P3C.io is Upgrading! What’s new?
Our goal is ambitious: social security for the gig economy.
- Auto-Reinvestment and Lending. We are deploying a new Farm/Crop architecture (audited by the Callisto Security Team) that will allow users who hold their tokens in a crop and have their dividends auto-reinvested by default, with the bot performing the action receiving the referral bonus. Why is this important? Three main reasons, although more will come from the community later for sure:
- Well, imagine we start airdropping small amounts of P3C to people. If they were to lose their private keys they might not ever be able to use the dividends that they have built up. These dividends are lost. With auto-reinvest, the user’s inaccessible tokens adds to the floor of the P3C price, much like lost Bitcoins. If they do nothing, by default they’re a rainmaker! Also, those running the bots, which is a market open to anybody, receive the referral bonus for reinvesting. So it’s a win win all around.
- Faster compounding. For many users the goal is to not use the dividends but to put them back into the contract as soon as possible. This will allow you to put your P3C in cold storage and know they are being invested as quickly as possible.
- With tools like the Crop, we see the ability to lend other addresses your P3C and they collect dividends for a period of time, while you are guaranteed to get your P3C back. This is a medium-term goal of the project once the deployment has happened.
- A Flexible UI — If you can’t stop clones, encourage them and connect it back to one main contract. We have completely rewritten the core elements of the UI, so that it is now all completely un-obsfucated and open to other users. Projects like Metadollar, and ShopWithCrypto are exploring new use cases with our UI and smart contracts. We want to make it easier for other people to explore their own businesses with our code. Anytime somebody forks our contract, within 5 minutes they can create a version that uses their masternode as the default. That means you can redirect someone to a branded website and allow them to support you specifically. All clones plug into the core farm-crop architecture and benefit form auto compounding.
- Languages. We have added a translation service to the frontend so P3C content can be viewed in a variety of global languages (20+). Planetary is in our name, so we want to make sure we’re serving the entire planet. Everyone of the flags displayed on the homepage reflects the nationality of people we’ve gotten help from.
- Removal of transaction fees. In the current P3C contract, there is a 10% transaction fee on each transfer. After thinking long and hard about it, we find this to be harmful to the growth of P3C as a medium of exchange. The community is paid when P3C is created and when it is sold, so we don’t see a purpose of charging if you want to share P3C with someone, in fact it should be encouraged. We have also been able to remove unused functions and have reduced the code footprint of P3C from 700 lines to less than 600. Every less line of code reduces security vulnerabilities and makes P3C cheaper to use.
Why are we upgrading the contract? After doing more research, and observing the community for the past 3 months, we believe the 10% transaction fee will hurt the growth of P3C. Everything else however, is fantastic. This is our last planned contract upgrade, and we spent our time to make sure it’s just right to see P3C truly grow to planetary scale without disruptive upgrades in the future.
Whats in it for early participants? Because of the inconvenience of the upgrade process, we implemented two measures to protect early holders:
- The new rainmaker will feed back all of the dividends it gets to the new holders based on the ratio of the new and old P3C. If new P3C is 100 ETC and old P3C is 2000 ETC — then 95% of new Rainmaker’s divs goes to old P3C holders. This ratio will equalize over time.
- The transition interface allows you to buy in using yourself as the masternode. This means that users who go through the transition will get a 3% bonus to new P3C.
- We will also be seeding the old and new Rainmaker with P3C to increase the price floor of both contracts.
What are the next steps? This transition period (7 days) is where we identify any issues and give early hodlers the ability to enlarge their P3C holdings, or divest. Once we feel confident that the new UI is ready for the world, we begin our marketing campaign… let’s just say we have a healthy budget and some surprises planned to make sure P3C reaches planet scale!