Curation for WIT temporarily suspended

worldbuilder in #hive-191038 • 3 years ago

I (Lacking) Made A Mistake!

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It is with a heavy dose of embarrassment that I must come to you and tell you about a mistake I made. The Writer's Token has printed all of its tokens for curation purposes. I suspect the mistake I made when creating the coin is that I was adding too many tokens to the reward pool too fast. That, and we were using 5 different tags to help "spread the wealth" so to speak.

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I definitely should have caught this sooner and readjusted the reward interval to make a longer lasting coin. I also think that we chose too low of a cap of coins. We, sorry. Me. It was my mistake for not doing my due diligence. I don't find the crew over at Hive-Engine to be friendly, approachable or helpful so I didn't grit through my feelings and ask for help over there.

So This Presents A Problem

How do we move forward with Writer Curation now that we've lost the easiest method to reward users?

Well, we're thinking of adding a tipping bot so that holders of WIT can still share the joys of well written literature on HIVE. Much like PIZZA bot or BEER bot, we would move to that as our first layer of distribution. It's not ideal, but it would work.

If the community has any ideas on how to move forward from this we would greatly appreciate your feedback!

But What About The CCCF Delegators Investment?

Don't worry! If you remember from our whitepaper, we kept some tokens in reserve for future moderators and curators. Because we have no need for new curators since curation rewards are dead we will be using these funds to keep the double CCC rewards flowing. This should be able to go forward at it's current rate for about 1 year. We will be buying more WIT to keep this going as long as possible.

Thank you for your understanding

Please leave a comment if you have ideas on solutions to this problem. I will undestand if some of them are voicing frustration instead. I am sorry.

#worldbuilding #writing #fiction #fantasy #scifi #creativecoin #proofofbrain

3 years ago in #hive-191038 by worldbuilder

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kaelci 3 years ago

I like the idea of a WIT Bot, tbh. I personally find myself struggling to write meaningful comments on fiction and creative writing although I desperately want to, and instead of just 'liking' something and wandering off to the next post I could at least leave a WIT tip and thank the author for sharing their work. 🤷‍♀

Sucks about the situation, but we can still move forward to curating in other ways. 🙂

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4 votes

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sonfecisinan 3 years ago

i hope you find a solution 🙃

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2 votes

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johndieo 3 years ago

We are waiting your solution. 5ting

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2 votes

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poshtoken 3 years ago

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decentropia 3 years ago

Supply (Circulating / Total / Max) 9.987 M / 10 M / 10 M

It looks like Max supply is reached. If the cost of a new HE token is not prohibitive OR any further change can't be done to the token (WIT), then creating a new coin such as WRT and airdropping to current holders as 1:1, correcting Total and Max supply could be a solution.

However, minting rate of new coin (e,g, WRT) for curation should be given major consideration such as another 10M in 2 or 4 years or 10-25% (1-2.M) of total circulation for each year etc., since it is already distributed to a good number of people. Future distribution rate can be part of community/stakeholders discussion or voting.

On the other hand, current limited supply would be a great incentive for current or future holders and will be great for price appreciation. And, distributing the token similarly to PIZZA or BEER tokens with a bot makes some sense. However, I guess most holders/investors are passive (may only vote or loves to delegate to active members or projects), therefore, curation activities will be severely limited.

Overall, best solution would be taking a breath, continue activities with a tipping bot for time being, thinking long term solutions in parallel such as creating new token to replace, adding DELEGATION option at the beginning for better curation (e.g. some investors are not active curators), finally moving to new nitrous front-end similar to creativecoin.live.

Moreover, an experimental front-end in collaboration with @cccf can be arranged such as new experimental features will be added to Writer Token Nitrous front-end first, then it will be transported to CreativeCoin front-end.

Features could be advertise option at frontend, suggested posts at the sidebar, latest announcements at the sidebars etc.

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5 votes

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