Minting for Consumer will be explored.
Following Data Project on week 4, we are going to understand more deeply about Consumer mint initiation on week 5.
Consumer refers to beauty consumers. They contribute by participating in marketing projects held within Cosmochain or providing personal information and can acquire a percentage of the profit based on their level of contribution in the form of CP. They can use CP for purchasing cosmetic products or participating in events.
2. Mint Initiation
Minting (i.e. inflation) can be done in a fixed rate; however, Cosmochain is pursuing Minting only when the contribution towards Ecosystem has been confirmed, which will avoid both excess supply of tokens and abusing of interest groups. “Contribution” can be defined as adding value towards the building of consumer-centric database platform.
While minting the tokens for Consumers, Cosmochain has internal set of data contribution range that specific consumer can generate while using DApp. In this extension, Cosmochain decides the total minting token volume based on the blockchain transaction that each Consumer, DApp operator, and Chain operator makes. Cosmochain distributes the minted CP on the next day of designated wallet address.
Note that tokens are not minted infinitely proportional to the level of contribution as it increases, but determined within the maximum capacity for each participant, as outlined in the chart below, to prevent hyperinflation.
Daily cap, which is the maximum daily mint limit, is the ratio calculated based on the previous day’s total supply of CP, in which different daily caps exist for each type of market participant. If the daily cap is reached for the defined participant type, then CP will be distributed proportionally based on each participants’ graded level of contribution. In the case where the daily cap is reached for all participant types, the maximum CP which can be minted daily is 0.0266% of the previous day’s total daily supply and is designed to be less than 10% when converted to yearly basis.
From Oct. 30th to Nov 5th, minting for consumer has been occurred, which the volume equals to 0.000181% of the total supply (i.e. 11974.82 COSM).
Cosmochain is a blockchain project based on beauty data, founded in March of 2018. We aim to contribute to the development of beauty ecosystem by systematically managing data incurred within beauty industry, and data to those in demand through our platform,
On June 2019, Cosmochain launched its main service “FitsMe” based on the 1.5 million data points incurred through its pilot service. So far, FitsMe is performing well, ranking 6th within Beauty Category of Google Play Store, with an MAU of 20,000 people.
● Cosmochain Web: https://cosmochain.io/
● Telegram(Announce): https://t.me/cosmochainannouncement
● Telegram (KOR): https://t.me/cosmochain_english
● Telegram (ENG) : https://t.me/cosmochain_global
● KakaoTalk(KR): https://open.kakao.com/o/gAMfQpU
● Medium : https://medium.com/Cosmochain
● Twitter: https://twitter.com/cosmochain
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