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RE: Announcing HUNT Token Airdrops for Steemians (Smart Media Token Project)

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Announcing HUNT Token Airdrops for Steemians (Smart Media Token Project)

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tombstone (63) in steemit • 7 years ago

Nice project. I've delegated 25k SP and will consider another 25k SP depending on how things progress.

Speaking of which, why use ERC-20 when you could more easily use Bitshares and avoid all those ETH gas fees? Keep in mind Block.one had to use Ethereum for EOS because they needed massive liquidity. And EOSdac had to use Ethereum because EOS used it.

But it seems Ethereum doesn't make a lot of sense for this project. Indeed it should be much easier and advantageous for your devs to work with another Graphene blockchain. Not to mention, Bitshares offers a much better experience for users than Ethereum does. Hope you'll consider these factors.

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7 years ago by tombstone (63)

$0.26

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tabris (62) · 7 years ago

@tombstone
Oh thanks so much for your delegation! as well as your valuable advice :)

We'll have our offchain wallet with HUNT token balances and keeping all the transactions, so creating a temporary token is not really a crucial part (we can just swap our offchain balance to SMT token directly). However, we thought it would be more tangible(?) if users can withdraw their tokens to their private wallets as a actual crypto token.

We decided to use ERC20 even though it'll cost us some gas fees because

ERC20 is probably most familiar with people and many have ETH wallets already like MEW or Metamamsk.
Easier to get listed on exchanges because every exchange support ERC20 already.
Private sales - Crypto funds normally hold ETH for their investments, so it would be easier for them to buy ERC20
Gas fee - is a problem, but as we distribute the tokens to users' offchain wallet first, we'll have to pay the gas fee only if a user wants to withdraw their balance to their ETH wallet (and there'll be a minimum withdraw limit for sure)

TBH, I didn't even know we can create custom token on Bitshare (I haven't really looked at Bitshare closely).

Creating a token would be the last step once we finishes all the necessary development, so we still have time to re-consider what token we use.

Could you tell us more about benefits of using Bitshare tokens other than the transaction fee?
Do you think it's still better to use Bitshare token considering all the factors I explained above?

$0.02

2 votes

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vimukthi (72) · 7 years ago

I'm not a dev but I know that BTS can handle several hundred times more Tx than ETH. Look at http://www.blocktivity.info ETH is already congested while BTS is begging to be used. You guys could even make BTS break the record for highest amount of daily Tx currently held by STEEM.

Best of luck with the project!

$0.00

1 vote

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zorank (60) · 7 years ago

Awesome SP delegation! Glad you have recognized the quality and potential of the project and supported it accordingly.

$0.00

1 vote