Radical LikeCoin Proposal

Author: @Terence

In the process of writing the above " LikeCoin's fifth proposal ", I had a series of associations, because the nature has changed a bit, so I will write this article. I didn't crawl the article, if this content has already been written, please bear with me.

Wonder how many people here were joined by @appreciativecitizenrepublic when the ICO started? I wonder how many people know LikeCoin through Matters? Or maybe it's because of the recent Apple column by@高建 that everyone started to get in touch with LikeCoin? Since I was quite wary of the ICO frenzy of 2017-2018, I reckon that a significant portion of the LikeCoin ICO participants at the time, who were probably just speculators, are no longer in the community today (perhaps never). Many of the friends who have invested in the construction of the LikeCoin community today may have joined after the ICO. In addition, the newly added LikeCoin validators are also more aggressive and dedicated.

According to my observation, the tractions generated by LikeCoin, especially the loyalty and centripetal force of users, are absolutely outstanding among non-DeFi decentralized projects in the world. I think that if we can reward those who really invest in the community, consolidate the core stakeholders, and cooperate with the incentive plan, it will greatly help the development of LikeCoin. How to define engagement? Don’t get too into the horns, just think about what it means to not invest: people who have not immigrated to the LikeCoin Chain from ERC-20 today, and those who have not bound LikeCoin today, how invested are they?

Here, I propose to you to implement hyperinflation at LikeCoin. The content roughly includes:

• i) Adopt an ultra-high inflation rate (such as 100% annualized) to reward those who mine LikeCoin staking for one year;
• ii) During the implementation period, a heavy tax system is also implemented, such as 30% tax in the reward, to accelerate the accumulation of the community fund pool for larger community building activities;
• iii) Gradually return to a reasonable level of inflation rate and tax rate after one year, and adjust the face value of LikeCoin to four in one or even ten in one, and reduce the issuance to less than 1 billion, trying to make the unit of LikeCoin price from "Xian" becomes "milli".

According to the current total circulation of LikeCoin of 1 billion, and assuming that everyone will bind new rewards, ignoring the adjustment of the face value of (iii) above, the changes after one year will probably be:

Total circulation: 1 billion LIKE -> 2 billion LIKE
Total collateral: 230 million LIKE -> 930 million LIKE
Total Collateral Rate: 23% -> 47%
Community fund pool: less than 200,000 LIKE -> 300,000,000 LIKE

If the market environment is strong and we can develop the ecology at a high speed, the currency price may still maintain the current price (or even increase), then the value of the community capital pool will reach 3 million US dollars, which is more than the current Cosmos Hub of about 2.5 million US dollars. . The community will use the funds in the form of on-chain governance to promote ecological development. The following are some possible measures:

• Make "token swap" with other blockchains in the world that will adopt the cross-chain communication protocol IBC, and hold each other's coins, making LikeCoin out of the world;
• Funding startups and contributors based on LikeCoin to promote more innovation and development in the community;
• Strengthen market education and publicity, such as placing an Apple front page advertisement

Akash, our decentralized cloud computing network as an early investor and verifier, also adopts a very high inflation rate. We hope to encourage cloud computing providers to join and sell unused cloud resources. As long as there is enough supply, it will attract More buyers (users) enter the market, ultimately challenging the cloud market, which is currently oligopolistic. You can refer to Akash founder Greg Osuri's instructions .

The above is just an introduction. There are many details that have not been considered, and the figures may not be accurate. I hope that everyone can start their heads and express their ideas. Bitcoin has entered the public, and a new wave of cryptocurrencies is coming. LikeCoin really needs to seize this opportunity and make a drastic innovation. Through the above operations, it will be able to consolidate and develop the stakeholder community, and more people who are interested in LikeCoin There will be more practical interests, and driven by this new incentive, everyone will accelerate their learning and bring more contributions to the entire community.