[A word of caution I’m on a tablet]
I’m hoping in the very least that this post will start generating conversation concerning the ability of app developers to BURN Safe coins. I’m hoping conversation generated here will be constructive in some way when it comes to implementing the Safe coin layer.
This idea stemmed from the fact that I’m getting pretty angry at all these traders who upload false trading analysis to trick novice traders for illicit gain.
My Idea is simple:
Create a safe app that will allow Traders to “put their money where their mouth is” for profit.
There will be two roles:
“Predictor” will be able to upload a chart outlining their prediction. To submit their prediction they must pay a “fee” (the “putting their money where their mouth is” part) and use the app’s interface to define their trading prediction. If their prediction is correct they collect a percentage of Safe coin awarded to the app from the network and a portion of other “Predictor’s” forfeited fees.
“Reporters” will be the holders of “App Coin” that they received during the crowd sale. After a designated time they will validate whether a trade was correct or incorrect through “Voting”. If a trade was incorrect the “Predictor” will forfeit his “fee” and a portion will be divided among the reporters as payment". There will be a mechanism that will prevent false reporting, but I’ll discuss that mechanism at a later date
`Outside of those roles we have a “Burning component”. After reaching a certain level of profitability for both “Reporters” and successful “Predictors” a portion of Safe coin would be allocated from the reward given by the network and would simply be BURNED. This would result in a “deflationary” force on Safe coin. My heart isn’t even set on this component. I simply threw this in here to generate discussion. An idea like this would generate a large amount of network traffic when you put two and two together. We’re looking at a large amount of Safe coin that could be burnedone periodically.