Search

[wowario]

What do you all think about setting up a rewards program on Avalanche](https://www.avax.network)? Avalanche is a smart contracts platform similar to Ethereum, but with way cheaper [transaction fees](https://docs.avax.network/learn/platform-overview/transaction-fees) and they have interesting stuff planned down the pipeline like [subnets.

Some ideas on how to earn rewards...

1. Lock WOW for 1 year, post your transaction hash and spend proof, receive the equivalent locked amount in rewards.

2. Make some dank ass memes and share on social media, get tipped in rewards

3. Create bounties for Wownero development tasks, do the jobs, get paid in rewards

4. Match WFS proposal donations and give out equivalent amount in rewards

People would be able to use the rewards to participate in the Avalanche's ecosystem. Yield farm, borrow, lend.. all that Defi fun stuff](https://ecosystem.avax.network/marketplace?tag=defi) and trade on [decentralized exchanges](https://ecosystem.avax.network/marketplace?tag=exchange). Also, the rewards token could be imported into [MetaMask

Of course, the rewards will have zero privacy protection features, but on the other hand, it could help fund Wownero development and perhaps we can open a bounty to build a bridge service to easily swap between the rewards and WOW. Also another negative, the initial reward distribution method will be highly centralized.

1. If you like the idea, what should we name the token? Ideas for colors, mascot?

~~2. Do you think the rewards should have a dev tax (yes, I agree they are disgusting, but this could be a way to help pay for Wownero infrastructure and freelance developers while at the same time maintain the "purity" of the main chain)? If yes, what would be a reasonable percentage (10%, 20%, 30%)?~~

~~3. Should there be a percentage reserved for a public sale to help kick start a liquidity pool? If yes, what percentage?~~ *edit: NVM*

4. Should the total supply be capped the same as Wownero (184 million)?

5. Should the supply be be released according to Wownero's yearly emission schedule ? In other words, after launch, about 70% of rewards will be locked up and on every Wownero anniversary (1st April), the average yearly emission up to to that date is released (currently about 8%

Please share your thoughts, support, or opposition to the idea.

[wowario]

hmm... no takers, NVM then

[gordej]

I think the idea is great. WOW also needs a breath of fresh air in its sails.
and such a PoS integration/combination in defi world would be exactly what strengthens WOW in the future.

[wowowl]

I quite like the ideas offered such as a more advanced meme ecosystem. Offering quick and easy tipping for posts, yes, we should implement this now. However I think it's best to keep those things 'in house' ie/ on chain. We already have one of the sickest meme-o-spheres with lza_menace running suchwow.xyz among others. Also Wownero doesn't have a huge problem with transaction fees a la BTC & ETH, therefore why not carry out the transaction here. Also noting what you mentioned here:

Of course, the rewards will have zero privacy protection features,

Which isn't such a hot take for one of the few spicy project in the privacy-coin sphere. It could look bad for a newcomer to see the project becoming a funnel for a side-project, be that Avalanche or another. Whereby all the innovation is taking place somewhere else and you might as well just plug straight into their ecosystem.
Whilst I agree with gordej :

WOW also needs a breath of fresh air in its sails

I think that that can come from the community. The project is holding up pretty well in my opinion, I look forward to a great routing of shitcoins and derivatives in the near future and hope that Wownero's fundamentals will see it through. I feel that all the defi will come in good time as things like atomic swaps catch on.
I hope that people are aware of the Wownero funding system [ https://funding.wownero.com/proposals ] whereby proposals to update and implement new features to Wownero are funded. Perhaps we can make more of this on the forum and/or in Wowlet.

[lza_menace]

I'm not opposed to it as it sounds neat and likely fun to work on. It does sounds very ambitious though and we'd likely have a hard time implementing.

[wow4reedom]

**Earning Wownero Rewards** is an excellent topic and one that I'm very interested in.

For my fellow Wow community members interested in earning a yield with Privacy (no KYC) please continue reading, otherwise you can skip this comment.

I like the idea of earning a yield and/or some reward for staking WOW, but as stated above:

> Of course, the rewards will have zero privacy protection features ...

I'm of the opinion that this goes against a core principle of Wownero, that being **privacy**.

However, that said, I'm aware of another privacy focused project called Incognito Network (learn more here -  https://incognito.org ) *FYI, I'm not trying to shill this project. I just have this belief that there are some synergies between these two projects, so please hear me out...*

I feel that the Incognito project is under the radar, for the moment, but they have a very ambitious privacy focused roadmap - https://we.incognito.org/c/progress/roadmap. They have a really easy to use Mobile App that includes a Decentralised Exchange which they call "pDEX" (Privacy DEX).

Their mobile app provides the ability to stake Privacy Coins (like Monero and ZCash) and other coins BTC, LTC, DAI... to earn a passive income (with privacy being top of mind). The staking yield ranges from 8% APY for USDC to 13% for XMR and even higher if you stake their native PRV token (up to 40% APY).  

You earn yield in it's native PRV token and that can be swapped via it's pDEX (no KYC is ever asked). I've used pDEX many times and found it fast and easy to use. They have a privacy first approach to everything they do (similar to Wownero).  

I dream of a day where Wownero and Incognito Project work together to build a bridge so that we can deposit WOW directly to the Incognito Network and start generating a passive income with privacy intact. Then we can swapped PRV with total privacy to WOW/XMR/BTC/LTC/USDC/DAI... via the Incognito pDEX.

Does this sound too good to be true? If this has sparked some interest, visit  https://incognito.org  and let me know your thoughts on the project.  

Perhaps there are others in this Wownero community that also want to earn a passive income from staking their WOW or other privacy coins like XMR, ZEC etc...

[gordej]

I would be there to participate in such an integration. It also seems to be completely anonymous. What steps or effort is required to make this possible? If it also helps to diversify WOW's uses, I would be willing to donate to it as well.

[wowario]

The smart contract part is relatively easy, standard ERC-20 contracts can run on the Avalance network.

The hard part is setting up the infrastructure for keeping track of locked in value, distributing the tokens to users, and creating a bridge to enable swapping between the token and WOW. I am thinking if we reserve a small percentage of the total supply for development, we could offer bounties to try attract developers outside the traditional Monero/Cryptonote circle.

[wowario]

Besides those projects having a scammy vibe, people are giving up their coins in exchange for a token that amounts to an electronic I.O.U.

"Wownero Rewards" are different, because the user keeps control over their private keys. When an amount is locked within wownero's cli wallet, the coins remain with the user and are released automatically after the time expires. They do not need to trust any platform for that, so basically, users are earning 100% APY in rewards just for HODLing WOW in their wallet.

[wow4reedom]

Thanks @wowario for explaining the "Wownero Rewards" system in more detail. I really like the fact that the system would allow us to locked up WOW in our cli wallet.

I'm in favor for supporting this reward program. I'd like to support projects that can help generate some yield on Wownero coins. This will help offset some of my mining costs.

I'm solo-mining on a handful of old laptops.  Even though I'm running at a loss as electricity is expense where I am and my CPUs are not that powerful, I plan to continue mining as I love the vision and values of this project and also being part of this amazing community. If there was a way for me to lock up the coins I've already mined to generate additional Wownero, then that would help offset energy costs -that would be awesome indeed. Count me in :+1:

[wowario]

vote for name here https://civs1.civs.us/cgi-bin/vote.pl?id=E_1fae43ce37991720

[wowario]

ANN https://bitcointalk.org/index.php?topic=5374615.0

[supdood]

Is there a way to incentivize running a node? Other than staking? Instead of a "dev tax", a node subsidy? Maybe with annual "Bonus" ... all the Avalanche talk though interesting seems a miss. Lots of privacy projects have been using bridges on affordable smart chains to no avail IMO.

What if we just incentivize making the network stronger through infrastructure? Is the only way to do that, staking? If needed I can try to think on this, but maybe @wowario & @lza_menace have to tech know how to inform me?

Getting paid to host a node with a subsidy/stipend might get more people running nodes that can't mine successfully? Again I may be off on this bc I might not understand the nuances as well..

and in more decentralized coinage we might more easily raise funding when needed while also just making sure our investments are better secured via nodes... makes it look better as an investment in privacy and memes, snark(not as in ZK, lol).

[chz8494]

My big worry is that unless you can do 100% swap between coin and token, if token can be traded in higher value, people may lose their interest on Wownero coin itself. I know some shitty project did similar trick before, they forked other open source code, changed their name, release their coins then after a year released their token, and now all their coins become ashes, worth nothing at all, and their token's dead too.

[wowario]

Yeah, I changed my mine about doing straight up "dev tax" (taking a Zooko bite and instead it will be set up as **80% rewards and 20% bounties**. So, the only why to get the token is by earning it, locking up WOW, which already has intrinsic value, getting tipped for making memes, or completing a specific development task.

I do like the idea of compensating Wownero node operators, but the problem is how to do it in a verifiable way. We are able to giveaway rewards for locking up WOW, because it is something that can be publicly proven by checking the transaction ID, transaction key, and staking address in any wallet and anyone can plug in the transaction ID into a node or block explorer and independently verify for how long the transaction is locked for. And then since the token's blockchain is transparent, there is a way to cross reference the circulating supply to confirm there is no funny business going on with the minting process.

One the other hand, how could we confirm a Wownero node has in fact been up and accessible for a given period. There needs to be a way to keep a record of up-time. I would totally support giving rewards to Wownero node operators, we just need to come up with a way to do it.