Creativecoin Whitepaper 1.0

in creativecoin •  3 months ago  (edited)

Executive Summary

Creative Coin Crypto (CCC)is a token launched on the Steem-Engine.com smart contract platform. It is a consumable in app token designed to integrate into daily use within the www.creativecoin.xyz websites. It's powered by Nitrous and distributed by Scotbot (services offered by steem-engine.com). These websites serve as a way to promote creative and artistic content in a community of like-minded individuals.

This token offering features:

an airdrop,
Token sales on steem-engine.com
ongoing proof-of-brain distribution powered by Scotbot (a python based voting bot that distributes rewards based on Creative Coin stake)
ongoing distribution through delegated proof of stake mining
www.creativecoin.xyz, a custom website similar to steemit.com where post rewards are displayed in Creative Coin as opposed to steem
Creative Coin Crypto is redeemable for customizations and advertising in the Creative Coin Discord and www.creativecoin.xyz

www.creativecoin.xyz will be launched in week 2 after initial drop. Announcement will be made on @creativecoin

Initial Distribution of Creative Coin

There will be 100,000,000 tokens minted as part of the initial distribution.
10% @creativecoin
10% moderators/team members
20% will be made available via airdrop to a white-list of ~4500 people
The remaining 60% will be sold on the market for Steem and used to power-up the @creativecoin account and pay for operating expenses and will be issued in waves of 10,000,000 tokens at a time as to not artificially inflate the reward pool.

Token Launch Pricing

60,000,000 Creative Coin will be available for sale in waves at a valuation of .1 STEEM:Creative Coin Crypto

Miners will be added 3 weeks after launch in limited supplies with exact numbers and costs TBD

Team Rewards

There are 10,000,000 Creative Coin Crypto that will go to team members. These will be distributed on an ongoing basis. The first 4 drops will be weekly drops of 10,000, 5000, 5000, and 5000. With Monthly 10,000 drops thereafter for curation purposes.

@isaria
@swelker101
@juliakponsford
@derengedvisions
@shadowspub
@drumoperator
@victoriabsb
@clayboyn
@neoxian
@drakos

Primary Account

10,000,000 Creative Coin will go to the @creativecoin account and can be used as the team sees fit to maintain the quality of the platform which will include the account @notcreative which will be used for posts with improper usage of the creativecoin tag.

Airdrop

The Creative Coin team will provide an airdrop to approximately 4500 accounts. We worked from a list of under 50,000 accounts that have been active in the last two months. We applied blacklists from trusted sources. We manually removed known multi accounts and focused on authors creating content that fits our platform niche. The potential max value is 20,000,000 Creative Coin. The initial drop will be an equal split among the approximately 4500 accounts

Ongoing Distribution (Faucets)

All financial systems relying on currency requires faucets for the currency as well as sinks. A faucet is how the currency enters the system. A sink is how it is removed from the system. Creative Coin will have 2 primary faucets that stem from token inflation: Proof of Brain and Mining.

Overall Inflation of Creative Coin will have an initial target inflation of 10% and decline every year by 1% until it reaches 4% and it will stay at 4% inflation.

Overview:
Initial Maximum Supply 100,000,000 Creative Coin
Initial annual inflation 10,000,000 (if all coins sold)
Distribution:
Proof of Brain: 75%
Mining: 15%
Management Team: 10%

Proof of Brain: 75% of inflation will occur through content creation and curation rewards on chain.

Proof of Management: 10% of annual inflation goes to @creativecoin for administrative tasks and to cover project and network expenses into the future.

Proof of Mining 15% of the inflation can be mined. Mining rewards are once an hour. 10 separate distributions are made every hour to accounts that have staked (Mining Token Name TBD).

Token Redemption (sinks)

Tokens can initially be redeemed for 1 of three things: promotion and advertisement.

Ads Banner advertisement opportunities will exist on the platform.

Post Promotion Users can promote posts on the site by burning Creative Coin.

Creative Coin Settings

7 day payout windows
unstaking occurs in 56 days in 8 installments

Scotbot Settings
Here's the list of initial settings.
"author_curve_exponent":1.02,
"author_reward_percentage":60.0,
"cashout_window_days":7.0,
"curation_curve_exponent":0.5,
"downvote_power_consumption":2000,
"downvote_regeneration_seconds":432000,
"issue_token":true,
"json_metadata_key":"tags",
"json_metadata_value":"creativecoin",
"reduction_every_n_block":10512000,
"reduction_percentage":1,
"rewards_token":95.12,
"rewards_token_every_n_block":100,
"token":"Creative Coin Crypto",
"token_account":"creativecoin",
"vote_power_consumption":2,
"vote_regeneration_seconds":432000

Reward curve is slightly superlinear to encourage keeping Creative Coin staked on one account rather than spreading out.
Author reward is 60:40.
Cash-out window is a 7 day payout like steemit.com.
Curation is like steemit.com.
There is a downvote pool. Here you get 1 free downvote a day.
Downvoting power goes from 0-100 in 5 days like upvote power refills on Steemit.com.
To get a vote which receives Creative Coin the post has to include #creativecoin as a tag
The inflation rewards shrink every year by 1% (faster than steemit, but will change to 0% shrinking by the time it hits 4% annual inflation ie inflation won't go smaller than 4%).
Voting calculation works like steemit.com.
You get 10 votes a day similar to steemit.com.
Your voting power recharges completely from zero over 5 days (20% per day).

Disclaimers

There is no expressed guarantee of anything with this token. It may become wildly successful, it may fail miserably. Please use your best judgement. Do not invest more than you can afford to lose.

The numbers above are guidelines and may change based on team wishes and public response. Any changes will be posted on the @creativecoin account.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
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This is good. How does one qualify for your whitelist?

Did you read the white paper?

I HAVE LEGIT CONCERNS

They seem to be printing endless money.

  1. The total max is 900 billion and no one can change that now you just have to trust. And given their math there seems to be NO reason for 900 billion. 100 million even at 10% forever inflation would take exactly 25 years just to use 1 billion. Sooo sketchy to have 900 billion.
  2. 60 million tokens just in the initial round just for being sold... for why? Why? they did not give a reason why they're selling 60 million tokens. Setting it to 1:1 steem is kinda nice for consistency sake. But it's also crazy because looking at the rest of the math how do they ever think it's gonna be even close to 1 steem? Am i missing something. Did they just wanna issue 60 million so that the interest for POB is better?
  3. The reason for 60 million sell wall is apparently not to reward the people who made this thing because they already have a system to reward their team 25k the first month with 10k every month after. I would like to know what those team members actually do to deserve the money or is it just because they thought of it... i mean if that's the reason then the rest of us should know so that we know what to value this and with 10x10,000 coming in every month from people who have apparently no restraints to sell or stake they then either devalue the currency or devalue the rest of everyone's votes as they quickly become influential whales simply because they made the project. Which is their prerogative but just so everyone knows this.
  4. And then miners. WHY? They already have an inflated pool from team income and a 60 million sell wall. Now a miner? Why? What purpose? Are they going to develop something awesome with it?
  5. Then 10 million to the creativecoin account which seems to be the mechanism for future improvements. Meaning what the hell was all the other money for? I wished it was for improvements but this seems to be the mechanism. And then considering 900B tokens actually 10 million seems way low to be honest.
  6. They're not going after outside accounts for the airdrop that's not bad just let it sink in. The airdrop is for 4500 steem users. Is this an internal steemians only system? That's not a very creative idea.
  7. Their inflation isn't bad at 10% declining down to 4% i mean i guess i should say some nice things.
  8. But back to the management team stuff... soooo much tokens. The hell? If you're gonna put that much towards it put some effort into selling why the hell you're giving them that much money. Like do they jack eachother off and therefore it's so hard work they gotta get paid? Doesn't sound like the coin needs you guys at all from what i can tell. Sell us on it. Make a reason. And the mining? Why does the coin need mining?
  9. Why don't you get us really excited and tell us how you're going to bring in outside talent with all this funny money.
  10. And why 60:40 distribution on votes? You worried about vote selling? I mean you have a curation system with this notcreative account. And btw is that your only moderation ability? You also have some people that apparently will quickly become whales ... maybe that can be their work making sure people don't abbuse the system. Another mechanism for easy first whales to get fast money.
  11. there will quickly be 100 million tokens with 4500 accounts getting about 4000 tokens yes? Well if they're all voting equally that's cool. BUT... of the other 100 million tokens what else will be staked and voting? Team members allowed to stake and vote with their quick 25k tokens?
  12. Also while i'm at it if they have issued 100 million and are doing 10% inflation then if i'm not mistaken thats about 27k coins a day being distributed ... and you can already see how much is being pumped out with each post getting dumped on crazy amounts of coins. That leads to inequalities towards early adopters. It also devalues the idea of a 4000 coin drop when so much is being pumped out to so few people.

Creative people aren't good at maths i hope you're not trying to take advantage of them. They don't need another scheme they need another way for them to work hard for their monies they're good at working hard and making this world better, that's why they're creatives and not business people.

I hope something else comes around that has a better plan.
Also if anything i wrote about comes from an area of misunderstanding about this white paper then take that as a critique on how the paper can improve.

Somebody has to answer this. I am not a Math person but I am slowly studying the stuff behind the economy of tokens and these things should be taken into consideration because this is an investment opportunity, it's people's money, time and creativity.

Still no response from @creativecoin. =(

Indeed @mermaidvampire. Someone should answer this comment.

Dear @nuancedthought

You've wrote such an amazing comment. Such a shame to notice that noone even bother to read it and reply. That seem to be the case with current tribes. Their leaders do not seem to engage much with their audience :(

The fact that noone within this topic received any reply from @creativecoin doesn't build much trust. Doesn't it?

Yours
Piotr

WhooooHoooo !1i5vadgjkv.pngso exciting !

Why?

cool

@creativecoin I am interested in the project.

I will be happy to contribute to the community with my creative content!
As soon as I received the 1000 tokens I immediately put them in staking!
I wish you a future full of satisfaction!
See you soon! :)

I like it and also I am in :) Please consider me tb be in your white list :)

Posted using Steeve, an AI-powered Steem interface

ready.jpg

Are they done with the Airdrops? Awww. I did not get any. What was the criteria?

Yeah :)

Excellent! Token Town is loving this! feel free to drop in and say hi to other SE Token Engine owners & fans here !

!cheetah whitelist

Okay, I have whitelisted @creativecoin. I won't bug them.

Can #creativecoin tag be used for any type of creative post (poetry, theater, streetart, fiction etc), not only art and music?

Best of luck with a successful launch @creativecoin ! So many great ScotBot Tribes joining the blockchain, and I think yours will be a Winner!! Upped and resteemed!🙋👍❤
#palnet #steemleo #creativecoin #neoxian

Good to see the birth of this new tribe on Steem.

IMHO the Whitepaper should have defined the phrase
"Creative content" for better clarity.

I am inspired to create now @thank you @creative coin :D

That is good to go, i love this idea! Thanks for sharing!

I am feeling very excited about the huge potential of this wonderful initiative, now I just need to get my head around all of the figures above. xx Thanks for making it all very transparent xx

Congratulations @creativecoin!
Your post was mentioned in the Steem Hit Parade for newcomers in the following category:

  • Pending payout - Ranked 4 with $ 3,91

I also upvoted your post to increase its reward
If you like my work to promote newcomers and give them more visibility on the Steem blockchain, consider to vote for my witness!

that's amazing, thank you for being working for the art cripto industry.

Congratulations @creativecoin! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :

You published your First Post
You got a First Vote
You received more than 10 upvotes. Your next target is to reach 50 upvotes.

You can view your badges on your Steem Board and compare to others on the Steem Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

Vote for @Steemitboard as a witness to get one more award and increased upvotes!

Hey there @creativecoin, welcome to STEEM. If you join @schoolofminnows, you can receive votes for free.
1. Your post will appear in post-promotion on the discord.
2. Your posts will also get featured on the school of minnows account on steem
https://steemit.com/@schoolofminnows
3. You get votes from other members.
4. The whole thing is FREE.
To join follow this link:
https://steem.host/connect/steempunks

The Creative Coin team will provide an airdrop to approximately 4500 accounts. We worked from a list of under 50,000 accounts that have been active in the last two months.

This is a good measure to curb non-serious accounts and people.

I checked the website and then remembered you said it will be online in week 2.

What qualifies a user to receive creativecoin airdrop?

Good innovation.

Posted using Partiko Android

It is an excellent initiative, a project that supports artists and here in Stemit there are manyyyyyyy, who do very good jobs and do not earn what they should. That there is a place only for art is incredible! As an artist, I love this and I am in love with the project, I support 100%.

Congratulations to the creativecoin team and a toast to the future. <3

Man. Excited about this one. Really impressed!!!

Posted using Partiko Android

Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://busy.org/@minnowsupport/palcoin-launch-a-revised-whitepaper-and-token-launch-by-the-minnow-support-project

Dear @creativecoin, @isaria

Ads Banner advertisement opportunities will exist on the platform.

Would we be able to pay for ads using your currency? Or would it be similar to Steemit, where ads are being displayed and all profits are in fiat currency only.

I've been also always wondering, how things would look like if posts in our feed would be sorted by amount of staked STEEM/PAL/LEO. So those who actually stake their tokens, would receive something that has value to them and is not 100% related to financial gains. Visibility and traffic would be a reason for many to stake their coins.

Currently for business owners it doesn't make sense to purchase STEEM. Powering up will not help them get more visibility. And liquid steem cannot be used to pay for those ads.

Yours
Piotr

Wish mine is too on the list. This crypto world is going crazy it seems...and I am loving each moment here

Un buen crecimiento felicitaciones @creativecoin

Good growth congratulations @creativecoin