They designed the BlowFish (BLOWF) token for liquidity rather than security.
To explain, they designed BlowFish as a deflationary token. Deflationary means BlowFish’s platform keeps the Coin Price low and encourages use of the token and the platform.
The hope is that the low price will lead to a large Market Capitalization for BlowFish. The developers want a large Market Capitalization because they intend to make money by selling products on BlowFish rather than minting or selling coins.
No Developer Ownership
Hence, BlowFish minted no developer tokens, and developers renounced ownership. Instead, you have to buy BlowFish to own the tokens. To encourage ownership there is no built-in transaction fee.
The hope is the low price will encourage people to use BlowFish in decentralized applications, games, and other uses. Thus, they want people to use BlowFish (BLOWF) rather than just trade or speculate with it.
One way, the designers are promoting BlowFish is with the Millionaire Makers, a BlowFish Lottery. They launched lottery on 6 April 2021. The lottery will demonstrate BlowFish and encourage its use by giving the tokens away.
Future BlowFish Projects?
They are planning several projects to promote the use of BlowFish (BLOWF).
Those projects include nonfungible token (NFT) auctions of Algorithmically generated blowfish art. The value of NFTs is exploding, somebody known only as “Dr. Dumpling” paid 171.99 Ethereum (EFT); or $365,000, for an NFT of a Saturday Night Live comedy skit, Decrypt claims. Ironically, the skit was about NFTs.
Other projects are meme competitions in which BlowFish token holders will vote on the best memes. Top memes will get a BLOWF prize.
An interesting project is the Transparent Pyramid. The Transparent Pyramid will reward holders of the BLOWFLAKE token with proportional percentage increase. Holders can trade BlowFish for BLOWFLAKE as long as the pool has tokens. Interestingly, the fee for purchasing BlowFlake is a burnoff of 10% of the BLOWF tokens.
They also plan BlowFish charity projects, including a lottery pool that will benefit an ocean cleanup project.
What is BlowFish (BLOWF)?
BlowFish (BLOWF) is a Binance Smart Chain token they will convert to Ethereum in the future. The hope is to use BlowFish to pay for Ethereum smart contracts.
At some point BLOWF owners will swap the Binance BlowFish tokens for ERC-20 BLowFish tokens. The BlowFish developers will not convert to Ethereum (ETH) until Ethereum Gas fees fall to lower prices.
To encourage token holders to convert to Ethereum they will charge a 2% conversion fee. BlowFish will pay those convert the Binance tokens to ERC-20, one half of the conversion fees. They will burn the other half of the fees.
The BlowFish website claims no central teams own a large percentage of the BLOWF tokens. Instead, they claim a software engineer built BlowFish in his spare time.
What Value does BlowFish (BLOWF) have?
Interest in BlowFish (BLOWF) is high. BlowFish was the top trending cryptocurrency on CoinMarketCap on 7 April 2021.
However, BlowFish was CoinMarketCap’s 2,504 ranked cryptocurrency on the same day. Hence, interest does not translate into a high price for BlowFish.
Mr. Market paid a 1.196¢ Coin Price for BLOWF on 9 April 2021. Additionally, CoinMarketCap estimates BlowFish had a Fully Diluted Market Capitalization of $1.968 million and a 24-Hour Market Market Volume of $1.124 million on the same day. They based those numbers on a Total Supply of 164.369 million BLOWF tokens.
I do not consider BlowFish (BLOWF) a cryptocurrency. Instead, I think BlowFish is an interesting concept for a cryptocurrency. Speculators need to watch BLOWF because it could be a model for future cryptocurrency launches.
However, I do not think BlowFish (BLOWF) will have any value until they launch the ERC20 version. Until then, BlowFish is just an interesting blockchain experiment.