BATTLE - Social Money Owned by the Community!
BATTLE is Social Money Owned by the Community!
This article is a Battlegames Tokenomics Review
I (@agr8buzz) read an interesting article recently about The Economics of Social Money and it's place within digital communities. It really got me thinking.
Our social money, BATTLE, is used within our community for social purposes. We use it as a means to create exchangeable value where none had existed previously. A market for social experiences! This is much different than the other forms of currency we may interact with, fiat for paying taxes and everyday exchanges, and crypto currencies like Bitcoin used as a store of value.
Best of all our social money is owned by the community. While it is true that those with larger stake in the community have a larger influence, it's important to note that these individuals are community members too!
It's powerful and liberating to know that there are no far removed centralized entities or corporations that have an arbitrary power over our social money!
That said, it's very important that we define our Monetary Policy.
Battlegames Monetary Policy
I will take this opportunity re-iterate and clarify the monetary policy that is in place. With monetary policy defined, people know exactly what they’re getting into, and can plan for the future. Our monetary policy covers primarily the following two areas:
- Management of Social Money Supply
- Inflation Control
Management of Social Money Supply
The total supply of BATTLE in circulation at this time is 6,188,359 tokens. Total supply is only ever increased by the issuance of new tokens into the Rewards Pool, which is used to reward Content Creators and Curators.
On August 1, 2019 the smart contract that BATTLE operates within was set to issue 8 new BATTLE Tokens every 95 Blocks [4 Minutes and 45 Seconds]. These newly issued tokens enter the rewards pool which is paid out to content creators and curators on a daily basis.
At the current rate of inflation [16%] this amounts to apx 2,400 newly issued tokens entering the Rewards Pool each day.
Circulating (98.22%) 6,077,956.00
Burn (1.78%) 110,403.00
Staking (27.89%) 1,694,867.00
The main @battlegames account currently holds just over 4 Million BATTLE [Currently 65% of Total Supply]. These tokens are designated as company funds and will only ever be used in accordance with our internal road map. This includes but is not limited to initiatives such as Development Funds, Partnerships, Delegation etc.
Note that these tokens are already issued and counted towards current Total Supply. The future use of these tokens does not constitute inflation as they're already counted and included amongst the Total Supply.
As of the year 2020 the rate of inflation is set to apx 16% of Total Supply. This amounts to apx 2,400 newly issued tokens per day, this amount is by design. There are NO PLANS to make any future changes to the rate of inflation. If the need where to ever arise it would be decision by committee, with all options and outcomes thoroughly evaluated.
Every 10,512,000 blocks [1 year] the amount of newly issued BATTLE that enters into the Rewards Pool is reduced by 3%.
This mechanisms is controlled by the Smart Contract that BATTLE operates within. The rate of inflation will continue to be reduced by 3% year over year until 2030, at which time the rate of inflation will remain at apx 5% indefinitely. This is our 10 year plan that gradually brings the rate of inflation down to 5% by the year 2030. At which time the 5% rate of inflation will issue apx 1,800 tokens per day into the Rewards Pool for network users [Creators & Curators].
Additional Important Considerations
Ability to Store Social Value
Our social money is designed to be able to store social value for the intermediate to long-term. This enables community members and network participants to delay gratification knowing that BATTLE is designed to keep its value intact. This allows people to think over the long-term as opposed to immediate fulfillment of their needs, further building long-term trust and community.
There are always challenged when it comes to fair and effective distribution, and social money is no exception. Fortunately for us money distribution is automated by our Smart Contract as described above, and not arbitrarily controlled by a central authority far removed the community.
I'm thankful that the STEEM and gaming communities have adopted our new social money, Battlegames will always strive to provide a fair means of distribution. All content creators have an equal opportunity to create and showcase their talent and add value to the network. It is then the communities responsibility to decide which content is adding value and reward it appropriately.
This is a key responsibility that should be taken seriously, after all we don't have nor do we want a central authority controlling the purse strings.
Go forth and create, exchange, transact, and hold BATTLE in your digital wallet with pride! As BATTLE is a social money owned by the community.