Digest 002: Governance Update & RoadMap for Fishfactory NFTs
Prequel to the 👉 1st Digest, the governance model of Fishfactory NFTs and FROE ($ROE) tokens had not been definitive, But here it is.
Fishfactory NFTs is an extension of the mission of the Fishfactory Protocol in solving food deficits, enabling bfi-jobs and creating wealth via the development & minting of digital arts (NFTs) backed to the fungible asset, FROE token.
FROE is an acronym from 2 words: FRY and ROE. A Fry is the earliest form of a hatched catfish egg. While, A Roe is the general name for fish egg. So, A generic description could be said that a FROE token is a Fry Egg token. Therefore, FROE — Are catfish Fry Egg tokens backing Fishfactory NFTs arts convertible as: 👉 GW x 0.2 $FROE.
The governance of Fishfactory NFTs is defined as the rules that governs the releases of NFTs as it relates to the FROE ($ROE) token circulation. Also included, is a highlight to the use-case of FROE tokens.
Fishfactory NFTs are categorized into 2 type of digital art:
Type A: Redeemable Digital Arts
Type B: Tradable Genie Arts.
Please, read more details here 👈
The FROE ($ROE) token is the backing asset of Type B — Fishfactory NFTs and the following governance model applies to the release of these NFTs. This actually means that FROE can only be in circulation if community members decides to mint the Type B NFTs and convert them to FROE tokens.
🔹 All Type B NFTs are backed to FROE asset with the standard formulae:
GW x 0.2 $FROE.
🔹 GW: This is a Genie Wish Color Codes and represents an assigned Color number code to the background of every minted arts. The Genie Wish Color Code are 8 prime numbers from 3–23 ( 3, 5, 7, 11, 13, 17, 19, 23).
🔹 VS🕶: Variant Color Shades are even-decimal numbers assigned to Genie Wish Color Code (🔹 SGW🧞: Super Genie Wish Codes are 10 times a GW Code, featured as: 30, 50, 70, 110, 130, 170, 190, 230
🔹 Only a total of 1,000 Type B NFTs can be issued in a calendar year to increase the supply of $FROE assets.
🔹 Every issued NFTs will be release in the pack of 10 collectibles and art is burnt at conversion to FROE ($ROE) tokens.
The Governance voting is a use-case that targets any changes to FROE asset. its the voting right of any community member to wield. Anyone who wants some free FROE token, have to wield their voting power. Read how to issue a proposal below:
#1. A proposal to increase the circulation supply of FROE asset (voting last 7days).
#2. An update in conversion formula (voting last 7days).
#3. An update in GW codes (voting last 7days).
#4. A use-case proposal by community or team (voting last 30 Days).
Each voting can be closed on or before the set day if target is met.
How Governance Proposal and Voting Works
Governance voting further dictates the scarcity of $FROE asset and below is how a governance proposal & voting works. With a successful voting you get free FROE tokens.
🔹 Any community member can issue a proposal for change(s) with their governance voting power. Having at least 1 $ROE means a lot of power to influence governance changes? And you also earn Freely for such power.
🔹 Any proposal made by community or team member must receive community vote of approval to the tune of 200 $ROE sent to the voting address before the proposal in implemented.
A proposal will be disqualified if it does not gather up to 100% vote from the community in 7 Days and proposal fee is not refundable. Each vote means a user will send of 1.0 $ROE to a dedicated voting address published on website page, with a description as follows: “A vote for proposal #001”, where #001 is the number of the proposal and all proposal must have this description to be counted.
FROE asset supply shall remain 100,000 $ROE and no supply increase proposal will be honored except 90% asset circulation is achieved.
On approval of a successful governance vote, depending on the proposal, a 200 $ROE will be added (from issuer address) to total received votes of 200 $ROE (making 400 $ROE). 10% goes to the team and 90% (360 $ROE) is redistributed to the community (where wallets that voted will receive equal distribution of 80% share (288 $ROE) and non voters with a minimum balance of 1.0 $FROE shares 20% (72 $ROE)).
This is followed by a snapshot immediately voting is completed. Also, voting requirements is subject to change as the $FROE community grows, to give more voting power to community.
On failure of a governance vote, all voted tokens will be returned in a bulk transfer in 72 hours to all voters, except the proposal fee (1 $ROE), which is non-refundable.
🔹10,000 $ROE is reserved to advance the cause of $FROE via marketing
🔹 70% Funds raised from the NFTs is spent towards building Genie Duck Farm, while 30% is spent by team for developments (listing, volume, partnerships).
🔹 50% Waves Duck (EGG) is paid as loyalties to holders of $FROE monthly. Eligible Wallet must hold 15.0 FROE to qualify. Snapshot is taken on 25th monthly
🔹 There shall be no team supply of FROE. It must be a fair launch and scarcity driven.
🔹 Other exchange listing is subject to a proper development of the $FROE community.
🔹 All Type A NFTs are backed to $XFP (Fishfactory P) asset with 20 Billion XFP token. These type of NFTs will be release after the launch of Fishfactory Protocol (XFP) tokens.
Below is the initial valuation of NFTs as it relates to FROE asset conversion formula and the pattern of NFTs issuance on launchpads.
If GW Color Code is given, then the formula applies, as:
GW * 0.2 FROE,
Type B NFTs Initial Valuation states that, provided that 5.0 GW equals 1 FROE using the standard formula Then:
🔹 When GW < 5.0, a divisor of 2 is executed to the value of GW 5.0 in odd number sequence according to market price of 1 FROE and valuated in WAVES at issuance of NFT to launchpad.
🔹 Also when GW > 5.0, the valuation is equivalent to the calculated integer of FROE using standard formula in WAVES, at issuance of NFT to launchpad.
The First issuance of NFT is 1 $FROE to 1 $WAVES.
GW: 3.0 = 0.5 WAVES, => 0.6 $FROE
GW: 5.0 = 1.0 WAVES, => 1.0 $FROE
GW: 7.0 = 1.4 WAVES, => 1.4 $FROE
GW: 11.0 = 2.2 WAVES, => 2.2 $FROE
GW: 13.0 = 2.6 WAVES, => 2.6 $FROE
GW: 17.0 = 3.4 WAVES, => 3.4 $FROE
GW: 19.0 = 3.8 WAVES, => 3.8 $FROE
GW: 23.0 = 4.6 WAVES, => 4.6 $FROE
To Mint an NFT, means buy an NFT. The following steps will guide you on the SIGN Launchpad or Watch this video, below:
- Click on Marketplace and sign in via waves signer or email to launchpad.
- Browse over Fishfactory NFTs of choice and Buy. The NFT will always be displayed on your SIGN launchpad always.
Note: NFT can be transferred, traded on the pad, burnt or converted $FROE
🔹 September — Launch of Fishfactory NFTs
🔹 Deployment of FROE ($ROE) ASSET on Waves Protocol
🔹 First Marketing
🔹 Listing of Fishfactory NFTs on Launchpad and DEX
🔹 Minting and Trading of FROE ($ROE)
🔹 Building of Genie Waves Duck Farm
🔹 Governance Release
🔹 New Use Case — First (Team) Proposal and Governance Voting.
🔹 Community Proposals.
🔹 Quarterly Buyback
🔹 More Marketing and Partnerships
🔹 Defi and Development of Custom Web Wallet
🔹 Exchange Listings and Partnerships
🔹 New Use Case — Second (Team) Proposal and Governance Voting
🔹 Coinmarketcap, Coingecko etc
🔹 More Developments
For other clarity questions, please comment here or send your inquiry to our telegram discussion group or mail:
Originally published at https://medium.com on September 21, 2021.