Mining vs Bounties In Digital Assets – Ikohaus
Spread the love

The asset that we are talking about here is Digital Art work on the blockchain. Specifically the IkoVuX™ system that allows one to collect, trade, sell and view from an authenticated digital asset record on the CodexProtocol platform along with the trading and purchasing platform created by OpenSea.

Here is a link to the concept I came up with unaware that Dr Frank Florida had reached the same conclusion a few years before.

Mining in cryptocurrency, Bitcoin and now especially Ethereum has dropped drastically in its returns and calls massive computing power that only large consortiums of cooperating computer farms can handle. This has pushed the small miner out of competition.

What I propose and have been pushing adopting for by testing and proving out the concept with my ShEO daughter is called a Bounty system that can be used in a few different fashions with digital assets on the blockchain.

#1 what I started with, we will call the speculative investor position. Which is where a patron acquires a work of art asset and decides to hold it for personal or investment purposes and may decide to sell or trade it in the future for market gain or asset value profit.

#895 Iconoglyphics
Learn how to use OpenSea

The two aforementioned incidences can occur to either a rise in the value of Ethereum or the importance of the creator that made the work. These two forces can combine in powerful ways to influence that value of a unique digital asset.

Lastly #2 something I have been working on influencing with OpenSea which developed something called the bounty system, whereby after a discussion with them the bounty a referring person gain earn was raised from 1% to up to 2.5%. I again proposed to OpenSea to raise that bounty much higher to say 25% to spur people in the community to participate and foster adoption of this new asset trading.

Are Enge U
Learn OpenSea and see the work

For example when the 2019 edition of Who’s Who In America comes out in print in April 2019 featuring Romero as an Avant Garde artist it should raise the visibility and awareness of my radical forward concept works. So if I were to offer a work on the OpenSea platform for say $500USD worth in Ethereum and offer a 20% bounty along with a 2.5% OpenSea platform fee, the person that simply refers my work to a winning bidder would earn $100USD.

This I believe is a much more motivating community principal in democratizing the new digital art world where any community member instead of mining for profit can work in fostering culture and if they become quite adept can help artists and patrons develop a self contained ecosystem of prosperity and enrichment.

March 6, 2019

Leave a Reply

Top