Whaleshares.io is Ready for Launch!
We are happy to announce the final update needed to ready the Whaleshares platform for main launch was completed at 00:00:01 UTC August 30, 2018.
This update, known as a Hard Fork, required a majority consensus of the active witnesses to update their nodes to the current version 0.2.5 of blockchain code. We had a unanimous and quick update from all of the active witnesses and currently have 24 of 26 witnesses running up-to-date at the time of this post.
📝 Here are the items addressed in this update:
Content Reward Term Extended to 14 Days (up from 7 days)
Your posts will now have an additional 7 days to be promoted, noticed by others, and earn rewards. This feature was announced earlier in the WhalePaper and gives content providers an increased opportunity to earn rewards for things like original art, music, tutorials and writings that are intended to be shared well beyond the standard 7 day period.
MANA Use Rate for Rewarding set at 2%
This update moves us away from the lower % setting we had running during TestNet and establishes the standard 2% per 100% reward for posts and comments. MANA recharges at a rate or 20% per day which means you can give ten(10) 100% rewards in a 24 hour period if you want to maintain a steady MANA level.
3X MANA Equivalent for Self-Rewarding Comments
This update reduces the reward power when applied to your own comments and is meant to help reduce abuse of the rewards pool long-term. Given a 100% reward to your own comments will result in only 1/3 (33%) of the reward value being applied. For example: If your 100% reward value is 3 WLS on a post, it will only result in a 1 WLS reward if applied to your own comment, however your MANA will reduce by the full 2%.
Rewards Pool Unlocked
The computational method to release the rewards pool funds has been updated. Users will now see a gradual, but steady, increase in the rewards they are able to give and receive for the content shared.
📝 Previously Released Changes
The updates in HF1 work together with the previous changes to the content and rewarding functions to create a more balanced system that is geared towards the long-term growth and stability of the platform.
🔄 SHARING IS REWARDING
Whaleshares is uniquely different in that sharing content and rewarding content are synonymous. On Whaleshares, it's about sharing and rewarding the content you love. Each time you click the new Whaleshare button you will be rewarding the post and sharing it on your feed for others to see. Final updates to the Blog Feeds will release soon.
⛔ NO DELEGATION
While delegation may have a few benefits when used responsibly, the downsides and long-term damage it causes to the balance of a rewards-based platform far out-weigh the good. Voting collusion, bid bots, voting rings, sock-puppet accounts, flag wars, and other negative behavior are encouraged by delegation. For these reasons, there will be no delegation of WHALESTAKE.
🚩 FLAGGING COSTS 3X MORE THAN REWARDING
We have all seen the damage that comes from unnecessary and unjustified flagging of content due to personal disputes, power trips and egos. In order to curb that kind of abusive behavior and set a more civilized tone on Whaleshares where flagging is only done when absolutely necessary (to stop spam or plagiarism), flagging content will require a 3x MANA equivalent of a standard reward, just like self-rewarding comments. For example: If your 100% reward value is 3 WLS on a post, a flag will only result in a 1 WLS penalty against the flagged content, however your MANA will reduce by the full 2%.
📈 ADJUSTED POWER DOWN ALGORITHM
In order to create a stable, long-term economy that encourages users to build their WHALESTAKE to back community support WhaleTokens, a dynamic power down algorithm that slowly evolves over time will be used. Based on the inflation rate reduction schedule, power downs will release more liquid WLS the longer the platform has been in operation. Max Powerdown = 100% - Current Inflation Rate The inflation rate reduction schedule can be found in the official WhalePaper.
⏳ POWER DOWN TEMPORARILY DISABLED
As planned, the power down function will not become active until October 1, 2018. This helps give the platform time to grow its user base and more fairly distribute early WHALESTAKE to more people before allowing value to leave the platform. This will help create a more stable economy for the platform and WLS token value moving forward.
This is just the beginning...
Over the next couple of months, the Whaleshares development team will roll out several major updates that will revolutionize the way cryptocurrency-based content platforms operate and change the way you think of social media websites forever. After that, it's up to you, the users, to decide the future of the Whaleshares platform.
Saturday, September 1, 2018
The Whaleshares platform will open for normal use with a few more editions to the basic functionality of the site. After the sharedrop period is over (September 15th) you will no longer need WHALESHARE tokens to create accounts , and anyone is free to sign up. Power Down will not be active at this time.
Sharedrop Claim Period Ends
Saturday, September 15, 2018
The time to claim your sharedrop ends. No claims will be accepted after this date.
Power Down Activated
Monday, October 1, 2018
The Power Down function will be activated allowing users to convert vested "WHALESTAKE" into liquid WLS that can be transferred to the Bitshares DEX. At this time @RuDEX has announced that their Gateway is complete and will be opened at this time to transfer WLS in/out of Whaleshares to the DEX.
The door is always open,
come join us anytime!
Stay tuned for official announcements in the coming days and weeks.
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