Tokens of Babel is a trading game on Ethereum that burns tokens whenever a new all time high is made.
Inspired by the Bible story where humanity builds a tower so high that they challenged God's divinity.
The Lord said, “If as one people speaking the same language they have begun to do this, then nothing they plan to do will be impossible for them."
The value of one Tokens of Babel token exceeds the historical all time high.
1% of the total supply is burned from all holders wallets. This can occur 2 times within 24 hours.
The value of one Tokens of Babel token stays below the historical all time high.
No burn occurs. Instead, all time high target is adjusted to the midpoint between the current price and the current target.
Rebases occur on a fixed time schedule to encourage cyclical trading.
Total supply dwindles to 1 coin, divisible by 9 decimal points, at around 750 rebases.
Burns are conducted via something called a 'rebase.' Rebases affect the amount of tokens in your wallet, but not your overall share in the total supply. If you own 1% of the total supply, you will always own 1% of the total supply, regardless of the number of tokens in your wallet.
This means that the value of your tokens do not decrease over time, but the cost to purchase a token after a rebase has increased for a new buyer.
If a pie is worth $10 whether or not you cut a slice out of it, owning 1% of that pie will fluctuate in value depending on how much of the pie has been sliced.
The official contract address is 0x7777770f8a6632ff043c8833310e245eba9209e6
The total supply 4,012,101 TOB.
5% of supply will be airdropped to all XAMP holders starting 2 weeks after the launch of Tokens of Babel. To qualify, you must hold XAMP at the time of the 2 week snapshot. The amount of TOB you get is proportional to the percentage of total XAMP distribution you receive. Burned accounts and Developer funds do not get airdrops.
All burns and updates to the project will be automatically Tweeted from the official account.
15% of supply is vested in an 8 month continuous vesting contract. The developer can withdraw at a steady rate once per block divided by the number of blocks that on average are mined in 8 months. The number of blocks was determined by this thought process:
Vested tokens were broken into two separate smart contracts which can be tracked and followed here:
The developer wallet can be found here:
Tokens of Babel is operated by an on-chain Oracle and Rebaser which allows anyone to activate the rebase. The rebase only succeeds if the market conditions are correct, which is handled by the Oracle.
This makes Tokens of Babel truly a decentralized game.
The rebaser contract will be deployed no later than 2 days after the launch of Tokens of Babel.
To see an example of a rebaser on Antiample, see here:
~500 Ether value of crypto was placed into the initial liquidity pool over the course of 3 hours (30 minute tranches) in succession of:
Up to 400 Ether can be used to fund future projects, but only ever 20% or less of total liquidity. Target liquidity is 2000 Ether. The remaining 80% is burned to lock liquidity.
Liquidity may be removed and added back at different price points to support the token.
Bill Drummond is a pseudonym for a developer or group of developers with the goal of returning cryptocurrency back to its cypherpunk roots. Bitcoin was started as a means of tearing down an unfair and segregated financial system where the already rich and powerful rule and exert power.
More and more, we see the financial system tightening its grip on regulations and restrictions guised as safe policy. With more barriers to enter, less people have an opportunity to compete and end up having to work for those in power rather than themselves. This stifles innovation, competitiveness, and risks centralization of money and politics which leads to corporate fascism.
Cryptocurrency has the potential to become a liberating force in society, or yet another way for the rich and powerful to exploit the average citizen. Just like the tech magnates of today, cryptocurrency magnates will rise and become corrupt. It's our responsibility to fight against this urge and support the projects that hold the truest intent to the cause, not the coin.