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New Token Experiment - Incognito

ijmmaiwitnessPosted for Friends to comment on, 4 years ago4 min read

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Incognito

You may or may not know that I have joined the Support Team of the Incognito Project. In short, the Incognito blockchain, with its own PRV token, facilitates privately sending, receiving and storing of tokens.

We are used to Bitshares, and a bit to EOS, where you can explore someone else's account once you know their accountname. That is not possible on the Incognito chain.

Tokens

To issue a Bitshares token you need to bring over 1K BTS and fees are charged when sending them. Issuing an EOS token under the Whaletoken contract doesn't cost you anything, but being able to send and receive the tokens you do need to keep your RAM, NET, and CPU at decent levels.

Incognito, by use of their Wallet app, gives everyone the option to issue their own token. No fee? Yes, there is a fee, but a small one, 0.000000004 PRV. And yes, there is a fee for sending these tokens too, but also a very small one, 0.00000001 PRV.

Experiment

How about using this for rewards, instead of BTS or EOS? That is what I want to test. For this experiment I have created a token named, Goofies (GFS). Those tokens will be converted to a reward from my witness account. Don't have the exact details on that right now, but they will be worth something.

Receiving Tokens

You will receive tokens after performing tasks. Tasks can be as simple as to post or comment on something, or to promote Whaleshares in a specific way on other social media platforms, or to support a newbie, or... could be anything.

Redeem Tokens

You will be able to convert the tokens in a post or account reward by sending the tokens back to me, just like you are doing it with the BTS and EOS tokens already. With the Incognito Wallet app, it will all just be a little easier.

What is the Catch?

There is no catch really. The only problem right now is, when you want to redeem your tokens, there is no input field for the post- or account link. The good news is, that will be added soon. While waiting for that, just collect tokens.

How to get PRV?

There is a manual on how to install and use the wallet here. You can skip the "create your own token" part, unless you have a need to issue your own token. After installing the wallet you will be provided with 1 PRV (this may take some time). This amount doesn't seem like much, but when only used for fees, could last you a lifetime.

IMPORTANT: SAVE YOUR PRIVATE KEY

Whenever you need to recover your account, you will be able to do so by importing your private key. Lose your key and you lose access to your funds.

First Task, First Tokens

Install the app (from App store or Play store), create an account, save the private key.
Then paste your "Your Incognito Address" in a comment here, either the code or the QR image. I will send you Goofies, and some PRV.

For the GFS to show up you will have to:

  • tap "Follow a token"
  • search for Goofies
  • tap Goofies
  • tap Add at the top right

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Use your witness votes wisely

Jump over to the Block Producer / Witness page and cast your witness votes. Simply click on the (^) up arrow next to the witness names of your choice (consider voting for "krazywitness" and "ijmmaiwitness") and supply your private active key to lock in your vote. Refresh the page in case your vote doesn't seem to stick.

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