Background
One Key paradigm of FCoin is that everything is - of community, by community, and for community. They claim to share 80% of benefits with their community. Yesterday FCoin has launched mainnet of their own POS blockchain called Fractal - Fractal is now live FT Public Chain Update: Fractal Mainnet Is Now Live!. However, all the feature that are their within FCoin ecosystem are not mapped to the Fractal blockchain and will take time.
Why I am drawn to their model is because of my last two years association with steem blockchain. Steem blockchain also has been working on community building feature as a precondition to launching the Smart Media Tokens. This is because the communities have common interest and if communities can also be incentivised to work together through a blockchain enabled trusted reward mechanism then there is no stopping to building an ecosystem of communities who will work tirelessly to realize their dreams.
In last two months I have written following two articles for FCoin:
Economics and Future of TransFee Mining : FCOIN as example
The Great Exchange Battle : How FCoin Will Win Against Binance This Year
As I am studying more about FCoin - I am finding many new features in FCoin ecosystem. I think it will take some time for me to fully understand and appreciate all the features and how are they going to revolutionize the community building and incentivization.
FCoin Structure
The FCoin ecosystem is owned and controlled by FCoin Token Holders. Holders of FCoin have below rights:
Currently it is not done on the blockchain but soon will be mapped to Fractal. So more FCoins you hold and have locked (what we call in steem power up) more say you have in the system as well more share from profits.
The FCoin community has basically established a community autonomy system centered around the Community Referendum System, the Community Partner System, and the Community Committee System. These three systems are mutually dependent and mutually restrictive on each other, and they work together to improve the development of all systems in the FCoin community. Pls refer to recently updated white paper v2 of FCoin.
Large Token holders have formed FCoin Community Committee which meets in person to take decisions on any new matter on regular basis. There is no obvious way to find from their website who all are the members of this community , what is their stake, and how one can become the member of this committee. I am hoping that all this will become transparent when it is mapped to Fractal. However, most of the resolutions that have been passed by the committee there is no noticeable dispute so far.
Among many decisions that community makes - one is regarding “Sustainable Mining” which FCoin officially launched
on April 18, 2019. It is planned to give FCoin Fund’s FT to users who actively participate in trading and community activities such as trading, placing orders, promotion, etc.. This post will go into details about promotion mining.
Promotion Mining
I took long time to come to the topic that I intend to discuss in this article but I felt it necessary to give all the above context to make it relevant. We steemians realize that there is almost nil effort for promotion of steem blockchain and keep discussing how to do it but nothing significant materializes except few self motivated steemians taking it onto themselves to do it. On the other hand binance and tron are on other extreme.
FCoin has taken right approach to incentivise the community to do the promotion for the FCoin ecosystem. FCoin Community Committee takes the decision to launch the promotion mining on regular basis.
Fifth Promotion Mining results were announced in Voting Result Publicity on the Term 5 of Promotion Mining
Latest Promotion Mining Announcement
Latest promotion mining announcement is made through Announcement on Reward rules of Promotion Mining Upgrade Plan. Key Points are listed below:
For the latest promotion mining promotion period is changed to 1 month and the rewards increased to 1.6 million FT/cycle. The submission of the work needs to be completed in 3 weeks, and the voting will be completed in 1 week. Community voting will be held first (weight: 20%), then will be Evaluation Committee voting (weight:80%). Among the top 20 shortlisted promotion nodes in each term, the last 5 nodes will be eliminated which will not receive any promotion mining rewards.
The submission deadline of the first-term promotion node mining is 24:00 on June 30, 2019 (GMT+8), and all promotion nodes can participate in the submission.The submission link https://ft.fan/forum-149-1.html
Community voting time is from July 1st - 3rd, 2019, all community users get different number of available votes according to the proportion of FT lockup and then vote.
Evaluation Committee voting time is from July 4th - 7th, 2019.
The first promotion node ranking will be announced before July 8, 2019, and the reward (1.6 million FT) will be allocated according to the promotion node ranking, 400,000 FT will be used as voting awards which 80% (320,000 FT) is distributed to community voting users, and 20% (80,000 FT) is distributed to the Evaluation Committee members. The reward distribution rules are subject to the future announcement of the platform.
FCoin's Promotion Mining isn't exactly transparent. We don't know how many nodes are participating — and if each node is following the process. Keeping these shortcoming asides, the rewards are incredibly good. In fact, a total of 500,000 dollars (assuming FT = .19) is distributed to the members of the nodes. In the past, FCoin completed five terms giving away a million FT ($200,000) every two weeks.
Pramesh Tyagi
Member of FCoin Overseas Team 节点
