JustJoking Token: New AI-Inspired Memecoin on the Rise?

The memecoin sector has been hit particularly hard over the past few years’ bear market. Typically, cryptocurrency enthusiasts prefer projects with solid fundamentals and the potential to grow instead of the potential value of a community agreeing to hold firm. With the recent altcoin rally and Bitcoin halving in 2024, some are beginning to speculate that the bull market could be starting soon, meaning a new rise of memecoins. Today, we’ll look at a relatively new coin, JustJoking, that leverages artificial intelligence and posts to incentivize community curation.

Not much information is publicly available about the release of JustJoking, but its Twitter/X account was created in May 2023. On the website, they state that the token is “the Web3 world’s laughter community” and is meant to reward jokes submitted on the platform. Anyone can connect to JustJoking.ai using their Ethereum wallet and post a joke on the forum. It will immediately be graded by the revolutionary GPT-3.5 artificial intelligence and given a score. Though it may seem like there would be a lot of errors or issues with this type of grading model, it is rigorous enough to only recognize and allow jokes on the platform and also prevents the same joke from being posted more than once too frequently. After the joke is posted, anyone can like, dislike, or comment on it. 

The JustJoking token operates on a unique and engaging distribution model centered on community participation. With a total supply of 888,888,888,888,888 tokens, 80% are earmarked for users. The token distribution started when the project launched and will continue daily, beginning with 200 billion tokens on the first day. Following a 30-day cycle pattern, each subsequent cycle's daily distribution will be 90% of the prior day’s until all tokens are allocated.

Users must post over 20 new jokes each day, with at least 20 individuals contributing, to trigger the daily distribution. This ensures that a majority of early users cannot dominate the platform. Half of the daily tokens are awarded based on joke rankings, with the top joke getting 12%, the second 6%, the third 4%, and jokes ranked fourth to tenth receiving 2% each. The remaining 14% is evenly spread across other jokes. 

Engagement is also rewarded, with 30% of the daily tokens split between comments, likes, and views—10% for each category, benefiting only the top 5 of each. Additionally, 20% of the daily tokens go to those who invite new users, split equally between the inviter and invitees. With how early the JJ project is, there is a lot of opportunity to earn millions of tokens by referring others to the site.

An individual wallet's daily token limit is capped at 50% of the daily distribution, preventing one user from controlling too much of the overall supply. 

These tokenomics are quite interesting, as they are more generous and engaging than other memecoin token models like Pepecoin or Shiba Inu. By simply being active on the site and being part of the community, anyone can start earning JJ tokens and also laugh. The monetization and commercialization of humor is a unique experiment facilitated thanks to the blockchain. Additionally, since only a tiny amount are distributed each day, the inflation rate of the token will decrease over time, and there will be no massive token release that could have a drastic negative impact on the price.

Though it is unknown if there will be any future use for the JJ token, it may become a source of reputation among jokesters in Web3. The more tokens you have, the funnier you may be perceived. Additionally, it could be used for token-gating a community, with only the funniest being allowed to talk to one another. Since the tokens are based on the Ethereum blockchain, anyone can create their own ecosystem around them, and the fair launch with free distribution to joke posters ensures that the community is active, engaged, and excited about the project. 

With hundreds of posts in both Chinese and English on the site, the community around JJ is starting to form. Only time will tell how successful JJ becomes, but considering that it is free to post a few jokes, get some laughs, and earn tokens, getting involved early seems like a compelling opportunity for anyone interested in the memecoin sector. This mix of artificial intelligence and blockchain is fascinating and is only the beginning of the interaction between these innovative technologies.

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