Newcomers want to see the benefits in Harvesting, however, they can’t convince themselves to throw down 2000 dollars , but would rather throw down 2,000 dollars into a mining rig setup for another coin that is more profitable. I am not sure if my idea would help the scene… but , in my opinion , it’s better to have a little from everyone because they can find value over other coins & setting up a rig.
My idea is something to the effect of Multi-Sig Harvesting (perhaps this is not the best wording). Basically, people can establish groups to reach that magic number of 10,000 NEM/XEM. They can all collectively combine their coins for 1 person in the group to establish 10k XEM. This would be a contract operation where XEM gets locked up for months at a time in order to Harvest, and they can renew the lease when the contract expires, anyone who wants to leave the money locked up for certain amounts of time can improve their POI score as being apart of these groups of maybe 20-50 people/group. “Depending on Market Cap” .
Example 1: Group of 50 people (Don’t even have to know each other)
3 month lockup: (10,000 NEM locked) (small harvesting return between 50 members)
1 person or all 50 would be required to turn on harvesting 1 time fee.
Harvesting could go on by all 50 in the group if needed & at the end, would be split between all 50. Groups could have a lot lower POI score compared to someone with 10,000 solo XEM invested. " However, it would still be profitable for all"
(math involved )^
Based on market cap would determine how many individuals would be allowed into a limited number of groups to harvest.
I’m sure someone could come up with a rough estimate of how many harvesters they think will exist ever.
Example 2: ( Please keep in mind these numbers below are totally just theoretical , ( probably much more )
2 Bill Market Cap: ( 1000 Harvesters allowed (1000 groups) ) (unlimited Solo investors) (50,000 people)
3 Bil Market Cap: (900 Harvesters allowed ) (900 groups) ( Unlimited Solo investors) ( 45,000 people )
4 Bill Market Cap: (800 Harvesters allowed )
50 bill Market cap ( 5 Harvesters allowed )
Well that’s my idea. Like I said, I am not the best with any of this, but this makes logical sense for the project of NEM/XEM to grow quicker. It adds value to NEM/XEM just by the basic profits for anyone to come in here & invest & work with groups to gain a small value for being apart of the crew. The solo people who invest 10,000 NEM/XEM now, will have higher importance than groups, however, both still can be profitable. It locks up NEM/XEM for periods of time, only increasing value
-Number of Harvesters allowed at one time can be limited & a waiting list may need to be produced one day for people who want to lock up NEM for monetary gain, but no slots currently available until higher market cap.
This would eliminate a lot of competition… against people who have to setup a rig just to see a gain.
It covers both parties… People who invest now, and own 10,000 XEM will see a benefit down the road because of an update like this. All parties win & it motivates more people to join the cause of this great product. The release of an update that works and is efficient with grouping…would allow gains for all parties.
Anyone who would want to be apart of a group would be required to use “vested xem”.
I love NEM/XEM , don’t get me wrong, but everyone complains about this reward system. This idea would offer benefits to lots of people & beat the competition in aspects of not having to setup a mining rig. I would love to hear what the community thinks of this idea, but I feel that in order for NEM to grow at a much quicker pace… they do need better rewards, otherwise they will get left in the dust. Group Harvesting gets unlocked per milestone of NEM/XEM growth.
Thanks for reading,
Jon.