Sections and Key Frame -
1. Introduction of Pedity Asset
2. PEDI tokens and the model
3. Why Stellar Platform
4. Limitation and the solutions
Introduction of Pedity Asset (https://pedity.com/)
Pedity is a simple community oriented content sharing platform where every user is rewarded
based on content and not on upvotes/votes from other users. The term content is referred here to various possible categories listed below and are not not just limited to these -
1. Articles (Similar to Steemit but users don't have to depend on upvotes)
2. Videos (Similar to a media platform like LBRY which rewards user for video sharing)
3. Images(Similar to gettyimages but user gets rewarded in PEDI Tokens)
4. Questions and Answers (For every successful answer user gets rewarded and also the person who has asked question will also be rewarded)
5. And much more ... that will be revealed with beta time frame
Currently Pedity is in Pre-Alpha phase and it is moving towards Alpha stage in few days (https://pedity.com/Post-Pedity-in-Alpha-phase) where the platform is only open to some tested and for reporting of bugs. As this platform is in Alpha stage, all non-members will be able to see all content and will also see how the rewarding works.
Pedity Asset is quite exciting platform for Stellar platform as it comes with lot of promise in regards to content(as defined above). You can read further sections below on why we have selected stellar platform.
PEDI is the currency which is rewarded to users based on the content they are posting. In place of manually deciding the value of how much value a user is getting in PEDI per content, we are going to use few factors from stellar platform that will help us gain the value of PEDI tokens per post, the factors are listed below -
1. Trustline (Most Important )
2. The volume of content created
3. Volume of PEDI tokens traded in past 24 hour
4. Value per XLM
The above information will be public in beta stage, so that every user will know how much PEDI they will be getting per content. Currently there are 3,999,999,999 PEDI which IMHO is a very huge amount but I am not able to predict how much tokens should come in circulation. So for time being, the number of tokens are these and the issuer account is not locked. You can check that issuer is not locked in horizon below (https://horizon.stellar.org/accounts/GBVUDZLMHTLMZANLZB6P4S4RYF52MVWTYVYXTQ2EJBPBX4DZI2SDOLLY). My current plan for that is to observe the growth of platform till beta phase and lock the issuer with either burning of tokens or increase supply of token(Which will be decided by community voting).
Another important question that comes in mind is why will PEDI have any value which is quite important to understand as well. I hope if you are a content enthusiast, you will know about STEEM, LBRY, Viberate platforms which offers their coin/token to users for sharing content. PEDI is a little different asset, Pedity will not only gain value like the above assets but Pedity will be having a very genuine atmosphere of content(like Q/A) where people really want to get answers to their question and reward other users for getting help. For any advertisement on Pedity, users will have to pay via PEDI tokens/XLM indirectly which is quite healthy of XLM ecosystem and all other assets and anchors present here. I will be posting a more detailed document by beta once Pedity is open for everyone.
Also huge thanks to sacarlson and mikefair for helping me find some issues with token creation. Also thanks to irisli for listing Pedity on Stellar term. Currently Pedity token are not in circulation since it is still in alpha, by beta phase PEDI will come in market as well and at that time the total circulation and factors will also be decided.
Why Stellar Platform
Probably the simplest answer for me, XLM being one of the fastest blockchain out there, I always wanted to test how fast it will be compared to the bitshares and steem blockchain and stellar is not lagging. With the amount of content that Pedity will generate, we will be using stellar network for lot of things in rewards and certainly for every transaction XLM is the cheapest. The base fee of 100 stroops is almost insanely low and perfect for my needs. And with this, stellar still being the fastest. For this project, there is nothing else better than Stellar. This is probably simplest answer for me.
Limitations and Problems
Being in development stages, lot of things cann't be answered as well. But some of the limitations I feel are quite typical and I am also thinking how to tackle them. I read stellar docs daily in hope to find answer to this.
First problem being to accept PEDI asset, user has to create a trustline and for that the user needs to have some XLM in their account. I can fund 100-1000 users with my own budget and easily create their accounts with minimum balance while registration. Problem will come when Pedity will have more users, I have seen example in other blockchains where they use a faucet to fund their users. Certainly for trustline, a faucet (that transfer money in pennies) or something like that is not viable as it will need to transfer 2XLM per user (~1$) and with time XLM will get much higher value which is a situation I am still thinking how to tackle.
Second problem being once a value is credited to a user(here value is referred as PEDI tokens), I would like to make sure that users don't go to exchange and change them right away. That might be a unhealthy ecosystem. For this, I have two plans -
a - Incentivize users if they have tokens for a particular amount of time
b - Add two time slots where in first time slow the rewarded PEDI assets are first allocated and second time slot, where those particular assets are released so that user can trade.
These are few issues I am facing and certainly with time I will be able to solve them as it will give more insight how the platform is growing.
I believe in open source projects and by the time Pedity has matured Beta stage, all code will be released to public so that anyone can contribute to Pedity and learn more about it.
Thank you for reading about this project.
Main Website - https://pedity.com
Not Active Market - https://stellarterm.com/#exchange/PEDI-pedity.com/XLM-native
Block Explorer - https://stellar.expert/explorer/public/asset/PEDI-GBVUDZLMHTLMZANLZB6P4S4RYF52MVWTYVYXTQ2EJBPBX4DZI2SDOLLY?filter=trades
WhitePaper - https://pedity.com/Pedity_Whitepaper.pdf