Sesameseed and SEED prepare for future expansion
SEED rewards distribution will change in preparation for new technology
The Phases of Sesameseed’s Evolution
Sesameseed’s development and growth is a prerequisite to supporting the exciting partnerships with blockchains and other projects, only a fraction of which have been announced publicly.
As Sesameseed takes this exciting step to adapt to the ever-changing world of emerging blockchain technology, it is important to understand how things became as they are currently.
Phase 1: Just starting out
When Sesameseed first started in 2018, it started with only a dedicated group of community members who wanted to build something community centered. The community volunteered their effort to help guide the early team, and pitched in to be a catalyst for the growth that would result.
Sesameseed had almost no budget to work with, and overcame many challenges with good old fashioned manual labor. Systems were designed and implemented without the ability to plan for what Sesameseed and SEED would become over 3 years into the future. Much of the blockchain infrastructure we all take for granted today had not been designed or built, and several blockchains and companies that makeup Sesameseed’s current partners were not even imagined yet.
Phase 2: Multi-chain
Sesameseed entered the second phase of its life, and SEED started to scale. The labor intensive solutions which had worked previously quickly became overwhelming. They were replaced by cutting edge (at the time) solutions designed from scratch through Sesameseed innovation.
With guidance from the community, SEED evolved into a multi-chain rewards token that represented the node rewards of more than one blockchain. Once again Sesameseed was on the forefront of innovation and change. SEED’s redeem value went from stationary to increasing over time. SEED holders had started with a TRX redeem value only. SEED holders then gained a redeem value for ONT, ONG, ONE, ICX, and UNFI, even while the SEED they held continued to earn more SEED. New utilities were needed to achieve multi-chain redemption of SEED and support cross-chain SEED swaps. With limited resources, compromises had to be made. That resulted in a SEED utility system reliant on human oversight and management.
Which bring us to today — Phase 3: Sustainable Growth
Phase 3 has started and a flurry of development activity is already underway. This development and growth is a prerequisite to supporting the exciting partnerships with blockchains and other projects, only a fraction of which have been announced publicly.
Currently, Sesameseed’s developers are working to complete the next wave of cross-chain technology which will once again change the landscape of multi-chain blockchain interactions. This technology will become the engine that powers Unifi’s cross-chain trades, as well as a trustless and automated system of SEED rewards, swaps, and redeems.
The resources required to develop the shared SEED and Unifi Protocol cross-chain technology have resulted in the repeated disruption of daily SEED rewards. Blockchain updates (such as the change in energy costs on Tron), explorer outages, and many other items create hurdles within the current process and take constant management by the team. With recent changes in the multi-chain environment, distributing daily rewards has become a significant obstacle to Sesameseed’s continued growth, and to the addition of new blockchains to SEED’s redeem value. The team members who need to be focused on developing are not able to do so. They regularly must stop working to resolve issues arising from the manual process of distributing daily rewards, a process which requires an increasing number of hours each day as the complexity of the task compounds.
SEED Rewards will be adapted to the new multi-chain environment
It has become clear that change to Sesameseed’s rewards distribution is needed.
This change will be the first phase of what will likely be more changes to come in the future. Effective March 1, 2021, SEED rewards will no longer be distributed daily. The intent is for SEED rewards to continue to be distributed at semi-regular intervals. The timeframe between distributions may vary significantly. This change may also impact the availability of an accurate or timely rewards distribution reference sheet.
Effective March 1, 2021, SEED rewards will no longer be distributed daily.
Sesameseed understands some people in the community may not understand the need for this change. However, Sesameseed has great faith those in the community who can see the opportunity this provides will help others see how change is healthy and needed to support the type of growth of which SEED is capable.
What is not changing?
The distribution schedule of SEED will change, but the accrual rate of SEED by stakers and SEED holders will not change as a result of this announcement. SEED that would have been distributed under the old schedule will continue to compound daily. Native token stakers and SEED holders will be earning rewards from SEED, even when those SEED have not yet been distributed to community addresses.
In short, stakers and SEED holders will get the same rewards they would have gotten before this change, they just will not receive them on a predictable schedule.
Other benefits to SEED that are NOT changing:
Rewards Model for Represented Blockchains
Sesameseed’s Node Operation Policy
What to Expect
This adjustment to the distribution schedule is an interim step. The SEED rewards economy is moving towards an automated and more advanced on-chain technology currently under development. The future of SEED will be completely revolutionized, scalable to as many blockchains as necessary, without compromising on reliability, efficiency, and accuracy of SEED rewards.
It is critical this new technology is done accurately and with the proper security measures in place to protect current SEED holders. With that as the standard, no time frame for completion is being announced at this time. As the new system is deployed and tested, further updates to the community will be provided. Once it is reasonable to project a launch date for the new SEED utilities and distribution process, that will be announced as well.
As Sesameseed moves into this growth phase, other aspects of the SEED model and its associated utilities will undergo evaluation as well. They may undergo revisions as necessary to ensure the ability to accommodate the coming growth.
These new challenges will be taken on by the familiar and trusted team, bolstered by the growth Sesameseed’s success has allowed. The input and guidance of the community is still an important part of this process. While some of the team are not as present on social media as they once were, that is because of the growth frenzy that is going on behind the scenes. Those same people are still working long hours, 7 days a week. They push Sesameseed forward and guide its growth through the same lens of community trust and commitment that began over 3 years ago.