Idea summary: TimeMiner utilizes a new system called Proof-of-Time.
Proof-of-Time is a combination of Proof-of-Work and Proof-of-Stake while also incorporating rebasing mechanics. I was thinking something like this could work well in the beehive as an additional token against negative rebase in ampleforth call it ample time or something you only get the time rebase if you stay in the beehive.
To break it down , you have a token let’s say it’s called ample time for example it has a low volume high value mechanic at play , one token gets released every hour twenty four hours a day , you are awarded a share of the released tokens as long as you are providing liquidity to the ampleforth beehive , I think a slider mechanism added to the beehive upon entering so you can split a percentage of your beehive rewards to allow for the swap to the ample time token. I think something like this would add great value to the ampleforth project which I believe is absolutely essential for crypto currency as a whole . This is a new space and the people entering it need a lot of reassurance especially when dealing with the negative effects of a negative rebase , just leads to liquidity bleeding out of the project purely down to psychological reasons , I think a token such as ample time would solve this problem to a larger degree ,. We have a great community here and a chance in a lifetime to be part of something amazing , we have all the tools we need , we just need the will to make it happen ..
Idea implementation/execution: Develop smart contract or token contract with this mechanic.
Budget/cost: Budget unknown. Main const is smart contract development, website development and auditing
Examples of similar ideas: Unknown
Idea timeline: About 3 months
Thanks for this submission. My questions are related to the assumptions behind this proposal:
- is the thinking behind AmpleTime that providing ampl as a reward isn’t attractive enough because of the negative rebase potential?
- how would liquidity for the new token be established?
- what makes the new token more valuable than say creating pools with ampl that feature another token such as BAL that is already attractive and has liquidity? So people would get ampl and the governance token?
So it would be good to understand your thoughts on those questions and how this new token would compare to ampl as an asset or existing lp reward schemes.