Crypto Writer
The mission for this Zealy challenge on LeoFinance is:
MISSION 🎯
Write a post on Leo Finance of at least 1,000 words about Cryptocurrency.
The topic can be anything related to Crypto such as Governance, Use cases, Tokenomics, Vision, Values, Foundations, DAOs, DeFi, Projects, Centralized exchanges, Security, Wallets, Mining… anything related to Crypto!
I am going to start with one of the topics: Projects. Time to talk about my own personal project with the token called BBH.
At this moment in time BBH is run with three different accounts. I use my main account, this one, @bradleyarrow for the sales, release of the BBH token. Every Saturday I do what I call a releace price of the token. How do I caculate that release price you ask? Let me put in some history here at the same time.
When I first started the BBH token, and it stands for Bitcoin Backed Hive, over two years ago there, at leas to me, no real stable coins on Hive. The Hive Back Dollar (HBD) was not really being used for much of anything. Along came HivePay by Jon Olson and his team. I had what I thought was a briliant idea (maybe not. Lol) what if I started a stable coin that was backed by bitcoin (not knowing that algorithmic stablecoin are the future and not stablecoins backed by a FIAT or Crypto.I believed that BBH could be used as a medium of exchange with the cheap fees the HivePay offered. Just on side note I think HivePay has been sold to HashKings.
At the same time I noticed a, if you want to call it that, a trend for tipping people. Not just upvoting but a way to tip. Thus the first use case of BBH was born, that of a tipping bot. You can use !BBH command to tip.
Back to setting the price for BBH. Every Saturday I do the math to make 1 BBH equal 1 Satoshi and then figure out how much the value is in Hive.
Here is an example from my spread sheet.
Date Bitcoin Hive Hive price for BBH
22 Apr 2023 $27259 0.4142 100000000 0.00066
29 Apr 2023 $29280 0.4072 100000000 0.00072
6 May 2023 $29280 0.4046 100000000 0.00072
13 May 2023 $26829 0.3725 100000000 0.00072
20 May 223 $26906 0.3679 100000000 0.00073
If Bitcoin is strong that Hive for the week the release price of BBH goes up, and if Hive is stronger than Bitcoin for the week the release prices goes down.
The tipping of BBH is done through the @bbhbot account. And here are the current levels, how many BBH you need, etc.
Below is a list of how many times you can tip in a 24 hour period, reset at new day UTC. There are currently four levels of tipping. And if need be as the future continues I can add more.
Level 1 = 1000 BBH holdings = 1 tip per day you can send
Level 2 = 5000 BBH holdings = 5 tip per day you can send
Level 3 = 20000 BBH holdings = 20 tip per day you can send
Level 4 = 50000 BBH holdings = 50 tip per day you can send
If need be a level 5 can be added in the future. I would love to see people hitting 50 tips a day but I don’t even do it. Lol
I don’t know if I am loosing my train of thought here or not. Lol
Back to BBH being a stable coin back by Bitcoin. This was working. But somewhere along the way, well over a year ago, still being fairly new to things, and having a lot of trust in people, some how, some where my @hive-112281 account keys got compromised and the account nearly got drained. Including the Splinterlands part.
If you know me or getting to know me I don’t quit. I fixed that issue, put security into place and started rebuilding. I changed the thought of how BBH was going to be backed and am using the whole value of the @hive-11281 as the backing agent.
Every token on there, and the value of the Splinterlands account. I may get it also fully backed by Bitcoin again in the future but one step at a time. I am trying to build something here that is going to last for a long time. Maybe even after I am gone.
After two years of running BBH and it not growing very much I had another idea. What can I do to build more interest in BBH? What if I turned it into an income token. That was my second use case. With the help of my friend Flaxz(Erik), he wrote the script I got started December 2022. We put some rules into place.
Anyone owning 10 or more BBH will get a piece of weekly swap.hive payouts. And I have to say interest grew. Every Saturday since through the @bbhbot account I run a script that pays people. On the 20th May 2023 I sent some swap.hive to 549 people that had 10 or more BBH holdings.
You can see the full RichList. Every now and then I like to show the top ten of the rich list for encouragement.
- @beststart 300220.000
- @dailygiveaways 174218.720
- @droida 156098.990
- @lisamgentile1961 151001.000
- @kryptodenno 53160.210
- @globetrottergcc 50009.590
- @fjworld 50007.990
- @pept 50000.000
- @slothbuzz 42004.000
- @benthomaswwd 40201.000
I use all sales of BBH token, by the way you can find BBH on TribalDex and on LeoDex.
To try and sum up. I currently have two usecases. They are the tipping bot and the income token.
I do have ideas for the future. I would like to make BBH a full blown community/tribe. Maybe with a community token and miner that would be able to help support the main BBH account.
Oh, if anyone has any ideas feel free to let me know.
Once I get to a point with the swap.hive payouts, maybe daily, maybe a certain value of swap.hive every payout I can add more tokens, a drip of some sort.
As most of you know on Hive, as much as we would love to build things quickly on the blockchain, it takes time. I would rather build slow and get a quality project out than build fast and fail. Seen that happen to many times here.
I hope this post gives you some insight into what I am trying to do in my own little part of the Hive blockchain. I hope you can see my vision. I hope you will give feed back and I hope you find my project worth supporting.
Thanks for reading.
Bradley