StishSits.com Aims to Build A Community Passionate About Crypto Currency And Reward Community Members With StishSits [SITS] cryptocurrency.
StishSits.com is a social media platform that allows users to share content and make friends and build a community. This is version 3.0 and the next iteration of a concept developed over 4 years ago. With StishSits.com the aim will be to directly integrate rewards called SITS a cryptocurrency being developed for the purpose which has low transaction fees and high transaction speeds.
Some of the major challenges with the first two versions were primarily around sustainability due in large part to the development on the ethereum blockchain. Transaction fees made it nearly impossible to scale and the limited transactions per second created an environment that wasn't conducive to the goals of the platform. Why did we build on it? To be frank there wasn't really anything else available when we started.
Another challenge with our first version was user adoption challenges due to complicated interactions. With StishSits and the Sits crypto we will take away all of these hurdles and more. StishSits.com is built with the purpose to be a social network and it is blazing fast. We are developing the StishSits Sits cryptocurrency to be compatible with the platform making it easier to integrate from day one.
We have learned so much over the last several years. When we are complete with StishSits.com users will experience a seamless platform. Mobile compatibility is built into the platform. An existing application for Android and IOS will easily handle wallets and the platform will be able to generate wallets also. Transactions between users will be a click away and long-term sustainability and scaling is calculated into the new build.
StishSits.com and SITS Tokenomics
In the early days users will receive enough SITS in their wallet to access the platform but it will be locked and staked. Users who are good stewards of the platform who hold SITS in their wallet instead of trading it will be able to send a small amount of Algos and use the SITS Compounding Tool. The Sits Compounding Tool will check your wallet to see how many SITS you have and send you the same amount back all for a small amount of ALGO. There will be an Escrow wallet established for this purpose and the SITS Compounding Tool will be in operation until funds exhaust.
Four Positive Things Are Accomplished With This Model
1. It will increase the broader userbase of both Algo and SITS.
2. It will provide a small amount of operational revenue from the transfer of a nominal amount of ALGO to start the SITS Compounding Tool.
3. It will encourage people to buy SITS so they can take greater advantage of the SITS Compounding Effect and Hold SITS to create scarcity in the market once trading is available.
4. It will reward early adopters of SITS with an equitable portion of SITS crypto.
Later Stage Tokenomics
StishSits.com is dedicated to being a social community sans a constant barrage of ads and we will not be selling your private information off to marketers. Because of this StishSits.com will not generate revenue like the giant Social media platforms that pretend using their services is free. We will actually be revenue neutral for quite some time and rely heavily on users who buy SITS and utilize the SITS Compounding tool, and hopefully grants from the Algorand foundation or others who believe in our mission.
In Later Stage Tokenomics, there is a larger user base of 10,000 plus people. There is a passionate community encouraged to help grow the awesome platform as their rewards and the value of those rewards is directly tied to the success of the platform. Users who want to join or continue to use the Epic www.StishSits.com community will be required to maintain a variable amount of SITS in their wallets depending on the rate at which the platform is growing. If the platform is growing too fast or currency is being pushed into the market too fast then the number of SITS required to join or use the platform will increase.
We will rely heavily on the network effect and the awesomeness of the people and content of the community to make StishSits.com an exclusive community where people want to be. Existing members may help users by funding their accounts. This would create a very selective community-driven initiative of recruitment.
An Example Of Later Stage Tokenomics working to the betterment of the community:
1000 people join SITS in one day and the Minimum Staked amount of Sits in their wallet to use the platform was 10 SITS. Each New User Bought Sits to participate. 10,000 total Sits were purchased and because of this fast-paced growth, the price of SITS rapidly rose! Users who wanted to be rewarded for their time and effort sold some SITS and maybe the platform sold some SITS for scaling or hiring new team members to handle the growth. SITS holders vote to increase the minimum amt of SITS stake required to slow growth. The minimum amount is raised to 20 SITS. People saw the price soar and demand grows further to be a part of the rewards-based social network without ads.
Another 1000 users join SITS and buy 20 SITS each. 20000 SITS were purchased. And the price of SITS soars higher. Holders of SITS vote to increase the minimum amount of SITS needed to 25 SITS. Zero people join the next day. There are loads of sell orders on the books and few buyers. The Price of SITS starts to decline as people try to unload their SITS. The Holders of SITS vote to Lower the Minimum Amount of SITS Required to Login or Join to 10 SITS. More People Join which helps stabilize prices but Because the Staked amount is lowered more SITS flood the Market. The Holders of SITS Vote to increase Staked SITS back to 20 SITS. People continue to join and the markets become balanced.
Another scenario might be the holders of SITS vote to try to maintain a stable or ever-increasing SITS price by having a slightly inflationary amount of SITS that must be staked in order to participate in the platform. This requires new and existing members to continually increase their supply of SITS though gradually which limits the number of SITS on the market as there is constant market pressure to buy. If there are large jumps in new members that artificially inflate the market price then Staked SITS could freeze or lock-in at the current rate until the SITS currency prices stabilize.
What Happens If Demand doesn't increase or just plateaus?
Unfortunately, this can happen and will happen. There are milestones with network growth and much like currency pricing itself there often is a ceiling or breakthrough point that is hard to overcome sometimes. Later tokenomics will allow for SITS to have greater utility within the platform itself. For instance, a user may be required to hold x amount of SITS to place private StishSits encrypted phone calls. Bloggers may be required to stake larger portions of their SITS to blog and VLOGERS may have to stake an even larger amount of SITS. We could expand the gaming platform and people could be required to spend SITS to compete in Tetris Tournaments where the Winner takes all. There are options to shrink supply to stabilize pricing as long as there is some demand for the services of the platform.
It is so important to have champions who love the platform and want to see it grow. The more users the better it is for everyone involved. The platform will attempt to raise enough funding through the private sale of SITS to limit the amount that the platform ever has to push into the market to keep it as decentralized and controlled by the users as possible. Instead of the platform using you for content and selling off your information to make large gains each user is encouraged and has an incentive to create high-quality content and grow the platform as they retain their own value with SITS.
If no one buys in on the frontend in the beginning they certainly will not buy-in on the back end. An early strong raise of funds and users is a solid indication of a successful future platform.
StishSits.com is built for the main purpose of building a community that is passionate about cryptocurrency and wishes to see their community and currency succeed. We encourage community feedback and advice about necessary changes. The platform is dedicated to distributing the currency in an equitable way.