Account creation tokens

#1

Hi all,

We had a bit of a chat in the Discord today about the cost of creating an account.
In the blue paper it was suggested that the cost of creating an account (for buying product etc) would be 2 SFT.

However, there was also a suggestion that this could change and instead we have a separate “Account creation token”, many of which could be given away for free at the begining of the marketplace to attract users/buyers.

Does anyone have any thoughts on the best course of action?
And perhaps there has been progress on these ideas from the Safex team itself.

5 Likes

#2

Just a couple days ago, Dan seemed to indicate that the tokens would still be needed for locking.

5 Likes

#3

And here was some more color about the account creation tokena from a while back…

I’m looking forward to getting more deets on the final setup!

4 Likes

#4

Wow, great stuff. I had missed those posts.
It makes sense to me from the utility perspective to use SFT for creating accounts.
Thanks!

1 Like

#5

The cost of creating an account can’t be fixed. If the price of SFT was to go to $100+ it would obviously sway buyers from coming to the market. I think the buyer account price should be separate from the seller account price.

1 Like

#6

True. I assume that the cost of creating an account could be changed over time to ensure that it does not become too expensive if SFT greatly increases in price.

I think this ties in nicely with the discussion about Sybil attacks.

0 Likes

#7

About the cost of creating an account. In the blue paper it was suggested that the [cost of creating an account (for buying product etc) would be 2 SFT. 1]

Q. Is this both sellers and buyers or just buyer as indicated above.

I think buyers accounts should be free and sellers accounts should be a percentage cost, this way if your product sells your cost can be built in,

Buyers, there could also be a Safex Prime account which would give you discounts on products and free shipping etc.

0 Likes

#8

It’s a blockchain dude, you cant decide to pay for a transaction afterwards, an account creation is a transaction, a listing could even be multiple tx. Then I don’t even understand what you mean with prime and why should be entitled to discounts. As long its not an exaggerated entry barrier it’s fine for everyone.

0 Likes

#9

For now 2sft (less than one cent) it’s too small for an account creation and does not provide a good protection against Sybil attacks.imo many things have changed since blue paper

1 Like

#10

Fair enough points, I was just giving my two cent,

2 Likes

#11

The limit of a trustless network… It should be well engineered in order to make it working smooth since there can’t be a customer service like other places.

1 Like

#12

The price of SFT does not matter much: I can set aside 1m SFT and give away free accounts.

The main point was that we do not want to burn away precious resources: SFT

Instead let us lock the token and it unlocks after some time so you can do it again. This is because not all SFT will be available for making accounts: and burning 2 would deplete us very fast.

The most important thing to remember: just because you made a new account does not necessarily suggest an advantage: you will lose your reputation! and that is way more costly than you might expect.

So accounts are created by: locking some SFT and the advanced idea is to have an Account Creation Token which can be used to send to a person: and the wallet automatically detects that you have one of these ACTs and it says “hey let’s register your account!”

LIke this you come to safex.io/accountcreationfaucet and it has a throttle how many accounts it can create per month and it is loaded with say 10,000 accounts per month for free. Otherwise get some SFT otherwise find another way to get your account.

I have no problem an account is 100$ but there are many ways to get a freebie.

Also, Both Buyer and Seller needs an account: and if you want to get to the next level you need more SFT for a Title Market.

6 Likes