I thought I could provide a little update of everything that I have needed thus far in my journey of starting a tribe here on Hive. I don't think that this list is complete yet, but I think that it hits almost everything (I really hope) that goes into the process.
Website
So first I had to purchase a domain address. I had not done this before and honestly it is still a bit confusing to me how everything works. However, I was able to use a site called porkbun.com to very easily secure my desired domain. It is costing me about $35 a year to keep it running, which should be no problem, but I think this was one of the cheaper domains available.
I won't really try to begin understanding the process of buying and selling domains, I will just move forward with the one I have and pay the fees until I become a bit more savvy from the developer's perspective. I'll keep the domain name a secret for just a few more weeks as not to spoil the surprise of what the tribe will be about!
Marketing
I have enlisted the help of @mariosfame for my tribe's logos and marketing materials. He'll be creating gifs for signatures, a set of logos and some banners. I won't dive into the pricing structure that we agreed upon, but for such quality work I don't mind paying a bit! Now that we have verified the final domain, he is ready to get started on the logos, can't wait to share them with you all!
Hive-Engine
Here is where I had some questions. I spoke with @themarkymark and @aggroed about this and think I finally have all the answers I was looking for.
In order to start a tribe and get it off the ground, you need to pay approximately 4100 BEE. At current prices this is around $1500-$1600 USD; a bit pricey, but seeing the market caps of successful tribes, a great investment.
- 2100 BEE to create your token, make it stakeable and approve it for delegation purposes
- 1000 BEE to operate the ScotBot rewards pool that will provide the distribution mechanism for your token
- 1000 BEE to get the Nitrous software from Hive-Engine that makes your token functional with a proof of work model
Additionally you are supposed to stake 1 BEE per user on your tribe or pay a fee of $50 a month to the Hive-Engine team if you are not hosting your own server (something that I have no idea how to do because it requires a lot of developer knowledge).
You also need to delegate around 1000 Hive to the account that will be running the tribe.
This is an expensive process, but I hope it will all be worth it in the end. I hope to create a fantastic tribe!
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Who I am:
My name is Rob and I am a college student doing my best to get involved in the crypto world. I have enjoyed blogging thus far and thank you for reading my article! Give me a follow and let’s build the community together through consistent engagement.
Posted Using LeoFinance Beta
You could get HP leased to get more at a lower price. I have content on my blog about token leasing and I know you might be interested. Best regards and I hope all goes well with the new tribe, I will support your work.
Much appreciated! I have the HP ready for that, but the concept of leasing HP is very powerful. I think I will share that process when I create documentation about the tribe creation process!
Posted Using LeoFinance Beta
It definitely seems like it comes with a heavy start up costs.
Have you thought about getting some WORKERBEEs to get you some of the tokens while you are waiting? It gives you some BEE over time if you stake them. I tend to toss them into a delegation pool for a consistent return though.
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Yes the only delay in the launch right now is honestly the money, I'll be buying BEE with my paychecks and should be ready by June! I did not know about workerbees, what kind of return are they generating? I need another few thousand BEE
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I entered the pool from @ph1102 for extra token rewards. I am unsure about how long unstaking will take but if it is going to take a while to get the BEE then you might as well generate some using the returns. When you are close to finishing, you can just start unstaking and sell off the WORKERBEEs. In the most recent report, he did get over 30% APY but usually I think its over 20% ARY.
https://leofinance.io/@ph1102/new-record-workerbee-ph-pool-week-12
Posted Using LeoFinance Beta
Thank you for sharing this, I'll check it out and weigh my options to see what is the best. I think I will be able to cover costs within a month, so I'm not sure it will be the optimal plan for me, but I won't know until I do some math!
Posted Using LeoFinance Beta
You are right about %... And the last report was a "lucky" exception... I doubt it will repeat soon...
Thanks for the mention...
!ENGAGE 10
Posted Using LeoFinance Beta
ENGAGEtokens.Can you please list down your budget in detail and monthly expenses too for running a tribe?
Maybe we all can help you crowdfund this project. But for that to happen, you need to give out more details to the community.
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This is a very kind idea. I want to generate value for the community, but don't want to ask for any more funding. I will be grinding hard at my job to put it together and then you will all be more than welcome to pour funds into the project! I want to see us all succeed together
Posted Using LeoFinance Beta
Awesome 😎👍 Just let us know if you need any help and I am sure many of us are willing to support you.
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That's a really cool idea. Is WORKERBEE a miner token?
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Awesome buddy! Thanks for the regular updates and
No thanks for keeping the secret active. Please release more info soon about the kind of niche you want to hit with the tribe. 😁
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LOL I will be releasing it soon, just want to secure my funding first and finalize all of my logo stuff. Then the marketing wave will be coming!
Posted Using LeoFinance Beta
No problem. I understand that you have to take care of several other things first. I can wait, please take your time. :)
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Your post was promoted by @jfang003
Well I whish I had read this post earlier, but, nice explanation of the work you are doing, I hope everything plays nice for you!!