Free TON

Development of a new token standard on the Free TON network

Contest:

Stage One: Description of the new token standard-Essay.

Stage two: Implementation of the new token standard selected in the first stage.

Stage one:

Advertising period: 1 week from the date of acceptance of the offer.

Submission period: 1 week after the advertising period.

Judging period: 1 week after the submission period.

Introduction:

Recently, on cpunk.list, John William Johnson published an essay on the topic of economics in the web 3.0 format. It invites miners and validators to consider the possibility of providing mining with alternative tokens created on their networks. In his opinion, this innovation can ensure the growth of the entire cryptocurrency industry, as well as expand the capabilities of blockchain projects.

There have already been several attempts to reform the economy. Since 2018, the crypto community has been actively discussing how to reduce the commission load of the native coin on the created tokens, and prevent a decrease in its profitability. EIP-865, proposed by the developer Ludo Galabru in February 2018, was actively discussed by the Ethereum community, several interesting options were presented during the discussion, but not one was ever accepted.

Basic requirements:

Submit an essay on the new token standard for the Free TON network. The new standard should expand the network’s capabilities for developers and businesses, while being economically feasible for the entire Free TON network.

Main criteria:

  • Well-thought-out protection against abuse.
  • The new standard should solve the problem of commission when mining alternative
    tokens created on the FreeTON blockchain (Clarification: it should solve the problem of commission when receiving (mining) alternative tokens.)
  • Economic justification of benefits for the ecosystem and validators.
  • The opportunity to implement your offer in the Freeton ecosystem.
  • The winner must upload their work to the FreeTON repository on GitHub.
  • English language.

Motivation for the community:

The blockchain industry does not stand still. The reorganization of the world economy is in full swing. Before the advent of Ethereum, no one thought about the possibility of creating separate financial instruments on a single blockchain. In the aftermath, it became mainstream. In the near future, the possibility of mining alternative tokens will be implemented on one and then on all pools. How it will be implemented depends on the specifics of each blockchain.

Prizes:

Prizes

  1. 50 000
  2. 30 000
  3. 20 000
  4. 10 000
  5. 5 000
  6. 7.8.9.10th places. 1,000

Jury Awards:

An amount equal to 15% of the total number of tokens actually awarded will be evenly distributed among all the jury members who vote and provide feedback. Both voting and feedback are required to receive the award.

Management Awards:

An amount equal to 10% of the prize pool will be allocated for the organization of the contest.

Telegram: @AztecDl

Procedural considerations:

  • Participants must upload their work correctly so that it can be viewed and used in the formats described. If the work is not available or does not meet the described criteria, the work may be rejected by the jury.
  • Participants must submit their work before the closing of the application process. If it is not submitted on time, the shipment is not counted.

I am missing the point. Why do we need a new token? What it is suppose to do? What is the requirements apart from being “new”?
In general copying some ideas from Ethereum community and bring them into Free TON is not really a good idea because: Ethereum has many problems Free TON has already solved, Ethereum has different architecture components such as Web 3, that Free TON is actively opposes.

7 Likes

There is no question of copying ideas from the Ethereum community. I just wrote that the Ethereum community is looking for ways to solve the issue with commissions and gave an example. Ethereum was considering creating delegates. But the delegates will not be able to decide what I want to propose. I offer a FreeTon Community to find his decision and implement something that no one else has yet. The bottom line is to expand opportunities for developers and businesses.
Now, when creating your own token on the FreeTon network, you can not realize the possibility of mining (receiving) alternative tokens ( You can say that they can not be mined). Since there is a commission for the transfer.
For example, you have created your own token, and your users (those who have 1 crystal in their account) can receive 1 of your coins once an hour ( accordingly, you have written the necessary program for this). The number of people using your coin has become 1 million. At the moment, you will have to pay a commission in crystals for transfers to your users (of which there are 1 million).) once an hour. This is a very tidy sum. I propose to enable businesses and developers to invent different ways to mine alternative tokens created in freeton. This will attract thousands of new business procts to friton. And this will create a new market for cryptocurrencies (new cryptocurrencies). But we need to find a solution that will benefit everyone. And validators and developers and businesses. just cancel the commission, it’s not an option. We need a solution that will suit everyone and implement it. This competition is two-stage. step 1-essay, the second stage-implementation.

1 Like

We already have token standard with low commission and gas - TIP 3. Nothing to do. No idea what you want to achieve

2 Likes

Still don’t understand. There are many TIP-3 tokens on Free TON already. You can add any minting mechanics to TIP-3 root. What else do you need?

For example, you have created your own token, and your users (those who have 1 crystal in their account) can receive 1 of your coins once an hour ( accordingly, you have written the necessary program for this). The number of people using your coin has become 1 million. At the moment, you will have to pay a commission in crystals for transfers to your users (of which there are 1 million).) once an hour. This is a very tidy sum.

will the minting mechanics be built on a smart contract? Will it be necessary to turn to a smart contract and pay gas every time an additional amount of coins is created?

I propose to give new opportunities to business projects. An opportunity that will work for the benefit of the entire FreeTon ecosystem

users need to pay for everything, I believe it’s bad practice to pay for users from smart contract. What the use case exactly?

In your case: each user will need to pay small comission every hour if he want. Or just mint token anytime they want (take a look how farming works in TON DeFi)

Please look into LP (liquidity provider) tokens used in DEXes. Participants get interest from each trade, but it is always done within one transaction regardless the number of participants.

This is just about business logic of an app/solution, it solves scalability and commission problems, and current token implementations can be used to achieve that.

Ok, thanks for the explanations, the topic is closed.

Can I ask you what Free TON killer feature is in comparison with Ethereum?

the point is to be clear for business. So that each project can issue its own tokens (a certain amount) and their clients can start mining them. So that you don’t have to constantly mint them, so that you can show interested people a visual amount on your wallet. Do not adjust to the time for minting and do not adjust to the number of people for a multisend. Business decisions can be different. My proposal expands their capabilities

1 Like

Do you have some real world example? It will be helpful to understand which “business” you mean

1 Like

Business projects should be able to implement various mechanics of mining their own token. These can be sales or any actions(it can be 10 mechanics), and all with one token. And projects should not be tied to time or the number of people for a multisend. Did Ethereum or Bitcoin have real-world implementations before they appeared?

Also, my proposal will facilitate the development of new mechanics on freeton, which will attract additional developers to the project.

Your idea is resembling with fan tokens on chiliz blockchain platform.
Any sports team/club can launch their fantokens on chiliz blockchain with a fixed supply.