Introducing Indiaunited Community Coin (IUC)
Namasthe to all the community members. We have been thinking about this for some time already. Indiaunited is a community of collective like-minded Individuals from India. We are also able to see people from other countries actively participating in discussions happening inside our discord server. We also recently saw a decent increase in the amount of Hive power delegated to the community. We are continuing to share 100% curation rewards with the delegators.
This is where we came up with a problem. Though we have enough Hive to share with the delegators, most of the Hive is staying as Hive Power and we lack liquidity. This is why we were unable to send rewards out yesterday. For the last two weeks, we have been having this problem and I (bala41288) sent 350 liquid Hive in two transactions to take care of the issue temporarily. Looks like it is still not sufficient and the power down is very slow.
This is one of the major reasons why many communities don't give 100% curation reward share to the delegators unless they have enough liquidity. I came up with the idea of creating a new token for the community. We will be calling the token Indiaunited Coin (IUC). The primary purpose of this coin is to solve the liquidity issue we have in the Indiaunited community to share delegation rewards. Later we will also be having some exciting things for people who are holding the community token. I would like to describe the tokenomics below:
The maximum supply of the token is set to 1 Crore which is 10000000 tokens in total. There will be no possibility to mint more than 1 Crore.
Initial Mint and distribution
For now, a total of 100,000 tokens will be minted. There will be no tokens distributed as Airdrop or to the community members in any other means. The only way to get the token is to purchase them from the Hive Engine market. We initially thought of giving some tokens to the community members who are contributing to the community in the form of curation and other support but then it can be tricky. So we are going with no initial distribution to anyone.
After 100,000 tokens are sold out in the market, we will think about printing more tokens. There will be an announcement made with a detailed plan on what would be the utility for the tokens minted after the initial tokens are sold out in the market.
The token is already available for trading on Hive Engine. It can traded from the below link.
As we are trying to solve the liquidity issue, all the 100,000 tokens will be placed in the market for a price of 1 Hive each. The token will be having 3 decimal places similar to that of Hive. The price is currently soft pegged to 1 Hive which means we will make sure the price of the token doesn't go below 1 Hive with the help of a buy wall. If someone is able to get the tokens cheaper than 1 Hive, they should be lucky. There is a high chance that the price of each token can increase gradually if we have enough fund flow and if we are able to make more money from the holdings through other means.
The IUC token we create will not be a dividend-giving token initially unlike other dividend-giving tokens on Hive Engine. The initial support is to increase the Hive liquidity for distributing curation reward shares without any hassle. The price of the token will also be maintained so that investors can cash out at any time they want. The extra Hive we get from the token sale will be invested in other things. Mostly as Hive Power and a few other stable coins. So once we have decent holdings, we will plan and start giving dividends to the token holders. To make things easier, we are planning to give dividends only in the form of Hive. This makes the calculation easier and also valuable for the investors to calculate their ROI.
This post was authored by @bala41288 on behalf of the community. If you have any questions please reach out to us on the discord server.
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