All hail JPEG 2.0

The JPEG token is getting ready for an upgrade, the future for the JPEGvault DAO is very bright.

It has been almost a month since we launched the JPEG token, it feels like 2 years.

The learning curve has been steep and we are very proud of what we’ve achieved so far, of the amazing community that has decided to board this ship with us, of the sheer talent our growing team brings to the table.

2022 will bring you JPEG 2.0, let me explain to you why and what will change.

WHY

We built JPEG v1 with the understanding of our business model at that time, some of it was good, some of it needed to be polished.

Tokenomics

The biggest thing we got wrong is in the Tokenomics and how we decided the Vault and Marketing wallets would receive the tax funds.

Our view on the matter was slightly off, we naively assumed that receiving funds in our token made the most sense and would add buy pressure and have positive impact on the price.

We underestimated the impact this would have on managing our treasury and dealing with expenses.

Choosing Ethereum

Our project is for every person out there who wants to participate in the NFT and Metaverse revolution, not just for every person who can afford Ethereum fees…

Although I still stand by our rationale that most of NFT money is on the Ethereum blockchain, I have got around to realising that a lot of money on other blockchains would like to get into Ethereum NFTs but can’t afford to.

This is why JPEG v2 will be available for purchase on other more affordable blockchains from the start and we will seek to bridge it to as many blockchains as possible to open the total addressable user base.

Now that you know why we are moving on to JPEG v2, let’s get into the nuts and bolts of what will change !

WHAT CHANGES

Cross-chain

The reason why we didn’t just go cross-chain with v1 is simple : once you go that route, the overall system becomes infinitely more complex, it requires a lot of work to get there and it requires even more work to upgrade once it is up and running.

We decided that if we were going to go that route, we might as well fix the foundations before doing so.

In January, the updated JPEG token will be available for trading on two blockchains that our current holders will vote on between BSC, Polygon and Ethereum.

But that’s only a start ! We’ll be headed to Fantom, Elrond, Metis and many more soon.

We are currently researching the best options for liquidity pools and ways to bridge the token, we will also work on a second presale round, using unattributed funds in our supply that are currently locked in Unycript.

This will open our project to thousands of new investors, we are confident it will unlock incredible opportunities for what we’re all building.

Tokenomics

You got it, we’re changing our tokenomics to better reflect the needs of our business model, and this will change everything.

There are 2 major changes :

• Capital efficiency :

We will add a new business logic to our smart contract, allowing us to update how the transaction tax is distributed to our wallets.

Example : with every buy or sell, 20% will be received in USDC, 20% in JPEG and 60% in ETH.

This will allow for seamless capital efficiency, we will be able to use our funds with little to no impact on price action.

• Sale tax will be re-enabled :

As most of you know by now, when we deployed v1, there was a bug that disabled transaction tax on all JPEG sales and although we first decided it might actually be a good thing, we are coming back on this and have decided to reinstate it.

The main reason being that in time of bear market or sideways action, the sale tax guarantees our investment reserves will keep growing !

Marketing

This is my favorite part 😏

A lot of us on the team love marketing, we like to think about campaigns and ways to grow the project. But we have one flaw : we’re a lot better at organic growth than we are at “hyper-growth”.

So we’ve decided to hire outside help !

We’re currently screening agencies that can accompany us and help take us to the next level and do all the things we are still doing in a more amateur manner (moderating, community management, etc).

Let me tell you, 2022 is going to be one hell of a year for JPEG holders… 💚

PS : doesn’t technically fall into this category but, one of our biggest areas of focus will be to list on as many CEXs (centralised exchanges) as humanly possible.

WHAT’S NEXT :

I’ll let you in on one little secret before the next article explaining the next steps : don’t sell your JPEG.

The only reason I’m saying this is because relaunch will be at $1M Market Cap so about 4x what we are at right now.

We are ironing out details on how this will unfold, this has become our top priority because the issues we are fixing are what is slowing this project down. When v2 hits the shelves and we have a fully staffed marketing team with us… I’ll let you imagine what happens.

We will hit you with more detail soon, hang tight 🟩

Yours truly,

- Sv2 (co-founder)

Connect with us :

🖥 Website: https://jpegvault.io/

🐦 Twitter: https://twitter.com/JPEGvaultDAO

📲 Telegram: https://t.me/jpegvault

👾 Discord: https://discord.gg/SJpjbHHVHM