Welcome "Knackstore" and "Knacktokens" to Knacksteem!
The objective of our platform has mostly been characterized by, "Rewarding creative and talented individuals on the blockchain." This still remains our major goal. However, that is just a tip of what we plan to do via our platform.
There are over seven(7) billion people in the world today, each of them having a talent. The fact that everyone has a talent, is something we have been re-iterating in all the series of publications we have made on our blog. The problem is, some of these individuals don't know they have talent. The others who know, have pursued careers that are not aligned with their talents. While the rest of the lot who have pursued a career with their talents aren't recognized. The feeling of not being recognized can be demoralizing, and this is often what spur these talented individuals to seek greener pastures elsewhere, abandoning their talents behind. This is what we at Knacksteem are trying to do. Aside from rewarding these talented individuals, we are creating a platform where their talents can be showcased, and in turn, receive necessary feedback from a large audience. Knacksteem is a project that aims at rewarding diverse talent, as well as promoting them to the right audience.
Furthermore, aside from the aforementioned services we aim to facilitate with our platform, we have a plan to bolster use cases of our platform, and that would be made possible with the development of a "Knackstore", and our previously announced "Knack tokens".
When fully developed, Knack tokens will be the official token of our platform Knacksteem. Initially, we planned to distribute these tokens to community members(contributors) as a reward when SMTs(Smart media tokens) is fully launched. We previously didn’t plan to assign any utility to the token. The token would have been valuable regardless. However, we are developing a system(Knackstore), to ensure that the token has a use case. This will have a great impact on the token’s value.
Through the basic activities that will be on our platform, we are indirectly creating awareness of talents that will be sought after. Definitely, our platform will host individuals with amazing skills and talents, that can be tradable.
Knack token will be the only token used for trading transactions on Knacksteem(Knackstore). However, this doesn’t mean it can’t be used elsewhere. Knack tokens can be traded for fiat, or other cryptocurrencies, and can be used for other purposes.
The repercussion of permitting only Knack tokens as the currency for trade (on Knackstore), will have a great impact on the value of the token. This is because, anyone who wishes to conduct a transaction with a "Knack seller", will need to have the token first, to conduct the trade.
To make the trading process more organized, we are developing a "Knackstore" on our platform where all the transactions will take place.
The Knackstore is where all transactions will be made. The team is still coming up with different ideas to make it more advanced, but simple.
Think of the Knackstore as a virtual alternative to a physical store, where buying and selling occur. The only difference is the commodity that is on display. The commodity of Knacksteem is skills and talents.
The reason why the Knackescrow is developed is basically so transactions can be conducted without risks. Knacksteem will act as an escrow on all transactions. This is to ensure that transactions are successful without any hassle or risks.
See below, a flowchart of how the system will look like.
Simply explained; There are two (2) users, namely, Bob and Alice. Both of them have a blog page to showcase their individual talents, and also a store, where they can place whatever item they wish to sell. In this case, Alice intends to buy a product from Bob, each product on Bob's store has a unique ID, so Alice sends knacktokens to knackstore escrow with the product's ID as the memo. This will prompt Bob to ship/send the item to Alice. The moment Alice confirms shipment, the token is released to Bob. Transaction complete.
Rewarding contributors on our platform is still one of our major objectives. Since Knacksteem is built on the Steem blockchain, contributors (authors) are still going to get rewarded via an upvote from our official Steem account (@knacksteem.org). Furthermore, they will be able to generate Knack tokens from the content they publish. When SMT-lite is fully launched, these tokens will be swapped. In total, only one billion KNT (knack tokens) will be in circulation.
Let us go a little bit technical by calculating how these rewards will be distributed evenly.
- Eligible contributions must have undergone the evaluation process by either a moderator or, a supervisor. This contribution will be scored according to its quality. from 0-100.
- Each user can earn 250KNT (KNT represents knacktokens) max on a contribution.
- To calculate the amount of token earned in a post, we calculate;
Value of contribution scorex
KNT max per contribution/
the max score a contribution can get. Let's say your contribution got 30 as contribution score, the calculation would be
- Upvote value or percentage may vary across knacksteem categories.
For SP delegators
SP delegators as we like to call them, are entitled to this token distribution, in addition to the 12% beneficiary reward from all the posts made via our front-end. This 12% beneficiary is distributed pro-rata to the amount of SP delegated. Another 3% is reserved to reward the team.
Let's make it simple;
10 million KNT is reserved for @knacksteem.org SP delegators in which 100,000KNT will be distributed to SP delegators daily. This will be distributed according to the share of SP delegated to the knacksteem official Steem account (@knacksteem.org). In more detail, @knacksteem.org currently have 584 delegated SP. If a user. (Let's say @bob) delegates 200 SP to @knacksteem.org, this is how @bob's share will be calculated;
34,246KNT. This is calculated as
The total KNT share on daily basis/
The total delegated SP to @knacksteem.org. This means @bob will get 34,246KNT daily. While this may seem huge, the number will scale down as we get more SP delegators which is a good thing, as this will cause the value of the token to rise due to demand. However, the more SP a user delegate, the more KNT they get.
Initial coin offering
We will reserve 10 million Knack tokens for non SP delegators who wish to have some of the tokens. This is for external investors who wish to invest in our platform. This will be kicked off as soon as SMT-lite is released.
Platform engagement (Airdrop)
It is our aim to keep the community engaged, and highly interactive, by giving feedback to one another, as well as curating each other's contributions. To make this possible, we will reserve 8 million KNT to reward both upvote activities and comments. For each upvote, the user will receive 2 KNT, and 8KNT for each comment. We are assuming 800 thousand activities on the platform in 100 days.
Referral programs (Airdrop)
As a means of advertising the project, we will reserve 2 million KNT for a referral program. This will serve as a welcome token to every new community member joining our platform. Both the invitee and the one who was invited will get the chance to earn from this program. To avoid abuse, the invited user must have at least one verified contribution to claim the reward.
Failsafe (It is always safe to have a backup plan)
There has been a great hype about SMT launch for a while now, and you can understand that due to some unforeseen reason, it got delayed. As announced here by @ned, most of the functions of the SMT-lite will be live by April 2019. However, if for any reason the launch gets delayed, we plan to reserve 10 million KNT to continue with our distribution to both our contributors and of course, SP delegators.
We just distributed 50% of the tokens. How do we plan to distribute the rest?
To facilitate the project's official account (@knacksteem.org), we will reserve 25 Million KNT for it. This will be used to reward contributors as soon as SMT is launched. 5 Million KNT will be reserved to facilitate project development and the rest of the 20 Million knack tokens, will be rewarded to the project executive members on the platform.
Below is a simple pie chart showing how the tokens will be distributed.
Knacksteem token distribution will start on the 20th of January 2019. All calculations are based on the assumption of SMT-lite launch date, which could be on or before May 1st, 2019. The pie chart and the overall presentation of the reward distribution above were created based on this assumption. Do you want to be part of this journey? Start by delegating some SP
Join Knacksteem today!
Do you have a talent? Are you able to reach your appropriate audience with what you can do? Are you getting monetary value for your knack? If no, Join knacksteem!
Knacksteem is a community for talented individuals on the blockchain.
Why not join us today and share your amazing talent to over a million prospective viewers.
Visit our website to get started.
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