It's a bit premature for me to be talking about this stuff way before any of it is ready, but whatever. Need to get back to work and this topic will put me back in the field faster than anything.
In my last post I talked about the seven resources I'm currently keeping track of in my database. Sounds like a lot, but they all have their part to play. Allow me to explain.
Resource #1: Aether
This is actually a totally non-tradable resource that gets completely destroyed every day. This is how I will stop the governance token (MANA) from being flooded. Only a certain number of MANA tokens are produced each day. Each user gets a percentage of those tokens depending on how much AETHER they have in their account.
For example, if you had 10,000 AETHER tokens due to burning HBD, and there were 3,000,000 AETHER tokens total, this would entitle you to 0.33333% of the MANA tokens minted that day. If we were minting 10 MANA per block during a 30,000 block period we'd mint 300,000 tokens during that period, and our share would be 0.3333% of that, which ends up being 1000 MANA tokens. After we receive the 1000 MANA all AETHER is nullify() to zero and the process resets.
Resource #2: MANA
This is the main governance token of the entire platform. This is the resource that actually matters in terms of voting and moon bags. Outside the network it will likely be referred to as Magitek (TEK) tokens, because there are too many projects already that make reference to mana resources.
There will be many variables that can be changed on Magitek through the process of voting. The only way to change these numbers into the direction that you want is to own and vote with cached MANA tokens.
Resource #3: Fire
The only way to mint FIRE tokens will be to send Hive directly to @null. I've decided to lean into unit-bias and remove the decimal points from Hive and HBD. This means that for every 1 Hive that gets burned 1000 FIRE tokens will be created. This allows me to store the variable as an integer in the database instead of a decimal. Sending the minimum 0.001 Hive to @null would get you 1 Fire token.
The purpose of this token is to bootstrap the system by only using trusted Hive nodes as the oracles to start. The biggest piece of information my network requires is the price feed from the witnesses that tells us how much Hive is worth in terms of USD. Officially the network will assume that 1000 Fire tokens has the equivalent value to 1 Hive, even though it's only pegged to the upside. The price feed will essentially determine the estimated value of every asset on Magitek. This will not change unless we get listed on an exchange and actually start allowing value to escape the network.
Another utility for the FIRE token is that it will be the easiest way to build a bridge from the VOID to the outside world. Magitek will exist in a bubble until I'm more confident that it won't get hacked. This will allow me to reverse anything a hacker might do to exploit the database. Because FIRE tokens are essentially pegged to Hive it will be the easiest way to bridge the gap between users looking to enter the system with those looking to exit.
I have much bigger plans for Fire tokens than this sad peg. I want to create a system where many tokens can be burned for FIRE, but that requires a ton more development and infrastructure, especially with the network's oracles. To start Fire tokens will be the only way to estimate how much all the other tokens are worth (using the witness price feed and assuming 1000 FIRE = 1 Hive).
Resource #4: Lightning
LIGHTNING (LIT) tokens power the entire network. Anytime someone wants to create an NFT on Magitek there will be an associated fee charged with LIGHTING tokens. I'll set the starting cost at 1000 LIT to start, but the network will be able to vote on changes for many of these variables.
There will be a function at launch that allows 10000 AETHER and 1000 LIGHTNING to be generated by destroying 1 HBD (sent to @null). At launch, destroying HBD will be the primary way to mine MANA tokens, and users also get the added bonus of being able to create NFTs with the LIT generated.
Resource #5: Ice
ICE tokens are the stable-coin of Magitek. As far as tokenomics and control over the network, they are likely the most important asset in the entire realm. ICE tokens are the only tokens on Magitek that the network determines the price for. This determination is simply a target, but this target is still very important for how the entire system operates.
All ICE tokens will be more than 100% collateralized by the network. That means for every 1 ICE in existence they may be as much as 3 ICE-worth of other tokens collateralizing it. Not only does this maintain the value of ICE, but it also props up the value of MANA in a big way. By using a stable-coin collateralized by the governance token itself, this adds a ton of value to the gov token MANA.
Again, I'll be leaning into unit-bias on this one. Rather than peg the stable-coin to $1 I'll be pegging it to something much lower like 1 cent. If DOGE has taught me one thing, it's that unit-bias is the easiest way to hack a human's brain and make them think they are getting a good deal.
Resource #6: Dust
What happens when you have NFTs that are kind of worthless and you want to reclaim their value? Destroy them and turn it to DUST! Much like Hearthstone, users will be able to disenchant their old NFTs into dust and able to recycle some of that DUST to create new NFTs.
Resource #7: Ash
There are several deflationary mechanics in play that destroy MANA by sending it to @null. When this happens, the mana turns to ASH. I have no idea what I'm going to do with ASH, but I do know that I need to keep track of it so I can figure out a purpose for it some other time. ASH allows me to complete the loop as it pertains to a full-fledged proof-of-burn ecosystem. If anything it could be used for bragging rights, achievements, or certain airdrops.
To Recap:
Yeah, 7 tokens sounds like a lot, but hopefully it's much more obvious why all these tokens exist. Three of them (AETHER, DUST, ASH) are completely untradeable and simply used to keep track of what's going on in the system.
In addition, all three elemental attacks (FIRE, LIGHTNING, ICE) are pegged tokens. Fire is pegged to Hive. LIGHTNING is largely pegged to the value of HBD (1 HBD = 10000 AETHER + 1000 LIT). ICE is pegged to 1 cent (maybe even 0.1 cents). The real cash-cow in terms of investment is the governance token MANA itself.
Conclusion
Again, it's a bit early to be talking about all this. I've purposefully left out a lot of information because I need to work on this project a ton more before it's even ready to be tested. I've also left out all my plans for NFTs and connecting blockchain games to this system. Some other time; Less is more.
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