Community Effort to Launch ERC20 MAID

[Sotros25]

@DeusNexus

We got over 20K MAIDe claimed by testers in the test-network and 28 holders!

Awesome!!! Glad the test has run smoothly!

With regards to the transaction fees, how is this handled in other wrapped-token scenarios? Are their cases where people pay their own fees?

[DeusNexus]

For any asset that gets wrapped/locked, there has to be a minting transaction, this has to be payed by the user, the contract address, or through relayers (who will eventually charge the contract and in this case we give them MAID commission).

[Sotros25]

@DeusNexus

For any asset that gets wrapped/locked, there has to be a minting transaction

I get that. What examples exist of transactors directly paying the fee themselves?

[19eddyjohn75]

At some point it would be incredibly helpful, if we would send all the Brave BAT holders and small amount in ER20Maid, so that in the future they could create a SAFE account. These people are obviously more privacy minded.

BAT (BAT) Token Tracker | Etherscan

[Msafe]

Awesome work on this, thanks for all the efforts! I have a few questions perhaps you can help answer.

How does one become a relayer and how does the MAID fee get set given the MAID/ETH rate will be changing ?

Is there any ETA for when this can be made live? Having an ERC20 and uniswap honestly is all MAID needs for accessibility at this point. the wrapped token will be easier to get exchange listings too as not all use the OMNI protocol.

How will this work at MAID->SAFE conversion time, does the flow work both ways or will the ERC20 maid be convertible directly into SAFE with no hop back to OMNI needed?

[DeusNexus]

@Msafe

How does one become a relayer and how does the MAID fee get set given the MAID/ETH rate will be changing ?

I believe a moving average or weighted index of various exchanges could provide it with the most reliable fee structure. Remember you have choice to accept the fee before you proceed with the swap.

@Msafe

Is there any ETA for when this can be made live? Having an ERC20 and uniswap honestly is all MAID needs for accessibility at this point. the wrapped token will be easier to get exchange listings too as not all use the OMNI protocol.

Still looking into the Gas Station Network that will be added to the smart contract. Finding some time now to work on it. I believe majority will trade the MAID ERC20 and not swap back all the time. Once we get to the point of a working Safe Network with the native SNT (Safe Network Tokens) I believe that stopping the process of minting and making people aware that they can claim their MAID.omni back.

Any unclaimed remaining MAID.omni that is still yet to be claimed will remain open.
It also depends how the MaidSafe Team wants to burn MAID.omni and then release those SNT to the corresponding owners. All by all anyone who holds ERC20 can claim back their MAID.omni before the SNT goes live (snapshot of MAID addresses/open-ended burn address/etc) we still don’t know what it will be, getting your MAID back will be no problem.

[vadyhodler777]

Testing swaps
https://i.imgur.com/laevPlR.png

[Knosis]

Welcome to the community. It’s good to have you.

[Nigel]

Our first Pepe avatar! We’re moving up in the world. Feels good, man.

[Sonder]

Amazing work. Thanks for this incredible effort.

[DeusNexus]

Please have a look and see what Gasless MetaTransaction is about. It’s really interesting and makes it a lot easier for people to use it.

Gasless MetaTransactions with OpenZeppelin Defender

[jlpell]

@DeusNexus

This requires a proper system where other people who are willing to provide either BTC or ETH to pay for the fees as a relayer. When a user burns his tokens or tokens get minted they won’t be paying any ETH but the relayer will and in return they will be able to ask for the base-price of the transaction + a commission fee that makes it interesting (e.g. they can earn % of the maid issued as payment).

So a user who is minting MAID.erc20 will see the following

This may be a stupid question. Why can’t the person converting MAID to MAID.erc20 pay for the fees instead of requiring any middlemen? Same qiestion goes for conversion back from MAID.erc20 to MAID?

[Sotros25]

@jlpell

Why can’t the person converting MAID to MAID.erc20 pay for the fees instead of requiring any middlemen?

This seems like the simplest solution to me as well

[DeusNexus]

As mentioned in the MAID Trading:

MaidSafeCoin (MAID & eMAID) - Price & Trading topic (Part 2)

I will try to make all code of the current state of how it is public. Few issues that are already pointed out by the community which are: Centralized Node holding all MAID.omni and issuing MAID.erc20 The demo that we have is currently using this approach as it’s the only node running and that makes it prone to attacks, distrust and easier to fail if the server goes offline. Solution Go with a distributed multi-signature approach where the collective holds the funds and with every new nod…

With this new approach to make it fully decentralized and single deposit address we will also no longer need to register to the website. You only need to provide the sending/burning address (before you send/burn!!) and the address where you want to receive tokens on.

[jlpell]

@DeusNexus

You only need to provide the sending/burning address (before you send/burn!!) and the address where you want to receive tokens on

The maid address sends maid and btc to pay fees, and must state an eth address for receiving the erc20.

Why not require that the way to state the eth receiving address is by sending a payment from that address to cover the eth fees?

[archytect]

Would it make more sense at this point to use BSC over ETH to swap coins? It’d be cheaper to deploy the contract there as well as the fees to swap.

[bones]

Isn’t eth a bigger ecosystem, more exchanges , more money in it etc?

[archytect]

for now yes, but bnb which is what the Binance Smart Chain uses just became the #3 coin and whatever can run on ETH can run on it minus the high fees. all the other exchanges would have to adapt eventually and money will probably go there

[David_MacGregor]

Good thinking. The market is giving a lot of attention to BSC so it’s definitely worth exploring.

[Dimitar]

@archytect

all the other exchanges would have to adapt eventually and money will probably go there

No problem to make the ERC20 token on ETH and make other wrappings (of the ERC20 token) on all empty blockchains