Waves World Millionaire’s Club Update
As part of our ongoing efforts to maximize benefits for our whole community, we’re looking at making a change to the way rewards are distributed.
In one of our first articles, we described how we were going to create a vibrant token economy. As we explained at the time:
Kick starting and building a thriving economy is all about making sure your token is widely used as a means of commerce. That means two things:
1) Distribution — getting your token out to as many people as possible
2) Redemption — giving people as many ways to spend their tokens as possible
Our intention has always been to align interests the best we can across all the different groups in the Waves World ecosystem, including those who lease WAVES to our node, who use WW as a transactional currency to buy publicity services or goods from the marketplace, and of course individuals who hold large or small amounts of the token. Larger, long-term holders include those in the Millionaires Club, who receive an additional 3,500 WW per day for each account with at least 1 million WW.
Over the last three months, the number of millionaires has grown to 93, but we have discovered that the way we structured the Millionaires Club has led to unintended consequences:
- Larger holders can split their WW across more than one account, each of which holds 1 million tokens, thereby receiving multiple airdrops per day.
- Many Millionaires sell their daily airdrops, creating downward pressure on the market for other holders.
While both of these factors are completely within the ‘rules’ — this is crypto, and we don’t tell people what they should do with their own money — the result is that building value for one subset of our community has impacted others.
Given that the whole point of Waves World is to create something qualitatively different and better than existing fiat-world systems, we feel this needs addressing. We want to do that now, while we’re still getting started, and in a way that it won’t negatively impact Millionaires (which would also be unfair).
What we propose is an optimization whereby Millionaire rewards will be distributed to the top 100 WW holders (excluding the Issuing account and Marketing fund). Because there are currently fewer than 100 accounts with 1 million WW, no existing Millionaires will be impacted. However, going forwards:
- Those who hold rather than trade their daily rewards will be more likely to stay in the top 100
- Those who split their tokens across multiple accounts will be less likely to remain in the top 100
- The more limited number of places available will mean they are more competitive
We hope and expect that these factors will gently raise the value of WW for everyone, whether or not they hold 1 million or more. All the other benefits for Millionaires will stay the same.
In the coming weeks we’ll be implementing a community voting system, which will make it easier for anyone to propose changes to the WW ecosystem and for holders to vote on them, enabling us to be a truly community-driven project. And of course, there will always be other ways for our community to earn WW. Stay tuned for more announcements and promotions as we go into 2019!