[Hunt] Steemhunt 2.0 and the meaning of swapping Hunt to Luniverse

jayplayco (77)in #hunt • 5 years ago

The team behind Hunt has announced a few updates about the environment regarding the Hunt economy. I would like to give a personal view on this announcement

Original Text: Steemhunt 2.0 and New HUNT Platform is Coming

0. Background

The Hunt team is now already more than 1 1/2 year ongoing on their project Steemhunt and have shortly before introduced Reviewhunt. With Steemhunt a community based hunting platform for new and cool products has been established with more than ten thousand hunters worldwide. Also Reviewhunt is changing the way how companies can get in contact with influencers and tech geeks. The Hunt economy is now moving forward to create and finish the economic circle.

1. Hunt Token is moving to Luniverse. Why?

Steemhunt was planned as an SMT project based on Steem from the beginning, because the team wanted a working self-sustained community based on POB (Proof of Brain). Steem and SMT was the perfect background for it with an existing community and also the needed technology behind when SMT launched. This plan has not changed, but due to the fact that the launch of SMT had been delayed and also the environment for Blockchain projects have evolved, the Hunt team rearranged the strategy based on these facts.

The big picture is to create a Hunt Dapp environment where services and 3rd party Dapps can launch their projects within an existing community. To fulfill this picture the Hunt environment is using Luniverse. Luniverse is a BAAS (Blockchain as a Service), which is a relatively new concept. Similar to SAAS (Software as a service), Luniverse is offering tools and the environment needed to create Dapps without having to concentrate on the Blockchain technology, but more and the service your Blockchain is offering. Link to Luniverse It means that the basic requirements to be able to scale the economy and also to onboard new Dapps is given with Luniverse.

Another advantage that the Luniverse partnership gives is that the mother company is Dunamu, running one of the biggest Crypto exchanges Upbit in Korea. Getting support based on their influence and experience will help to push the Hunt economy further.

2. HUNT token and STH token

Steemhunt is going to have also big changes after the launch of SMT. A short summary of the parts effected is as below.

HUNT tokens based on ERC-20 are going to be swapped to Luniverse based tokens.
Steemhunt is moving to Phase 2.0 and switch to SMT with an own token called STH
Steemhunt will establish the token environment based on POB
HUNT tokens bounties are going to be stopped after the launch of STH and burned. (from the 50% Airdrop pool)
STH tokens can be acquired with Hunt tokens at a rate of 1:10 for a limited time.
The Genesis Qty is going to be fixed based on the exchange ratio for Hunt to STH.
A new roadmap for the Hunt economy (new services and 3rd party Dapp support)

a. STH Token

Steemhunt is currently upvoting based on delegated Steem and also offering Hunt tokens based on bounties or when you upvote postings at Steemhunt with Steem. After switching the system to full POB based on the STH token, it is going to be possible to have a self-sustained community that can create value on their own. The current plan for the settings is to have the Genesis Qty. based on the exchange rate of Hunt tokens into STH, which will then have an inflation rate of 10% for the first year and decreasing 1% each year until it reaches finally an inflation rate of 1% after 10 years.

The current market cap for HUNT tokens is about 400K USD and if we would estimate a exchange of about 25% into STH, it would give the Steemhunt economy a starting market cap of 100K USD. After the launch of STH the prices for STH and HUNT tokens would develop on their own, as STH would be paired with Steem on the DEX and HUNT as Luniverse Token based on the pairs that would be listed on exchanges.

As we have seen on multiple Nitrous and Scotbot projects based on Steem-Engine, a strong community is developing the token environment into a healthy curve.

b. The reorganization of HUNT token economy

The current max supply is set for 500 Million HUNT tokens. 50%, means 250 Million Hunt tokens were planned to build up the community and be used as bounty. As the project has now developed and the switch to STH tokens based on SMT is imminent, the team decided to burn the remained HUNT tokens that are left from the 250 Million Hunt tokens for Airdrop.

As only 34% of the planned Qty had been distributed, at least 125 Million Hunt tokens are going to be burned after the switch to an SMT based STH token. This means that at least 25% of the whole HUNT token supply is going to be burned.

Additionally, all Hunt tokens that are going to be swapped to STH tokens are additionally going to be burned, which could theoretically increase the burned Qty. up to 42% of the whole Hunt token economy.

The biggest part would be, that after switching to STH, it will be going to be more difficult than before the get your hands on HUNT tokens, as Steemhunt is not going to reward anymore with HUNT but with STH.

3. Next Steps

Ideahunt, a crowdfunding platform with smart contracts for backers to increase the profit for early investors and Intime, a time sales platform based on purchase and tradeable person's hours are the next Dapps that are planned for the HUNT economy. Also, 3rd party services that can leverage the HUNT community and if needed the Luniverse BAAS economy are invited to align with the HUNT token economy.

There is a lot of work to do for the team, not only product-wise but also on finetuning the economy and strengthen the partnerships. Based on the proofed track, which the Hunt team has shown until now, I personally think that we have exciting times coming for the Hunt community.