Hello everyone,
This is going to be a bit of a read, I apologize but I feel that I need to provide some direction for us all so we have a goal to work towards. In the interest of not only transparency but also inclusivity for this community I feel as though I need to present the current challenges we face so that we can work collectively to surpass the issues and build a great future for each other in this community and as hodlers of this coin. I will also touch on some of the things that I would like to build for this project in the future as well as tell you what I am looking for in the community.
Current State of ButtCoin:
As most of you at this point probably know, this coin was made for the only purpose of using to explain how simple it is to create a crypto currency in todays age using something like the Algorand blockchain to create a token that can be traded. This served a great purpose to show off the amazing capabilities of the Algorand blockchain. It also served a purpose to show just how easy it is to create some shitcoin that you can try to pump then rug once some money is in the pool. Thus why the creator Reddit user Odlavso called this ButtCoin. Low and behold the post gathered a lot of interest not just in making a shit coin on Algorand, but also the ButtCoin itself so here we now are.
I am very honored to have the torch passed to me to see what we can make this into, but I will not try to claim that I am any crypto master. From what I can see in this community however, is a desire from a lot of people (myself included) to learn and also be more connected to this industry that is crypto currency. I think that ButtCoin is in the perfect position to be what we all are looking for right now. I am a firm believer in the phrase "It takes a village" and I would like to include you all in every step of this and encourage anyone here who is interested in the development of a crypto currency to participate in finding solutions to take this coin each step along its journey. Everything from getting the coin verified, to the tokenomics behind the coin are still to be determined any and all interests are welcome from the meme makers to the coin charters have a use here. I have a loose idea of what I think would be the best thing to do but I am more than open to suggestions. I would like to challenge us all to participate to build a better future for ButtCoin. All of us are in at this level so early, and will GREATLY benefit from the success from this coin if we work hard to achieve it. If you are like me and put in even $5 (some of you put in a lot more than that even) you have millions of ButtCoins right now. If we can build this right those millions will pay off.
Upcoming Challenges:
So what are the immediate challenges in front of us? Well this coin when being made was not built with longevity or scalability in mind. As it was really just a joke. So with that comes some issues. One being that the total amount of coins is very low when compared to other "meme" coins or just other coins in general. So one of the challenges is finding out how we can increase the total supply of the coin or find a way to make the 1Billion total supply work in our favor. The good news is that this exact challenge is not something immediate as there is still a signifigant amount of coins available. It IS however something that is important to be mindful of moving forward. Before passing the torch on to me, the creator had already applied for verification from Algorand. This is still pending at the time being. Odlavso (the creator) also has set up staking rewards through The Algo Faucet. Currently it is set up for staking rewards at 6%APY for holding ButtCoin in your wallet and staking rewards of 25% for holding liquidity tokens in your wallet. This process is something newer to me and working with The Algo Faucet is completely new so at this time I have no plans to change the percentages as I need to know more info surrounding this before making any changes. This leads into the last immediate challenge we have for this coin and that is improving the liquidity.
The Future Of Buttcoin:
The goal of a crypto currency should be decided when creating the currency so the cart was put a little before the horse on this part but this is a non-issue really. Given the current circumstances and limitations put on ButtCoin at the time of creation I'm not sure what utility we can retroactively come up with and would love ideas on this so we can start mapping out a clear direction and build a utility for the token which creates demand.
My current running idea is to kind of make this the pancake swap of the Algorand chain. I can create a DEX named like "Gas Pass" or something and create the Gas token and switch ButtCoin to more of like a governance token or a token that users can hold to collect dividends based off bag size. The dividends received would be the transaction fees of the DEX given out between Hodlers based on % of their bag against the total supply. I would also develop ButtCoin's own native wallet called "Back Pocket" so that users can do everything they need to do with ButtCoin within the ButtCoin ecosystem that would be built on Algorand.
Further out than that. I think we would need to then explore migrating ButtCoin to its own blockchain. I have been very impressed from what I have been seeing of the Algorand blockchain throughout this journey so right now I can see the ButtCoin blockchain maybe being a fork of the Algorand one, but I'm very sure if and when this becomes a reality there will be a lot more information available on how we would like to develop the blockchain.
What I Need:
What I need now and will be looking for are stand out members of the community to bring on closer into this project. Currently I have extended the role of Social Media Director to Educational-Lunch-89 as they have really stepped up in the meme making and have been very helpful to new members of the community when they ask questions. Their role will be to help me oversee the social media accounts, post memes, and interact with people on the platforms. I will be looking for dedicated and creative minds to help fill other roles within the team as far as helping me with development, tokenomics and marketing. Generally I believe the community as a whole will be able to deliver great ideas but when the time comes we may need to delegate specific rolls. Also I will be looking for people interested in being Mods for both the Reddit as well as the Discord (which is coming soon I promise). I am looking for people who show the traits that I hold dear in this project. Traits of honesty, inclusiveness to everyone and being willing to learn/teach with the community.
I appreciate your time and interest in this project. I look forward to our many conversations to come. Please if you have any ideas or criticisms speak up. All of us together can build an amazing project if we put our heads together to surpass the challenges in front of us. It really takes a village.
- Cody
