Today, the 17th of June, 2021, the deflationary-by-design BSOV Token has reached a milestone of becoming 2 years old. Just like the 1-year anniversary that happened last year when the anonymous/pseudonymous creator called “Mundo” released the BSOV Whitepaper – Today, the BSOV Community will release several new updates like the Whitepaper of SovCube Commitment Token, Community Engagement Rewards, a Timelocking dApp, and community-written articles.
What is BSOV Token?
BSOV Token (a.k.a BitcoinSoV, Bitcoin Store-of-Value) is a PoW-mineable Ethereum Token (ERC20) that also follows 0xBitcoin’s (0xBTC) ERC918 Mineable Token Standard. BSOV Token is not a Bitcoin fork, but shares Bitcoin’s supply distribution with a deflationary design. This cryptocurrency is the first mineable and deflationary-by-design crypto commodity built on the Ethereum blockchain.
BSOV Token is designed to burn/destroy 1% of the BSOV of every on-chain transaction, which means that if you send or trade 100 BSOV on a Decentralized Exchange (DEX), then 1 BSOV will be burnt. BSOV is even burnt when traded at Uniswap. This deflationary mechanism makes BSOV more scarce over time, and the only way to keep your BSOV from burning is by HODLing. This is why the community behind BSOV Token says that BSOV Token is designed to be a great Store-of-Value (SoV) that will appreciate in value over time, assuming adoption.
BSOV Token was created to provide a hedge against inflation; a stark contrast to the centrally controlled and hyperinflationary fiat-currencies made by governments such as the Venezuelan Bolivar where the inflation rate increased a thousand-fold over days.
2 Years of Deflation & Timelocking with BSOV Token
Over the 2 last years, there have been many achievements for the HODLers of BSOV Token. Over 30% of the circulating supply of BSOV has been time-locked in the SovCube Timelock Contract, which will take a minimum of 500 weeks (9.6 years) to empty/withdraw. However, nearly none of the time-locked BSOV have been withdrawn yet, meaning they could be time-locked even longer.
A total of 205,000 BSOV, or over 5% of the already minted BSOV Tokens have been burnt/destroyed due to user transactions and Uniswap trading.
SovCube Whitepaper Release
Today, a long-standing volunteering contributor who is called “Rouse”, is releasing a Whitepaper for a new and upcoming governance token that is supposed to be called “SovCube Commitment Token”. Rouse has provided an excerpt from the SovCube Whitepaper:
“Since the dawn of humanity, we have always allocated resources to things that have built our society, in some form or another. The resources were acquired and distributed through the use of power and governance: Everything from the tribal times, where the strongest prehistoric humans used violent force to fight the weaker humans to occupy lands with nutritious food – To democracies, governments and companies today who use political or economic power to distribute money to build infrastructure from the result of elections and stockholder meetings. There is great value in power and governance; and with the CUBE Token, we’re placing the power back into the hands of the individual.” – SovCube Whitepaper
The Upcoming SovCube Commitment Token
The upcoming SovCube Commitment Token will be minted by timelocking your BSOV Tokens in an upcoming SovCube Governance System. The token will be a governance token that is used to vote for proposals to spend funds from a Decentralized Treasury, and change the Modifiable Parameters of the smart-contracts.
BSOV Timelocking dApp
Loopfin from the BSOV Community is currently in the testing and audit phase of releasing a new and better Timelocking dApp that has a user-friendly graphical user interface.
Community-written Articles
Chris and Banks from the BSOV Community said they will write and publish articles to celebrate today.
Community Engagement Rewards: A total of over 10,000 BSOV and 0.25 ETH divided between the first 1,000 participants to engage in the BSOV Tip Faucet group.
Rouse has created a Telegram group where they will reward 1 free BSOV token to the first 1,000 members just for joining, and will reward 10 BSOV + 0.00025 ETH for posting a picture on social media of their local fiat-currency where they should write text with a link to the petition “Abolish the Central Banks and Allow Cryptocurrencies to Flow Freely.” where the BSOV Community is collecting signatures. More info can be found in the BSOV Tip Faucet Telegram group (Free Crypto)
Follow the status of BSOV Token’s 2-Year Anniversary updates here
Links
Follow the status of all the updates from BSOV Token’s 2-Year Anniversary
“How to buy BSOV at Uniswap” Youtube video Tutorial
Watch the price of BSOV at Coingecko (the price listed at CoinMarketCap is not updated)
Join the BSOV Token Telegram chat group
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