Welcome to the P3C wiki. Jump to any particular section, or read the guide for the entire vision.
- Rules of P3C
- How to start playing
- Long Term Vision
- Why is P3C on Etheruem Classic?
- What is the RainMaker?
- Is P3C just a scam?
- Understand P3C in Depth
- Join the Community
Rules of P3C
P3C.io is a game that models Universal Basic Income. The rules of the game are simple:
- You buy into the contract by purchasing tokens, every token purchased increases the token price by +0.00000001 ETC.
- 10% of what you spend to buy the token gets distributed proportionally to all other token holders.
- When you sell your token, you get back ETC at the specified price, and the global price per token goes down by -0.00000001 ETC.
- 10% of what you would get back for the sale is distributed to all other token holders proportionally.
- When a user uses your Masternode link to buy tokens, 33% of what would have been distributed to the community gets given directly to you in the form of dividends.
Remember: For every P3C you buy, the buy/sell Price rise for each token, increasing the value of your (and everyone else's) P3C. When cashing out the buy and sell price fall the same way, decreasing the global value of P3C.
How to Start Playing
Step 1: Download an Ethereum Classic compatible wallet (we recommend Saturn Wallet for Chrome).
Step 2: Configure Saturn Wallet, setup a password and save your seed words. Make sure you keep those seed words safe!
Step 3: Change the network from Ethereum (ETH) to Ethereum Classic (ETC).
Step 4: Disable Metamask in your extensions.
Long Term Vision
The vision of P3C is to generate passive income for long-term hodlers, almost like a decentralized insurance program. You can invest in P3C when times are good, possibly for years, and then if times are bad, or you see a better investment opportunity you can sell your stake, for a fee, back to the contract. The code that governs this process isn't controlled by any humans, and is entirely driven by an autonomous smart contract on Ethereum Classic with no oracles. It's important to think of P3C in terms of years, not days.
We plan on using the Masternode system to enable enable content creators to collect tips via investment through their masternode. In our vision of a Win-Win economy, rather than just paying a tip to read content, you invest through a creator's masternode which both gives you future profits through P3C, and the creator recieves a bonus for their work.
We are also actively pursuing partnerships with other DAPPs in Ethereum Classic that need help bootstrapping through both investment and promotion. If you're a DAPP developer, we would be happy to discuss how to integrate P3C to help jumpstart your economy.
Why is P3C on Ethereum Classic?
Because we believe this game has the potential to grow to many players all over the world, we wanted to launch it on a chain that we know is immutable. Ethereum Classic is that blockchain. At some point in the future, people could be entrusting their savings to P3C, and we want to make sure that trust is deserved.
What is the RainMaker
RainMaker is a smart contract, virtual "player", that holds P3C tokens and will always use any dividends it earns to reinvest in the contract further to provide more dividends to users. It has no ability to sell, transfer, or get rid of its tokens. In a sense it's the HODLr of last resort of the P3C economy. It currently has over 11,000+ P3C, but this will grow as more boom/bust cycles occur, and the RainMaker continually reinvests.
Keep in mind that the RainMaker is completely separate than the P3C smart contract. It is simply a custodian of coins that were created when the game was originally launched and is a completely voluntary element of the P3C ecosystem. It can be called on the P3C page by clicking "Distribute Community Fund".
Is P3C a scam?
A pyramid scheme is a business model that recruits members via a promise of payments or services for enrolling others into the scheme - Wikipedia
A Ponzi scheme is a form of fraud in which a purported businessman lures investors and pays profits to earlier investors using funds obtained from newer investors. - Wikipedia
Remember: In a Ponzi, users only get paid when new users enter. In P3C, users get paid based on token volatility. This can be users entering or leaving.
Pyramid and Ponzi schemes fail because they require new users to recruit other users. While this is observable in the initial growth phase of P3C, constant user growth is absolutely not necessary to sustain P3C, in fact P3C can work between a group of 10 people as a mutual support organization over the course of many years. Users put in funds when times are good, receive dividends, and then when times are bad, or they need to retire, or break their leg, they can liquidate their position, paying a fee to do so. This is actually closer to decentralized insurance. There is no need to recruit more members for its survival. It is provable smart-contract based accounting, and can't be taken down because it's on ETC.
All of these schemes in the past have failed because they had a centralized point of failure, a bookkeeper that could make a mistake, or attempt to defraud users. Because we use an entirely open-source contract, and a RainMaker contract as a buyer of last resort, we avoid this central point of failure. The core of this project, like Bitcoin, could survive without any Dev team maintaining it.
Understand P3C in Depth
- Read the core P3C contract code.
- Read the RainMaker contract code.
- Watch a video walk-through of the contract that P3C is based off of.
- Read the Social Security Administration's own article "Is Social Security a Ponzi?".
- Check out the website code (this could be run on a flash drive if necessary!).
Join the Community
We currently have a vibrant community striving to make P3C the best possible platform it can be. If you're interested in becoming part of it, checkout: