Today I wanted to introduce an experimental project that I am working on, Steem Monsters Market Token.
This is basically a Steem Monsters (SM) market where you can buy your favorite cards like you will do on the other SM market (https://steemmonsters.com/, https://peakmonsters.com/, ...) the only difference is that by buying cards on this market you'll actually earn tokens.
How does it work?
Basically, the market is linked to a Steem Smart Contract (see the introduction of the Steem Smart Contracts), every time you buy a card from the market, the fees that the market gets to keep are rewarded to you as tokens, SMMKT tokens to be more precise (for example, if you buy a card for 1 STEEM, the market keeps 0.05 STEEM as a transaction fee, so you'll receive 0.05 SMMKT)
How can I earn tokens?
Your first need to register your Steem account on the Steem Smart Contracts sidechain, that's easy and only require you to sign a transaction with at least your posting key via SteemConnect:
click on "MANAGE TOKENS"
enter your Steem username in the appropriate field
click on "REGISTER ON THE STEEM SMART CONTRACT SIDECHAIN"
a SteemConnect window will popup, simply enter your credentials (your posting key is sufficient)
you are now registered!
How can I earn tokens?
- head to https://harpagon210.github.io/steemmonstersmarkettoken/
- look for the card you would like to buy
- press the yellow cart icon
- select the card you would like to buy
- press "BUY WITH STEEMCONNECT"
- a SteemConnect window will popup, simply enter your credentials as you will do for any other transfer
- that's it, if the transaction goes through you'll be granted with your tokens
IMPORTANT: only payment made with STEEM will receive SMMKT tokens. (I've not planned to support SBD payments)
What can I do with these SMMKT tokens?
The SMMKT has a max supply of 1,000,000 tokens, each token equals to a share of the market. The fees collected by the market are distributed across the token holders every 30,000 blocks, after this period the pending rewards are splitted and you can withdraw the amount of Steem that you have been rewarded with.
See my SMMKT balance and withdraw my rewards
To see your SMMKT balance, simply go to https://harpagon210.github.io/steemmonstersmarkettoken/tokens, enter your Steem username and click on "RETRIEVE YOUR ACCOUNT INFORMATION":
If you have SMMKT available you'll see them as well as your rewards balance
You can then transfer SMMKT tokens to a registered account, enter the amount you want to transfer, the username of the recipient, click on "TRANSFER TO" and fill out the SteemConnect popup with your credentials, you'll be asked to enter your active key to transfer tokens.
You can also withdraw your rewards, simply enter the amount that you'd like to withdraw, press "WITHDRAW REWARDS", and fill out the SteemConnect popup with your credentials, you'll be asked to enter your active key to withdraw your rewards.
More about the SMMKT token
The SMMKT has a max supply of 1,000,000 tokens, the only ways to get some are:
- buying cards via the above market
- receive tokens from the issuer account @smmarkettoken (via contests, giveaway, etc...)
- transfer tokens between users, after the tokens are issued to you, you are the owner of these tokens and no one else has access to them (like an Ethereum or EOS token)
- the issuance rate is halved every time half of the remaining tokens are issued (1x issuance rate from 0 to 500,000, 0.5x issuance rate, from 500,000 to 750,000, etc...)
- every time tokens are issued to your account, the same amount of token is issued to a list of beneficiaries account, @smmarkettoken and @sm-token (a @steemmonsters account).
In 7 days, I'll issue, via the @smmarkettoken account, tokens to all the accounts that will have:
- upvoted this post: 10 SMMKT
- resteemed this post: 10 SMMKT
A few more words
Please remember that this project is first experimental, there might be some flaws, it was first designed to see how the integration of a Steem Smart Contract will work with an already live project (in our case Steem Monsters).
Even though in the beneficiaries a @steemmonsters account is setup, they are not involved at all in this project, it's just a way to support them.
Don't hesitate to reach out to me via discord (Harpagon#4087) if you have any particular questions even though it will be best to ask them via the comments :)