EOSIO Weekly: Featuring Gavin from SOV
Hello everyone, and welcome back to EOSIO Weekly.
Although some of you may have noticed some changes from last week already, it is Corey and Jimmy D’s intent to continue on with the weekly Thursday EOSIO Update tradition whereby we will try our best to go through some of the news happening in the EOSIO and broader blockchain space, as well as impart some sentiments on these events. At times we may do this together with, and sometimes previous to our regular weekly guest from within the EOSIO space.
However in addition to this we will also be revamping, rebranding, and evolving to include theme based shows every weekday all with guests and the intent to bring the broader community and those doing amazing things within together in unity in preparation for the next phase of this exciting space we call home. For all the goods concerning this new format, please do check below.
This week we will be joined by Gavin of the SOV network (soveos.one) and SOVDEX.io. Overall the tokenomics of what these guys are doing are pretty spectacular and quite unique, so we are excited to dive deep and learn more, as well as get Gavin’s unique take on some of the other things happening presently in the space.
With further ado then, jump on in below, and don’t forget to check out all this weeks featured information, news, and links that follow in toe.
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Featured Weekly Videos
Simply stated, SOV is a payment token on EOS. But realistically, SOV really ain’t that simple. SOV is actually the first deflationary token on the EOS blockchain, meaning the supply is constantly being decreased. In an effort to get a better understanding for both myself and the community at large, I posed these questions to the one and only Sir Big Mike IV, and here is what he had to say.
What is SOV?
SOV is a first of its kind digital asset. Unlike typical fiat currencies and cryptocurrencies, SOV has a 3 phase, 21 stage variable deflation schedule. The first phase is designed for accumulators, the second for hodlers, and the third for everyday users. SOV can trade in the thousands of TPS on Decentralized Exchanges with unbreakable encryption due to the EOSIO Blockchain Protocol.
How does EOS SOV work?
Every time SOV is transferred, a percentage of the transfer amount is burned. This is done at a variable rate that adjusts according to SOV’s total supply. There will also be a weekly burn of unclaimed SOV tokens. The initial supply is 1 Billion and the burn rate will start at 0.05%. Over 21 stages it will increase to a peak of 1.25% before decreasing to 0%. At that time, there will only be 21 million tokens remaining and transactions will be free.
What is special about SOV?
SOV’s deflation is coded to a variable schedule with 3 phases / 21 stages. This was done to incentivize the accumulation, saving, and usage of SOV. Every time SOV is transferred to another account, a % of the transfer will be burned. The burn rate starts very low but goes up quickly and peaks at 1.25%, before going down to 0%. The starting supply is 1 billion and the final supply will be 21 million, the same final supply as BTC. Though equal in final supply, SOV arrives at this final amount via deflation instead of inflation and also uses an entirely separate consensus mechanism (DPoS via EOS). It is a completely different type of asset/tool.
What are some future applications of SOV?
SOV is a currency and can be used for any payment rail you can imagine. SOV solves the need for an immutable currency on EOS mainnet, somewhere users can store value without worrying one centralized team will play havoc with their funds by changing the token smart contract on them. In the future when EOS is rare and mainly used to lock up for resources, SOV can be used by dapps to transmit value, first in a deflationary fashion to fight inflation and then eventually will become a stable fixed supply which should serve to stabilize value in the longterm.
So there you have it; simplified answers to the inner workings of SOV from none other than SOV’s very own Sir Big Mike IV.”
(Previously published by Jimmy D as part of a SOV Meme Content Competition here)
Learn more from the official homepage at https://www.soveos.one/
SOVDEX, the new algorithmic DEX is now live. You can trade SOV with instant liquidity against 11 hand selected digital assets including EOS, USDT, YAS, POW, CHEX, DAPP, NDX, TPT, DICE, PEOS, and PGL. Whenever you trade on SOVDEX, we never hold your funds. The smart contract sends your tokens immediately after you send tokens to buy or sell.
SOVDEX also adds the following utility to SOV: Burn SOV to Mine SVX, Use SOV to list other tokens, Send SOV to instantly rent CPU, NET, or buy RAM. And most importantly and most often overlooked, liquid speculation, and arbitrage.
SOVDEX Whitepaper: https://drive.google.com/file/d/1dbxZNBhnCDSosqZxyRRRsJZ8FwGNmSUQ/view
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EOSIO Weekly Rebranding & Evolvement
Up until now EOSIO weekly has taken place on Thursday and consisted of a two pronged approach of a live video & an accompanying news/update post outlying a variety of things in the EOSIO and broader blockchain space.
That said, considering all that is happening in the space Corey Cottrell and Jimmy D have decided to increase the payload and drop new themed episodes every week. This actually kicked off yesterday with the very first of the Media Moguls series featuring Anders Bjork, aka anyobservation. Check it out below if your interested in what he had to say on everything NFT related.
As noted, every week then we will have a series of videos all culminating with the regular EOSIO Weekly Update on Thursday. Here then is what we have in store for you in the week ahead.
Friday, January 15th
Monday, January 18th
Tuesday, January 19th
Wednesday, January 20th
And don’t forget, every week you can interact with EOSIO Weekly on Chirp at https://chirp.la/channels/EOSIOweekly by dropping news stories you think worthy of coverage and a chance for some sweet Chirp Tips and other goodness depending upon the time and our mood.
As for the when and where, well, it’ll be 9 AM EST every Monday to Friday according to theme, and we will be sure to drop links on Twitter. In addition we may drop a follow up post on the weekend with all past episodes and descriptors for those of you that may have been pre-occupied during the fun.
And yes, we understand that many will not have the ability to tune into them all, and that is completely ok and the reason we have mobilized this way. Come when you can on the days that interest you and we are happy as honey bees finding honey.
And should you wish to support us on this mission towards bringing all this amazing content and people into better spotlight for the world to devour, then you can do that too with tips to the links below.
- WAX & WAX based NFT’s: 5ssqy.wam
- EOS & EOS based tokens: eosioweeklye
- Telos: eosioweeklyt
Of course no obligation to do this, but it is always appreciated. So with both the semantics and mechanics out of the way for this weeks update, do keep it real and happy trails skipping down the blockchain road to new and exciting future destinations ;D