Hello and welcome to all the readers.
Inspired by the discussion on discord (CTP community) between @threespeak, @lisamgentile1961 and @pjansen about rewarding good posts and also burning CTP tokens.
I decided to implement a different way to accumulate and burn more than one hive engine tokens?
🥁 The 🤵idea is to create an Hive account @token.burn, and then add the new account as a small percentage beneficiary in all the posts.
And since it will be a community account, anyone who likes the idea of burning tokens can add @token.burn as beneficiary and any percentage they desire.
The sole purpose of this account is to burn hive engine tokens earned with few exception like bee token.
Tokens not burned will be sold in the market and proceeds will be used to buy tokens that can be burned.
Any liquid Hive or HBD earned by this account will also be used to buy hive engine tokens from the market and burn.
Any Hive Power earned will be used for curation in future.
This approach can help to improve the liquidity of the tokens and impact price.
An example
Say i do a post and set @token.burn as say 3% beneficiary and then after 7 days, @token.burn will receive the share of author's reward.
Say 10 other hivians also do that.
Then, weekly @token.burn will send all the tokens to null.
Yes, the new account is just an intermediary account to collect tokens.
But the only difference is everyone contributes to the token burn by making @token.burn as beneficiary.
I have already created a new account @token.burn, a community account.
Starting with this post, @token.burn will be added as beneficiary at 5% in all my posts.
The initial impact of the burns may look insignificant, but as more hivians start to contribute the tokens will benefit.
I am open to all the suggestions including what tokens to burn, sell or keep for future growth.
Till i figure out how to automate, the burning of hive engine tokens will be done manually by me.
I will also generate a post on @token.burn account once a week about the progress and burns. All earnings from this post will also be used to buy and burn tokens.
Another thought was, how to help @token.burn account to grow, so that curation is possible?
And the answer was delegations. Anyone who can spare HP can delegate to @token.burn
Please be aware that there will be NO incentive to delegate except helping the community to burn tokens.
So my question to all,
Are you willing to join this experiment and share your author rewards by adding @token.burn as beneficiary to your posts?
please do share your thoughts/ideas in the comment below.
Thank you for reading my post.
Have a nice day.
Farhad
[imfarhad]
NOTE: 5% of the author earnings will go to @token.burn (beneficiary)
Failure is not the opposite of Success. It is part of Success.
--- William Ritter
if you like my content, please buy me a coffee at https://www.buymeacoffee.com/farhadkias
Have you heard of Comment Rewarder?
There's a new service in town called "Comment Rewarder" that will take a portion of the author rewards generated and distribute them to people who comment on my posts! This post is set to 3% comment rewards. My upvote to your comment should trigger a liquid HIVE reward once the post pays out.