We are happy to announce the Open BETA period for the Whaleshares platform has begun.
The intent of Whaleshares is to provide a Decentralized Autonomous Cooperative (DAC) platform where users of all sizes may transparently share and contribute value to their networks of trusted friends and have a voice in the future evolution of the platform itself. Furthermore, all members are encouraged to create and leverage their own Whaleshares-backed tokens with cross-chain technology to support communities of common interests with transparent oversight and rewards for taking part in initiatives and other sponsored events.
This "early-access" period will allow us to begin on-boarding new members to the platform and provide people who have earned and held on to the original WHALESHARE cross-chain tokens a chance to claim their sharedrop and begin posting, sharing and networking before the general public. The process for creating accounts and claiming the sharedrop will be explained in another post.
We have changed many of the content and rewarding functions to create a more balanced system that is geared towards the long-term growth and stability of the platform.
🔄 SHARING IS REWARDING
Whaleshares is uniquely different in that sharing content and rewarding content are synonymous. On Whaleshares, it's about sharing and rewarding the content you love. Each time you click the new Whaleshare button you will be rewarding the post and sharing it on your feed for others to see.
⛔ NO DELEGATION
While delegation may have a few benefits when used responsibly, the downsides and long-term damage it causes to the balance of a rewards-based platform far out-weigh the good. Voting collusion, bid bots, voting rings, sock-puppet accounts, flag wars, and other negative behavior are encouraged by delegation. For these reasons, there will be no delegation of WHALESTAKE.
🚩 FLAGGING COSTS 3X MORE THAN REWARDING
We have all seen the damage that comes from unnecessary and unjustified flagging of content due to personal disputes, power trips and egos. In order to curb that kind of abusive behavior and set a more civilized tone on Whaleshares where flagging is only done when absolutely necessary (to stop spam or plagiarism), flagging content will require 3x the MANA of a started upshare/reward.
📈 ADJUSTED POWER DOWN ALGORITHM
In order to create a stable, long-term economy that encourages users to build their WHALESTAKE to back community support WhaleTokens, a dynamic power down algorithm that slowly evolves over time will be used. Based on the inflation rate reduction schedule, power downs will release more liquid WLS the longer the platform has been in operation. Max Powerdown = 100% - Current Inflation Rate The inflation rate reduction schedule can be found in the official WhalePaper.
⏳ POWER DOWN TEMPORARILY DISABLED
As planned, the power down function will not become active until October 1, 2018. This helps give the platform time to grow its user base and more fairly distribute early WHALESTAKE to more people before allowing value to leave the platform. This will help create a more stable economy for the platform and WLS token value moving forward.
Over the next couple of months, the Whaleshares development team will roll out several major updates that will revolutionize the way cryptocurrency-based content platforms operate and change the way you think of social media websites forever. After that, it's up to you, the users, to decide the future of the Whaleshares platform.
These are a few common terms that will be used on the Whaleshares platform.
WLS
WLS is the native token of Whaleshares. This is the token you will be able to transfer in/out of the platform to the Bithares DEX.
WHALESTAKE
This is your vested (powered up) WLS holdings. The more WHALESTAKE you hold, the higher your max vote value is. There is no secondary pegged asset on Whaleshares, all of your earned rewards are given in WHALESTAKE. To remove earnings from the platform you will have to Power Down a set amount of WHALESTAKE which converts it to liquid WLS.
MANA
MANA is the % of rewarding power your account has. Each time you share/reward a post or comment your MANA is reduced by 2%. MANA is recharged at a rate of 20% per day. MANA and WHALESTAKE are used to calculate your reward value.
WHALETOKENS
These are User Issued Assets that anyone can create on the Bitshares DEX which can be used for rewarding content or community contests and initiatives on the Whaleshares platform. They are called "Whale" tokens because as you grow your WHALESTAKE over time and become a whale, you can leverage the value of your token to help others in the community.
WHALEBOOK
The WhaleBook will be a resource of information about all things Whaleshares. It will include informational guides, Witness overviews, WhaleToken descriptions and supporting uses, and so much more. Look for the WhaleBook to materialize in the coming weeks.
WHALEPAPER
This is our version of a Whitepaper, it fits the theme. As the platform evolves and new features are added in (or removed) we will update the Whalepaper accordingly. A link will be added to the website as well.
View the WhalePaper Here
Here are the final sharedrop supply and drop ratios for BTS, Brownie.pts and WHALESHARE tokens.
Initial WLS Supply = 21 Million
18,900,000.000 WLS to Sharedrop on Token Holders
Whaleshares = 2.1 Million drop on 250,000 Supply
Brownie.pts = 2.1 Million drop on 9,400,000 Supply
Bitshares = 14.7 Million drop on 1,777,494,274.2983203 Supply
Distribution Ratio per 1 Target Token held:
WHALESHARE/WLS = 8.400000
BROWNIE_PTS/WLS = 0.223404
BTS/WLS = 0.00827
Native WLS tokens have been reserved for Bitshares accounts holding any of these tokens at the time of the snapshot and will be applied to the the claimant's Whaleshares account as vested WHALESTAKE.
NOTICE: Because this project is intended to support the Bitshares Community and the Native Bitshares DEX, it was decided that all centralized exchange accounts would be removed from the sharedrop. There was little chance of centralized exchanges honoring the WLS token sharedrop to the individual account holders anyway. The updated BTS distribution has a supply of 1,777,494,274.2983203 with a sharedrop ratio of 0.008270 WLS per BTS. The difference of 'unclaimed' WLS from this change will be added to the account creation reserve pool.
Saturday, September 1, 2018
The Whaleshares platform will open for normal use with a few more editions to the basic functionality of the site. After the sharedrop period is over (September 15th) you will no longer need WHALESHARE tokens to create accounts , and anyone is free to sign up. Power Down will not be active at this time.
Saturday, September 15, 2018
The time to claim your sharedrop ends. No claims will be accepted after this date.
Monday, October 1, 2018
The Power Down function will be activated allowing users to convert vested "WHALESTAKE" into liquid WLS that can be transferred to the Bitshares DEX. At this time EasyDEX, RuDEX, and Yensesa have announced that their bridges/gateways will ready at this time to transfer WLS in/out of Whaleshares to the DEX.
Stay tuned for official announcements in the coming days and weeks.
https://discord.gg/3pqBXKY
