We are excited to announce several things in this update.
Moments Market v2 is almost ready to launch!
The Moments Market platform as we launched just over 6 months ago was a beta platform designed to stress test and enhance the user experience so that a brand new, customised platform could be developed and release.
A lot of coding hours and discussions have gone into the development and the new platform is a huge switch up in terms of usability and performance. We’ll create a separate update detailing some of the functions and updates, but at launch it will include
- Tasks — bite size tasks that many people can complete. Think of things like social media follows, TrustPilot reviews, referral sign ups and more.
- Hire — more substantial requirements that required the expertise and time of one individual. This could be a website redesign, logo creation, coding etc.
In development is the Marketplace — a P2P platform that allows users to buy and/or sell goods from others.
All of these services use cryptocurrency as the medium of exchange. Which brings us to details about our primary platform currency, TRBO.
One major change will be to allow other currencies to be used for Tasks/Hires. We have two lined up for launch, to be revealed soon.
And finally — a nod to the future, we have a whole new Moments use case lined up for the coming quarter.
TRBO swap — new chain
We announced about a month ago that we planned to swap TRBO to a new token based chain, at the time primarily due to the burden a coin wallet places on development time and costs. Keeping up with developments from the likes of Pivx (from which TRBO was developed) just isn’t feasible for the majority of projects.
So we looked to BSC Binance Chain, which at the time was in a boom period and enjoying strong growth. Which it still is to a large extent, although alternatives such as Polygon and Fantom and Solana are all making grounds.
When we spent more time investigating the practicalities of a switch to BSC, we realised that it is not quite as enticing as it seems from afar.
- The BSC wallet is large, clunky and creates a lot of maintenance issues and downtime. Simply put, the success of BSC has led to bloat and a massive increase on chain size, meaning the wallet not only consumes a huge amount of resources — disk space and processing power — but also regularly fails and needs long period to re-sync. This is important because the wallet is essential for integration into MM.
- BSC is also not something we are overly familiar with, meaning we would need to hire a third party developer to assist with the chain creation but also integration and ongoing developments. The risks associated with introducing a third party are large and our initial searches did not identify the ideal candidate.
- The world of BSC ( and ETH ) is also something our users are clearly not very familiar with either. A mini poll showed that most have never created an LP position, nor probably even used BSC/ETH/FTM etc.
- And finally, to maintain the ability for TRBO to provide rewards for holding/staking, we would need to introduce the idea of a Liquidity Farm and provide liquidity that could be staked against. Again something that is not core to our mission.
Alongside these investigations, we saw that Stakecube was making rapid progress with StakeCubeProtocol, a platform developed by Stakecube Developers that utilises the Stakecube wallet, which we know to be stable and keeps up with any latest developments on its Dash code base.
SCP is even more efficient in many ways than ETH based chains such as BSC, because there is no bloat as the chains grow — data transfer is tiny. And the transaction costs are even lower than BSC — which has already passed $0.10 per tx. SCP transactions are <$.01 so practically free.
The latest update from SCP clinched the deal for us — the development of SCP-2 which allow for easy staking. Based on a simple variable that ensures the tokens have been in your wallet for a minimum period of time, you are allocated additional tokens that can be claimed at any time.
And so, our conclusion is to swap TRBO as announced, but to be the first (or at least one of the first) tokens on the StakeCubeProtocol/SCP. We are excited to work in partnership with Stakecube and help guide the development of this in its infancy — and based on future plans we believe it will become a serious contender which becomes attractive to many other projects in future.
TRBO swap — new name
Given the upcoming swap we are also taking the opportunity to further align to our core project goals, which is Moments Market. We inherited the TRBO ticker and evolved the original project name to make it more contemporary (TurboStake>TRBO), but it didn’t really ever fit with our use case.
Therefore, following the swap we will be completing a full rebrand of the token. TRBO/$TRBO will become Moments Token/$MMT. This is the name we would give our coin/token if we launched the project today and so we feel now is the ideal chance to make that move.
TRBO swap — new supply
Alongside the chain swap and name/ticker change we also spent some time reviewing the tokenomics/supply of TRBO and identifying what we wanted that to look like post-swap.
After discussion and consultation, we have decided to reduce the overall supply of TRBO by a factor of 1,000:1. That means:
- Current supply (as of writing) moves from 4,900,000,000 to 4,900,000
- Max supply moves from 10,000,000,000 (10 billion) to 10,000,000 (10 million)
We believe that this swap ratio brings many benefits including:
- Easier trading and volume on the BTC market. While TRBO price has increased in $ terms this year it has suffered at the hands of BTC’s gains and so is trading in the 0.1–0.2 satoshi range. This swap means the trading will move to the 100–200 satoshi range (initially at least) making BTC trading much more attractive
- It also gives MMT some tangible value for users of Moments Market. With supply in the billions it is hard to think of 1 coin as having any value, whereas the switch would make MMT currently worth ~$0.10. That means 10 MMT = $1, 100 MMT = $10, etc. Much easier to grasp than 10,000=$1.
TRBO swap — new tokenomics
As mentioned earlier, SCP-2 allows for a “POS-style” staking incentive. After the tokens have aged a minimum time (tbc but likely ~1hr), they will start to earn at a specified rate. To keep things simple we have allocated approximately 1,000,000 (1million) MMT per year to staking rewards. The rewards % will therefore depend on how many MMT are staked, with 20% APR the lowest value if all stake initially.
Max supply will be reached 5 years from now.
MMT — future developments
One key thing we would like to introduce through MMT is a move to governance by the community. A way for MMT holders to submit and vote on proposals that further the project overall.
To date the team have taken key decisions after getting input from the community, but in future we would like the community to be much more actively involved in Moment Market’s future.
The practicalities of this governance structure are still to be identified but we felt it was worthy of mention here.
Lots more info to come including swap details, Moments Market launch details, which coins will be listed upon launch, etc. Start to take notice of Moments as there is a lot to come in a short space of time!
— The Moments Team