Greetings, Foodie Coin community! It’s time for a significant update on our project, and we must say it has been an exhilarating journey since our initial release. In this blog post, we’ll cover six main points that have shaped the course of Foodie Coin and have taught us valuable lessons along the way.
1) The Initial Coin Release: An Exciting Opportunity for Everyone
When we released 5 billion Foodie Coins to the public on Tuesday, March 24, 2023, we had high hopes of fostering a decentralized and inclusive ecosystem. The ratio of 5 billion Foodie Coins to 100 Algos (about $30 Canadian Dollars) was designed to encourage participation from a wide range of enthusiasts. The vision was to avoid having one individual or entity, commonly known as a “whale,” acquiring the majority of the coins, as it could create potential centralization issues.
2) A Whalesome Surprise: Unexpected Concentration of Coins
Despite our intentions, fate had other plans for Foodie Coin. At the initial release, we held a belief that the absence of inherent value in the coin would deter whales from accumulating the majority of the supply. Regrettably, we were taken aback when one individual did manage to acquire a significant portion of the 5 billion coins, around 3,643,668,125 which represents about 73% of the total circulating supply. The other 24% of 1,356,331,875 Foodie Coins were locked into the Tinyman pool for trading.
However, we did say that the coin value is tied to community engagement and unfortunately we can’t restrict someone from buying the majority if they see an opportunity. It is good to see that based on the Algorand Blockchain Explorer they are trading and swapping it instead of just sitting and HODLing it for potential future gains.
Of course, it is not to say they are trading it for Algos as when they see an opportunity as people buy Foodie Coins. So in the end, do your own research and again this is not a get-rich quick scheme!!!
While we acknowledge the challenges presented by this concentration of coins, we want to emphasize that the Foodie Coin project remains resilient. We are committed to ensuring transparency, fairness, and community engagement despite this unexpected twist.
3) Why Did We Have a Claw Back Feature: A Safety Net with Potential Risks
When you use the Tinyman swap function there is a little symbol indicating a claw function for this Algorand Standard Asset (ASA). Here is the definition according to Algorand Developer’s website of what Clawback means:
Clawback Address
The clawback address represents an account that is allowed to transfer assets from and to any asset holder (assuming they have opted-in). Use this if you need the option to revoke assets from an account (like if they breach certain contractual obligations tied to holding the asset). In traditional finance, this sort of transaction is referred to as a clawback.
Some people might be taken back by this function as they feel that their Foodie Coin can be taken back anytime. So the question becomes “Why did we have this function?”
In anticipation of potential mistakes or errors during our airdrops and giveaways, we implemented a Claw Back function. This feature allowed us to retrieve Foodie Coins from any account if any inadvertent errors occurred, ensuring the integrity of the ecosystem. However, it is essential to recognize that this function comes with its own set of risks.
The Claw Back feature acts as a double-edged sword: while it offers protection against unintentional errors, it could also be exploited by malicious actors in the event of a security breach. If a hacker managed to get a hold of the main Foodie Coin creator account then they could potentially do anything they want.
If this happens, there is no sugarcoating it, but pretty much everyone is screwed. That is why as we said from the onset, Foodie Coin is just a reward for doing food reviews and you should not think of this as a quick get-rich scheme.
4) Foodie Coin app and website update
Building a Foodie Coin app and website takes time and most important it takes money for different resources. However as this is a project with no initial coin offering (ICO), like back in the good old days when you just create a project and people throw money at you, this is not the case with Foodie Coin. We do not have a huge budget for this so that is why it is going very slowly.
Yet we do plan to launch the website hopefully by the end of 2023 to get started and to see how many we can onboard the Foodie Coin train.
As for the Foodie Coin, it will take longer, but we identify what technology stack we will use to be as efficient as possible.
5) Twitter / X and Foodie Coin website – main communication channel
Our main communication channels will be our Foodie Coin website and X (formerly known as Twitter)
6) Support Foodie Coin Project
If you want to help with the Foodie Coin project and make it go faster, you can by donating Algos to this address:
EEGSBZA7VI3WVMRVCF6QLJAFAQYVZYZPGXHGFSHICK5BSS3S5JZTEDQU24
Moving Forward: The Foodie Coin Community Thrives
Despite the challenges we’ve encountered, we are heartened by the continuous support and enthusiasm from the Foodie Coin community. Your involvement has been the driving force behind our efforts to create a thriving and inclusive ecosystem for food enthusiasts worldwide.
As we move forward, we pledge to learn from our experiences and remain dedicated to creating a project that empowers the community, fosters innovation, and celebrates our shared love for food from around the world.
Thank you for being a part of this journey with us, and stay tuned for more updates as we strive to make Foodie Coin a success for all!
Sincerely,
The Foodie Coin Team
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