Sharing with you the Joule project- Listing first on ABCC Exchange
In the age of social media, the number of followers that one has is considered to be an asset.
With public figures able to monetize and wield influence based on their following, some influencers have resorted to spreading fake news or fake numbers to seem larger than they actually are.
Sensationalisation of the news from media outlets brings us further away from the truth each time, as publications earn from gaining more attention.
To tackle this problem, the Joule project has created a decentralized platform built on the EOS Blockchain where you will have access to a popularity index of every public figure in the world.
Read on to find out how you can earn from predicting and voting on the popularity of items.
The Joule Index
Used as a metaphor here, Joule is a unit of measurement for the popularity of an item. You can take either long or short positions in the popularity of an item in Joules based on your own world view and opinion on the trading patterns.
In other words, the “market price” of an item is the popularity level of an item as determined by users on the Joule platform.
If you are someone who is attuned to the news, the way for you to earn profits is simple. Simply enter a long position if you think an item’s popularity is undervalued and enter a short position if you think an item is overrated.
Let us illustrate this with an example. Alice thinks that President A is doing a great job for his country and his popularity is undervalued. Alice then enters a long position of 10 JUL (the platform native token)
A week later, President A’s popularity increases from 50JUL to 51JUL, earning Alice a profit of 10 JUL (1*10=10) Conversely, if she enters a short position and President A’s popularity falls Alice will make a profit as well.
Furthermore, Alice is able to earn more profits if she decides to carry out margin trading.
Margin and Settlement
In addition to carrying out normal trades, users have the option to do margin trading on the platform. The current margin requirement is 5 JUL per unit of an item and users are required to have a number of tokens locked up according to their net position.
Long and short positions for the same item made by one user will result in a net position until it is closed out by an opposite transaction. The available balance of JUL tokens each user has will be updated at the end of each day.
Tokenomics and Referral
The Joule platform will be run on the EOS Blockchain, with the maximum supply of the tokens capped at one trillion. New JUL tokens will be released on a weekly basis, at 10,000 JUL tokens for each new user that signed up on that week.
This will limit the inflationary effect of increasing token supply as the increase is proportional to the number of new users on the platform. To scale the number of new users that come onboard the platform, the Joule foundation has introduced a referral program.
Under the referral program, the referrer’s commission is set as 0.01J per transaction unit for that month. This is a recurring reward and referrer’s that trade more will earn more commission to ensure they have “skin in the game”.
These mechanics will create a vibrant JUL token ecosystem and generate user behavior important for the platform to thrive.
In this day and age of social media influencers, popularity equates to influence and it is important for the community to have their voices heard. The Joule platform provides an opportunity for the community to decide on the real popularity of various items.
In addition, users that have a good understanding of the popularity of various figures have the opportunity to profit by placing long or short positions on the platform.
Listed On ABCC First
ABCC Exchange is the first platform to list the JUL token! You can now trade the following pairs on ABCC Exchange: