The platform focuses on the principles mechanics of a DeFi protocol while simultaneously incorporating memes. Catecoin presents better community-oriented features than Dogecoin.
A Decentralized and Earning Platform For Content Creators
Catecoin gives the meme creators a way to share and promote their work. There is also a systematic voting mechanism to generate monetary rewards. 0.1 coin is distributed for each unique like and comment, given to the meme creator and the user.
This process is an element of content farming, for which the developers have already reserved 35% of the total supply. As for the voter community, any user with 100K coins and 10K CATE coins can comment or like the memes created by the creative community.
The reserved pool of CATE coins will be applicable to the creators securing 100 likes and ten comments on their memes. This means that the rewards are based on the community’s participation, which is further dependent on the ownership of the coins and CATE coins.
A Utility-Based Meme Platform
Dogecoin got an unprecedented response after Elon Musk wrote a tweet about it. However, in terms of utility, Catecoin offers better utility of a meme creation system and also redefines its promotional aspects.
Anybody holding CATE coins can create memes and upload them on the platform. The rest of the community will have access to the uploaded memes and can interact with them by showing their appreciation in terms of likes and comments.
The approved memes will also be transformed into NFT by minting. The sale proceeds from the NFT will also be shared with the creator. Catecoin offers novelty as it runs on a decentralized network, offers incentives and even has a burning mechanism. These aspects are not available with Dogecoin.
Coupled with the burning mechanism, Catecoin also allows the users to earn by holding Catecoin. or they can also earn by 1% from every transaction done on Catecoin. While this keeps the token in circulation the mechanism redistributes CATE to long term holders.
To Sum It Up
Catecoin is a utility-oriented meme creation and content farming platform helping the meme creators earn from their creativity. The creative meme community can share their content and earn from the community response. The limited supply and burn mechanism of CATE aims to increase the tokens value offering rewards to long term hodlers. The creative community will also be able to sell their memes via NFT minting.
Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC, it is crucial to reference the following items, HERE and HERE.
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Source : bsc.news
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