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NeverKnower

@neverknower

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GM! @gmcoin mints $GM token for every "gm" tweet. Does it mean that there would be infinity tokens in time? No. Let me explain. We all understand that unlimited supply is bad. It never gives price ability to rise. But if we set hard cap - we interfer to a process of minting and distribution of tokens from the start. And we can do a mistake that breaks all tokenomics and future success of token. What to do then? Produce $GM token for every "gm" tweet, but increase difficulty over time. @gmcoin has epoch system. 1 epoch = 1 week. Every epoch minting difficulty recalculates. By default it increases by 30%. It means that every next epoch you would receive 30% less $GM tokens for the same tweet/like. it also means that at some point of time we will get a situation, where mints less then 1 $GM token per epoch per total. And practically it means that we reached hard cap of token. But what exact number it would be and when it would be - nobody knows (yes, we have some calculations, but it either not guarantee).
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last days before launching the liquidity pool I'm checking and wrapping up all technical stuff. Today I finished runningHash. What is it? Well, @gmcoin works on @gelatonetwork. Each day web3function's workers run and search for "gm" tweets from registered smart-contract users. Verify them, and send the result to smart-contract, where we mint $GM. It's all transparent. But the exact tweets that have been scanned are not exposed. Cauze on scale it can cost a lot. Yes, @base is cheap and fast, but anyway I don't like to design things that scale poorly. So, how I solved it? We save tweets on the AWS backend and calculate runningHash. (see img). Then we upload to IPFS and store the final runningHash on smart-contract too So, you can download IPFS file with the list of all processed tweet, and calculate final runningHash by yourself, and it will match the final runningHash on smart-contract. That's how you can verify what tweets have been processed. Full transparency, cauze we're in web3 development 🙌
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