Hello SPIer, today we look into recurring payments on HIVE and how SPinvest plans to use these going forward. Getting recurring payments or subscriptions is like a cheat code for either raising cash are selling tokens.
Why recurring payments are awesome for HIVE?
First off, I dont think that any other blockchain offers recurring payments. Some 2nd layer stuff might have a smart contract that lets people set up repeating payments but HIVE is a base blockchain. In more simple terms, you can not set up recurring payments for BTC, but you could write a smart contract on ETH that would auto-convert base BTC into wBTC and then send it on to wherever you want.
HIVE is very unique in this sense and we're not using recurring payments. As a monetized social blockchain, it blows my mind that people dont set up Patreon-style subscriptions and blows my mind even more that project operators are sleeping on this.
What im thinking for SPinvest
- SPI Lotto
We will start to publicly sell Lotto tickets for this before year's end and I wanna sell tickets through recurring payments only. We'll offer some bonus like set up for 13 weeks and get 5% extra tickets, set up for 26 weeks and get a 7.5% ticket bonus and 52 week for 10% ticket bonus. If people send HIVE as normal, it'll be refunded.
Why?
I understand that might seem a little awkward but a lotto needs to be constantly funded. HIVE does not have enough active users to facilitate a long-term lotto because people buy tickets for a few weeks and then stop and soon after the lotto project dies because it hits its user ceiling and no new funding is coming in. Recurring payments is the answer to this problem.
What is 1,2,5 HIVE coming out of your account each week if you have the chance to win 1500-2000 HIVE? or a smaller prize
- EDS HBD
I've not publicly announced this yet but EDS will release a pegged HBD token before year end. We'll call it something like EHBD. This is primarily being set up with the Saturday Savers club in mind but will be open to all. The idea is that savers will be able to pretty much automate their savings for part of are all of that year while getting some EDS tokens in return for saving EHBD.
People will be able to send HBD to some EDS account and receive EHBD back in return. EDS adds your HBD into a savings wallet to earn 20%. 50% of the interest earned will be used to mint and back EDS tokens that will be sent to EHBD token holders. The remaining 50% will be added to the HP balance. This works pretty much the same as eds-vote but with HBD instead of delegated in HP.
The amount of EDS minted and HIVE powered up each week will be a dynamic number and dependent on the conversion rate between $ and HIVE. If HIVE is low, we mint lots of EDS, if HIVE is high, we mint less. People will be able to request cashouts for any amount if they are happy to wait 3.5 days for the withdrawal from the EDS account so fully liquid, well 3.5 days which is as good as you are getting now.
Can we compete with 20% on HBD? No, not with HBD but... we got EDS tokens that pay out a 28% HIVE APY in weekly income payments. I wonder which token between HBD and HIVE has a better chance to 10x over the next 2-3 years? lol. Compounding 20% is cool but maybe earning 10% as EDS tokens that are backed and pegged to 1 HIVE could pay out more if HIVE 10x's between now and the end of 2025. 🤔,😲,😁,🚀,🥳,💲
What do you think?
There is a plethora of use cases for recurring payments but these are 2 I plan to use with SPI and EDS. Content producers could produce special content, videos, direct messaging are coaching as a few examples in return for a recurring payment. Project operators, the sky is the limit and there are hundreds of use cases for recurring payments.
Why do you think recurring payments are not really used on HIVE?