RE: Announcing HUNT Token Airdrops for Steemians (Smart Media Token Project)
@tombstone
Oh thanks so much for your delegation! as well as your valuable advice :)
We'll have our offchain wallet with HUNT token balances and keeping all the transactions, so creating a temporary token is not really a crucial part (we can just swap our offchain balance to SMT token directly). However, we thought it would be more tangible(?) if users can withdraw their tokens to their private wallets as a actual crypto token.
We decided to use ERC20 even though it'll cost us some gas fees because
- ERC20 is probably most familiar with people and many have ETH wallets already like MEW or Metamamsk.
- Easier to get listed on exchanges because every exchange support ERC20 already.
- Private sales - Crypto funds normally hold ETH for their investments, so it would be easier for them to buy ERC20
- Gas fee - is a problem, but as we distribute the tokens to users' offchain wallet first, we'll have to pay the gas fee only if a user wants to withdraw their balance to their ETH wallet (and there'll be a minimum withdraw limit for sure)
TBH, I didn't even know we can create custom token on Bitshare (I haven't really looked at Bitshare closely).
Creating a token would be the last step once we finishes all the necessary development, so we still have time to re-consider what token we use.
Could you tell us more about benefits of using Bitshare tokens other than the transaction fee?
Do you think it's still better to use Bitshare token considering all the factors I explained above?
I'm not a dev but I know that BTS can handle several hundred times more Tx than ETH. Look at http://www.blocktivity.info ETH is already congested while BTS is begging to be used. You guys could even make BTS break the record for highest amount of daily Tx currently held by STEEM.
Best of luck with the project!