Way back in 2012 I caught the crypto bug. After reading Satoshi’s whitepaper I was absolutely blown away. I’ve always been a student of economics. When I was a child I was a big believer in Keynesian economics. When I grew up I realized that the Keynesian principles being distorted were the source of our biggest problems.
At that time we were four years in from the 08 crash and still suffering from it. Our lives had been torn apart by that crash. So when I discovered bitcoin I immediately saw it as the answer to the flaws in the system that had created our misery. I dived in deep. In order to learn as much as possible, I wrote a book on the subject.
That book is not horribly outdated but in it are the roots of the possibilities of what I see today. One of those possibilities is what this post is about. there are more.
The Sheng Chi Token SQI
Since my discovery of bitcoin, I became fascinated with the idea of a community token. A token that could be used mainly as a tipping mechanism. A show of gratitude. Its uses could expand beyond this but I saw tipping as a fundamental use. Why? Because the Sheng Chi community is a community that has a free flow of knowledge. For me personally, seeing others grow is extremely fulfilling. Being a part of that growth is thrilling. The only thing that would be more thrilling to me is to help create a system that enables this personal growth, the training of Shou’ Shu’, without me. Not that I don’t want to be a part of it. I do. I fully plan on teaching well into my 100’s and longer if possible. However, at some point, I will pass from this world. And on that day I will smile if I know that what I did in this lifetime was enable the continued teaching of all that I know in Shou’ Shu’, in a positive manner (Sheng Chi), to all of those that want to learn.
In other words, in crypto parlance, I want to decentralize myself. Not my physical parts, my knowledge. I believe this token is a step in the right direction.
The Tech
Back in the day the idea of creating a token was done with an idea called “colored Coins”. This was essentially marked bitcoin. That idea is long past. Originally bitcoin transaction fees were very low. Pretty much all the crypto peeps thought they would stay that way. They didn’t. And the dramatically increased transaction fees killed the idea. Pretty hard to send a few pennies when it cost you $5 to do so.
Next came Ethereum. A completely new platform. Smart contracts was the major innovation here. With a smart contract a unique token could be created. This is called an ERC-20 token and there are many of them around. However these met the same fate. High transaction fees. The network is regularly so congested that that transactions are typically $30 on a good day. $300 on a bad day. That’s not going to work.
I considered may smart contract platforms. There were a few that came close to meeting our needs. But none so much as Solana. Solana has extremely low transaction fees. Typically $.0012. You can do 1000 transactions for about $1.20. another thing that was appealing was that the contract is separate from the coin. As far as I understand that contract can be changed as we need it. At some point it should be locked up in some way, but for now the fluidity is a plus. As we decide the tokenomics of the coin over time.
The Mint
My plan was to mint 3,000,000,000,000 tokens. Why that many?
The most popular martial art in the world is estimated to have 3,000,000 practitioners. I have a dream of Shou’ Shu’ beating that number. So if we had 3M members and they had an average of $1000 of value in tokens that gives us a market cap of $3,000,000,000. If we want the token price to be say 1000 tokens = $1 then we would need 3,000,000,000,000 tokens.
That’s a BHAG I know. But it’s good to have BHAGs.
As the token usage comes to life that can be changed. If I mint that many and we, as a community, decide its better to go with a smaller number then the unneeded tokens can be burned (destroyed). That’s something we’ll consider later on.
I’ve had a tech problem with the mint. For some strange reason it minted ~18B. I don’t know why. But that’s enough for now. We’ll go with it and if we have to start over later this project is currently small enough that it won’t matter much.
Here’s the token address.
https://explorer.solana.com/address/AwA59FnmqYNREGdCFB7GMtC6x94UGYjLV38PU4jpx7VQ
The Habit
Right now the most important thing is:
For everyone to learn how to use this
For everyone to get in the habit of sending tokens to each other for doing nice things (tipping)
For everyone to teach others how to use this
I’m teaching a few people and sending them tokens. These people can then teach others, and so on, and so on.
It does not matter if people are Shou’ Shu’ people. Use these tokens to teach anyone. I will reward you with tokens for doing so. Just tell me in discord. I will reimburse any you give out and then some up to 100,000 tokens per person taught. this also helps our token economy grow. this helps everyone.
if someone helps you out, tip them. If they help someone else and that help also helps you. Tip them. Get the tokens flowing.
Future Tokenomics
In the future I plan on the tokenomics funding many nice projects.
We can actually program the token to split the amount on every transfer. I propose something like this
Total Token Tax 10%
This means that every time you transfer tokens to someone else 10% of those tokens are sent to the funded accounts and 90% goes to the recipient. I.E. you send 100 and the recipient actually gets 90.
The rest goes to something like this
1% founders fee. (That’s me)
2% into a marketing fund. To Market Shou’ Shu’
2% into a dev fee. This is to build websites, apps, etc
1% testing rewards account. To give as rewards for achieving ranks
2% Campus fee. To build future training campusses
1% Sponsorship. To sponsor worthy students
1% Instructor training. To pay for instructor training seminars.
None of that is set in stone. It’s just a starting point to think from. None of that is implemented. For now tokens transfer with no fees.
Each of those funds will then be managed by DAO’s. Decentralized Autonomous Organizations. Essentially a comittee.
If this works it has the potential to help us build an amazing community that serves those that contribute to the community. The token currently has a zero value. But if it’s successful that could change.
It’s a huge experiment. This has never been done before. Let’s give it a go and see what happens. If you are not already there, join the discord, where things are happening.
