If you allow tokens to be issued on your platform without staking your token, your token will become Omni. Proof: Omni has a marketcap of $827K, while Tether has a marketcap of $4.3B (let’s not get into it too much that Tether is on Ethereum now). If Omni required it’s token to be staked 50% = 50% with Tether, it’s marketcap would’ve been $2.15B.
Here are some examples where you need to stake a platforms token, before you can issue your token on it.
https://www.bancor.network/ you need BNT to issue tokens on this platform
https://uniswap.exchange/create-exchange you need ETH to issue tokens on this platform
https://makerdao.com/en/dai you need ETH to issue tokens on this platform
Imho SAFEcoin should have the Bancor protocol baked into it.
SAFEcoin should from the get go work like a Bancor relay
If time is spend to code this into SAFEcoin then it serves as the staking mechanism/conversion engine for SAFE tokens. Please do realize that just like Self Auth, we’ll need a Self Mint and staking SAFE.
Staking on Bancor and Uniswap is simple, you take 50% platform token and 50% of the value of the new token.
Two years ago I gave hints about staking SAFEcoin
Tezos network will only serve as the rails with tx fees, it won’t capture the value in it’s token.
On Bancor 50% of this $1bn would have to be staked in BNT and it will be reflected in it’s price.
Eos does use the Bancor protocol for their staking, even better the devs pay the tx fees of their own tokens. It would be great if this was also the case on the SAFE Network.
Two years ago I thought that most people in this community already knew all of this…
I think that non of us wants SAFEcoin to become Omni, so please code up staking to empower SAFE. Bancor is just smartcontracts at work, no exchanges, just conversion and liquidity providers getting an passive income through fees.
btw I suggested this a few weeks ago to Dug