Introducing Culture Coin
An ERC20 Token from The Great Library
Thee, Ye Old, Culture Coin
Let me tell you a story you already know. It is a good one, or I’d not be wasting your time (or mine) retelling it. So strap in (or buckle up) and try to get onboard a fair token launch with the greatlibrary.io
Continue reading to learn now how the aptly named “library token,” Culture Coin, achieves fairness in its distribution. Hint: Its in administration.
The Administration Is a Dictatorship Yet Fair?
Certain dictates do not preclude fairness. There are rules in the Great Library which only a set of administrators can enforce. Yet you might hear complaints that the head librarian can take Culture Coin away at any moment, and you by George, know your rights.
And you are right, you do have your rights, but you also have to understand like for certain artifacts and properties and whatnots, members of the public are not allowed to chew gum in certain areas of real libraries for fear of damage and mishandling. The same goes for the Great Library and Culture Coin. CC is for use within the library and is regulated and managed as such.
Likewise, please do not listen to the hype. There will be no pump, and there will be no dump.
Administration of Culture Coin
Guiding Principles of Culture Coin:
- CC must generally appreciate in value. This principle is motivated by the fact that people will have leftover amounts of this coin, and instead of rotting, it would be better if, like bitcoin, it could return a small net in time.
- Fairness of Distribution. Just as the books need to be fairly distributed by a library, the coin needs to be distributed and administrated fairly hence the creation of The House of Governors.
The Shorthand Edition
27% of all CC is minted to the community fund to provide liquidity at prices controllable by the Culture Coin Administrator (CCA) from the bridge. Users will be able to stake and withdraw funds directly from the coin using this fund. All CC staked this way are burned, and because of a complete lack of a way to mint more CC, the total available shrinks by all token burns. It never grows.
Additionally, a builtin marketplace for buying and selling the BookTradables (ERC721Tradables) and a printing press for minting BookTradables are automatically connected to CC as addons. They are able to auto dex CC for native coin as needed with a variable percentage rate tax on transactions. (Again controlled by the CCA.)
The remaining 73% of the coin then are in the CCA account for breakdown.
Life Is a Game
But Cultural Victory Is Still Possible, or the Other 73%
- 1% is to be reserved in a cold wallet to be awarded as prize money for a contest yet to be announced. The conditions for this prize will be released to the site as they come available.
- 10% goes to initial costs and broken down as such:
- Initial Investor Fund: 1%
- Initial Transaction Finalization Fee: 1%
- Initial Library Upkeep: 1.9%
- Initial Team Bonus Fee: 2%
- Yield Farming and Staking: 5.1%. The return rate is a variable interest rate calculated hourly but at the time of withdrawal. The reward CC is not newly minted but transferred from the 27% community fund. The 5.1% is insurance if needed to make sure that all people are made whole in case of mishap.
3. 25% goes to the team members as incentive to work hard in their roles as librarians, authors, programmers, and administrators and team members of all walks of life and background.
4. 3.5% will go to the (up to 35) holders of Daedalus Class Booster Tokens with each token preloaded with 0.1% of the CC.
The Relevant Contracts and Links
Heros, Items, Base Spells and More are Real Coming Soon to the Avalanche Testnet. Watch www.nftbooks.art for progress there or see https://johnrraymondesq.medium.com/the-great-librarys-gamefi-teaser-trailer-teaser-teaser-358a880592c0
John R Raymond, is the Head Librarian with greatlibrary.io. You can reach him at email@example.com or follow him on twitter @Johnrraymondesq