A Case For LEO Tipping
Since the introduction of LeoInfra, we can now onboard users from ETH in a few minutes, which is a huge win for onboarding into the ecosystem. Since the launch, we've seen a few new faces trickle into LEO which proves that it works and that with a little bit of consistent marketing, we could see a steady stream of investors pouring in to blog, read and engage in the ecosystem.
Most outsiders don't have the time, or the will power to understand curation from the get-go, and why it's important to the ecosystem and having to wait 7 days for your first reward once you jump into this space feels weird for an ETH holder.
Which is why I think having a tipping action on the front end of all profiles and posts the way peakd has would make a lot more sense for new users. It also encourages keeping a little liquid stake to reward users so not all stake needs to be sitting there competing for the reward pool.
Tipping tax
Yes, we can already tip users via our wallets and doing a direct transfer, but this is not an intuitive action for new users and having something present on the front end of each page promotes the idea and gets more people involved. Adding a tax of 1% or so on tipping is not going to stop the vast majority from doing so, and burning that tip can provide another sink for supply to be reduced.
Tipping with ETH
I've been hoping on for some time about the need to have a SWAP.ETH token on HIVE-Engine the way we have it for BTC, LTC, DOGE. Having a SWAP.ETH allows for not only more liquidity and hopefully new trading pairs but also allows for tipping in that representative token.
The LEO site could have 2 options for tipping, tip in LEO or tip in ETH and with the connection with Meta Mask, it would make it a more intuitive process to load ETH into your LEO wallet as Swap.ETH and then send it to anyone who uses the service for a fraction of the cost.
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, comment "I am a Jessie."
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I definitely have no clue how that would work in the backend, but as a user, it is enticing to have this option especially for the newly boarded ones.
... and excuse my ignorance. What exactly is Jessie? 😬😝
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I don't think the tipping part would be that hard, mostly front end because the tip U peeps have already created the functionally and peakd just added it to their front end. As for the Swap.ETH that may need a bit of work, not sure what is required though
Oh it's just my little community of commentators who like to bitch and moan about my topic of the day
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I think the integration of metamask makes such possible, and since metamask is already in the system we may also have the ability to tip in BAT too, not sure how that will work, but if tipping in ETH can, then i dont think it will be too farfetched
I think BAT would be a little trickier if it’s done on chain it would be too expeNsive so we’d need a Swap:BAT set up! Most BAT tipping is done off chain through their servers or via uphold
Maybe I am incorrect on this but it does not seem that tipping, in general, has taken off online. I saw many projects that tried to implement it in different ways and yet it didnt seem like many participated.
Could this be one of those things that sounds good in theory but in reality very few people utilize?
I am not sure many on peakd use the tipping feature. Having a pool might help but we are going to see a quick issue with liquidity with LEO if we are not careful. There are other things on the stove that will also start sucking up LEO.
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I think that all depends on how you measure it we can look at HIVE, BAT, PayPal, Paetreon, YouTube and Twitch! Is tipping a meaningful part of their business model?
Probably not, I’d say all over the internet it must be less than 1% but does that mean it’s not a meaningful amount of exchange I think it is, the more options the better to exchange in my opinion
We’re really only at the beginning of this redistribution of abundance and as crypto makes more millionaires each year I don’t see why tipping won’t continue to be attractive
I do like the idea of community tip jar too! It can be used for post of the week or rewarding or paying for something beneficial like onboarding a new user or getting an external mention in a publication etc
I'm a fan of this. I've got a few ideas that I jotted down related to a tipping function - namely, integrating with other projects like BAT and other cryptos to tap into their communities and win them over through collaboration - for this and many other reasons like the ones you talked about, I think tips can be a great growth driver for LeoFinance. Especially considering that we'd be able to integrate tips that can be utilized for non-logged in users. i.e. you could tip BAT to a post even if you aren't logged in on LeoFinance.
Another source of revenue for the creator but also a familiar icon for the user who's doing the tipping. If you're a serious BAT hodler and you see a BAT tip icon on a post that you found through google, you're probably going to be pretty excited and more engaged with the site.
I'll add this to the roadmap :)
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Absolutely it’s a way to welcome other coin holders into the system to talk about their community let’s say we pull in people from the ETH community and they can use their native token which they are bullish on who are we to stop them?
You could take it even further and have encrypted tipping so you charge a bit of a premium to hide the value/wallet addresses or memo etc so you can appeal to the leo user, the non leo user and those that like to remain anon at all costs
I agree on the BAT statement and if they do see it all the time they may also tip LEO directly too which can become an additional source of revenue for leo tokenomics
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I use Ethereum pretty actively, so it would be a good option if I ever need it.
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Well they recently launched koinos on HIVE engine which is a ERC-20 token so I don’t see why it would be too much of an issue to launch ETH and let us heat this baby up
I know cent does ETH tipping not sure what their volumes are like though