Scientificcoin Tokens and Their Distribution
This article will be useful for those who already know about Scientificcoin project and have read my previous publications. It is important to remind that we do not intend to have a conventional ICO and attracting investments for the project was not the only goal we focused on when creating tokens. We have been developing the project for quite a long time and now it is in its closing phase. As I already wrote in my previous article, SNcoin will exist on the basis of Ethereum with a fixed amount of 100 million tokens until the platform is launched. After launching http://scientificcoin.io platform, an algorithm specially created to regulate additional emission of coins intended for mining and remunerations for experts will evaluate statistical data from the previous periods of the platform operation:
the price of the coin at exchanges; traded value; the number of unique holders and experts; scientific projects placed on the platform; and project ICOs successfully held on the platform. This algorithm will create a kind of an emission quota for the next year. Coins will be generated automatically by means of mining and in the course of experts’ actions for project assessment.
After the platform is launched, each Scientificcoin token created on ERC-20 will be replaced with SNcoin in a proprietary developed blockchain. Token holders will exchange tokens themselves. In order to do this, they will need to download Scientificcoin Client.
I have already described the reasons why we are using ERC-20 tokens with their further replacement: https://blog.goodaudience.com/you-may-call-me-captain-obvious-but-one-of-the-main-goals-the-developers-set-for-themselves-when-ddfb4a9b5bb7 . In brief, it is necessary for faster attracting crypto enthusiasts to the project as they are mainly using Ethereum. All replaceable tokens will be accumulated in a special wallet and withdrawn from the circulation.
Now, I am going to detail the first emission of tokens, their first owners and the procedure of their distribution. On the first day of the issue of tokens (which is going to take place one of these days), 464 addresses controlled by experts in different scientific disciplines specified in this list will become their owners. All the disciplines are represented by a group of scientists, mainly from Akademgorodok. Free coins will be distributed from those addresses for popularization of Scientificcoin platform.
Today, lots of new cryptocurrencies and ICOs distribute their tokens using Bounty Campagne and Airdrops. Firstly, this method is threadbare and those same-type gifts have lost their value as valuable things normally have to be deserved. Secondly, most participants of Bounty Campagne, etc. have turned into bots with fake accounts in Twitter and Facebook or those nobody reads as all they post is ICO advertisements on their pages. There are even groups aimed at topic promotion on Bitcointalk including guys with 10–20 high rank accounts. Their goal is to keep the advertiser’s topic at the top. For this purpose, they write comments and discuss the project but even this scheme requires understanding of the project by those advertising it.
Of course, we need promotion, and we are going to use all kinds of marketing tricks but at a whole new level, without any obvious commercials or naïve comments. In some way, we will also use Bounty Campagne, but in our own unique version. Young people about 20 years of age are to become active participants of our platform. They will be mainly students and people interested in science and self-education.
We have already provided a service on our website for taking general knowledge tests in order to engage young hopefuls to develop the project and to acquaint the most gifted of them with teams of scientists in different academic fields. SNcoin will be paid to them as a reward for their online activities and they will be able to save or exchange them for weekly trainings conducted by famous experts in different spheres, inventors and professors. These will not only include webinars but also conferences held in different cities. Mainly Akademgorodok residents who regularly give talks at international conferences in western countries will be speakers within the next few months but as the platform develops, we will engage speakers from other countries.
This is how we are going to distribute most Scientificcoin tokens among young hopefuls. Nowadays, the number of students throughout the world is 153 million which is much more than the amount of coins we have allotted for this purpose (40 million coins). In order to register on http://scientificcoin.com and start working with the platform: gain access to analytics; become an expert assessing scientific projects, an investor concluding smart contracts, a miner, etc., you have to have 1 or more SNcoin.
This amount of Scientificcoin tokens will be distributed among 464 scientific disciplines on the first day they are created. It is important to note that the terms and conditions of the smart contract restrict their disposal: not more than 10% of the initial amount per month.
Remunerations for Bounty Students will start from 10 coins for a repost in a social network (it can be received only once). All other tasks with fixed fees will be available after passing a general knowledge quiz which is already available on our website at http://scientificcoin.com/0quiz. Thus, we expect that the average amount that can be made by an active student within the year 2018 will be about $1000.
I wrote in my previous posts that we had a successful ICO a few months ago: http://healthmonitor.io. We did not consider any other way of advertising the project apart from using Google AdWords or Twitter ads, and news websites dedicated to cryptocurrencies or bloggers are too expensive and inefficient, in my opinion.
Popularity of cryptocurrencies and growth of their value often depend on how widespread they are but, since most cryptocurrencies do not have any backing at all, creators of new tokens exchange them for any advertising services easily, disregarding their quality. As to http://healthmonitor.io, we could not give away tokens due to the specific character of the project but in the case of https://scientificcoin.com, moderate rewards will motivate students for some easy advertising activity which they would not do for any other projects, not related to education and science. By the way, the significant factors distinguishing http://scientificcoin.com from other crypto projects guarantee the proper attitude to the coin. Well-educated people and those striving for personal growth are not likely to sell small amounts of coins for next to nothing immediately after they get them as they will consider it more reasonable to leave SNcoin for the future. Thus, demand for Scientificcoin will grow and keep drawing interest in the cryptocurrency environment.
30 000 000 will be available for purchase in the automatic mode through the contract address. During the first days after creation of Scientificcoin its price will be $0.1 for 1 token. This money will be used for development of Scientificcoin platform, advertisement and attracting platform users. Before Scientificcoin platform launch in the end of 2019, we will have to create more than 500 smart contract templates based on requirements elicited by the platform beta version which is to be launched at the end of May 2018.
15 000 000 coins will be owned by 42 team members able to dispose of their tokens with some limitations. In 2019, any http://scientificcoin.com development team member can dispose of only 10% of the total amount of tokens he or she owns. Starting from 2020, they will be able to dispose of not more than 3% of the total amount of tokens monthly and the rest will be available without restriction since 2021.
Remaining 15 000 000 coins will belong to Scientificcoin foundation supporting science advancement. This foundation will support scientists, students and even inventors who do not have any academic degree. Grants, donations and scholarships will be paid after annual Scientificcoin holders’ voting. What can be simpler and more transparent than a blockchain-based voting? Simple majority of votes will be required to solve any issue related to the work of the foundation with a quorum of at least 25% of the total number of token holders. One SNcoin is equal to one vote. Items for a voting agenda will be prepared in advance and published on the platform’s website not later than 2 months before the day of voting.
In conclusion, I would like to express my opinion that young people are inherently not able to value time. They can do foolish things or create unique innovations with the same ease, depending on the conditions of play. We expect that attracting well-educated young people to the platform will help create a flow of creative energy: up-to-date and vibrant, able to support the interests of the entire community.