My friend @_XmongoX_ has asked me to bring you this update on the OMWTFYB project!

There were some misunderstandings regarding the possible usage of the asset that @_XmongoX_ clears up here.

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Here the link to the original article for reference

OMWTFYB first article

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First... in form of the dialog between @_XmongoX_ and the official twitter handle of @wavesplatform.

.@sasha35625 "Some projects want their users to be able to operate with their tokens without using @wavesplatform token at all...Currently, it's impossible to ensure all the miners accept particular asset as a fee." Tokens built on your platform can be used for trading fees?

Update: Presently, OMWTFYB can be used for transfer fees only, i.e., transfer tokens in & out of your waves wallet.

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_Check this original twitter post for more background.
Currently, it's impossible to ensure all the miners accept particular asset as a fee.

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@_XmongoX_ > @wavesplatform

"Tokens built on your platform can be used for trading fees?" https://docs.wavesplatform.com/en/waves-client/assets-management/sponsored-transaction.html …

Conclusion: No-->(future?)

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Will it be possible to use custom tokens for token trading fees in the future?
If so, why isn't this being implemented yet?

???

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So in the first article released about OMWTFYB an error was also made in stating the token is virtually risk free.

• The token is currently being airdropped to anyone with a waves wallet that they hold the private keys to. However, it is important to note that there is always a risk involved when trading an asset.

• From my personal experience after being able to define cryptocurrency, the next barrier to entry is the complexity of the processes required to navigate Blockchain applications effectively, and the risk of lost capital due to preventable mistakes.

• OMWTFYB will help newcomers gain experience creating a wallet, storing private keys, and trading on a decentralized exchange.

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@_XmongoX_: I apologize for any issues that may have resulted from my lack of understanding about custom token fees on the Waves platform.

Moving forward I will confirm all information related to custom tokens on the Waves platform before sharing it with our users.

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Additional proposition:

OMWTFYB could be used to create a network for music promotion competitions through the implementation of a Decentralized Application or a Decentralized Autonomous Organization with the use of smart contracts.

• Ideally, this service would be a community oriented project designed for independent artists who are looking to increase exposure through network participation, with the potential to receive donations in the form of the OMWTFYB tokens from voter contributions to the prize pool.

• The tokens would then be accepted for features, interviews and song listings on our own network as well as some that already in existence. Instead of competing with these other projects by "reinventing the wheel", we intend to build the cart.

• There may be limitations/restricions that prevent the concept from becoming fully operational while using the Waves Platform, but this is fine for now since we will be using a simplified version until we are able to implement it (and on another network if necessary).

• Artists pay X to enter into a competition: challenge/accept (total of four each round) Voters pay Y to cast their vote: all tokens received will go into the prize pool (reimbursed through participation) Pairings will be sorted according to genre and time of submission Ranking system based on W/L for pairings to create a level playing field Reward system for winstreaks (i.e. +10% of pool).

• Mandatory minimum number of voters/participants will be required for each competition One vote per address/person ("gaming the system" may present an issue here)

• Accept X/Y number of tokens for features, interviews, and song listings.

• This process enables peer to peer transactions between artists and their fans, eliminating biased gatekeepers who are motivated through bribes to promote noise to a fake audience.

• By cutting out the intermediaries, the discretion is left for the community to determine who's music should be promoted and to what extent.

• It would also allow musicians to extend their reach by participating on a potentially global network with the opportunity recieve funding directly from their supporters.

• Hopefully, in the future it will no longer be necessary for musicians to attach advertisements to their art or to operate on shady platforms that violate user's privacy by selling listener's data to third parties and charging membership fees at the same time. Another potential benefit would be an increase in public awareness of cryptocurrencies and their use cases.

• Simplified: At the moment, the same concept can be carried out without a DAO or smart contracts through the use of social media platorms by the OMWTFYB team.

• We intend to recruit/advertise the competition music based blockchain networks already in existence.

• Voting will take place via Twitter polls and winners will be contacted by our team to receive their winnings of the prize pool.

• Doing so will help lay the network's foundation and will provide proof of validity to this concept.

If you have any questions or suggestions, feel free to contact us. As always, thank you for your time and support.

Sincerely, OMWTFYB, @_XmongoX_, @ObiObvi

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So far this update coming from the OMWTFYB project!
Please get in touch with the team if you want!

Gif from my friend @smilinglllama!

Cheers!

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