Tokenomics (2020-09-26)

For Immediate Release—From the Desk of Beelzebub:

A Reluctant Statement on Token Economy

A few days ago, I came across a twitter feed which detailed the ongoing problem of Uniswap rug-pulls. I was astounded—even as the embodiment of a deeply Machiavellian personality. Coins would list, "moon" quickly—in the way a child's water rocket “moons”—and then liquidity would be swiftly pulled, sometimes in as few as fifteen-minutes. What could one gain from this sort of con? Maybe an ETH or two, maybe less.

I'm all for considering the notion that greed is good. Perhaps greed is even the teaser-stallion of invention, coaxing out that little puff of inspiration that will be nurtured under more fertile, more worthy auspices—I'll get rich with this idea! (he thinks). Ten desperate years later, he's finally eking out a meager living with his big idea, usually divorced, always cynical and worse for wear. But in the brutal lands of get-rich-quick, that pretty much passes for success. It’s a commendable accomplishment, and certainly more rewarding than selling your soul for a few ETH—rewarding for both of us, I mean. Naturally, considering my occupation, I don't complain if people want to go in that direction. It’s just not as much fun.

I’ll tell you though, these impatient kids sure make it difficult to shill a coin. Even when you have a much longer con in mind, people keep talking like you're trying to sell them the Brooklyn Bridge. No, no! you say. I want to change the way you think. I want to train your mind. I want to draw you in, and—if you prove yourself capable of containing the apocryphal truth—I want to share it with you. But more than that, let’s have an adventure. Let’s live! The money, my friend, is just the golden fleece, the holy grail. It's the teaser stallion—for both of us, for all of us... You see? Greed is good.

It's tough being The Devil these days. Everyone’s fashionably jaded. It's the information age. They've heard it all. Every shill is the same. You’re like a virtuoso trying to get people to stop for a moment in the NYC subway. Meanwhile, some minor dark angel coaxes them toward a chili dog and a pint of peach schnapps. DeFi tools. Yield farming... Jesus Christ! It’s getting to the point where a guy needs an MBA and a marketing degree just to get a signature in blood.

So alas, it looks like in light of all the recent unsavory Uniswap behavior, I'm reduced to talking about the sauerkraut and diced onions of cryptocurrency. And no, don't get all hot and bothered, we're not going to do any "yield farming" at Iscariot. That's just the crypto version of locking your money in an Argentinian low yield bond while the currency crashes to zero. If you want to do some “yield farming,” I have a nice, fertile plot of land in The Everglades and I'll give you a sweetheart of a deal. What I'm going to do here, is give you a breakdown of our token economics, just so you don't think it's one of those operations where you buy a perfectly nice bridge and then get stuck with a deed that gets you laughed out of court.

Breakdown:

If you look at our token contract on etherscan, you'll see a total supply of 666,666,666 BLZ with 3 contracts at the top of the holders list.

1. Bounty Contract:

2. Liquidity Pool:

3. Team Wallet Contract:

This equates to about 70% locked tokens, with the remaining 30% either unlocked in liquidity pool or stored in user/holder wallets.

Pie Charts

Of course, as tokens are released through the bounty contract, one would imagine the market would be overwhelmed with supply. Beginning with Chapter 01, this effect will be counteracted by two factors.

  1. Each new user will be required to login with a wallet containing 111,111 BLZ in order to view the puzzles. This ensures that each player has the BLZ required to submit an answer at the end of the riddle.
  2. In order to submit guesses and reveal hints, users will have to exchange BLZ tokens for Iscariot Coins at a rate of 111,111 BLZ per 11 coins. The coins purchased in this transaction will be offchain and stored under each user’s unique Metamask login, thus avoiding excessive gas costs. They will then be burned, decreasing the supply of BLZ in circulation.

The combination of tokens burned in game play and stored in new user wallets is designed to offset the monthly inflation caused by exchanging BLZ for bounties. As we onboard new users (and perhaps speculators) this effect will be amplified. As bounties are a reflection of the value of BLZ, bounties will increase along with market cap, which should increase as we see adoption, speculation and game play’s effect on supply. Increased bounties, in turn, should draw in more players, ideally creating a positive feedback loop.

Fellow travelers, there it is. If you must be fashionably jaded, look at our token economics as a sort of Ulysses Pact, a little wax in our ears to drown out the internal choir of fourteen-year-old crypto-geniuses incessantly telling us to take the money and run. We can’t. We're stuck in this with all of you for the duration, and we’re committed to making the trip as enjoyable as possible.

Yours in Perpetuity,
Beelzebub

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