How To Earn SOV Tokens
Like a lot of things in my life, I find new projects seemingly by accident. And I am constantly in search of new ways to earn cryptocurrency with my creativity.
There is a new deflationary currency called SOV that has sparked my interest for several reasons. SOV is built on the EOS blockchain and it's one of the only projects that is both immutable and deflationary. Let me explain in simpler terms.
Smart contracts on EOS are usually controlled by a small dev team which means that if anything happens to that dev team, your tokens could be at risk. New regulations could be created, the dev team could go bankrupt, actually the number of things that could go wrong are pretty numerous. All of these things are caused by the fact that the dev team controls the keys to the smart contract which controls your particular tokens.
It doesn't sound too reassuring does it?
The dev team behind SOV has relinquished control of the SOV smart contract by locking it which means that eosio has control of it. What this means is that if the community decided to change the SOV smart contract, it would need 15 of 21 Block Producers to enact any changes. This makes SOV truly decentralized with the rules of deflation baked into the currency in a way that is not subject to the whims of any one central authority. The SOV dev team can't change anything about how the SOV token operates.
The creators of SOV have a lot of respect for Ethereum and Bitcoin and this is evidenced by the way they have decentralized this project. Read from the SOV website to learn more: https://www.soveos.one
Being a skeptic, I had to wade through a lot of video interviews and talk directly to one of the founders before I felt comfortable even writing about it. The videos taught me a lot about the philosophy behind this deflationary currency project. Here's one of the video interviews of the main founder of SOV.
To summarize SOV, it's self-deflationary meaning it has a schedule of burning tokens, and it will go from 1 billion to 21 million over time. Here's that visualized:
An interesting thing to note is that anyone can press the button "Airburn" on the SOV website which will trigger a burn of 7.5 million SOV tokens. This happens weekly, but only one person is able to do it. The tokens in this burn are comprised of unclaimed tokens by EOS genesis accounts. You can still claim your SOV if you have an EOS genesis account. The easiest way is to go to bloks.io and hit the 'airgrab' function. Each genesis account gets 5000 SOV tokens, but as the burn rate increases over time, that amount goes down by a certain percentage. No one knows the deadline but if you don't claim by a certain time, you won't get your SOV.
The white paper is worth a read and it's pretty straight forward. SOV tackles the problem that plagues a lot of cryptocurrencies and fiat: inflation. And it also tackles the centralization issue, too.
It's easy to earn some SOV tokens.
A very easy way to earn some SOV tokens without investing anything is to join the SOV Telegram channel: https://t.me/eossov and make a SOV meme. There's a tip bot in the SOV Telegram group and community members are pretty good about tipping people who make and share their memes. Remember, make your own SOV meme, don't copy someone else's. You can see all the tipping activity in real-time here: https://bloks.io/account/tippedtipped as the account "tippedtipped" is the bot responsible for tipping people. There are many different tokens being tipped, but SOV is the most popular one as of now.
Tipping people and encouraging people to make memes is one of my favorite things to do, and because of that, I was asked to be an admin of the SOV Telegram channel rather quickly. This illustrated to me that the founders respect the merit system. The SOV project shows us that there are still quality people out there building interesting experiments.
This is not investment advice. Always do your own research and make your own decisions.
See you in Telegram.