Bomb Token: V2 Issuance and Tokenomics
Hello Bomb Squad,
Although this started as a social experiment to create the world’s first self-destructing currency, we have been blown away by the support this project has gained. On January 15th, the original 1M Bomb Tokens were created. Within one week, over one thousand people joined the project. Within ten days, over 500,000 Tokens were claimed.
To be transparent, we were not fully prepared for the overwhelming amount of attention and virality. To ensure we maintain the validity and accuracy of this experiment, we have decided to make a very important change to the token structure and verification system.
New System: bombtoken.com/verify
More than supporters, multiple social outlets picked up the mania with this post hitting the top post of r/cryptocurrency and this youtuber talking about the project to 50k subscribers. It has been a wild ride, and we hit a few obstacles along the way.
1) Bad Actors
First are foremost, there has been continuous attempts at gaming the system. While we were expecting a few bad actors, we did not expect the pure amount of malicious activity. While we patched up most of these issues before Wave Three started, there is a large amount of unknown bad actors who claimed Bombs in Wave One and Two.
Originally there were 1M, and each BOMB transaction resulted in a 1% burn and destruction of the currency. We truly believe the reason for many of the virality in this project has to do with the simplicity of the tokenomic structure. That being said, one minor potential outcome of this structure was an extremely slow burn rate that could take decades to fully see the results of this experiment.
3) Exchange Addresses
We did our best to notify people not to use exchange wallets, but estimate that up to 10% of current tokens were sent to incorrect wallets. While we initially thought this was not a terribly bad outcome as these lost tokens were out of play, we then realized that these tokens will never be able to be truly burned properly through transactions. For that reason, we needed to do a better job of screening for exchange wallets and letting people know which wallets are accepted.
So, What’s Next?
For all the reasons explained above, we have decided to make two very important changes.
- An alternative and improved BOMB Token (identified as V2)
- An alternative verification system
To expedite the burn process, but keeping the integrity of the original vision, we have decided to change the decimal places from the original 18 to zero. Anytime a BOMB is sent and a decimal place remains, the smart contract will destroy all remaining portions. We believe this additional function will make BOMB destruct at a much, much faster pace. The owners and holders of BOMB will see their percentage stake in the network increase at a much faster rate as well. Here are a few examples.
Send 1000 Bomb = Burned 10 = Receive 990
Send 153 Bomb = Burned 1.53 = Extra Burn 0.47 = Receiver Gets 151
Send 88 Bomb = Burned 0.88 = Extra Burn 0.12 = Receiver Gets 87
Send 10 Bomb = Burned 0.1 = Extra Burn 0.99 = Receiver Gets 9
Send 1 Bomb = Burned 0.01 = Extra Burn 0.99 = Receiver Gets 0
As you can see in these examples, just as in the real world, a Bomb is whole and cannot be subdivided into smaller bits without exploding.
New Verification System
So, how does the new verification process work? Here is a step-by-step breakdown of how to verify yourself for the new token.
- Fill out this form: bombtoken.com/verify
- You will be sent an email with a custom Bomb ID included
- You must then join t.me/bombverify and submit your ID
We understand asking everyone to re-enter information is a terrible practice and something we really did not want to do. What we can promise is this is the very last time you will ever be asked for information from Bomb. If you have questions or concerns, you can join us on our main chat: t.me/bombtoken
All spots who do not verify their BOMB before February 1st will release their Wave position to the public! We repeat, all people who do not verify their BOMB before February 1st will release their Wave position to the public.
Last notes to make sure everyone is on the same page and nobody is concerned:
- If you already own BOMB, you automatically qualify to receive the equal amount of the V2.
- If you have already claimed but never received your BOMB, your Wave position is still safe and solidified.
Weekly Distribution Schedule
One of the biggest questions we get in the group is when will the next wave be sent out? As we were busy trying to scrape out bad actors, this was a very hard question to answer and timing was very inconsistent. For that reason, we will now be doing Bomb Drops on the same day every week, Saturday.
Public Wave Sheet
The second biggest question we received along the way was “What wave am I in?” From now on, we will have a public Google Sheet for anyone to look at which Wave they are in. The sheet will have your BOMB ID and Wave Number next to it.
- We are creating an alternative Bomb structure (v2)
- We are creating an alternative Verification system
- You must verify yourself before February 1st
- You can now view your Wave position
- From now on, distributions are done every Saturday
Although we anticipate there will be a lot of negative pushback from this decision, we hope these types of changes and challenges can be viewed as a positive side-effect of a growing project.
For those who already have Bomb, these new tokens will only insure your position in the project by discrediting bad actors and add more overall credibility to the project in the long run.
For those who missed out on the early stages of Bomb, this enables you to replace the bad actors and potentially move up into higher waves.
This project truly took on a life of its own, and we could not be more thankful for the passionate and curious community around us. At the end of the day, we hope through our transparency, reasoning, and logic that many of those who truly believe in the vision of this project will continue to support us and join us along for this wild ride.
Verify Yourself: https://bombtoken.com/verify/