Sense.Chat Update: EOS Congestion, Token++, Tim Draper, and More
It’s been a busy couple of months! We’ve been making so much SENSE Tim Draper jumped onboard. So, let’s recap what we’ve been working on, how you can help and other awesome announcements you may have missed.
What We Learned From EIDOS
As you may have noticed, EOS is congested, expensive or just unusable for some. It’s pretty complicated but basically, CPU resources are scarce, making transactions very difficult to send. Some people are saying this is the network’s CryptoKitties moment. For CryptoKitties, that moment was great. For everyone else on the Ethereum Network, not so much. Similarly, this moment is great for IDEOS. For other DApps on the network, including us, it sucks.
People really like tokens. They will do almost anything for them. They’ll be bribed even if the tokens don’t have value (see: MORTYS). They’ll hack, steal, mine, plunder and even hurt the network to get tokens. We’re not saying this is bad, just a fact. Ultimately, mining can be a good thing and can create demand and scarcity, which makes tokens more valuable.
No blockchain is invincible. EOS is more scalable than Bitcoin and Ethereum but we’re seeing that resources are finite and everything has limits. Accounts are expensive in resources to either the developer or the end-user. We’ve staked resources for FOR ACTIONS ON SENSE.CHAT ONLY, so our users don’t have to feel the burden of using the network, but now we’re realizing that this amount may not be enough, and the cost will probably continue to grow.
Nothing is free. The old model: apps are “free” but we sell your data for $ without your consent. The new model: there will be some tokenized costs, and if more people use the platform and demand for the token go up, then everyone could potentially profit from the increased usage and volume. The first problem is, if the resources cost too much to use the network, you just won’t use the network. The second problem is, if things are too complicated, then you just never adopt the new model or you’ll just go back to the free model.
So, What’s The Plan for Sense.Chat?
We have been planning to separate our account authorization from EOS in order to support EOS sidechains, other sidechains, forks, and dapps who want to incorporate chat.
Introducing, Sense.Chat 2.0! Launching in the new year, it will include a new chain agnostic profile and all the token economy features discussed in our tokenomics paper. With this new type of account, you’ll be able to join Sense.Chat without creating a blockchain wallet. This will let users create an account at no cost or dependency on resources allowing Sense.Chat to grow unhindered. Eventually, the goal is to expand into other blockchains like Ethereum, Tron, and even Bitcoin. Chatting while transacting should not be limited to one chain!
What about pumping and transacting? During the EOS congestion, you probably noticed you couldn’t pump SENSE or share tokens. To solve this, we’ve updated the way we stake resources to OUR APP’s USERS, so the on-chain app functions are still functional during “congestion mode” on the EOS mainnet.
Our goal is to give our users no barriers to entry and be less reliant on any one blockchain. With Sense.Chat 2.0, this will be possible.
Token Communities, Best Communities
Everipedia, Karma, and Lumeos have all created communities on Sense.Chat! Why? Well, as we’ve been developing new token features for Sense.Chat, we’ve been closely watching how members of communities on Telegram, Discord and other messaging apps use tokens. Current chat platforms are not built to reward communities. By allowing people to easily share tokens like LUME, KARMA, or IQ while they chat, it opens up the possibility for new users to discover products, super fans to promote their favorite companies, and for tokens to be used in ways beyond the utility of the product they’re tied to.
That’s why adding IQ, KARMA, and LUME to Sense.Chat makes SENSE! Now you can chat in their new channels while you share their tokens.
Check their channels daily for special offers, announcements, and token rewards.
Tim Draper, The Startup Hero
You may know him from the time he bought 30,000 bitcoins at a public auction but Tim Draper has a thick history of joining successful startups. Now that he’s on our board of directors we get his insight and leadership as we continue building.
Tim Draper is a renowned venture capitalist and founder of Draper Associates with investments into significant companies such as Tesla, Skype, Baidu, Twitch and Hotmail. His suggestion to use viral marketing to spread these platforms was instrumental to their success.
“The world is becoming decentralized. I am excited to support this amazing application. Sense.Chat improves human connections by allowing private, seamless messaging and payments.” — Tim Draper
Making SENSE of Making SENSE
Sense.Chat is powered by SENSE but what exactly does that mean. With the release of our Token Mechanics paper, you can get an inside look into how it works.
Right now, chat applications are powering the majority of our social interactions but are they promoting healthy engagement and rewarding you for your time? Enter SENSE! SENSE token fuels cooperation and community growth.
Bancor + SENSE
After our teleportation was complete we listed our new SENSE EOS token on Bancor. We’re glad to be back. Take a look!
Help Wanted
As we continue BUIDLing, we’re looking for some SENSE enthusiasts to help us beta test our 2.0 app before release. Benefits include using new features first, input on UI/UX and bragging rights. If you think you got what it takes, apply here.
