Introducing the PRECIOUS Token

Today I created the PRECIOUS Token on Hive Engine. What is it? Well, at the moment it’s just a Token with no real use case but it’s intended to be a token that can be used to help raise funds and add functionality for the Silver Gold Stackers Community Curation Project otherwise known as Precious The Silver Mermaid or @ssg-community

For now it doesn’t really do anything but I am experimenting and have some ideas. I’ve been asked many times over recent years whether we should create such a token. I’ve been reluctant until now because I know how easy it is to stuff something like this up and with so many scams and rorts going on around the place I didn’t want to be involved in creating another one where our members at SGS could get burnt or bring our community into disrepute. I think I’ve got a good handle on how to do Tokenomics wisely now so figured why not give it a try.

To start with I’ve issued just 5000 tokens to the @monsterpit account – which is a subsidiary of @ssg-community and has been dormant for some time now. I figured it was as good a place as any to do an initial token sale and compartmentalize any fundraising effort for the community account as the @monsterpit account has been used for fundraising before. I’ve put some sell orders on Hive Engine with 4000 of these initial Precious Tokens up for sale – starting at a price of 0.1 HIVE each. It’s not intended to be a pegged asset at all, but I think 0.1 HIVE each is a good target price for a PRECIOUS Token. Of course that’s not going to stop people from bidding it up to a ridiculous price and then dumping it to zero so be careful.

However, if you want to help raise funds for SGS and get in on this token at the ground floor then go ahead and buy some. Please understand that the token doesn’t yet have a use case so if you’re buying PRECIOUS Token you should consider it just a Donation to the SGS Community Curation Project until functionality can be developed and accepted by the community itself.

My plan is to start airdropping the PRECIOUS token in coming days to our approved authors as an additional reward for the curation earnings that the @ssg-community account receives from our authors posts. I’m working on some code now to pull those curation rewards off the blockchain and transfer PRECIOUS tokens to match the curation received in HIVE. For example, if your post is voted by @ssg-community which then earns 5 HIVE in curation rewards from that vote then you should receive 5 PRECIOUS Tokens to match the curation reward you’ve generated. It is intended that this will give the PRECIOUS token some distribution amongst our most active members on HIVE and also add a tiny sweetener to our authors rewards. If it can help create an additional incentive to create more and better quality content and therefore generate more curation rewards then that would be a great outcome but I think we could also do some other pretty cool stuff with it too.