What's Happening With PAY Token on Hive

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Today I updated the PAY token on Hive-Engine. This is what I did:

  • Increased PAY token's precision from 4 to 8. Now, instead of the smallest amount possible for the PAY token being 0.0001, it is now 0.00000001.

  • Spent 1000 BEE to switch the PAY token from the scotbot contract to the SMT contract for the reward pool.

  • Transferred ownership of the PAY token from @politicalhive to @token.fee.

  • Throttled down PAY token's emission rate so that now only 5,760 PAY tokens are minted every day.

  • Changed the indexing tags for the reward pool (see below).

My next plans are to create diesel pools for SWAP.HIVE:PAY and SWAP.HBD:PAY. That's at least several months away.

PAY token used to be the community token for c/politics. #politics is still a tag for the PAY token now that it is using the SMT contract. I created PAY back on the STEEM blockchain before the 2020 hardfork and had it ported over to Hive-Engine. I intend to eventually use the PAY token as the main token for my future Hive projects. Since I needed to use a community tag as one of the five tags, I picked my ChatGPT Enthusiasts community as the community tag along with #chatgpt. I have no intention of starting a ChatGPT or AI tribe, but I figured that sooner or later some token would reward posts about ChatGPT, so it might as well be the PAY token.

The new tags for the PAY token are:

#hive-109953
#chatgpt
#hive
#blog
#politics

I've created several tokens, and PAY is unfortunately the one I've been neglecting for several years. Today's update is the beginning of rehabilitating the token.


pay-token-ai-image.jpg
Image Source: Stable Diffusion

neoxian cent palnet hive-engine hive politics vyb pob leofinance hiveimages
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4 comments
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There's been two transactions on PAY since 7/11/2024. One of them involves me.

Oddly, PAY has been one of my best performing coins.

Since the marcap of pay is lower than the price of creating diesel pools, I am not sure if the coin is worth the effort.

!ALIVE

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Since the marcap of pay is lower than the price of creating diesel pools, I am not sure if the coin is worth the effort.

There are a few benefits for moving PAY from scotbot to SMT. One of them is that under scotbot @politicalhive was issuing token payouts individually. Now PAY gets sent in batches and isn't constantly draining @politicalhive's resource credits. Another benefit is that the only way to update PAY token's reward parameters was to upgrade to SMT. Now that PAY is using SMT I only need to spend 20 BEE the next time I want to update the parameters.

Anyway, I believe that SMT is a necessary part of rehabilitating the token. If it works out and helps shift PAY token's depth chart on Tribaldex further right then it will be worth it.

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