Wrapped MAID (ERC20 token)

Hello friends,

what do you think of the idea to do Wrapped MAID to deliver the power of MAID with the flexibility of an ERC20 token :dragon:

Wrapped MAID (WMAID) can be the first ERC20 token backed 1:1 with MAID.

Completely transparent. 100% verifiable. Community led. :rocket:

The second option is:

Please suggest how this can be done?

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The very best would be if there was a way to just bridge the blockchains like how they did with DOGE on the ETH chain. The disadvantages there are that it requires some technical work, and (at least the DOGE bridge) is kinda expensive to use. The advantage is everything is fully automated and all you have to trust is a smart contract anyone can go look at.

Next best would be if Maidsafe acted as the intermediary and at least hosted a 1 time swap at the start of DEX trading and another 1 time swap when real safe-coin exchange was happening. Disadvantage is I think we already asked them and @dirvine said no thanks, its not worth the cost in time and money to make sure this was all fully legal.

The most realistic option in my mind is we elect some trusted people from this forum to have keys to a multisig for swapping between ETH or TRON blockchains and OMNI. Really there is no barrier to making a token and saying you will swap it for MAID. Anyone can really do it. The issue is trust. That said I would trust some veteran members of this forum to do it.

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Can you name people to ask them if they would take such responsibility?

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I imagine @jpl, @happybeing and @Savage would be a good three to ask to begin with

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I’d trust you! I’d also ask @neo and @Traktion as well as the people Shane mentioned

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@dirvine If the community did the following would you honour a 1:1 swap with ERC20-MAID to Safecoin?

  1. Announce that between two set dates of 60 days, e.g 1st March 2020 to 30 April 2020, an opportunity to swap OMNI tokens to ERC-20 will be available
  2. Mint 452,552,412 ERC-20 tokens
  3. OMNI Tokens are exchange to ERC-20 Tokens
  4. Once the 30th April is reached no more tokens are issued
  5. Remaining ERC-20 tokens as sent to a burn address
  6. OMNI tokens are sent to a burn address

This means the admin window for swapping coins is limited.

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I feel it like just students side job to make Chainrift exchange. If running exchange for 1,75 year with so little volume was not that big problem, than what cost come with added BTC/MAID pair and increased volume, that they can not handle it ?

They looks like gamblers or on drugs… :zipper_mouth_face:

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Thinking that would require that MAID on Omni would still be an option… otherwise there’s liability there for those who don’t spot the move.

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The OMNI tokens will still be valid of course.

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Of course… assumes others see what you are suggesting.

Where did you pull that figure from? 452,552,412

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I got that number from coinmarketcap

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So, it could be any number less than that…

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I’m not following, thats the maximum omni token supply. We need the same amount in ERC-20 for a 100% conversion.

But that won’t happen, so if the community has 50% left over, they are burned at the end.

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@Dimitar would this plan be something you would consider being part of? like doing the swap

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I’ve never owned ETH… closest I came was attending their first meetup.

If daily volume is to be believed as equal nonsense ETH is half of BTC.

Volume (24h)
. Bitcoin $49,981,103,155
. Ethereum $27,069,247,365

I don’t know enough to have a strong opinion on this.

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I prefer your proposal because it will be a one-time commitment :dragon: But let’s see what others say…

This looks like really most real version of what we can do. Than we do not really need to care if it is in every country in the world 100% legal if the main thing would be trust to our Trustees.

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I prefer mine too, because once the swap is done, the tokens are 100% verifiable to have value. If @dirvine will honour them.

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well I think the trustees would care to make sure its 100% legal. Never really thought about that part. Although tons of people issue tokens on DEXs and I don’t see them getting carted off to the gulag.

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I strongly support a dual OMNI and ERC20 token. Higher accessibility, higher liquidity, higher token price, higher funding for Maidsafe.

I’ll offer my technical skillset should it be necessary for facilitating this initiative.

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