Tip Coin announces token economic model: 40% airdrop, robots will be fined for cheating points

Original text from | Tip Coin

Compiled | Odaily Planet Daily

This afternoon, Web3 social application Tip Coin announced the token economic model. 35% of TIP tokens will be used for platform rewards, 5% will be allocated to the market, and 5% will be allocated to team lock-up; 15% of the Epoch 1 phase will be used for airdrops; Epoch In Phase 2, 20% of the tokens will be used for airdrops; in Phase 3 of Epoch, 5% of the tokens will be used for airdrops. Yesterday, Tip Coin issued a statement saying that wallet address submission is now online, and users need to submit their address within 24 hours to qualify for the first airdrop.

It is understood that Tip Coin is a new social project based on X (formerly Twitter), which aims to allow users to earn tokens by participating in content creation through "tweet mining". The following is the original compilation of Tip Coin:

12 days, 140,000+ followers, 100,000+ users.

Since Tip Coin was launched at 8am on September 1st (Friday), the experience has been very good. A heartfelt thank you to the new fans and creators in our community who stood behind our social experiment and made Tip Coin a success.

When we harnessed the power of X/Twitter for our initial marketing push, our initial ideas turned out to be correct. The viral spread enabled our platform to have more than 100,000 Tip users and 140,000 X fans in just one week. Again, we couldn't do this without the support of the community.

On this journey, we met creators from all over the world. We've heard from hundreds of users that our platform enables their content (even from outside of X) to achieve unprecedented levels of engagement.

Now we begin the second part of our mission: an independent platform that leverages our presence and social media to create a global community of friends and creators. Let’s dive into more details – token economics, technology, and vision.

Tokenomics: Fair Launch

Too often, exciting products and launches are ruined by internal pre-sales and unfair token economics. As a creator and community token, we feel it is our responsibility to reward our most loyal fans and creators with a fair issuance. With so many users, we have the unique opportunity to create an extremely diverse and fair distribution straight from launch.

Too often, exciting product launches are ruined by internal pre-sales and unfair token economics. As a creator and community token, we have a clear responsibility to reward our most loyal followers and creators through fair issuance. With so many users, we can create a diverse and fair distribution at launch.

• Epoch 1: Liquidity 15%; Airdrop claim 15%;
• Epoch 2: 20% airdrop claim;
• Epoch 3: 5% airdrop claim; 35% platform reward; 5% marketing; 5% team lockup.

We had several goals in mind when determining token economics. We need to maintain a balance between successfully launching products and platforms, rewarding early adopters, expanding liquidity, and achieving price stability. To encourage use of our upcoming platform, we reserve 35% of tokens for users. We have added a significant portion of the liquidity supply to help with issuance and achieve price stability, while also retaining Epoch rewards to slowly inject new tokens into the ecosystem. Finally, we will use the token on a new platform to increase trading volume and demand for the token.

Technology: How it works

We wanted to take a moment to discuss the work our lead developer and founder Swapo has done for our system.

Without going into too much detail, we didn’t do this as a one-off project, we did it as a SocialFi platform! What's the difference? Reliability and scalability. As mentioned before, our marketing campaign went viral. Along with this came some scaling issues in Epoch 1 as it exceeded our load expectations. We brought a new system to Epoch 2, capable of processing 360,000 tweets per hour.

We've processed millions of tweets and updated them in real time on our dashboard. This number is difficult to underestimate. The fact that no one has been able to replicate our system is a testament to the complexity required.

A note about legitimate users: Many people have noticed and pointed out that there are some users on the leaderboards who appear to be acting as bots. Upon noticing these instances, we chose to flag these accounts internally rather than immediately restrict the accounts. This also gives our system a more complete picture of what robot activity looks like to prevent similar situations from happening in the future. It is important to note that fake accounts will lose a lot of points (be penalized) when they claim their points.

Where will these scores go? Will be sent to the accounts of you real supporters. By the end of the next Epoch, unclaimed points will be destroyed.

Future Vision

SocialFi is the new leader in cryptocurrency adoption. We believe in the vision and the theory behind it. Ultimately, the champions of this space (SocialFi) will be chosen based on their ability to enter uncharted territory and create the future. There is no clear path, and creating a universally adopted product requires a rare combination of technical talent and vision.

We created Tip because SocialFi had to attract attention to help it become a standalone product. Our goal is to use X to achieve virality and help the next million users enter our platform. The first step is nearly complete, but the work is far from over. Soon, you'll see our site take on new forms and offer new ways to create, engage, and make money.

We view SocialFi as a blank slate and intend to continue writing the blueprint.

in conclusion

We spent many sleepless nights delivering what we thought were fun, engaging, and unique ways to interact with social media. The launch of the token is not the end, but just the beginning, allowing us to create value for creators and the community.

We hope you’re as excited as we are to embrace the future of social interaction.

Stay loyal, $tip family.