RE: Announcing Cheddur 2.0 : An Incentivized Crypto Review Platform using a Steem SMT
We just published an updated version of the white paper that describes the token distribution I mentioned in my previous comment. Rather than doing an ICO, we think we will "pre-mine" a small pool of coins for the Cheddur team to establish initial influence on the platform. From there, rewards will be distributed out to the public via the Rewards Pool (for high-quality content, with the help of our voting) and the Bounty Program (for completing valuable actions).
We anticipate that after the first year of operation, influence on the platform by the Cheddur community will supercede the influence on the platform by the Cheddur team. This sounds like the right amount of time for us to vote and funnel CHDR tokens into the hands of a large enough set of valuable community members.
To accommodate this new design, we also reduced the starting supply of tokens from 100M --> 5M, and ramped up the inflation schedule from 4% starting with 0.5% annual decline, to 20% starting with 2% annual decline.
Would love to get your thoughts on this!
Ok I understand the average thingy, its weighted based on the rshares of the comment so yeah it will work. Did you think about the issues of people buying votes on steem? Theres a public list of the biggest bidbots, and you should clearly not count their votes in your ranking algorithm, you don't want a bad crypto project being 'promoted' on your website because they bought votes on steem.
I have absolutely nothing against the 'creators' of a token keeping a large % of the supply for them, especially if this % lowers with time. I believe it's a good model, as you will have good incentive to keep working on your token and product to make your own tokens worth more. Also it makes sense that you need to keep a certain degree of control while things are unstable and you reach a good ranking algorithm, it's hard to tell how things will behave for chaotic system like steem currently. Alike steem, you should also be clear with your community about how and when and how much of your tokens you will sell every quarter or year on the markets so that if people want to invest in your token, they know what they are getting into.