eBOMB (POW) is the first deflationary token on the Ethereum Classic blockchain backed by an immutable ETC POW chain. Approximately 0.5% of tokens are sent to a burn address with each token transfer.
The BOMB token experiment on the Ethereum chain has gained considerable interest due to the mechanism of deflation by transactional coin burn with each transfer. Clones and clone variants have rapidly appeared; usually modified in terms of the decimal value and the burn rate. Suprisingly, until the launch of eBOMB, no variant of the smart contract has been deployed to Ethereum Classic.
eBOMB embraces the immutable nature of Ethereum Classic and the continued commitment to Proof of Work (POW) as the original and most powerful mechanism for preserving the integrity of a blockchain ledger. eBOMB therefore improves upon the original BOMB token based on the following characteristics:
- Lives on the Ethereum Classic (ETC) blockchain; as opposed to Ethereum (ETH). While Ethereum is currently a strong favorite in terms of popularity and marketcap, a switch to POS entails considerable risk to the continued integrity of all associated ERC20 tokens.
- The lack of decimals and associated elevated burn rate when sending less than 100 BOMB greatly limits the longevity of the project. Any potential of continued price gain of the original BOMB token will by default make the token only for “whales” since it would be foolish for anyone to transfer small amounts. Sending 10 tokens for example would result in a 10% loss. While this is acceptable to many at current prices, it will not be tolerable to most at higher values of the token. BOMB is only for whales. Good for the whales; bad for the rest of us. eBOMB (POW on ETC) operates with 18 decimals and is suitable for the common wo(man) to transfer. While inevitably clever solutions will emerge to transfer the original BOMB without incuring burn (wrapped BOMB, etc.), additional layers of trust will have to be accepted which is directly opposed to the naure of crypto in eliminating 3rd pary middle men, points of failure and counter party risk. The same should not even have need be pointed out regarding the handling of BOMB through centralized exchanges.
- 0.5% burn rate better parallels what has been seen as a tolerable transaction cost to many in the space interacting with centralized exchanges and covering gas fees on DEXs. Many clones have moved in the opposite direction of a higher burn rate. This fosters enthusiasm early on as the supply quickly diminishes but does not establish a long term strategy for continued survival.
- The Saturn Network DEX provides an invaluable service by providing a decentralized and permissionless DEX ready to operate immediately after launch of the contract.
- Increased push for decentralization of not only the underlying blockchain but of the social media channels that govern official communication. Much of the official documentation (and website) will reside on github with permissions given to multiple Legendary Genesis Custodians (more on this in the description of the Decentralized Airdrop Mechanism)
## The Decentralized Airdrop Mechanism
Airdrops have suffered from distribution to recipients who rush to sell resulting in rapid accumulation by a minority who play the other side of this scenario. This results in poor coin distribution and a weak community. A steady, sustained and methodically delayed airdrop can mitigate this problem to a certain extent but is then hindered by the existence of a single address holding an unreasonably large percent of the coin supply. eBOMB proposes a Decentralized Airdrop Mechanism to ensure proper coin distribution In short, 1% of supply will be distributed to several Trusted Distribution Custodians. There is indeed an element of trust here; and they will be entrusted with the mission of airdroping half of this amount to many (~100 individuals). Legendary Genesis Custodians will be chosen based on recognition in the community for their contributions to Ethereum Classic, the Saturn Network, ETC tokens or other demonstrated acheivements relevant to the mission. They will each be sent 1% of coin supply and entrusted with the task of a slow sustained airdrop of half the amount they received. The remaining half is to keep; or sell, or donate, burn, etc.
Genesis Custodians to date:
Additional airdrops will be carried out through the use of the Saturn Protocol airdrop tool which places tokens in escrow for an address to claim in the future. This eliminates many elements of gaming the system where the same person requests tokens through many twitter accounts. Wide distribution is key.
Q4 2019: Continued airdrops to holders of various ETC tokens and crossover airdrops with new deflationary projects.
Q1 - Q2 2020: Continued airdrops and social media awareness campains. Engagement with Saturn Network DEX community.