After https://steem-engine.com/ has started it is now a matter of 100 Steem and a few clicks to create your own token based on a side chain of Steem. There are several advantages and contras using https://steem-engine.com, but it seems that especially for some users the easy access to create tokens with Steem brought some interesting projects out of it. Now several projects would be interesting to mention and introduce to a wider audience (as they are currently targeted mainly for a specific group), but this time it would be the JJM token. (mainly publishing articles in Korean under @jjm13)
1. History and explanation of JJM
a. About the Coin
- Name: JJM Coin (derivated from Jjangjjangman)
- Created: 9th March 2019
- First Price : 1 JJM = 0.01 STEEM
- No ICO
- Total Supply: 300 M (No Inflation, Max Supply)
- Issuer: @virus707
- Explanation: Because there was no JJM tag
- About the Token: Not defined token economy and will be discussed with token holders.
b. Background of founder
@virus707 is a well known and respected user within the #KR community. Educating the KR community about different tokens and coins, virus707 also created the Korean tag “Jjangjjangman”, which supported new KR Steemians with an upvote (from his personal Steem Power of about 200K SP) without any special conditions, except that it was own content in Korean from a KR community member. The tag was running until March 2019 and has now been stopped, as @virus707 needed the Steempower to run the JJM token.
After the 26th of March 2019, in total 434K Steem Power will be available to run the JJM project. The Steem Power available is not delegated (only 1K Steem Power from another account) but owned and bought by virus707 for this project.
On an interview last year (in Korean), virus707 mentioned already that there was an SMT project planned, as soon it would be available, but it seems that virus707 decided to move on with Steem-engine, as it is available right now.
c. Private Sale (sold out)
- Privat Sales Timing: March 2019
- Sales : Total 481,000JJM for 4810 STEEM
- Lock Up : March 11th 290M tokens locked up for 1 year at @goldenticket
d. Current Data about JJM (as of 25th of March)
- https://bloks.xyz/token/JJM
- In total 99 holders of the JJM token (without the founders’ account and the lockdown account)
- Current Price feed: 0.048 STEEM
- Price development
- Circulation (without founder Qty. and lockup Qty.) : 579,150 JJM(+257,473 compared to a day before), (about 25,482 Steem)
e. JJM token economy
About 98% of the JJM token economy and how it will be pushed into the right direction are still open and “TBD” with the JJM token holders. A few points that are already in progress (or had been processed) are summarized below. To make it easy to understand, it is kind of a fund, that invests and works with other Steem based projects to create value and dividends for the JJM token holders.
- Dividends: based on the portion (%) of JJM the account @jjm13 is gathering the dividend amount. The dividend amount is coming from the @virus707 account. In general, all kind of incomes for the virus707 account is included for dividends excluding a currently not fixed amount as profit for the JJM token issuer, which can also be used to power up the virus707 account with Steem power.
- The account @virus707 is invested per delegation or direct token investment in @magic-dice, @stablewon and is looking for additional cooperations that could increase the usability of Steem and Steem based Dapps and also the income for JJM.
- The total amount of the current dividends level can be checked under https://steemit.com/@jjm13/transfers
- The timing of transferring the dividends to JJM holders is not based on a specific cycle and will be announced very shortly before it happens to avoid an unneeded market pump of JJM tokens.
- A part of the income (dividends) will be used to buy JJM tokens on the market and these JJM tokens can be also used as dividends.
Future plans
There are different strategies under discussion and I would like to list a few of them that could be realized.
- Rebirth of JJM tag: when using the JJM tag a JJM token holder can get voting from the virus707 account. Voting power would/could match to the % of holding JJM tokens.
- Starting a JJM @steemmonsters tournament with JJM tokens not only for the winners but also for the analyst of the tournament (ex. analyzing the players, their strategy, etc.) and running an additional JJM bounty for watchers of the tournament who can guess the winner. This would make a Steemmonsters tournament much more interesting, not only for the players but also for people watching the tournament. (First step into esports) - related article in Korean from virus707 Additionally, it would help also to lower the entry barrier for Steemmonsters.
- Co-working with Dapps based on gaming, service, etc.
2. Personal thoughts
In the end, a currency is always based on trust. It is really interesting to see a new token evolving that is actually only based on trust. Current JJM holders are giving trust into a still uncertain project, seeing only the founder and project head @virus707. Based on the vision from virus707, international investors are also welcomed to this project
A few points as data.
- @virus707 SP: about 440K, an 100% upvote would be about 11.2STU at the moment.
- If virus707 would buy with the whole curation income (which would be about 192STU $/week) JJM tokens, that would be about 7.7K JJM per week based on the current market price theoretically available for dividends.
- virus707 is looking for a developer who can help to implement different visions that would need to be realized for JJM.
TL;DR JJM is a token purely based on the trust of a single user, that @virus707 will be able to make a working token economy.
So, JJM is currently at state 0 and keeping one of the highest volumes at https://steem-engine.com/ with realistic order volumes. It will be very interesting to follow the path of JJM and see how the project lead and the JJM holders will interact and develop the token community.