Toorcoin Staking Rewards — The Token that keeps giving (Part 1 / 2)
Note: This is the first in our series of two blog posts regarding Toorcoin staking rewards.
Toorcoin is truly the token that keeps giving. With its unique one token reward staking mechanism, we reward ALL holders of Toorcoin — weekly! Think Neo and Gas, with a one token reward mechanism instead of two. There is also no need to set up masternodes. 82M of the total 100M token supply will be part of our user staking reward pool to be exhausted over a period of 20 years.
The user staking reward pool is our alternate to merged mining, which has gained widespread popularity in the ERC-20 world. The aim of merged mining is to give miners an added incentive (in addition to the Ether they get) in the form of ERC-20 tokens each time they mine a block. This model (which was coincidentally the first model we looked at for Toorcoin) did not appeal to us. Miners in our view are already amply rewarded with Ether for their mining efforts; rewarding them with Toorcoin over and above the Ether they mine seemed counterintuitive. It opens up the possibility of market manipulation at the hands of miners who might not be fully invested in the idea of Toorcoin.
As such we decided to create a unique token model circumventing miners where ALL Toorcoin users are rewarded for holding onto Toorcoin. The longer someone stakes or holds Toorcoin, the more they get for contributing to a meaningful community; a community which actually wants to democratize travel and to use Toorcoin instead of just flipping it for profits on exchanges! Yes you read that right — we reward ALL holders of Toorcoin — weekly ! There is no need or requirement to set up masternodes.
The accounting for tokens owed to Toorcoin holders will be done weekly. Anyone holding Toorcoin in an Ether wallet (e.g. MyEtherWallet) will automatically be entitled to additional Toorcoin at the end of every week in proportion to their holding. The beauty of this whole mechanism is that it is fully decentralized and automated. We don’t run any third-party processes, which set aside rewards for users every week; the entire process is all handled by the Toorcoin contract itself.
The following table provides a view of the rewards set to mint over a period of 20 years, with a descending rate of generation year over year (rounded to two decimal places).
Through this mechanism, we hope to encourage a loyal user base that holds Toorcoin and uses it for actual use cases in the Toorister platform — users who, like us, are excited about Toorcoin and Toorister, and what they can bring to the travel industry.
In our subsequent blog post we will review an example of users leveraging staking rewards (to be released next week).
Get in Touch
Look out for more posts and details about Toorcoin and Toorister through our website and social media channels. We look forward to connecting with all of you!
Telegram: https://t.me/Toorcoin
Twitter: https://twitter.com/toorcoin
Reddit: https://www.reddit.com/r/Toorcoin/
Website: https://www.toorcoin.com
