In the beginning of the BitcoinSOV adventure, there was a person with the pseudonym @NoMoreHandlesMan who created a timelock contract where the most committed early adopters could timelock their tokens to show the world the commitment they had for the longevity of BSOV. I was inspired by this and tried to conceptualize this even further, so I created SovCube.
When I created the concept of SovCube, I asked myself two questions:
How can you measure the total commitment which token holders have for a token?
How can you prove your token has more committed holders than other tokens?
To answer these questions, I tried to create a simple equation which would represent PoCom.
%OfCirculatingTokensLocked * AmountOfTimeLocked * = ProofOfCommitment.
The higher a PoCom, the more committed are the token holders.
What are they committed to, exactly? There may be many personal reasons, but the direct effect of PoCom is that they are committed to:
- Reducing token velocity.
- Reducing the market sell pressure.
- Strengthen the integrity of token holders.
- Help build more trust for your token.
- Protect yourself from yourself during market swings.
- Join a collective of longterm holders.
This idea resulted in SovCube.com – an enabler of proof-of-commitment. Maybe there can be made a token in the future that is the direct result of proof-of-commitment? Let’s see what happens the next years.