$BACK mining begins. Get that $BACK because utility is coming next.
PART IV
Notes from the BACKISTAN Economic Ministry Assembly, the Moon, 2022
In our previous 3 articles we talked about the importance of having a backed national currency, why this is the future of all currencies and how $BACK will be the first national coin backed by actual backs. If you’ve missed our previous articles give them all a read here: https://backistan.medium.com . That’s the place we publish all notes from the assemblies with our council of experts.
As with all NFT projects the roadmap is very fluid as we need to adapt to this fast changing environment so some information might change from time to time. Whenever we have new information we will communicate changes ahead of time and keep Backistan citizens well informed.
On our Medium there is als a piece about how we actually made $BACK and the road towards completing our roadmap. As you’ve seen we like innovating and of course backing a token with backs hasn’t been done before. We’ve faced a lot of technical issues but the dev team pulled through and made it happen. Learn about the journey and how we predicted how citizen Anatoly imagines the future here: https://backistan.medium.com/how-backistan-got-100-000-000-back-backed-with-back-nfts-and-made-anatolys-dream-a-reality-deef8703c9cb
If you’ve read our previous articles you know that we had 766 BACKS NFTs sitting in our BACKISTAN treasury that have been locked by democratic vote. It was our opportunity to transform our resources into something useful for the citizens of BACKISTAN. It was time to put our BACKS to work.
In short, we put those backs in a basket, a new technology developed by fraktion.art and we will get 100,000,000 $BACK tokens. These tokens were transferred in the DAO treasury and will represent 100M fractions of the 766 backs safely locked away in the fraktion.art vault backing the $BACK. We will have no IDO, no funding, no VC buying the the token and taking power from citizens. Citizens of Backistan will have full control of $BACK. The main way citizens will be able to get $BACK is by mining it from moon rock. Right now, you will be able to stake your back NFT on our website. Please check our the announcement channel in the DAO. Do not trust any other links taking you to other websites than back2back.io. Official link is https://stake.back2back.io/
We saw some questions about the value of $BACK in the DAO and we want o address those questions. Somebody said that if 100M $BACK is backed by a buyout price of 1300 SOL then the value of 1 $BACK is 1300SOL/100M=0.000013SOL .
We want to clarify that the way the tokenomics is built that take is not accurate. That is the backing value for each $BACK token. In other words that is the value of the assets behind each BACK token and you can look at it as the reason $BACK can never go to 0. Many tokens in crypto can literally go to 0 as they are not backed by anything but that’s not the case with $BACK.
But the true value of the $BACK token will be decided by the owners of back because the only owners of $BACK will be the Backistan citizens. Nobody will be able to buy $BACK if you don’t sell it as there will be no IDO and no outside influence. It will be in the interest of Backistan citizens to HODL their $BACK. The more they HODL, the less $BACK will be in circulation and the more value it will have. (3,3) citizens?
Many have asked in the DAO how will $BACK be used in the Backistan economy and we have discussed this at length with our advisors. Utility is coming next but we want to show you how the 100M $BACK tokens are going to be split to fund different areas of the Backistan economy.
Moon Mining Pool — a pool of $BACK that will be emitting a quantity of $BACK for each BACK, each day for 1111 days. $BACK will be emitted to each staking wallet proportionally to the number of BACK NFTs staked by that wallet. The more NFTs you will stake the more $BACK will be emitted to your wallet. You can choose to claim your $BACK at any point, there will be no restrictions.
This is where you put your BACK to work for you. As we grow infrastructure, there will be incentives and multipliers that will allow top citizens to earn more $BACK allocation per day. For now, let’s just say that every back will produce a certain quantity of $BACK.
All you need to do is put your back to work and earn some $BACK. Go connect your wallet now on https://stake.back2back.io/ and you will be able to stake all your backs. There’s even an estimated $BACK earned. You can claim that $BACK at any time you wish, there is no limit.
Moon Infrastructure & Meme Rewards Fund — this pool will be used to repay citizens and workers of the BACKISTAN state for work they do for the state. These rewards will be distributed in a fair, transparent and democratic way to those who help build the infrastructure and memes that power the great Republic of BACKISTAN. Great memes will be rewarded heavily by citizens so sharpen your meme game for the biggest rewards. This pool might also be used for liquidity incentives or for other emissions related ti the infrastructure of Backistan. For the time being this fund will remain locked in the treasury. All emissions will be subject to DAO voting.
Development and Marketing Allocation — this pool will be used for development and marketing activities to incentivise collaborations. This will be controlled by the structure of the Backistan government and we will communicate usage when we need to use it. For the time being this fund will remain locked in the treasury. All emissions will be subject to DAO voting.
Elonism Reward Fund — this is a special fund that BACKISTAN will use to repay citizens who make great progress towards attracting Elon Musk to become a citizen of Backistan. These Great Elonic Accomplishments are deeds and acts that bring Elon Musk closer to becoming a citizen of BACKISTAN (e.g. making a big celebrity post that Elon Musk should join BACKISTAN, attracting a response by Elon Musk to posts on BackDAO official page, having Elon Musk post about $BACK or BACK NFTs). The mechanics of this reward are still under discussion. For the time being this fund will remain locked in the treasury. All emissions will be subject to DAO voting.
The BACKISTAN Economic Ministry Assembly is still working on the backonomics of $BACK so some numbers and allocations might be subject to change. We wanted to put out a document that describes the objectives we’re aiming for. The only $BACK in circulation will be the one owned by the miners.
*** As an addition to this we’ve ended up enlarging the Moon Mining pool to 50M $BACK tokens after running more simulation and seeing increased interest in mining $BACK.
Disclaimer: The content covered in this document is not to be considered as investment advice. This is an experiment and the BACKISTAN Economic Ministry is a meme, certainly not a financial adviser. These are our own opinions and ideas. You should always consult with a professional/licensed financial adviser before trading or investing in any cryptocurrency related product or NFT. The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice
