A Deeper Dive Into VIVA and the VIVA CrownsteemCreated with Sketch.

in viva •  3 years ago  (edited)

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I can practically hear people already..."What the heck is this Viva thing?" "Why is it being blasted all over Steem?" "How the heck do I keep up with all these new blockchain startups?" "Why the heck do I even care?"

Well anyone on steemit can expect to see a lot of content surrounding blockchain. It's just the nature of the beast at this early stage in steemit's development. You probably found steemit through a crypto message board or blog post or from a friend who follows crypto and blockchain. I got into bitcoin back in 2011 and then kind of got out of crypto for a while. I started paying attention again about six months ago and oh boy have things changed.

It seems we have a new coin or token or chain being launched every day. We are certainly in an ICO frenzy right now with the Gnosis ICO valuing the company at over $300 million USD. Crazy times indeed. So why the heck might you want to learn about VIVA? In my opinion it stands out in the crypto world as a new blockchain ecosystem for web 3.0. If you want to go over the basics, see my post yesterday about the VIVA whitepaper:
https://steemit.com/blog/@domenicthomas/a-review-of-the-viva-whitepaper

Today I'm going to go deeper into the concept of the VIVA crown and why you might want to buy one on May 1st, or even right now through VIVA's trading platform tradeqwik(https://www.tradeqwik.com/). Even if you have no interest in buying a VIVA crown, knowing what it is can help you further understand how VIVA works and why you might want to become a part of the VIVA network in the future.

There are three types of digital currency in the VIVAconomy per the whitepaper. The idea is for these various currencies to help create a more stable and versatile economy that will support the VIVA community. The various currencies have different roles within the VIVAconomy.

From the whitepaper:
"To solve this problem, the VIVAconomy™ is scaffolded around three digital currencies: VIVA Crowns™, vX and VIVAcoins™. Like the heavy counterweight at the foot of a tall crane, VIVA Crowns provide the VIVAconomy with the stability needed to be perceived as a reliable, safe place for Vivos™ to store value. vX are integrated financial instruments that allow any Vivo to store value pegged to a specific amount of external currency. For example 1 vUSD is the number of VIVAcoins equivalent to $1 USD. The vX are redeemable at their face value in the specified currency at any time regardless of the fluctuations of the value of VIVAcoins. VIVAcoins, the third tier currency in the VIVAconomy, is the primary operating currency within the system. All transactions are settled in VIVAcoin which means that these are the coins that businesses and people will use in their daily lives. "

So we have a currency meant to be liquid and facilitate transactions, one that can be pegged to the US dollar to provide some price stability and the crowns which are really/maybe not quite a currency, but may be better explained as a currency regulator and supplier. Now VIVA crowns are certainly tradeable and therefore can certainly be considered currency, but for my mind I find it is easier to understand crowns as having more of a regulatory and voting right within the VIVAconomy.

(Quick disclaimer: I am not a pro in crypto nor am I an expert on VIVA, I'm just trying to get my head around it and maybe help you learn something also.)

If you want the straight dope go to(https://chat.vivaco.in/channel/general). The VIVA founders and team are available pretty much 24/7 to answer questions or checkout the whitepaper at (http://go.vivaco.in/ref/T6119710/)

So one of the key aspects of being a crown holder is to help regulate the supply and therefore the price of VIVAcoins. Every week there is a vote to determine the supply of coins for that week. The vote is typically determined by the price of VIVAcoins in the trading market. The general number I have heard about is to try and keep the price of VIVAcoins around $5.50 with a range of +/-10%. In speaking with the founders this is the general baseline hourly wage(over a 24 hour period) of a worker in a developed economy. Again, VIVA's long goal is to create a basic income for VIVA participants who take the time to invest in and utilize the platform. The price target of $5.50 is not a hard number long term and may be adjusted to take into account other economic factors over time.

From the whitepaper:
"To accomplish this in the VIVAconomy, the owners of VIVA Crowns collectively play a very significant role. Their duty is to regulate the supply of VIVAcoins so that the market price stays within an agreed upon range. If demand is high, Crown Holders will mint new VIVAcoins to assure that the price does not skyrocket. Similarly, if the price is falling below the desired range, Crown Holders will collectively reduce the supply of VIVAcoins in the market, thus bringing the price back up. This vital regulating process, which is controlled by open, democratic and transparent VIVA Crown Holders is the key to providing long-term financial stability to the entire universe of Vivos. "

So what else can you do as a VIVA Crown holder? You have say in the general VIVA economy, while also having resources to run your own VIVA business or to potentially stake a VIVA business. You can facilitate and grow your own share in the VIVA liquidity pool which is how you earn a basic income over time. If you hope to be a major part of the VIVAconomy or the VIVA ecosystem, then being a Crown holder is definitely for you!

Thank you for reading and go ahead and follow me if you want to learn more - I have a follow-back guarantee!

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Very nice job there! Thanks for sharing this information with us all. Upvoted, resteemed and shared too. Namaste :)

Thank you!

  ·  3 years ago (edited)

Thanks for sharing this, it help to understand how crowns work.

Glad it helped!

Upvoted, resteemed and shared too.

Thanks for the support!

@dominicthomas Thank you very much sharing more aspects of the VIVAconomy and also one of its goals to have long-term financial stability for vivos.

No problem, hit the links to learn more and ask direct questions of the developers.

I am diving on in! Innovative, wave of the future, hope for a better economy and means of trade!

Check out the links and join the chat!

Nicely written Domenic!

Thanks for the support!

Your explanation is very understandable. Thanks for posting this.

appreciate you too lexikon!

Excellent post! You distilled this fabulously!

Thank you! Doing what I can to help others figure out what VIVA is and can be!

Well done! Upvoted, resteemed and now following.

BTW, one of your links (to the whitepaper) is broken.

Yeah I know, messed with it yesterday, but couldn't get it to work

I learn a little bit more about Viva everyday! thank you! :)

This post has been ranked within the top 80 most undervalued posts in the second half of Apr 27. We estimate that this post is undervalued by $2.29 as compared to a scenario in which every voter had an equal say.

See the full rankings and details in The Daily Tribune: Apr 27 - Part II. You can also read about some of our methodology, data analysis and technical details in our initial post.

If you are the author and would prefer not to receive these comments, simply reply "Stop" to this comment.

Love that top picture!

Great info here!! Its smashing that people can have a say and influence the VIVA economy and this post goes a long way to help explain that!

Good to know, following and learning more.