Poppy And Troncard Livestream Updates
Creating the TRX20 token and its unprecedented features
Poppy decisively reached its funding goal on October 20th thanks to a community of ardent supporters.
Our team is now working hard to develop the Poppy token and its unprecedented features. We are also working extra hard to finalize the development of TronCard including details of how eligible contributors can redeem it.
First update
On October 23rd we hosted an AMA on YouTube to answer questions from the community. We introduced many innovative ideas for how Poppy and TronCard will operate. We’ve summarized some of the key moments from the event.
For the latest information, see the second update.
Poppy token
The Poppy token will be issued in the form of a TRX20 token.
A TRX20 token is different from of a TRON Basic token (TRX10 token), such as SEED or EGG. Tron Basic tokens are simple and easy to publish, but are not divisible — they cannot be fractionalized. Also, the Basic token (TRX10) cannot be associated with a smart contract, although there is future development that may utilize TRX10 tokens with smart contracts.
The Poppy token, as a TRX20 token, will be divisible and can be linked to smart contracts, which will allow us to build some unique utilities with it such as how vendors will utilize it, how contributors can utilize it, as well as unique dividends and incentives features.
The loyalty program will not produce a new token. It will utilize the Poppy token, and Poppy itself will be designed to work with these tokens in a unique way. We’re anticipating the ability to acquire the tokens as part of a loyalty program. For example, buying them from the open market and encouraging a use case of them. Other features may include staking by the vendor to have discounted fees in addition to being able to make purchases and conduct transactions with the token itself.
All of these features will require the use of smart contracts.
TronCard
TronCard was incentivized to contributors receiving 10,000 Poppy tokens or more. Those eligible contributors will be part of the beta program. Our team will be seeking feedback and insight from them to create a robust card.
The distribution of the card will be managed in the most anonymous way possible. To achieve that we will be providing a TronCard redemption token to each eligible contributor. The token will need to be sent back with an email address associated with your account using the note section of the token, which can be accessed on Tronscan. It is recommended that you do not use your personal email. A temporary email will work, as long as you can access the private information we share on how to redeem the card. The email will have a unique redemption code to Amazon.com that you can use to purchase the card directly from Amazon. The card will then be shipped free of charge to whichever address you choose.
Second update
On October 28th we livestreamed on Twitter to provide Poppy development updates to the community. It is transcribed below.
- Poppy pop-up location and launch are in planning. Looking for partners in the San Francisco area to be a part of our launch event. The pop-up will be the first instance where you will be able to use TronCard at a POS system. The launch is scheduled for early January.
- New additions have been made to the Poppy development team to support the project’s goals and schedule. We are pushing hard towards our November 16th deadline when we will upload our early alpha version of Poppy to the Clover App Market. This is when we will test TronCard, devices working properly, and communication with the TRON Network is functional.
- Final Poppy token circulating supply calculation is 11,206,344 with 600 backers, and 190 eligible contributors for the TronCard beta program. TronCard beta holders will be the first to be able to use the card at our launch in San Francisco.
- Poppy token will be a TRX20 token with significant utility. It will be able to be used in stores, and will also serve as the loyalty token used at Clover POS stations. Details of the functionality of the token, such as how the token will circulate through its supply, how it will be utilized as a loyalty token, and how dividends will attach to it, will be disclosed at a later date after legal framework is in place to protect the token’s unique utility.
- The complexity of the token has delayed issuing it. Originally we had scheduled to distribute it as soon as possible, but based on its current framework, changes on the TRON Network, and development of the token, we are projecting an early December deadline to get the token issued. Our efforts include assistance directly from TRON to ensure we are issuing the token properly and that smart contracts are written correctly, so we create a robust token that is visible on all TRON wallets.
- Poppy is a dividend paying token. 1% of all transactions fees will be provided back to Poppy as a form of revenue. A portion of that will be converted and distributed to all Poppy holders on a recurring basis. This is one of the most unique utilities of the token and the most difficult to nail down. As this is not a basic token, the utility has to be very clearly defined before writing the smart contract.
- Over a million Poppy tokens will be distributed to Sesameseed for its contribution using SEEDGerminator funds to reward SEED holders. The rewards generated by Sesameseed from the Poppy token will be distributed according to its 80–10–10 model. 80% will be distributed to the SEED holders, 10% to SEEDGerminator so it may continue to produce and contribute to more projects, and 10% for operating expenses.
Our goal is to continue providing regular updates to the community through various mediums such as YouTube and Twitter livestreams, and developer’s documents on Medium. Stay tuned for more news on upcoming key target dates, how we are meeting these timelines, when to expect the TronCard to be delivered, and how they will be redeemed, and more information on the Poppy token utility and process.
Key dates: November 1st we are ordering the alpha version of the cards. November 16th we are pushing the alpha version of Poppy to the Clover App Market. December 1st is the conservative estimate when we will distribute the Poppy token.
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