I'm editing this idea based on the immediate feedback that I agree with from Scoot and Blickter... My idea now is to at some point in the future visit the idea of creating an Illuvium blockchain and allow mining on Illuvium land plots in Illuvium zero mines by land owners to validate the transactions. Only land owners can validate and get a share of rewards… mining on Illuvium lands produces rewards in a new token… This would drive land plot prices higher (for current owners as well as future secondary markets) with potential future rewards of ownership. Rewards could be split with the dev team and stakers something like 50% Land/25% Stakers/25% directly to Development team. The use case for the blockchain would need to be determined. Along with specific benefits to Web3 space. Potentially a custom tailored Web3 Gaming chain.
#Illuvium Mining
sacred python
slender hazel
Well as far as im aware the max supply of ILV and therefore sILV is already set. This would mean the 3rd option of a new blockchain token would need to be the selection. This kid of begs the question... why? What is the benefit of creating an entire new ILV blockchain which would probably require very significant and expensive development?
I get that it provides a unique use case for land but if there is no purpose for this new token and blockchain the whole thing kind of just feels like a performative act to try to drive imaginary value to land.
placid veldt
this👆
drifting vortex
At the current time, trying to develop a L1 would be a HUGE commitment of resources that I'd rather see be spent on game development. It would also be a massive change of the base tokenomics Illuvium is built on (unless you introduced a new native token, in which case you'd need to build a use-case for that token). Needing a plot of land to validate transactions is also a bad call from a blockchain development standpoint - The wealthiest people involved could price everyone out of land and effectively control the blockchain. You'd need controls in place to prevent a 51% attack.
I don't see net value in changing the tokenomics and fundamentals of Illuvium at this time. The place I could see value in the future is Illuvium eventually building its' own L2 (effectively facilitating our own blockchain transactions and thus collecting a greater percentage of fees), but that's substantially different than developing a L1 to support a subset of players/investors that has a hard cap of 100k (due to 100k plots of land). It's also not something I'd entertain before we have a game live to the public, since so much work has been done to build on IMX already.
My honest feedback is that this wouldn't provide value at the current time, but is possibly something that could be looked at again in the future. I do think that you'd need more incentive to develop a L1 than just "because it's a cool feature for land".