Update: Product and Smart Contract
We have all witnessed some bloodshed in the crypto market over the past couple of days, but we cannot afford to be alarmed. We are confident in Ethereum, not because we are following hype around the value the token has generated since inception, but because the technology is fantastic — second generation scalable blockchain. We are keeping our eye on the next step in technology but until then, Ethereum seems to be sensible to follow. All dapps should also be thinking this way in order to succeed, and we will make sure this message is clear to all projects on our app. We must encourage building the infrastructure for the future, and ignore bad players who manipulate the market. Building a solid product and having a great community is always our focus.
We must always be transparent about our policies, and even mistakes. We believe we can overcome any obstacle with your support. This is why we will be updating our progress and having you solve tasks on our app. We see you (the community) like a member of our company, with a voice and a vote.
Product
Let’s begin with the product, and how the smart contract will support our token movement model. As you know, we have token (ERC20) and non-token businesses on our application.
In the chart above, business pay for YUPs directly on our app, which is automated by purchasing on the exchange. To cover the costs we take a % rate fee.
The plan is to make the YUP to dollar conversion visible on our app, similar to how Steemit uses dollars to show their token value from user comments.
Tasks should be worth anywhere between $5 to $100, depending on task duration and difficulty.
Non-token businesses only use YUPs (e.g 50 Yupies / task), while token businesses have a smaller % of YUP attached to their tasks.(e.g (10 YUP + 50 Beer tokens) / task)
For ERC20 tokens, we take a small % which we hold. Thus if their token succeeds, we succeed, and our community succeeds. A win — win scenario.
Monetary Policy
Thank you all for contributing to our token supply amount task. There’s still time to answer before it expires. So if you have not given your feedback, please do here. What we need to solve has to do with the specific groups connected to the YUP: Investors, Startups, and Users. In order for our app to thrive, we must make sure all three groups benefit.
Startups: They must not be affected by the volatility of the YUP. That’s why we introduced payments in ETH in order for quick and seamless process how to acquire ETH for YUP on our platform.
Investors: If the value of the YUP grows too much, this means everyone will hold YUP and not distribute the tokens on our platform. This is an important economic issue many tokens will face in the future. In order to solve this, we must consider a max supply higher than the distributed supply. We will launch a task shortly so this can be discussed more deeply.
Users: These are innovators who wants to be rewarded for their time and support of a business. The Yupie is the reward (plus bonus ERC20 tokens). You will then have the option to invest, spend, or save. However, we must make sure the YUP is not all held, but is actually used. Meaning users want to spend or invest in fresh business innovations and products. While completing our feature logic that will make our crowdsourcing system run smoothly, we must keep collecting data together in order to achieve this through the evolution of our product.
To keep up with the evolution of our crypto community, we plan to allow the smart contract in the future to be adjustable. The reason why has to do with the current market moving fast, and one prediction mistake using a non-adjustable smart contract can hurt the business and even collapse it. Keep in mind, other businesses that don’t have this means they may have vulnerabilities in the future that will hurt them. However, any adjustments from our smart contract will be first requested by the community for approval as part of our process.
Smart Contract Distribution
This week, we have been focusing on the monetary policy (rules of our token) and next week we will distribute new tokens. It’s possible to do a ‘YUP airdrop,’ thus the wallet you used to initially receive Yupies will receive the new YUP token in place, taking account of any bonuses.
If you transferred your YUP to a different wallet, the new tokens will still arrive in the origincal receiving wallet, not the wallet you transferred your YUP to. However, in order to be safe while we run the code, try to keep the old YUP tokens in the original receiving wallet. If you have moved them, we recommend putting them back for now. This will make it a lot easier for us to confirm everyone gets the correct quantity of the new token.
We will keep updating you on a weekly basis. If you want to access our updates on a regular basis please join our Crowdholding News channel on Telegram.
Keep up the good work y’all, and one last CH philosophy to think about: “Build today what you envision for the future.”
