I proposed an idea I had today in the Telegram Harmony Community and to my surprise it was well received, seeing as I don’t have a background in computers. I had this idea with Harmony’s best interests at heart.
My idea is to add another token besides $ONE To the rewards system on Harmony. This token would have a max supply of about 1/5th that of $ONE, so 2.5B. It would be a token that is rewarded for good behavior. It would encourage people to take part in staking and to choose whom to delegate to wisely, as well as to BE an ethical validator. Having this would draw attention to the fact that we keep track of good, honest behavior among validators and reward it as well! I suggest calling it, Honest(HON). It would only be minted at Harmony’s inception, which is upon us, until the max supply of 2.5B has been reached. I feel that a token that has such short supply would be attractive to potential investors. And I like the ring of it… Honest, the new coin on Harmony’s mainnet. And possibly, after the entire supply of Honest has been minted, validators could stake their HON at five times the value of $ONE. Thus, continuing to reward good behavior by recycling tokens(Edit:why wait? Possibly implement recycling out of the gate). Recycled Honest would then be equally distributed among ethical validators the same way they were when they were being minted. Recycling tokens would also help promote the potential value of Honest in relation to $ONE in the ecosystem. Thus incentivizing recycling HON. I think I can speak for everyone with some skin in the game on Harmony… we want to put a price tag on honest, good behavior. We also want to promote staking among potential delegators and validators, and promote a healthy ecosystem for our tokens through intelligent design.
I have zero background in programming and blockchain, but I think this has potential as long as it doesn’t interfere with Harmony $ONE’s mission in any way. I am eager to hear what you all think of this. Thank you for reading this all the way through. I hope my idea helps the blockchain in some way. This is only a rough draft so all ideas or potential edits are more than welcome!
-Jeff