Name: Money Machine
Purpose: Fully decentralized certificate of deposit.
Write ErgoScript smart contracts to fulfill all functions of the following ERC-20 token:
ERC-20 token$0.07 | HEX (HEX) Token Tracker | Etherscan
ERC-20 Token Address: 0x2b591e99afe9f32eaa6214f7b7629768c40eeb39
Github: GitHub - BitcoinHEX/contract: Source code: https://etherscan.io/address/0x2b591e99afe9f32eaa6214f7b7629768c40eeb39#contracts | All rights are reserved. IT IS NOT LICENSED FOR COPYING. We don't use github for dev.
This job is open to anyone, including anonymous developers. Chinese developers encouraged to apply. @ergonautgcn
About This Project
The purpose of this project is to develop a fully decentralized certificate of deposit on Ergo. A certificate of deposit is a financial instrument that allows a player earn yield on money they deposit for a set amount of time.
A certificate of deposit is useful because it is generally considered a safe and secure investment. The player determines the time they lock up their money for, and the bank promises a certain yield. With smart contracts on Ergo it is possible to have a DAO or dApp that functions as this bank. Players will be able to deposit the bank’s native tokens for a set amount of time, and in return the bank with gaurentee a certain yield of the native token. The bank will inflate its native token a set percentage per year. Inflation is distributed to token holders via staking. Longer and bigger stakes get a higher percentage of the inflation. Every time a stake ends the amount of tokens required to capture the same percentage of inflation increases. A player can end their stake early, but they will pay a slashing fee from the amount they deposited. The slashing fee will be distributed to all remaining stakers. This machanism rewards hodlers and punishes paper hands.
There are many design decisions related to percent of inflation, value of slashing fee, maximum deposit times, etc. These design decions will be a carbon copy of the ERC-20 token HEX. HEX is a certificate of deposit on Ethereum with a current market cap of $42 billion. However, 90% of HEX supply is controlled by 1 Ethereum address. We want to take the proven track record of HEX’s smart contracts, and make our own fully decentralized certificate of deposit on Ergo. Money Machine, a fully decentralized certificate of deposit, will function exactly the same as HEX with the following improvements:
1.) Tokenomics: 95% public token sale. No founder allocation. 5% of tokens at mainnet launch will be wrapped on Rosen Bridge and sent to Charles Hoskinson’s Cardano address. The 5% to Charles is a marketing scheme and an insurance policy for Ergo.
2.) Liquid staking. On Ergo staking contracts can be represented by a staking key. This key is used to claim staking rewards or end your stake early. Staking keys can be traded for other tokens on Ergo, allowing for the natural creation of a derivates market.
If this certificate of deposit functions as planned, it could exponentially boost Ergo’s total value locked. This can be seen as a sort of experiment to use smart contracts and free market economics to develop a protocol to lock as much value as possible.
This is a community project. Anyone is welcome to contribute.