VSC - When the tokens come
As many of you know, tomorrow marks a big change for Hive. A soft-launch for the VSC network is happening, and like you, I’m quite excited about it. I don’t want to count the chicks before they hatch, but I’m feeling very much like this is it—the thing that launches our beloved blockchain into the mainstream.
The idea that Hive could become the commercial highway for fee-less transactions gives me great hope for our future, but for now, I’m going to leave the cheerleading aside.
You see, I’ve been thinking a lot about the plethora of layer 2 tokens that are sure to show up along with it.
Tokenomics, as they are called, can be kind of difficult to design. They entail not only distribution as the most basic feature but also utility, which most of the time is the one piece of the puzzle layer 2 tokens struggle to solve.
In the pits of these types of conversations, I’ve saved a little nugget of wisdom from @pharesim that can set the tone for this conversation of ours.
The most likely scenario—and I hate to say this—is that we will end up with another collection of dead tokens on VSC. Pharesim’s comment on the matter may not say it literally, but it implies it: most tokens are not needed, not really.
That being said, very soon @buttcoins, @ecoinstant, and I will be scheduling a special podcast episode to discuss tokenomics—ideas on how to build an economy on top of the Hive blockchain, what works, what may work, and, more importantly, what truly doesn’t.
I’ve already reached out to some project leaders who’ve succeeded at launching their own tokens, and I’m in the midst of educating myself on “the how” at this point. But I suspect there’s a lot more I will be learning that day.
Anyway, for now at least, I’ll toast to the VSC launch in excitement.
MenO
I watch this with cautious anticipation, at least.
You make a good point about dead tokens... but it's not really a Hive problem, it's a Crypto problem, rooted in the "Create Token, Get Rich" mindset that also drove the "dot-com boom and bust" of yesteryear.
@pharesim's words speak well to this.
That said, even if just 1-in-10 projects started went on to a measure of sustainable success, we'd be way ahead of the game.
Yes. The role of permissionless protocols has accelerated the creative destruction and allowed those paying attention to the iterations to develop some best practices.
It is a human "feature" to chase the easy win.
You are on something here
I am impatient to see the launch of VSC network
Thank you
Break away communities for corporate, replacing FB workplace or Microsoft Viva , having their own tokens, that the corporate would control.
Tell me more details, that sounds interesting.
In corporate world, many companies have a social network internal to them, which mostly runs on platforms like Facebook workplace, or Microsoft Viva. Hive already supports break out communities, by leveraging that feature,we can create communities for corporate, and big corporate can even have stake hive to reward their employees.
I like this a lot
Microsoft Viva Engage to be specific. These companies must be charging to corporate and hive can provide a better solution free.
As always, I hope for the best! If indeed VSC opens the doors of Hive to the broader crypto-space, I suspect that means we end up with even more worthless tokens than now—after all, as soon as people outside Hive see how cheap and easy it is to make tokens here, why not try, eh? But that aside, I do hope for the best.
I'll look forward to your podcast.
Cheers brother
Same cycle, hype, launch, then a flood of tokens nobody asked for. But if even a handful find real utility, that’s when things actually start getting interesting. Hope for the best with this one man 💪
I would say thats a human problem, if we see it as a problem, not a problem with the tech. The tech hopefully does what its designed to do, and people.. yeah they do what people do. Mostly random shit 😅
the "trick" is to come up with the best system of incentives.
Yeah exactly, but its a hard puzzle to solve:)
It is unfortunate that Hive's token economy is a bit ragged ... but we can hope that the best projects find their way to VSC and the sunlight they reserve!
Question: Do you believe in any particular level 2 token here?
The family of tokens around EDS are well and transparently run ... @eddie-earner and @silverstackeruk provide excellent, consistent reporting, reasonably close to the standard I expect as a wider investor who can read actual financial statements. Even when things go wrong, the project leaders are open and responsive to investors.
@neoxian seems to hold its own ... there was once a major challenge and again, the project leaders were transparent and open so we could all work and solve it
Ladies of Hive is planned out and distributed well in its community circle, although I could not guess how it would perform if more widely known.
Do I "believe" in any of these? No. I reserve that part of my humanity for God only, since humans and code are both much more fragile and changeable. But I observe and assess and recall.
awesome reply! thank you very much... I just learned about EDS and they do seem to have it down to a science.
I appreciate your honesty too.
You are very welcome for all ... one thing I have to be is honest ... trying to keep up with my own lies would be too much of a burden in heaven and earth, the way the world is now.
Ok
I think am curious here
I am excited for hive too and all that’s unfolding for it but before my
excitement boils over, please what is VSC?😂
The idea is to have smart contracts on Hive. At its core, that's it. So that Ethereum and Solana are not the only choices out there.
Oh
Super interesting
That’s great