Datamine is an ERC-777 based token (ERC-20 compatible).
Our goal is to incentivize security through the use of smart contracts.
Lock-to-lease Smart Contracts
Utilizing the new ERC-777 smart contracts, we will introduce a new form of token utility. You are able to lock-in you DAM into a smart contract and reap the benefits of decentralized security. You can unlock your DAM at any time through the smart contract to receive 100% of your DAM token back.
Incentive-based Cold Storage
By locking-in your DAM into our Distributed Cold Storage (based on a smart contract) you will instantly start minting FLUX token. FLUX token starts at a supply of 0 (no ico or premine) and is minted ON DEMAND. You can mint some FLUX from your DAM lock-in after ~30 seconds. When you lock-in your DAM token you can delegate an address to mint on your behalf. So you can mint FLUX from your phone while your DAM tokens are safely stored in another address.
You can mint FLUX token to any Ethereum based address so you can quickly mint some to your friend straight from your phone, without touching your cold-stored DAM tokens.
You can burn FLUX to PERMANENTLY increase your FLUX minting rate. The more FLUX you burn, the faster you mint FLUX.
Users are incentivized to lock-in their DAM in our distributed cold storage with time-based bonuses. You will mint more FLUX the longer you hold your tokens in cold storage.
Real-time P2P Smart Contracts
We will connect both DAM and FLUX users through our innovative Datamine Framework. This framework uses event streams to instantly update you with what is happening with both tokens. You will be able to interact with your tokens straight from the framework without leaving the website.
All of DAM will be created from Bulwark swap, there is no premine. The total supply of DAM will be determined by how much Bulwark is swapped. The remainder of DAM will be burned, no more will ever be created.
FLUX is backed by ETH. To power DAM you need FLUX. You can’t generate FLUX without DAM. FLUX serves as an incentive for security through cold storage by being able to store your DAM tokens on a Ledger hardware wallet. At the same time being able to mint FLUX tokens straight from your phone through smart contracts technology. If your phone ever gets lost you don’t lose your DAM tokens and can just target a new phone.
Value of DAM = Minting FLUX when locked-in
Value of FLUX = Increases mint rate of FLUX when you burn it to your DAM address.
These are the core concepts that are hard-coded into a smart contract. Other uses like monthly subscriptions and using it for services are inherent.
As of today, the FLUX smart contract is fully functional including:
– DAM lock/unlock: To mint FLUX you need to lock in some DAM. There is no minimum amount unlike staking/masternodes and the rewards scale linearly & predictably.
– Mint delegation: When you lock-in your DAM you can specify one Ethereum address to mint on behalf of your address.
– Remote mint: So you can mint FLUX from your phone to any Ethereum address, even though DAM is stored on your hardware wallet
– Remote burn: So you can burn your FLUX from your phone targeting your hardware wallet
– Partial mint: You can specify how much of your mint you want to be sent to a specific address. This way you can demonstrate it quickly and mint to your friends without minting the entire amount.
– 3x Time Bonus: After you lock-in DAM for at least 24 hours, you will start receiving a small mint multiplier every 15 seconds. This lasts for 28 days after which you can gain a permanent (until you unlock DAM) bonus to your FLUX mints
– 10x Burn Bonus: If you burn 9x the global average then you will get 10x the mint rate. This is a global number that is based on how much DAM is currently locked-in and how much FLUX these locked-in addresses burned. (Keep in mind the formula is based on ratios so locking 10 DAM would need 10x the burn compared to locking-in 1 DAM)
The bonuses are multiplicative. So you can get up to 30x FLUX minting rate. It is suggested to get max 30x mint rate at time of minting FLUX, so this means you will most likely buy some FLUX first and burn it to your address if you are not at max multiplier yet before minting your FLUX. This will be the suggested practice going forward and notices will appear before minting without max multiplier in-app.