TRIBUTE: Unveiling the Rewarding, Community-owned DeFi Ecosystem

Project Reviews / 12.09.2020

Since the inception of the first DeFi platform, decentralized finance has remained one of the most attractive cryptocurrency economy sectors. The platforms focus on giving financial opportunities free from traditional and political systems. DeFi apps benefit from easy accessibility; since they are open to everyone across the globe, there are lower barriers to entry. Moreover, because of their autonomous nature, they do not need any middle person regulations. 

However, up to now, DeFi faces the challenges of poor performance. Users face hardships using the platforms mainly because of the complicated dashboards. Moreover, some DeFi platforms are not fully decentralized; they still implant middle person interference. Let’s see what TRIBUTE works on to bring value to the overall DeFi space.

An Overview of TRIBUTE

TRIBUTE is innovating the methods with which DeFi platforms delegate full ownership and control to its users. With aspects of the TRIBUTE platform such as Proof of Decentralized Liquidity (PoDL) and the long-term vision for a dapp launchpad, users will have a direct share in stabilizing the tokens’ prices. Additionally, the platform solves all issues clouding DeFi space, including user-friendliness and regulations. 

TRIBUTE’s Tokenomics and Distinguishing Features

  • Deflationary

Unlike other tokens, the TRIBUTE tokens have deflationary functionalities. TRIBUTE’s deflationary attributes are owing to the market forces of demand and supply achieved through coin burns. The platform burns 5% of TRIBUTE coins transferred from the supply, bolstering the circulation’s token demand.

  • Self-Cycling

The top 50 holders receive a portion of the 5% of the total number of tokens transferred. However, being in the top 50 does not entirely guarantee the earning of reward drops. The reason is that selecting the holders for rewarding is autonomous randomized and depends on the system’s algorithms, which are unchangeable.

  • User-Friendly Dashboard

The dashboard in the making is easy to use for everyone, even new-comers in the crypto space. It displays everything from the balances, dapps, and lottery numbers, easing service access.

  • Community Owned

After launching 3 of its decentralized apps, the platform will allow consumers to choose more TRIBUTE dapps to integrate. Any person with a dapp functionality suggestion can contact the developing team with the concept. Moreover, the platform will publish project progress reports and incorporate communities favourability of various features, including dapps.

  • Proof of Decentralized Liquidity (PoDL)

The platform distributes the initial liquidity to the community over 100 days.

The TRIBUTE Token Specifications

Tribute plans to start with a supply of 500 thousand tokens in its platform, introducing three decentralized applications. For persons purchasing the TRBT over the counter, they will receive a 20% reduction in price. From the first sale, 100 thousand tokens (20%) will go over the counter and another 100 thousand for marketing.

The second apportionment is 15% of the starting supply, whose allocations are Uniswap listing, ENFORCED TRIBUTE, and conTRIBUTE. Each of the three will get 75 thousand tokens.

9% of the initial supply will fund partnerships. The project plans to host great partnerships from famous crypto enthusiasts and other organizations. The last 6% is going to serve as development funds.

To buy TRBT tokens, enthusiasts can visit the uniswap listing page and set their slippage above 10%. That ensures that transactions don’t fail during coin burns or rewards associated with the transfers. The TRBT is compatible with any ERC-20 compatible wallet, including MetaMask, Trust Wallet, and MyEtherWallet. 

TRIBUTE’s Dapps

Decentralized Applications are immutable, open-source, decentralized smart contracts hosted by blockchains, and they range from games to DeFi options. Tribute merges 3 Dapps as part of its inception idea;

conTRIBUTE

The aim of conTRIBUTE is the harmonious rewarding of TRIBUTE holders and users. Developers of the conTRIBUTE dapp use the idea of a staking hourglass, only they modify the structure to a non-zero-sum.

In allocating the conTRIBUTE tokens’ supply, 5% buy tokens and 15% of sell tokens will pay shareholders’ dividends. The allocation mainly depends on their shareholding percentage. Atl launch tribute will have 500 thousand tokens. 15% of the initial token supply (75 thousand tokens) goes to conTRIBUTE rewards exclusively. These will settle dividends to all TRIBUTE users and holders.

ENFORCED TRIBUTE

The purpose of these dapps is to enforce burns and rewards of TRIBUTE tokens multiple times every day. It’s impossible to withdraw or sell these enforced TRIBUTE tokens since they are embedded in specialized TRIBUTE smart contracts.

15% of the initial TRIBUTE (75 thousand) tokens go to the value of the enforced TRIBUTE smart contract. Anyone in the system can move 10 thousand tokens from the 75 thousand to a secondary contract. Tribute will burn 5% of the 10 thousand tokens (500), while another 5% will serve as TRBT dividends. Moving token continues until the system burns 50% of the enforced tokens (37,500) while the other half goes to rewarding the holders.

TRIBUTE to LIQUIDITY

The TRIBUTE to LIQUIDITY dapp aims to transfer full control of the project to the community by giving holders control over their token liquidity. This decentralized application uses a Proof of Decentralized Liquidity system in rewarding users. The rewards come in lottery systems. The more a player buys TRBT implanted tickets, they increase their winning chances. TRBT lottery systems renew daily, after which they announce and reward the winner accordingly.

The system burns 50% of TRBT value collected during the lottery ticket sale, and the last 50% contributes to dividend payments for stakeholders. That continues to bolster the demand-supply forces, thus boosting the TRIBUTE values.

One advantage of allocating liquidity to users is that participants directly control the project’s prosperity. Users can burn liquidity tokens to ensure TRBT value remains stable, which means that the general users will set steps to ensure that TRIBUTE maintains its value.

Final Word

The TRIBUTE platform decentralizes the organization and management of services. The involvement of game theory analysis, PoDL, and the decentralized finance longevity complex make the tokens deflationary and have reliable valuation. 

Additionally, TRIBUTE merges three decentralized applications, aiming to improve the TRIBUTE platform’s value and rewards. The conTRIBUTE dapp works to provide dividend options for the shareholders. ENFORCED TRIBUTE boosts the demand for TRIBUTE by burning some percentage of coins in circulation. TRIBUTE to LIQUIDITY transfers full control of the project to the holders. Moreover, the platform allows users to suggest other dapps for embedding in the TRIBUTE platform.  

Adam is an outgoing young lad who likes adventures and discovering new things. Despite his boring life, he loves writing about cryptocurrencies and exploring what blockchain technology can do for the coming digital world where all adventures will be virtual.