Posted on 2020-09-01 by nithronium
Target: 26000.0 WOW ➞ 6860.9 USD
Community wanted to have a Wrapped WOW on the Ethereum network, that's why I'll come up with a wrapped WOW token so everyone can go crazy with de-fis.
It costs around $800 to deploy Ethereum smart contract on the main network for Wrapped WOW (WWOW). The cost might slightly be more or less depending on Ethereum's network load.
There is $30 domain cost, and $120 for a year of VPS ($10/month or 6 months VPS for $20/month depending on RAM requirement).
And also there is $300 web development fee for the system.
This ends up total $1250, however Ethereum network gets more expensive every day so I have to set the goal to 35K WOW. However, if it costs less than expected, I will issue WWOW for the remaining WOW (unused wow) and distribute that WWOW to the people who funded this proposal proportionally to their contribution to this proposal. (Keep in mind fees! so i might not be able to send you any WWOW if you sent only $5 worth wow, sorry :(( )
It's ERC-20 compliant wrapped Wownero project. I will deploy the smart contract on main network, make a website for WWOW. The website will operate similar to Wownero.Exchange. User will enter their Ethereum wallet address, and send the amount of WOW they want to wrap, and will receive Wrapped WOW on Ethereum network. My proposal is for manual processing of the orders (I will have to manually issue WWOW and send to individuals' wallets) however I might come up with an automated process as well (no promise on that). Also users will be able to reclaim their WOW on the main network by creating a reclaim request and sending Wrapped WOW back to me.
Due to the costs of the Ethereum network, there has to be wrapping/unwrapping fees of the WWOW. It costs on average $15 to mint + transfer Wrapped WOW to the user, so we might have 0.5% wrapping/unwrapping fee for orders over $400 and $20 flat fee for orders below $400 equivalent in WOW.
1- Deploy smart contract (already did that on testnet here is the link : Wrapped WOW) So I'll just deploy it on the main net.
2- Get a domain + VPS
3- Make a web design for the project and add order generation pages for people to send WOW and wrap tokens.
4- Contact with Decentralized Exchanges to list WWOW and Go live?
We will have a Wrapped WOW contract on Ethereum network and we will be able to go crazy with de-fis.
Because I already have the contract ready (not a hard thing tho), and I already have an automated wownero based order processing project Wownero.Exchange which had volume over $5K so far (and had no commission). And I also like cookies. That's irrelevant but just wanted to say.