Original article from | Tip Coin

Translation | Odaily

This afternoon, Web3 social app Tip Coin announced the token economic model. 35% of TIP tokens will be used for platform rewards, 5% will be allocated to the market, and 5% will be allocated to the team's lock-up. In Epoch 1, 15% will be used for airdrops; in Epoch 2, 20% of the tokens will be used for airdrops; in Epoch 3, 5% of the tokens will be used for airdrops. Yesterday, Tip Coin announced that wallet address submission is now live, and users need to submit their address within 24 hours to qualify for the first round of airdrop.

It is understood that Tip Coin is a new social project based on X (formerly Twitter), aiming to allow users to earn token rewards by participating in content creation through "tweet mining". The following is a translation of the original Tip Coin article:

12 days, 140,000+ followers, 100,000+ users.

Since Tip Coin launched on September 1st (Friday) at 8 am, the experience has been great. We sincerely thank the new fans and creators in the community who have silently supported us behind our social experiment, making Tip Coin a success.

When we initially used the power of X/Twitter for marketing and promotion, our initial idea was proven to be correct. Viral spread has allowed our platform to have over 100,000 Tip users and 140,000 X fans in just one week. Once again, we couldn't have done this without the support of the community.

During this journey, we have encountered creators from all around the world. We have learned from hundreds of users that our platform has enabled their content (even beyond X) to achieve unprecedented engagement.

Now, we are starting the second part of the mission: an independent platform that utilizes our presence and social media to create a global community comprised of friends and creators. Let's delve into more details - tokenomics, technology, and vision.

Tokenomics: Fair Launch

Many times, exciting products and launches are ruined by internal pre-sales and unfair tokenomics. As tokens for creators and the community, we feel responsible to reward our most loyal fans and creators through a fair distribution. With so many users, we have a unique opportunity to create an extremely diverse and fair allocation right from the launch.

Many times, exciting products are hindered by internal pre-sales and unfair token economics. As tokens for creators and the community, we have a clear responsibility to reward our most loyal followers and creators through a fair distribution. With such a large user base, we can create a diverse and fair distribution scheme right from the launch.

• Epoch 1: Liquidity 15%; Airdrop 15%;

• Epoch 2: Airdrop 20%;

• Epoch 3: Airdrop 5%; Platform Rewards 35%; Marketing 5%; Team Lock 5%.

When determining tokenomics, we have several goals in mind. We need to strike a balance between successfully launching the product and platform, rewarding early adopters, increasing liquidity, and achieving price stability. To encourage usage of our upcoming platform, we have allocated 35% of the tokens for users. We have also added a significant portion of liquidity supply to assist with the launch and achieve price stability, while retaining Epoch rewards to gradually inject new tokens into the ecosystem. Finally, we will utilize tokens on the new platform to increase token trading volume and demand.

Technology: How It Works

We want to take a moment to discuss the work our Chief Developer and Founder, Swapo, has done for our system.

Without going into too much detail, we didn't see this project as a one-time project. Instead, we see it as a SocialFi platform! What's the difference? Reliability and scalability. As mentioned earlier, our marketing activities spread rapidly. Along with this came some scalability issues in Epoch 1 as it exceeded our load expectations. We've brought in a new system for Epoch 2 that can process 360,000 tweets per hour.

We have already processed millions of tweets and update them in real-time on our dashboard. The significance of this number cannot be underestimated. No one can replicate our system, and this fact alone demonstrates the complexity involved.

About legitimate users: Many people have noticed and pointed out that there are some users on the leaderboard who appear to be acting like bots. Upon noticing these instances, we chose to flag these accounts internally rather than immediately restrict them. This also allows our system to have a more comprehensive understanding of bot activities, preventing similar situations in the future. It should be noted that when they claim points, fake accounts will lose a significant amount of points (as a penalty).

Where will these points go? They will be sent to the accounts of you, the true supporters. Any unclaimed points will be destroyed by the end of the next Epoch.

Future Vision

SocialFi is the new leader in adopting cryptocurrencies. We believe in the vision and the theory behind it. Ultimately, the champion in this field (SocialFi) will be chosen based on their ability to enter unknown territories and create the future. There is no clear path, and creating a universally adopted product requires a rare combination of technical talent and foresight.

We created Tip because SocialFi must be able to attract attention to help it become an independent product. Our goal is to achieve viral propagation using X and help the next million users join our platform. The first step is nearing completion, but the work is far from over. Soon, you will see our website in a new form, offering new ways to create, participate, and earn.

We see SocialFi as a blank canvas and intend to continue writing the blueprint.

Conclusion

We have spent many sleepless nights to deliver what we believe to be interesting, engaging, and unique social media interactions. The token's release is not the end, but only the beginning, enabling us to create value for creators and the community.

We hope that you are as excited as we are to embrace the future of social interaction.

Stay loyal, $tip family.