Contest: What should the smallest unit of Hivebits (HBIT) be named?
Update - entry period had ended. Voting soon.
tldr;
In the comments, leave a suggested name for the smallest bit of an HBIT and you're entered to win.
@Hivebits has been inspired and somewhat modeled after Bitcoin, but it exists here on the Hive blockchain. Both have 21 million units, sliced down to eight decimals. Following granddaddy Bitcoin's lead, I'd like to have a name for the smallest HBIT unit.
Bitcoin can be sliced down to eight decimals and has the satoshi (0.00000001 BTC) as the smallest unit. I've been sorta tracking the satoshi on the "Satoshi Bitcoin Converter" for a while now (bitcointalk.org post). Satoshi Day will get here I'm convinced. (Yes, even with the current bear market, I'm long term very bullish crypto.)
The question here and now, is:
What should the smallest Hivebits (HBIT) unit be named?
Contest to get a name
HBIT ain't BTC, I understand that. And a full unit of HBIT isn't worth much, let alone the smallest unit, I understand that. Still, let's make a little contest out of answering this question. Why? Let's do it for the sheer fun of it. Talk about use cases...fun is an important use case! Let's also do it to find out who will become the next HBIT legend. (But, mostly for the fun.)
:)
Prior HBIT legends: @wesphilbin had the first HBIT ever mined | @horstman5 mined the first HBIT on the official mine: @hivebits.mine | @mizuosemla and @thatgermandude grabbed the first HBIT NFT | The following users became the first whales: @zottone444 @british-bulldog @bashadow @happyme @mizuosemla @thatgermandue and @isag
We're looking for the next HBIT legend now. :)
How to enter
Suggest a name for the smallest Hivebits/HBIT unit (0.00000001 HBIT) in the comments below. Something like:
Suggested name: xxxxxx Reason: I suggest xxxxxx because...
Any reason/explanation isn't required, but welcome and encouraged. It's encouraged because, eventually, we'll vote on the names. Some context might help get votes. The vote winner names it.
I'm thinking on my own idea/suggestion, but I'll hold off on it for now. (I really don't have one yet, just general ideas.)
Voting
I've been thinking on this. Voting could be done as simply as everyone who votes gets one vote. But, I wanted it tied to a person's HBIT holdings. Someone who's put effort into mining or invested into gathering more HBIT should have more of a say in this. At least that's my view. That would sort of be close to Proof-of-Stake (POS) blockchains, or DPOS like Hive. So, my initial thought was to make it one vote for every HBIT you hold.
The more I thought, I wanted to alter that a bit. One thing I've tried to do is make Hivebits very simple for newcomers: you have a Hive account, you can mine right now. An HBIT newcomer might have only, say, 3 Hivebits. That 3-vote would really amount to nothing votewise when compared to HBIT whales who hold in the hundreds.
You can check the richlist here and see where you and others compare.
Here's what I'm thinking regarding voting, call it "voting power."
- You must have a Hive account/username to vote.
- Everyone gets 100 voting power minimum. Even people who hold zero HBIT.
- Your HBIT holding amount will be added to 100 to determine your voting power.
So, if Sally holds 3 HBIT, her voting power is: 100 + 3 = 103
By granting 100 up front, Sally's vote matters a little bit (whereas with only 3, it really didn't). A whale's vote still matters more, and that's what I want, but Sally's vote is not entirely worthless.
This method will be a little bit of math and research for me to calculate votes, but I think I can handle it.
Since we're not to the voting stage yet, I'm open to discussion on this "voting power" formula. Maybe it will change based on discussion, but this is my current thinking.
When voting?
Not sure yet, but this summer some time is the goal. Let's focus on getting suggestions first, then announce a voting period.
Prize
No contest is complete without a prize.
The official HBIT mine at @hivebits.mine has been accruing some HBIT (ci. 86 as I write, but you can check the current wallet amount). I said I'd consider those tokens as my own, and I do, and I'm now putting them to use. The prize will be:
Prize: 1/2 of the HBIT that the @hivebits.mine account holds when the decision is made for a name.
Why 1/2? Because I have another follow-up "contest" in mind and the other half of the HBIT will be the prize reward for that contest.
Let's go!
Fine print: Any whines, gripes, complaints, screw-ups or disputes, I decide.
-written by @crrdlx
