they found that People could make Several Accounts and be Performing the Action Several Times, and this isn't much Different than ASICs Taking Over Blockchains, but it didn't Work for the Tokenomics. It Quickly became Unfair. Or a 51% Takeover.

51% Takeover used to be a Death Sentence, even if the Token or Coin Maker was the 51% Holder. That is, until Steemit, where they Promised to use the 51%+ that they Held to Fund New Accounts and Community Development. Since then there have been many Projects where the Creators Hold 51%+ and it has been more Accepted than it was before.

But the Point being, Increasing the Rewards Pool to meet Demand does not Work for Mining.

When Mining and doing Proof of Activity, it should be like Proof of Stake. Each Activity should count as like 1 Stake, they are called "Vests" in Steemit Language, and we could use that Word. Each Activity constitutes Vestment, Vests we could say, and the Rewards Pool does not become Larger. Instead, the Coins become more and more Rare.

This is what Bitcoin Mining Calls "Difficulty". As more and more People Mine, the Difficulty goes up, and where You used to be able to Mine with a Laptop, now the Difficulty has gone up, and You need a Mining Farm to do the same Thing a Laptop used to do. Just because there are so many more People with more "Vests", or "Hashrate" in Bitcoin Mining Language. The Vests and Hashrate are Similar.

In Proof of Stake, the Hashrate comes from the Vested/Staked Currency, so they are exactly Correlated. If we just use Proof of Stake as our Standard, then we can make this all Very Simple.

I am making a Proof of Burn Token. So the Burn will be a kind of Vest, or a Share, a Hashrate, once Burned the Hashrate will go to the Wallet that Burned the Token. And the Rewards Pool will not Grow. But instead, that Person gets a Hashrate, and it makes it Harder for Everyone else. The Difficulty goes up.

Lol

I was Scouring the Internet looking for Minable ERC20 Token Information, and there came up a very informational Article, it might have been Documentation somewhere, I wasn't Paying Attention to the Page it was on, it could have looked like a Wiki, I don't Remember. But it had 3 Types of Mining Listed, and "Proof of Activity" was there with the Other 2, and they were all Hyperlinked. And it took me to this Thread. I was Surprised to find that it existed and that it got so into the Subject of such a General Proof of- that could be used for Minable Tokens.

I was around for Proof of Solar, and when Peercoin Started Proof of Stake, I remember all of that, there was supposed to be Proof of Identity Chains where You would get Paid for Logging in with Your Government ID, and it would be however many Times a Day or whatever like Mining Blocks to Keep the Blockchain Moving.

But Proof of Activity, that is a Great General New Concept, and it is 10 Years Old, but I would say it is still New. Just like I thought that Minable ERC20 Tokens I had heard of would still be around, they are all kind of defunct because they met that Pitfall that I Talked about in the Post that Revived this Thread.

I just see it as Worth Discussing Now. We could Call the HIVE-Engine Smart Media Tokens, "Proof of Activity". This is Definitely going to be where Currencies head. Because this also then Covers like Basic Attention Token (BAT), which I think was Part of the Brave Browser it was maybe Called. And People would get Paid for using that Internet Browser.

And just me knowing all of this, and being in the Middle of Creating a Minable Token that Works by being Burned and that Creates a Hashrate, I thought I would Add to the Concept and maybe we could get Everyone thinking. Because these are the Important Discussions. More Features IN WALLET, which is kind of Ruled by Token Wallets Right now, Creating Tokenomic Wallets are the kind of Cutting Edge Tech, that being CoinBase Wallet, Trust Wallet, MetaMask, KeyChain and TronLink. This is the most FUNCTIONAL WALLETS IN EXISTENCE. It used to either be like Bitcoin where there was just kind of a Send Function in the Wallet, to Proof of Stake where You could Mine Directly in the Wallet and at the same Time People Created Point and Click Mining in Different ways, that was also when Butterfly Labs was making the First ASICs for Bitcoin Mining and You could still Mine with a Laptop, I think each Bitcoin was $25 instead of $65,000. But the Wallet Functionality Discussion, and the "Proof of-" Discussions are the most important we can have.

Security is Probably Next, but it gets a big Chunk of the Conversation, so maybe some of the Security Features Community could even Benefit Financially from Thinking this way.

We used to Talk about Solar Mining and Living on Boats in the Ocean, and 3D Printing Things to Live on in the Ocean, being Platforms, and all kinds of Crazy Designs that now AI could be used to Generate. We used to Talk about Creating a Town Called Bitcoin Town, and it seems that somehow Cryptocurrency is becoming almost Childish, almost like it is Reverting Psychologically to a Childhood Tool, and Children should Learn to use it, but Everyone else needs to know how to use it to, or else they are going to be behind when all the Kids come and they are just waiting to Read my Words and that is all they need to get to the Next Solar System. Because we used to Talk about that too, Colonizing Space. In the like 50s they Started Calling it "The Last Fronteir" just imagine that (and they did) they had that kind of forethought, that it would be a Frontier.

Hello...

Tokenomics is kind of a new word, and I've been so analytic of the Economics of all of this for years that when someone first said it to me, I didn't even know what the Word meant, but then I looked it up and I kinda felt like some of it comes from reading my threads, I'd like to know how much the name Tokenista inspired the Coining of "Tokenomics", but that's beside the point. Anyone who reads this will know a little more about Tokenomics than everyone else.

So,
I have been saying since ERC20 Tokens started that we need DEXs and Alt-to-Alt exchanges like CCEX was. This was advanced by EIP-1167 which lowered the price of Cloning Contracts. 3 Days Ago TRON Changed their SunSwap protocol and just implemented Token-to-Token, beyond that we can see Aggroed and STEEM-Engine, and HIVE-Engine as exemplary Tools in this field, Rivaled only by like BitShares User Issued Assets (UIAs).  This new TRON protocol will allow, for example, me to Buy the Token of a friend and keep their Token alive with mine, that option becomes available when I can create a Trading Pair.

If we then look at Tokenomics as it exists today, it seems to have been developed from reading Bitcointalk threads, as if you have been part of Bitcointalk for a while, you will at first glance see that Tokenomics primarily consists of what we call Specs on Announcement threads, the Specs of the Coin, the Total Supply, the Decimal, the Name, the Symbol, etc, etc. From there Tokenomics basically seems to just be a description of how your Coin will have a continued Value. This was a big Problem in the ICO and BitShares UIA world, and the main answer has been Buy Backs and Burns.

So a Buy Back and Burn should be more popular now, that is you create a Fund that is meant to Buy Tokens back from Customers. Much of DeFi currently does Burns, but forgot the Buy Back.

If I say "30 Days to $500,000 Buy Back", or even like a $10,000 Buy back, if your customers have Warning, they can go Buy up all the Cheap ones and raise the price way up, the you Buy up even higher, so it's a Win Win as everyone competes to get the most of the Buy Back Amount. This then works in reverse also, I can say "We are about to dump $100,000 of Coins for a Land Development Project to advance the Currency", and everyone who needs to can Sell, while everyone else gets ready to Buy, because the others are Selling and you are about to Dump on them.

So adding more to the Buy Back and Burn in terms of putting out intentions, and preparing your customers, and having them be able to Trust you, they don't have to, but when they see you doing what you are saying you'll do for them, they can start to trust other things you are doing.

Much of Tokenomics is in Loop Mining, and Staking, the DeFi platforms for Loans and Swap, theses are kind of like ready made DeFi multitools, like a Swiss Army Pocket Knife or Leatherman/Garmin thing, but there are several other things that can be utilized like Gas Mining, or Developed like what we are doing in the Van Kush Family. But we intend to show everyone how Blogging and Social Media need to be attached to this, and we are basically defining MetaVerse now. I will get more into all of this as we launch VKRW and KULA.

The Token that we are Launching is Supposed to be Proof of Burn, so I want to get into some Things about Proof of Burn as a General Mechanism, and also First I want to say that if the Token was just Proof of Burn, there would be Incentive to Buy in so that maybe You can Buy from whoever is Mining the most as they Dilute the Market with their Over-Powering of Everyone else, kind of Over-Selling onto the Market and Burning, just thinking they have plenty to Burn. That would be the Ideal Scenario to Buy in, because that Person would Sell them Cheap, so even in the Worst Case Scenario with someone Over Powering Everyone else and Selling Cheap, it has the Mechanism to Correct that on the Market. That is all Natural in the Proof of Burn.

And before we get into the kind of Background and some Links about Proof of Burn in later Posts and Threads, I want to get into what we are going to be doing. And how Our Token has even more Utility than Proof of Burn, it is Proof of Burn, but You can do more with it because we are going to make it a Bridge Currency.

If You Follow this Link You can see how to do this:
https://tribaldex.com/tokens

What You do is Click the "Listing" Tab on the Page in that Link. Then You Pay what Currency at Time of Posting is about $100 in BEE Tokens, and then Your Token is Listed on TribalDEX.

What we are going to do is First List ourselves on QuickSwap and get Things Started, get maybe 50-100 People Burned in, and then Create the Peggy there on TribalDEX, because that's what it is, it is a Peggy. Similar to the BEP-20, but for HIVE-Engine instead of BNB. We are making a HIVE-Engine Peggy of our Polygon Token.

Then we have 2 Other Tokens, and will be Talking not just about Our Tokens, but DRIP, and BBH, and SCRAP, and PEPE and some Other Currencies, we Expect that Other People will make Currencies as they see what we are doing is Working. And we will Teach them how. So what we want People to do, is to USE OUR PEGGY, and as they use our Peggy they can:

1. Burn and Earn

2. Send Tokens to not just QuickSwap, but to the HIVE Blockchain

3. On the HIVE-Blockchain they can Trade their Polygon Based Tokens that they Earned by Burning, for HIVE Based Tokens.

So we will be Teaching People how to do this, and it will make it where Burning and Selling are not the Only way to Use our Currency, You can also Send them Over to HIVE-Engine, where they can be Traded for Funds to Buy Tokens to Earn more Money on HIVE-Engine. And Vice-Versa. HIVE-Engine Earnings can then be used to Buy Tokens to Burn, so the more You Earn on our HIVE-Engine Tokens now, the more You can Buy of Our Peggy, and send it back to the Polygon Chain and Burn it there.

So we are Creating Our own kind of Ecosystem, and will Create a kind of Yield Farming Program with our Currencies. Right now we are looking at "Harvest" the dApp on Polygon.

DeFiBronze has an Unexpected Feature. We are going to be Launching a DeFiCopper now and DeFi Copper will just be Burn Mining, but DeFiBronze was Found to have a Feature (Because of the Logic used to Create the Mining Feature) where You get Shares from the Past.

So with DeFi Bronze, when You Submit Your Burn, You will seem to get some amount sent back to You. That was not Sent back to You from the dEaD Wallet, it was not Minted off the Blockchain. That came out of all the Other Users' Wallets.

So when You get Your Mining Shares for the 60 DFB Tokens per Minute, You also get Past Shares rewarded to You, and it Removes it from Everyone Else's Wallet.

We were going to consider this another Bug and Fix it, but instead, we are going to let this Continue. We are going to let that be a Feature of DFB, and we are going to make DeFiCopper (DFC) without this Feature. So this is a Feature of DFB.