ERC20 Wrapped Wownero Token

Posted on 2020-09-01 by nithronium
Status: Disabled
Target: 26000.0 WOW ➞ 1073.91 USD

This proposal is disabled.

Why?

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.

How much?

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 :(( )

What?

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.

Milestones?

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?

Outcomes?

We will have a Wrapped WOW contract on Ethereum network and we will be able to go crazy with de-fis.

Why you?

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.

Comments
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wowario [admin] 2020-09-03 04:56 https://git.wownero.com/wownero/meta/issues/38#issuecomment-2285 reply
nithronium [op] 2020-09-02 13:44 Alright so here is why I think that it is a bad idea to burn the WOW; if we were to burn WOW, why would one buy WWOW (or eWOW)? The main purpose of the wrapped WOW is so that people can participate in trading in decentralized exchanges. However, why would someone buy something they can't actually use as intended if they wanted? If we burn, the only reason for people to wrap WOW and trade would be price speculation and that's it. And it would be like a scam token with no real use case since it can't be unwrapped. reply
sir_b_rad 2020-09-02 11:46 stinky dirty erc-20 tokenses's are not for my precious wow's. I do see all the hype and am fine watching it from a distance. Do we really believe this will bring value to the community other than partaking in the defi pamp? reply
jw [admin] 2020-09-02 11:32 Some more comments after discussing with nithronium earlier:
If the process is one-way (WOW-->eWOW), then it can be fully auditable and trustless after the burn-in period is over. Using a provable burn address with exposed view key, anyone can monitor that the supply of eWOW = burned WOW. If the ETH contract disables the creation of new eWOW after 1-3 months, then at that point it becomes trustless and requires no more administration.
If the process is two-way it requires an administrator into perpetuity and afaict would never be fully publicly auditable or trustless.
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nithronium [op] 2020-09-02 11:49 Operation part is not a problem if there will be ongoing demand because of the 0.5% wrapping-unwrapping fee. This could be lowered to 0.25% as well, depending on Ethereum network load.
jw [admin] 2020-09-02 11:38 Maybe with regular proof-of-reserve it can be auditable:
https://monero.stackexchange.com/questions/9991/how-does-the-get-reserve-proof-command-work
But still requires administration for as long as the operation is ongoing.
jw [admin] 2020-09-01 19:35 Are we sure we want it to be two way? Can it be fully auditable if it's two way? Does it make more sense to have only a burn in address with published view key?
Also, do we want to keep it available forever, or only a few months, which would at least reduce server costs and the window of your time involved.?
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asymptotically 2020-09-02 11:29 > Are we sure we want it to be two way?
Wouldn't it be a bit useless if it was one way? Send your coins to a stinky Ethereum grave... what an awful way to go.
nithronium [op] 2020-09-02 06:29 I can share the private keys for the master wallet as well as SSH keys to server access for being as transparent as possible. If community wants, after initial setup, I can hand the project as well.
We can have it one way but I don't know if that would be logical because then the value of the asset would be a problem. Yes, we will issue 1 to 1 but what happens if this DEFI-mania ends and people want to claim their WOW back? The value of the WWOW comes from being 1-to-1 backed.
And yes, we can keep it available for a few months, then I can hand over the main contract's private key to a community member as well.
asymptotically 2020-09-01 10:10 but $26k wow is an awful lot of wows. that's like so many hookers and catnips reply
asymptotically 2020-09-01 08:09 I would never swap my precious WOWs for some stinky mETH-related nonsense, but I would still fund this so that we can get WOW listed on decentralised exchanges :D reply
Events
wowario [admin] 2020-09-28 00:09 Moved to status "Disabled".