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RE: Steem Use-a-Thon by Byteball - Weekly Update 3
Is a honor to be the winner of this week!! and somehow i took all the words from this post as encouragement to keep going forward! this is a good plan that could benefit a lot of people!
i also love how this contest is pushing the limits of byteball, in some way you and the contestan are writing the new step of byteball, and that is awesome!
Create your own ecosystem on Byteball
Some might even have their token represent a product or service that users can exchange it for.
i have a question:
if the token represent a product it means that the tokes could be bought even before arriving the shop? is there any way to search the tokens in byteball? or these token must be only sent by the owner?
Thanks for the very kind words :-)
All tokens ever issued on Byteball platform can be found on Byteball Market website where a short description of them is available as well.
When a token is issued, you do so from a specific wallet. All of the issued tokens will be sent to that address. So initially, all tokens are put on one single address - the one you created the token from. From there, you will have to find ways to distribute it to others. This can be done by textcoins or chat messages or email even to users that don't have the Byteball wallet installed yet. If you send a textcoin to a user that doesn't have the wallet, he will be prompted to install it. When the wallet is installed, the textcoin will automatically be "claimed" by the user's new wallet, and the funds will appear in his new wallet.
There is one caveat, though. When transferring a token, you have to spend Bytes for the transaction fee. Even though it's an insanely small amount (often about 5-700 bytes worth about $0.00001 USD) it can still be challenging to figure out how recipients of the tokens can acquire bytes to be able to transfer it. To claim the textcoin is already paid for by the sender, but to further send the tokens, Bytes are needed.
Therefore, it's often a good idea to provide instructions to users when sending them textcoins. They will need to know how to use the token but also how to acquire Bytes to transfer it.