We've long heard from the community the call to help encourage the burning of SPORTS tokens. That's why we are happy to announce the creation of a new reward for users who burn SPORTS by sending them to @null. We hope that this will encourage a wide range of new adoptions for how users can benefit from lowering the amount of SPORTS available within the ecosystem.
We also hope that this will create a new incentive for the community to create resources for the rest of the community. That's why we've built this system to support a burn beneficiary. Whenever a user includes [beneficiary=@username] when sending SPORTS to @null it will assign the credit for the burn to user mentioned in the memo. This is designed to encourage the community to create initiatives that utilize burning as a means of contribution yet still be able to be rewarded for their efforts.
How This Will Work
Every day at 12am GMT our system will review the transactions sending SPORTS to @null and calculate the total amount of SPORTS burned as well as the total that is assigned to each account. If the memo of any transaction starts with [beneficiary=@username] then the burn will not be credited to the sender but rather the user identified in the memo. It will then calculate each users percentage of the daily burn for that period and reward them with a corresponding percentage of the daily distribution.
Daily Distribution: 144,000 SPORTS
Distribution Period: 24 Hours Resetting at 12am GMT
If you've ever noticed that certain posts get highlighted in the news feed its because those posts have had SPORTS burnt to give them more visibility. In the past this was a cost you didn't get anything back from as it was the cost for the service of promotion. We are happy to announce the burn payouts will work for the promoted posts section within #sportstalk as well. Each time you burn to promote your post you will be increasing your stake within the daily disbursement.
There's already been a few community members creating projects to help burn SPORTS. From community curation projects to built out games, the burn rewards will now allow these projects the chance to ask the #sportstalk community to burn tokens yet be rewarded for the efforts they've made to create the project.
We are going to start highlighting these projects to help bring a light on their missions. We've already had conversations with multiple members of the community on how they would use a tool like this and we're very encouraged with what this will spawn. If you have an idea for a project but need to talk it out then join us in the #sportstalk Discord in #burn-projects and let's see if we can help you iron out your ideas!
We'd like to thank @wehmoen for his development efforts on this project. He's been instrumental in crafting the code needed to make this project be a success. We can't thank him enough for that!
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