Community Effort to Launch ERC20 MAID

Albeit it’s a possibility it also brings risk where fees change or a transaction fails. Maybe we should just try several options on test-network and see what challenges arise.

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@DeusNexus see this L2 solution for Ethereum with cheap fees: QuickSwap Info

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Yeah the gas fees are really nasty right now on ETH. Maybe we should postpone the smart contract until ETH 2.0 is out? They promised cheaper fees.

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Look at waves if you want cheap fees

But why not use L2 directly? See that liquidity there is growing by literally millions of $ a day…

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I tested it. Fees are very cheap:

Screenshot_2021-03-06_12-26-24

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@DeusNexus look at Rockside:

The non-custodial Ethereum transaction delivery service. When sending a transaction to Rockside, you provide:
The gas price limit which is the maximum price you want to apply to the transaction and a chosen speed of inclusion in the blockchain.
We make sure your transaction is then executed at the best price in respect to the delay.

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This is interesting:

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4 Billion trade in 8 months is not bad. Could this support MAID? I see they have USDT which is an Omni token.

USDt is not necessarily an Omni token as it’s also available as an ERC-20 and Liquid token - using the same USDt label.

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I haven’t tested it yet, but I think it’s the USDT ERC20 token, not the OMNI token…

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The main problem is to resolve how we can create a swap where the BTC address holding those locked coins is securely distributed among trusted peers so that no one entity has full control. ETH and other smart contracts have a lot of flexibility but BTC doesn’t really have smart contracts besides the lightning network peer-to-peer channels on which OmniBOLT focuses.

A. Create multisig BTC-address that holds all locked MAID, with n-of-k keys (how one would flexibly scale this if more users would join and how to maintain trust is tricky).
B. Use peer-to-peer channels on lightning where people can swap any OMNI asset or BTC for MAID, but the individuals are required to download Omnibolt (not big) and currently this doesn’t support Ethereum smart contracts.

I also wrote best alternative I can think of:

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I tested it. I received nothing.
0 MAIDe, but I’m out of MAID.omni to send.

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Just tried while I still had enough MAID.omni (fake) in my account and it worked, transaction is processed on Ropsten and can be seen with etherscan.

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I don’t get it. It’s not showing up on my wallet. Was I supposed to create a custom account for this?

Could you make it so that certain omni (read: Poloniex, Justin Sun) accounts are prevented from transfer to erc20?

It is possible but that would be in conflict with decentralization. We don’t want a middleman to approve or disprove what happens, that’s the main reason why we use crypto. However I think it’s fair to get a really good explanation from Poloniex why those funds are moving now since many holders were left with empty hands and they could easily be refunded if they got access to omnicore and the private keys.

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Did you switch your metamask to Ropsten and add the smart contract address to your wallet?

Nope. That must have been the mistake I made.

Why not then discontinue the entire OMNI project and start anew with ERC20 tokens?

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