I’ve been working on laying out the requirements for the first ever ethereum erc20 contract that will be backed 1:1 by omni maid! Currently nodes are syncing to support the omni protocol and to start interacting with a future erc20 smart contract. It will be very easy to mint erc20 maid and claiming omni maid through a lock and burn process. The great thing is that anybody can keep track of the total amount of omni maid locked up and erc20 maid in circulation, which will always be 1:1.
Many of us want to either enter the market but are unable to do so due to the jurisdiction we live in through DEX’s, easily store erc20 tokens in compatible wallets or have access to the multi-billion liquidity of the DeFi space.
I believe that this approach can improve a lot in the future and also provide us with a great way to bridge Safecoins that reside on the SafeNetwork (once live) to the outside world with smart contracts that are often a lot easier to integrate, store and trade on any erc20 compatible exchange.
I’m still talking to both omni dev’s and asking around in the REN project how this current project might move to using REN in the near future as they already support Bitcoin and Omni (that also is the major carrier of Tether USD) could easily switch to Omni supported tokens without major difficulties.
The front-end is currently being developed with good success and could have some help with adding documentation/content, proof-reading etc.
Will share updates along the way, all comments and critique is welcome including helping me out!
@neo I think Deus means that when you claim back the omni MAID then the erc20 MAID is burned to keep the ratio always 1:1
I mean if it’s not that its like g’damn pointless. The dev team already clearly stated they are honoring OMNI MAID for the SAFEcoin swap and NOTHING ELSE.
I can confirm that he makes just such a system. Only the ERC20 token is burned. In etherium you can have a smart contract that generates new coins indefinitely under certain conditions (ie not fixed initial creation).
You will literally be able to buy ERC20 MAID and immediately send it to the smart contract, which will send you the omni MAID token. So the risk for you is minimal as a buyer. If you buy for a large amount, you just make a few small purchases, so you risk only the last one…
Maybe burn is not the appropriate word, it’s returning the erc20.Maid back to an address that will then release the omni.Maid in turn. So the total minted supply of erc20.Maid that will ever exist is exactly the total of MAID that will ever exist = 452,552,412 MAID. These two values will never change and there will never be created or destroyed any tokens. It’s just getting locked up, released and swapped.
So lets say I have 1.000.000 omi.Maid that I lock up as only person, then the total amount of erc20.Maid that is not locked-up but circulating (or stored anywhere else) will be 1.000.000 erc20.Maid and the remaining locked-up amount will be 452,552,412 erc20.Maid - 1,000,000 erc20.Maid = 451,552,412 erc20.MAID
Basically by looking at the public smart contract you know how much is locked-up and how much has been released into circulation. Which is great way to understand the demand/liquidity of the erc20 contract that will be out there.
If I were a person and bought erc20.Maid on a DEX I can send it from my ETH address to the swap and claim the omni.Maid to a BTC address that I own. Obviously you have to pay your own GAS fees when sending the erc20 to the swap and also pay for withdrawing the omni.Maid to your own address (which in general is very cheap).
I will do that in time when the code is ready to be publicly available. Currently it’s still in development.
A domain has already been bought but I will all announce those things in near future. Think for now this could be a good stimulation for price/liquidity and benefits us all. Paying for the website/domain etc could eventually be helped out with through donations, that’s not really an issue at the moment.
ya they are called “wrapped tokens” and this would certainly not be the first case of such a thing. So I am like not technical at all but I guess that means its like they are now wrapped in the ETH blockchain and not possible to know the private keys without executing the contract to unwrap … um ya I am sure 90% of the poeple here can explain this better
Interesting to see this… and encouraged by what I’m reading that something might be possible. All power to those who can make it work.
What occurs at the point that there is a swap? I can’t recall if it’s been resolved that will be over time as an option to holders or as one action timestamped. I prefer the option is with the holder of tokens that it is there choice. Does this ERC20 option demand that there is not a snapshot?.. just want to see all points hammered; so, we all understand what is going on.
Right I see, so the plan is to use the RenVM to achieve this? I guess that makes sense because it could also be adapted to wrap real SAFE coin into ERC20 and allow better access to markets at launch? Is that the plan?
already a question , do you use something like the openzeppelin library? (I hope so, because it can prevent some serious overflow bugs which happened on ethereum)
Excuse my ignorance, but how safe and proven is this solution? I’m assuming it should be a big deal for omni, should it be reliable? Should a knowledgeable third party confirm the logic? Is this something @SwissPrivateBanker could help with?
, do you use something like the openzeppelin library? (I hope so, because it can prevent some serious overflow bugs which happened on ethereum)