TG Crypto - Jace Hall

    This poll is closed

Threaded View

Previous Post Previous Post   Next Post Next Post
  1. TG Crypto - Jace Hall

    03-23-2021, 04:33 PM
    Attachment 126417
    Name:  TGCOIN.png
Views: 458
Size:  132.4 KB
    Twin Galaxies Coin has been registered and created (TGCOIN)!

    It is currently not being distributed, and will not be distributed or sold until the basis and rules of its existence are established.

    You will notice that 1 Billion TGCOIN has been created. This is all the TGCOIN there ever will be. No more can be minted.

    This thread is intended to start an ongoing conversation about TGCOIN and how it might be best put to use for the benefit of TG and its community.

    First, let's establish some of the simple and basic initial intentions behind the creation of the TG COIN.

    1.) It can potentially be used as a method for interested members of the gaming community to provide TG with monetary resource to improve and grow the site more quickly.

    Right now, TG's growth is limited by the amount of personal investment that the owners of TG make each month. There are no ads, and TG does not have subscription or membership fees. Ideally, TG would like to keep it that way.

    Being able to buy TG COIN may be a method for the community to directly support TG, as all proceeds will go directly to TG growth and improvements.

    It is important to highlight that many people have both publicly and privately signaled that they want to help support TG so that it can improve faster and offer more useful features to the community, however there is currently no way set up for the community to provide TG any direct financial support.

    2.) To create a basis and transactional vehicle of commerce for TG Community members to buy/sell the earned submission points or other eventual TG related value between each other. Also it can allow TG Community members to extract and "own" their earned submission point value outside of the TG system if they want to.

    3.) To create a token that not only represents value accrued at TG, but potentially value accrued in other gaming communities that may choose to use TG COIN for their purposes as well.

    Now with that stated, here is some current thinking on TG COIN allocation, scarcity, value, mechanics, etc., along with some of the perceived challenges:
    For starters, there are many things within TG that represent accrued value through human effort, but for the purposes of establishing the basics of TG COIN we want to start with just recognizing TWO of these things:

    - Achieving a TG World Record
    - Earning a Submission Point

    Again, these are two items that can only be created through human work effort. This is a very important distinction.

    Additionally, between these two items, achieving a TG World Record is the more rare occurrence. So we are going to focus on that.

    You will notice that there were 1 Billion TG COINS created, and while this represents the total repository of TG COIN, it does not represent TG's intention regarding how many TG COINS will be made available in circulation! TG will restrict TG COIN availability and amounts.

    The current thinking is that there can only be 100 TG COIN available for every single TG World Record that exists.

    This would mean that the way new TG COIN is ultimately "mined" is ONLY by the establishment of a new TG World Record.

    As we thought about this, we realized a problem in that since anyone can make a new track, and then submit and be #1 on that track, the "mining" could be easily manipulated, causing more TG COIN to be released artificially - therefore we would place the below constraint on it:

    100 TG COIN = 1 TG WORLD RECORD (at least 5 participants on leaderboard)

    Using that equation, and loosely glancing at our database, we seem to have roughly 58,106 TG WORLD RECORDS (min 5 ranks on leaderboard), so that means only 5,810,600 TG COIN would be made available in the marketplace.

    TG COIN in circulation would then always correspond to adjudicated TG WORLD RECORDS (at least 5 participants on leaderboard). The remaining TG COIN of the 1 Billion that were minted would stay off market in reserve for release when new TG WORLD RECORDS occur.

    So that might work toward a balanced system where scarcity and value is directly tied to human effort.

    With TG COIN potentially set up with a clear system of mining and management, it's important to figure out some of the basic ideas regarding what community members can do with TG COIN within TG itself....

    1.) Use TG COIN to purchase unique and authentic, NFT encoded TG merch, such as clothing, certificates and digital content.
    2.) Purchase TG COIN with Submission Points.
    3.) Win TG COIN in challenges, tournaments and bounties.

    Of course, the TG Community would theoretically also be able to receive the other benefits of an Ethereum based cryptocurrency, which can be market value appreciation and the ability to trade it for other crypto.

    Challenges

    A big challenge with using crypto are the costs that are incurred whenever it is transferred from one Wallet to another one. Those costs can be referred to as "Gas fees " and Gas fees are payments made by users to compensate for the computing energy required to process and validate transactions on the Ethereum blockchain.

    These fees as well as the slower paced nature of an ETH crypto transaction create a barrier for TG to be able to do something like eliminate Submission Points and simply replace them with TG COIN. So Submission Points will continue to remain, and the interested members of the community can choose to use them to purchase TG COIN (once TG implements that ability.)

    In any case, would love to hear the community thoughts and just have a general discussion of ideas before TG makes any final decisions in this matter!

    Let's see where the conversation goes.
    Thanks wwdkong thanked this post
Results 1 to 10 of 21
Join us