We’ve been live for a month. Well, nearly. I had planned to write a retrospective piece covering the last month but that can wait. I want to talk about the future!
When we launched we published a roadmap. This was always a short-term roadmap, intended to get us going. And in the past month we’ve ticked off the items. Here is how it looks now:
So we are getting to the end of ‘Phase 1’. But what is phase 2?
We’ve planned out three phases for BitDiamond:
- Phase 1: Establish. Get the token live and out to holders.
- Phase 2: Differentiate. There are lots of tokens out there, and more launching every week. Pretty much all of them have some tokenomics that offer appeal. What relatively few have is a project that surrounds the token and the offer of utility. This is about adding value.
- Phase 3: Capitalize. If we have done our job right in phase 2 this is where we can capitalize on that effort and see our price rise to match our value.
So we are now moving into phase 2. What does that mean?
Phase 2 is all about building the infrastructure that will surround our core token and provide that utility and value. This phase is where BitDiamond transforms from a store of value with good tokenomics to a store of value with good tokenomics AND a utility token with real world use cases and the ability to generate positive cash flows. It’s the cornerstone of a project, an ecosystem if you will. Not an end goal in itself. This phase is where we work through our plans to turn BitDiamond into a token with a MCAP in the 100s of millions. But to do that we’ve got work ahead of us!
Being humble people, we’ve called our phase 2 plan the ‘BitDiamond Universe’. Here’s how it looks:
For a larger version see here.
To summarise, we have a suite of dapps and tokens in development that we will release incrementally over the coming weeks and months. These will offer our holders utility.
Focussing on the items that are nearing completion we have:
- The Gallery. This will enable users to view their NFTs and also mint their own. We will not charge ANYTHING for minting, so it will just cost you the gas.
- Ranking NFTs. We have a community ranking system with seven NFTs, each one with its own distinctive artwork. We plan to be awarding these soon and will do a full blog post on just this topic.
In the first instance we plan to offer all dapps for free, no strings attached. But as we roll out more functionality we will put a requirement in to hold BitDiamond in your wallet to use the app. And here we start to add the utility. Let’s say we keep minting totally free, but to enjoy free minting you need to hold 3,000 BitDiamond in your wallet. Not that it would cost anything, just that the app would need to see that balance in order to offer free minting. We now have a utility token, and potentially hundreds or thousands of people holding a balance to make use of our dapps. And of course, benefitting from our non-custodial staking yield at the same time.
As we build out more and more of the BitDiamond Universe our aim is to give people more and more reason to hold, as having BitDiamond on your wallet offers you benefits. More holding = reduced circulating supply = increased price.
So that’s phase 2, and the additional of genuine utility to our token.
Other Items in the universe
We won’t go into any of the other items today, and we’ll be relatively cautious about revealing too much before development items are in testing. In the meantime, stay tuned!