Wownero Rewards on Avalanche network

#1

What do you all think about setting up a rewards program on Avalanche? Avalanche is a smart contracts platform similar to Ethereum, but with way cheaper 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 and trade on decentralized exchanges. 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

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

  2. 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.

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Can we do any "Yield Farming" with WOWX tokens?
#2

hmm… no takers, NVM then

#3

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.

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#4

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:

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 :

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 [ WOW WFS ] 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.

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#5

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.

#6

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 - Roadmap - Incognito. 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…

#7

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.

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#8

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.

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#9

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.

2 Likes
#10

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:

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#11

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

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#12

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

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#13

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).

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#14

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.

#15

Yeah, I changed my mine about doing straight up “dev tax” (taking a Zooko bite of the supplies for doing nothing) 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.

#16

point taken.

with ETH <-> XMR atomic swap being worked on and a bounty being opened for it to be ported to Avalanche/Wownero, it will eventually be possible to trustlessly atomic swap between any ERC-20 token and WOW, so one could teleport between the PoS and PoW worlds.

yes, the value between the token and WOW is certainly to fluctuate, traders love arbitrage opportunities, it is a free market and people can do whatever they want with their money. However, the main purpose of the token is to support the coin. The token by itself is worthless IMO. Anyone can go on to YouTube and easily learn how to generate an ERC-20 token, it is not rocket science. The real value comes from the team and it’s ethos. From day one, Wownero has always been about experimentation and having fun with new tech. Even if WOW were to fall back to a penny, we’ll still be here hacking away and making dank ass memes.

3 Likes
#17

Great point by @supdood , I agree it would be nice to see more incentivizes for running a node/miner.

I know of another project that is a Proof of Stake coin called DIVI and they have a really cool concepts called a “Lottery” program built into their protocol.

I don’t know the exact tokenomics (please don’t quote me) but it goes something like this…
the successful miner of the block a 10X reward payout. The Bonus lottery occurs at a fixed interval in time (say every 1 month). This would increase the emission schedule but would provide a significant reward to the lottery winner.

Could a similar concept as described above be applied to running a node, where a node at random could be selected to receive some WOW tokens.

What do folks think about this idea?

Would this even be possible @wowario / @lza_menace ?

#18

Well said @wowario !

Many of us are here to have some fun and experiment.

I can’t speak for others, but I’m here to learn about mining, xmrig, xmrig proxy, linux by diving head first into running a node and mining WOW.

Truth be told, I’m mining at a loss as electricity is very expensive where I live. The reason I’m here is because this project is pushing the boundaries but keeping a privacy at it’s core, which is something very very important to humanity.

For me being part of this project is like being part of the early Bitcoin era (the days when Satoshi was still actively involved). Back then they where just throwing around ideas, testing and experimenting. But in this new era it’s different, as WOW has something that BTC doesn’t and that’s privacy at it’s core.

Also, the beautiful thing about Wownero is it is so very inclusive. You don’t need to run expensive ASIC or GPU mining equipment to participate in a chance at “spinning the roulette wheel” to win some WOW.

I can mine using a few old laptops hooked up to Xmrig Proxy. I don’t know of any other project that has such an inclusive and fair mining rewards protocol than Wownero. Hat’s off to the core dev team for making the BIG switch earlier this year from Pool Mining to Solo Mining.

I like how @wowario is pushing the boundaries by running with this Avalance staking idea. I think it will be a good way to add some PoS capability to WOW.

However, I never really considered the impact it may have on the underlying locked token, so thanks for bringing this up @chz8494 .

2 Likes
#19

possible, but I wouldn’t want to touch on wownero’s emission. the token is a separate thing with it’s own supply.

maybe we could open a development bounty to make a lottery web app, which allows node operators to register for a chance to be randomly selected for rewards each month.

To prove ownership over the node’s domain name and payment address, operators would add a txt record with their AVAX address to DNS similar to how it is done with OpenAlias for XMR and BTC.

1 Like
#20

unfortunately, due to the nature of the *nero chains is that we lack any sort of programmatic way to do this in a decentralized way. all of our solutions become centralized utilities and databases. it would require merge-mining sidechains and just becomes a whole complicated mess. this is the reason I’m hyped about this AVAX/ERC talk because that ecosystem is way more flexible and I can write solidity (albeit poorly :grinning_face_with_smiling_eyes:).

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