What does TokenUnion do?
Earn rewards. Users send their tokens to storage contracts and earn rewards in the face value of the same tokens that they store. Set up and forget.
Get rewards in the same tokens that you store. The rewards that users receive are converted into the same tokens that they store in the storage contract through Bancor. For example, if you receive 1000 UNI as a reward, while 60% of your contribution is BAT, and the remaining 40% is OMG, 600 UNI in BAT-equivalent and 400 UNI in OMG-equivalent will be returned to your contract, which will be increased your starting position.
Completely autonomous distribution of rewards. By retaining their tokens in storage contracts, users agree to pay a fixed commission to the UNI, the native token, when making their withdrawal. When users pay this commission, the smart contract distributes it at the program level among all network participants as rewards in proportion to the percentage of the Total Cost of the Network (TNV, Total Network Value) that users contribute.
Absolute decentralization and demonstrable justice. The TokenUnion network does not rely on any central government in its work. It functions completely independently, based on predefined conditional constructs inscribed in the code, and will work as expected, as long as there is a blocking Ethereum.
The architecture of smart contracts
The team allocated the balances on which user tokens are stored in a separate contract and isolated it from the interface controlled and used by individual users, so you can update the interface in order to implement more advanced features in the future without access to tokens.
In addition, this branch significantly limits partner risks and protects user tokens from potential break-ins. Only users who own private keys can display tokens. Since the Reward DAO contract contains only UNI rewards, user tokens are isolated from potential vectors of centralized attacks. The team took all precautions to ensure the security of contracts, and added this last security feature in the event of an unforeseen vulnerability. Before deploying a decentralized application to the core Ethereum network, the team will find a professional audit firm to conduct the protocol check.
Commission for withdrawal of funds
The center of the innovative model TokenUnion, TVT, is a commission for withdrawal of funds. It is a fixed amount expressed in UNI, a native token, which is determined when the token is sent to the TokenUnion storage contract. The commission is equivalent to 5% in the nominal value of UNI at its current market rate from the value of stored tokens expressed in Ether. Thus, if someone sends 1000 Ethers to the storage contract, his commission will be 50 Ether in UNI in accordance with the market value of the latter.
When remuneration is received, the same formula (5% in UNI) applies to all incoming remunerations, and the amount received is added to the commission for withdrawal of funds. Determined at the moment when tokens are sent to the storage contract, and changing only in cases of receiving rewards, the commission will be paid at the time of withdrawal of funds.
The commission is fixed in the UNI (ie 10 000 UNI) and can only be dynamised in accordance with one variable: the market rate.
Partial withdrawal of funds will not be possible in the near future, since such a function can weaken the incentive to long-term storage. Nevertheless, the team will retain the right to investigate in the future the implementation of a more sophisticated withdrawal algorithm, which will allow for dynamic calculations and a phasing-out.
UNI is an auxiliary token used to pay a commission for withdrawal of funds in the TokenUnion network. Given the relationship between UNI's utility and capabilities in the market, it is likely that demand for UNI will increase as a result of rapid market developments. UNI does not grant its holders the right to any income or rewards. The only option is to pay a commission for withdrawing funds.
Distribution of rewards
Every time the commission is paid, 100% of the amount received is distributed among users through tokens stored in storage contracts in the TokenUnion network; Token Union is not transferred any part of the commission for withdrawal. TNV is the total, expressed in Ether, value of all tokens in the TokenUnion network. Awards are given in accordance with the percentage of TNV, which is the contributions of individual users. For example, a user who owns a total of 1.8% of TNV will receive 1.8% of the commission for withdrawal, however often it is paid. TNV is constantly recalculated in Ether taking into account the change in the rate of embedded tokens.
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AUTHOR OF THE ARTICLE: Denis_Ronin
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