Bitcoin Backed SPS

The recent Splinterlands Town Hall has been an overload of amazing information about the upcoming plans in the near future. You can check out the video here. This really got me excited and more bullish and certain about the future success of this project. One of the things that stood out to me the most about the discussions in the town hall was the pitches to introduce Bitcoin into the reward system. One idea is to give players the option to receive their battle rewards not just in SPS but also in other cryptocurrencies as well like Bitcoin. Another idea is to make Bitcoin mineable in the lands.

But I have another take in regards to integrating Bitcoin into the game. Why not instead of giving Bitcoin as an in-game reward token, why not make it a hedge and back each SPS token with it. I still remember the time when people were still skeptical of Bitcoin and there was a cryptocurrency war where altcoins were trying to overthrow it as the standard blockchain coin. And fastforward to now, Bitcoin is now widely accepted as a valuable asset, with even governments and investment firms stockpiling it in hopes of future value appreciation. Bitcoin has become digital gold. And I think it would be better for us to make it a hedge for the SPS token and the DAO fund.

So how will Bitcoin backed SPS work? We will set aside a Bitcoin fund that will be assigned as a backing for the whole SPS token supply. So let's say we have 1 Bitcoin stashed in the fund. There will be a new feature that will enable SPS to be burned and converted into Bitcoin. So all of the total supply of SPS will get an equal share of the Bitcoin fund. And the more SPS that gets burned, the higher share of Bitcoin each remaining token gets. This can be done without worrying about transaction fees since Hive Engine has the SWAP.BTC token.

So where can we possibly get the funds to establish a Bitcoin pool? I would suggest getting a small allocation from the posts made in the Hive Splinterlands community.

And seeing that the sps.dao Hive engine wallet doesn't have any Bitcoin at all, I made a transfer of 100 satoshis just to get them started. I will also convert 20% of the HBD that I will receive from this post as BTC and send it to the DAO. I hope this small gesture can inspire others to push for a Bitcoin holding in the DAO fund. Let's back SPS with Bitcoin.

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Thank you for reading and see you in the battlefield!