Since the birth of Bitcoin in the late 2000’s, multiple cryptocurrencies have been created, presenting to the investing world a slew of new technologies and methods of payment in the form of a blockchain, and semi-anonymous peer-to-peer transactions. Cryptocurrency soon entered the mind of the investor, which culminated with the ‘Bitcoin bubble’ of late 2017.
These cryptocurrencies presented a problem with community engagement, however. Too many people treated them like assets, and many prospective buyers did not acknowledge, and perhaps were not even aware of the existence of advanced features and technological blockchains of the various cryptocurrencies.
USECASE OF MIASMA
Miasma (MIA) aims to solve that. While Miasma is an ERC20 token and not a bona fide cryptocurrency with it’s own blockchain, being part of the Ethereum network grants it certain capabilities. Nominally, it has the same usecase of every token and cryptocurrency to exist — it acts as a store of value, a semi anonymous way of performing transactions, and as a way of performing transactions over the internet without a third party moderator and outside of normal fiat control. Miasma, however, has a usecase few do. Miasma, and the groups backing the token, aim to pursue a deeply democratic and community driven involvement regarding any future direction the token may take. Notably, this does not include the actual code/functions of the token, unless in extremely dire or esoterically important circumstances in which a hard fork of the token is required. Miasma aims to facilitate this unique feeling within it’s backing groups with the liberal use of bots and tipping. Community engagement, be it in the form of direct voting/deliberation on issues, or merely being helpful and active in the community, perhaps even just joining, will be rewarded not just by admins but any member who feels inclined to do so. Thus, this lends to the existence of another one of Miasma’s usecases — that is, to provide both a risk free and rewarding entry into the world of cryptocurrency. Aforementioned is the belief that there is a lack of knowledge regarding the finer, more complex parts of a blockchain and it’s associated currencies/tokens. With Miasma, any community member is given the opportunity to earn MIA for free. They can simply sell of what they’ve earned and end their involvement there. However, Miasma features many functions in it’s smart contract which can be interacted with through etherscan and planned Dapps on the Miasma website. The ability to gain MIA for free prompts community members to learn how to interact with smart contracts, which Increases public knowledge and awareness of the true power of a cryptocurrency blockchain.
FEATURES OF MIASMA
So what are the specific features of Miasma, as defined in it’s smart contract solidity code? Similar to many of the ERC20 tokens of our time, MIA features a ‘burn rate’. This means, with each transaction, only most of what is sent by the sender will be received by the receiver. In Miasma’s case, exactly 99.9% of what is sent will reach the receiver. 0.07% of the sent transaction will be burned forever, decreasing Miasma’s total supply. Notably, this is an incredibly low burn rate, as other deflationary tokens tend to have burn rates well above 1%. This low burn ensures stability in the $MIA as it will not be subject to radical price changes as determined by sudden burns of it’s supply. Miasma takes the deflationary function a step further, however. A further 0.03% is taken from the sent amount, and is shunted off to be held by the contract, representing a ‘dividend pool’. Miasma’s dividend function is not an accumulative dividend mapped to a specific holder. Holders are able to claim from the dividend pool every 2 weeks. The percentage of total supply they hold, will net them that same percentage of the dividend pool. As the dividend is not mapped, it lends to the idea that one can either end involvement at any moment or explore the finer aspects of a blockchain. If a person sells their entire MIA stack, there is no way for them to claim any accumulated dividend, because the code features no such thing. A person who sells their MIA voids their ability to claim that same percentage of MIA from the dividend pool. On the other hand, a person who holds their MIA will be able to consistently interact with the blockchain, claiming their owed proportion of the pool every two weeks, and understanding how various features of a blockchain work along the way.
It is my belief that far too many tokens exist for pure profit, hence the large burn rates and rapid lifestyle of several currencies. Miasma seeks to provide a low burn, long life token which promotes community engagement and hopes to stimulate the further interest of the general public not just in cryptocurrencies/tokens as an asset, but to understand and respect the technological prowess a cryptocurrency can perform.
12th October 2019