Welcome to Inside EOSIO, a collection of interviews with some of the most well known and respected personalities working within the EOSIO ecosystem.
What is SOV?
SOV is a first of its kind digital asset. Unlike typical fiat currencies and cryptocurrencies, SOV has a 3 phase, 21 stage variable deflation schedule. The first phase is designed for accumulators, the second for hodlers, and the third for everyday users. SOV can trade in the thousands of TPS on Decentralized Exchanges with unbreakable encryption due to the EOSIO Blockchain Protocol.
We wanted to learn more about the project, so we contacted Gavin who seems to be the public face of SOV.
Gavin, let’s not beat around the bush, what does SOV stand for!
It doesn’t have a set meaning though it seems like it would. We did set out to make a token with the best qualities to give it the best chance to be a store of value, but we have explicitly called it an experiment the entire time and never directly referred to it as “store of value”. We do think it can earn that nickname in the future with its tokenomics though. It is a very young token and the tokenomics are designed to play out over decades.
Can you give us some background on how and why the project came to fruition?
The founding team all knew each other from telegram for quite some time but never met in real life or knew each others’ real identities. We had similar mindsets and were tired of inflationary coins with risks associated with centralized dev teams and contract changes. We are all big into Austrian Economics and the whole “code is law” principal. A handful of us got together and decided to make SOV after discussing this initial concept.
What’s your involvement in the project? You seem to be the only founder who interacts with the public?
Yeah that’s one of my main purposes haha 🙂 I do a lot of other things too though.
Why did you choose to only airgrab to EOS genesis account? And do you think we will see more future projects dropping to genesis accounts?
We wanted to avoid robot spam armies and also reward the people who launched the EOS Mainnet equally.
As far as I know SOV is the first token built on EOS mainnet to null their keys, why did you do this?
Immutability and trustlessness are key for a true currency token in my and the other founding team members opinions. We are in the code is law camp.
Can you tell us more about SOV’s 3 phase, 21 stage variable deflation schedule, and why burn tokens?
Yeah, I did an interview where I go over it a lot. That is linked in the pinned message on the EOS SOV telegram. It plays out over decades, much like BTC. But instead of inflation it has deflation. The rate of deflation varies according to supply to incentivize different types of activity. Accumulation / Distribution, Holding / Saving, Using / Heavier Transacting.
We’ve heard a lot of comparisons to Bitcoin as a store of value, how does SOV compare to BTC in your opinion?
It’s a completely different asset type, one is deflationary and runs on a Delegated Proof of Stake Network and the other is inflationary and is a Proof of Work Network. They both do have immutability and decentralization in their favor.
We’ve noticed SOV has a connection to Upliftnation.io, can you tell us more?
Myself and other supporters of SOV like to give back so we are very involved. I’m personally very involved since it’s a great cause. We all want to make the world a better place and the plans and people involved with upliftnation already are just unreal amazing. I would get involved by going to upliftnation.io and staying tuned for more updates if you aren’t already.
Looking ahead, what are the short term goals for the project (3 to 6 months) and what do you envision SOV will look like 5 years from now?
We are working on a very cool project that I want to share, but it got leaked a bit and someone else is already trying to do something very similar lol so I don’t want to share too much now. We are making great progress though and I see it coming out in the short term 🙂
5 years from now I really want to see SOV accepted and used heavily in commerce. I specifically think it is amazing for most everyday type transactions now (with added liquidity which we are working on with our project) and into the foreseeable future. People pay sales tax on smaller everyday transactions all the time and SOVs transaction burn is max 1.25%. Very large transactions make more sense further down the deflation schedule.
SOV sounds like a promising project and we’ll be following it’s progression closely! Thank you for your time Gavin
You as well! Please reach out any time 🙂
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