Proof of Trade Digital Mining Bot -
I've been thinking that one of the things that is missing from Steem-Engine is liquidity for the market. Maybe not all tokens should be traded a lot, but we should be able to get some good volume against bitcoin, litecoin, doge, BCH, and other majors that are being added to the exchange soon.
I could run around begging people to put money on the exchange and that might work, but I like to think of ways that abundance can be achieved. I've been thinking about the need of a market making bot and how we can make one that anyone who puts money into it can benefit from it.
Proof of Trade Digital Mining Bot
So, I want it so that you buy a token, the token funds are used to fund a market making bot, and the token ownership determines your percent chance of getting daily rewards from trading. It's a combination of the mining concept and market making trading concept.
So, a market making bot will buy and sell tokens. When it sells them it buys some back at a cheaper price. When it buys them it also sells some at a higher price. The bot doesn't really care about the current prices. It's just trading back and forth all day and trying to skim off of every trade.
Often this function is performed by 1 person with a lot of money, but I'd rather open source it and allow many people with smaller amounts of money to profit from this thing. It's important to me that everyone on the exchange has a chance to make money because of their involvement on the exchange!
So, how does it work again?
Step 1. Money is raised and all of it goes into purchasing steemp/and a pegged crypto.
Step 2. For every dollar raised you get 1 Proof-of-Trading token.
Step 3. Steem and Crypto bids are placed in a spread on both sides of the trade in a range.
Step 4. Trading happens and every trade generates money.
Step 5. 100% Proceeds of the bot are randomly given out each day according to how many tokens the owners hold.
Parts of this might be reproduced from this open source market making bot that already exists
Steem Engine exists as https://github.com/MattyIce/steem-engine
Bot will be opensource and MIT lisenced.
None of it currently exists