jwinterm
was thinking a bit more about the erc-20 wow token thing
obviously the website to swap wow for e-wow would be totally centralized
wowario
i was playing around with the idea last year
julien79
erc20 wow token when ICO
jwinterm
but then e-wow could trade on all the uniswaps of the world
WowBridge
<kieraan777> Agree, don't forget to put DeFi thing also
We would have to set up a website and set a deadline for people to deposit wow for ERC-20 "Wrapped WOW" tokens (WWOW). Deposited WOW then needs to be burnt. One way to do this is to lock up the funds for 1 million years and publicly share the wallet's 25 word mnemonic seed as proof of burn.
Pros
Wow tokens could be traded on decentralized exchanges (DEX)
Wider wallet support (MetaMask, Exodus, Coinomi)
Unadulterated fun with smart contract and DeFi silliness
Cons
Highly centralized, at least in the beginning
To be able to participate in DEX, there needs to be a whale willing to stake ETH and WWOW to make the market viable.
Total loss of privacy
Fitalik can roll back Ethereum blockchain on a whim.
```
jwinterm
was thinking a bit more about the erc-20 wow token thing
obviously the website to swap wow for e-wow would be totally centralized
wowario
i was playing around with the idea last year
julien79
erc20 wow token when ICO
jwinterm
but then e-wow could trade on all the uniswaps of the world
WowBridge
<kieraan777> Agree, don't forget to put DeFi thing also
```
We would have to set up a website and set a deadline for people to deposit wow for ERC-20 "Wrapped WOW" tokens (WWOW). Deposited WOW then needs to be burnt. One way to do this is to lock up the funds for 1 million years and publicly share the wallet's 25 word mnemonic seed as proof of burn.
**Pros**
* Wow tokens could be traded on decentralized exchanges (DEX)
* Wider wallet support (MetaMask, Exodus, Coinomi)
* Unadulterated fun with smart contract and DeFi silliness
**Cons**
* Highly centralized, at least in the beginning
* To be able to participate in DEX, there needs to be a whale willing to stake ETH and WWOW to make the market viable.
* Total loss of privacy
* Fitalik can roll back Ethereum blockchain on a whim.
I'm not sure it needs to necessarily be a one-way burn-in type of setup. Don't ERC-20 tokens like USDT and USDC have the ability to add and reduce supply as "dollars" are added or removed from the system?
I'm not sure it needs to necessarily be a one-way burn-in type of setup. Don't ERC-20 tokens like USDT and USDC have the ability to add and reduce supply as "dollars" are added or removed from the system?
Wownero began as a memecoin making fun of Monero money grabs. During a time when everyone was forking everything, Wownero served the Monero community by exposing how scammy most of it was. It seems only fitting it would continue this tradition by meme'ing DeFi and Wrapped Tokens. Seems like fun.
Wownero began as a memecoin making fun of Monero money grabs. During a time when everyone was forking everything, Wownero served the Monero community by exposing how scammy most of it was. It seems only fitting it would continue this tradition by meme'ing DeFi and Wrapped Tokens. Seems like fun.
Yes, instead of a fixed supply, it is possible to have an adjustable supply with a mintable function in the contract. But this means there needs to be a "trusted" central authority administering the supply.
Yes, instead of a fixed supply, it is possible to have an adjustable supply with a mintable function in the contract. But this means there needs to be a "trusted" central authority administering the supply.
However there are some problems with the wrapped coins as of now. Almost all the wrapped coins have a centralized authoritiy that mints or burns coins depending on how much they have in their possessions.
Burning WOW while issuing Wrapped WOW is not a good approach IMO because what if ETH network one day dies? Or reverts? Or something else happens? Then we would be losing the user funds on the actual Wownero network. Perhaps we would require a hardfork to unlock those burned coins.
Instead, we can follow the regular wrapped coin approach and have a centralized solution that issues WWOW based on user deposits. The central solution can announce their public viewkey for their hot and cold wallets where the funds will be stored. So at any given time, users can see how much WOW the central authority has and also see the smart contract on the Ethereum network to verify that the central authority is not issuing more than what they have in their possessions.
Yes, there are problems (giving up from privacy, trusting a central authority) but I believe that's where we should be experimenting and showing the flaws of other wrapped coins.
The only problem here is who is going to operate that centralized solution and how that centralized solution going to make money, or at least cover their expenses. It takes roughly $60/year for the cheapest VPS that we can get, around $30/y for the domain and some dev fee for developing the actual system. However, even if everything is automated, there has to be some people constantly watching the system for threats. And some people processing the new WWOW issuance depending on deposits.
Currently the biggest wrapped thing (USDT) charges 0.1% and my google search returned 0.25% for the WBTC issuance. I don't know if these fees are going to be acceptable for the operator or the WOW users but IMO, we could and we should issue WWOW.
My personal opinion is, Lets go for it!
However there are some problems with the wrapped coins as of now. Almost all the wrapped coins have a centralized authoritiy that mints or burns coins depending on how much they have in their possessions.
Burning WOW while issuing Wrapped WOW is not a good approach IMO because what if ETH network one day dies? Or reverts? Or something else happens? Then we would be losing the user funds on the actual Wownero network. Perhaps we would require a hardfork to unlock those burned coins.
Instead, we can follow the regular wrapped coin approach and have a centralized solution that issues WWOW based on user deposits. The central solution can announce their public viewkey for their hot and cold wallets where the funds will be stored. So at any given time, users can see how much WOW the central authority has and also see the smart contract on the Ethereum network to verify that the central authority is not issuing more than what they have in their possessions.
Yes, there are problems (giving up from privacy, trusting a central authority) but I believe that's where we should be experimenting and showing the flaws of other wrapped coins.
The only problem here is who is going to operate that centralized solution and how that centralized solution going to make money, or at least cover their expenses. It takes roughly $60/year for the cheapest VPS that we can get, around $30/y for the domain and some dev fee for developing the actual system. However, even if everything is automated, there has to be some people constantly watching the system for threats. And some people processing the new WWOW issuance depending on deposits.
Currently the biggest wrapped thing (USDT) charges 0.1% and my google search returned 0.25% for the WBTC issuance. I don't know if these fees are going to be acceptable for the operator or the WOW users but IMO, we could and we should issue WWOW.
Contract deployment and transaction fees on the Ethereum network are really ridiculous. I don't think doing an Ethereum ERC-20 token is worth it anymore.
We should wait until Tari mainnet is live (soon™) and launch Wownero digital assets instead imho.
Contract deployment and transaction fees on the Ethereum network are really ridiculous. I don't think doing an Ethereum ERC-20 token is worth it anymore.
We should wait until [Tari](https://rfc.tari.com) mainnet is live (soon™) and launch Wownero [digital assets](https://rfc.tari.com/RFC-0311_AssetTemplates.html#digital-asset-templates) instead imho.
After some research, I've found that Avalanche could be a good alternative to Ethereum given that it has reasonable tx fees and support for ERC-20 standard.
Also, it is super easy to issue NFTs from thier wallet. I am reopening this issue if anyone else would like to push for wrapped tokens, which are backed by WOW as the underlying asset.
After some research, I've found that [Avalanche](https://www.avax.network) could be a good alternative to Ethereum given that it has reasonable tx fees and support for [ERC-20](https://docs.avax.network/build/tutorials/smart-digital-assets/create-erc-20-token-on-avalanche-c-chain) standard.
Also, it is super easy to issue [NFTs](https://support.avax.network/en/articles/4840311-how-do-i-create-an-nft-within-the-avalanche-wallet) from thier wallet. I am reopening this issue if anyone else would like to push for wrapped tokens, which are backed by WOW as the underlying asset.
Well, an ERC-20 WOW token is now live (WOWX). 200 million was minted directly to a multisig wallet and the minting fuction in the contract for new supplies is time locked for 1337 years.
There has not been much interest in it after launch, but the infra is there for anyone to run with it
Well, an ERC-20 WOW token is now live (WOWX). 200 million was minted directly to a multisig wallet and the minting fuction in the contract for new supplies is time locked for 1337 years.
ERC-20 contract: https://snowtrace.io/token/0xba5dc7e77d150816b758e9826fcad2d74820e379
Repo: https://github.com/wownerox
Multisig wallet: https://gnosis-safe.io/app/avax:0x28A32244A2075d204C625FB825Ead7BcB4EfDd90/transactions/history
DEX liquidity pool: https://info.pangolin.exchange/#/pair/0x8e922bb0502566144a5838f8985bcaa402d320d2
There has not been much interest in it after launch, but the infra is there for anyone to run with it
We would have to set up a website and set a deadline for people to deposit wow for ERC-20 "Wrapped WOW" tokens (WWOW). Deposited WOW then needs to be burnt. One way to do this is to lock up the funds for 1 million years and publicly share the wallet's 25 word mnemonic seed as proof of burn.
Pros
Cons
I'm not sure it needs to necessarily be a one-way burn-in type of setup. Don't ERC-20 tokens like USDT and USDC have the ability to add and reduce supply as "dollars" are added or removed from the system?
Wownero began as a memecoin making fun of Monero money grabs. During a time when everyone was forking everything, Wownero served the Monero community by exposing how scammy most of it was. It seems only fitting it would continue this tradition by meme'ing DeFi and Wrapped Tokens. Seems like fun.
Yes, instead of a fixed supply, it is possible to have an adjustable supply with a mintable function in the contract. But this means there needs to be a "trusted" central authority administering the supply.
My personal opinion is, Lets go for it!
However there are some problems with the wrapped coins as of now. Almost all the wrapped coins have a centralized authoritiy that mints or burns coins depending on how much they have in their possessions.
Burning WOW while issuing Wrapped WOW is not a good approach IMO because what if ETH network one day dies? Or reverts? Or something else happens? Then we would be losing the user funds on the actual Wownero network. Perhaps we would require a hardfork to unlock those burned coins.
Instead, we can follow the regular wrapped coin approach and have a centralized solution that issues WWOW based on user deposits. The central solution can announce their public viewkey for their hot and cold wallets where the funds will be stored. So at any given time, users can see how much WOW the central authority has and also see the smart contract on the Ethereum network to verify that the central authority is not issuing more than what they have in their possessions.
Yes, there are problems (giving up from privacy, trusting a central authority) but I believe that's where we should be experimenting and showing the flaws of other wrapped coins.
The only problem here is who is going to operate that centralized solution and how that centralized solution going to make money, or at least cover their expenses. It takes roughly $60/year for the cheapest VPS that we can get, around $30/y for the domain and some dev fee for developing the actual system. However, even if everything is automated, there has to be some people constantly watching the system for threats. And some people processing the new WWOW issuance depending on deposits.
Currently the biggest wrapped thing (USDT) charges 0.1% and my google search returned 0.25% for the WBTC issuance. I don't know if these fees are going to be acceptable for the operator or the WOW users but IMO, we could and we should issue WWOW.
Here is the funding proposal for the Wrapped WOW
CLICK ME
Contract deployment and transaction fees on the Ethereum network are really ridiculous. I don't think doing an Ethereum ERC-20 token is worth it anymore.
We should wait until Tari mainnet is live (soon™) and launch Wownero digital assets instead imho.
After some research, I've found that Avalanche could be a good alternative to Ethereum given that it has reasonable tx fees and support for ERC-20 standard.
Also, it is super easy to issue NFTs from thier wallet. I am reopening this issue if anyone else would like to push for wrapped tokens, which are backed by WOW as the underlying asset.
Well, an ERC-20 WOW token is now live (WOWX). 200 million was minted directly to a multisig wallet and the minting fuction in the contract for new supplies is time locked for 1337 years.
ERC-20 contract: https://snowtrace.io/token/0xba5dc7e77d150816b758e9826fcad2d74820e379
Repo: https://github.com/wownerox
Multisig wallet: https://gnosis-safe.io/app/avax:0x28A32244A2075d204C625FB825Ead7BcB4EfDd90/transactions/history
DEX liquidity pool: https://info.pangolin.exchange/#/pair/0x8e922bb0502566144a5838f8985bcaa402d320d2
There has not been much interest in it after launch, but the infra is there for anyone to run with it