Re: [ANN][ERC20] Glare Token | A DeFi Token backed by Ethereum with built in CD's
Definitely. I have been busy with getting the core product launched and I'm currently working on materials to better communicate how the supply price relationship works and are in turn connected to the CD contracts. It is much easier to explain graphically.
That would be much better. Not everyone can understand the technical details and explaining it in layman's terms would be much easier.Tokens are only minted by sending the contract Ethereum. Once ETH is sent to the contract it stays there and provides backing for GLX. This backing ETH can only be withdrawn when users sell tokens and those sold tokens are burned. Token price is determined by Price = Supply*10^-6. So as tokens are bought and supply rises price rises. If tokens are sold and therefore burned the price will fall. This in turn works with CD contracts to give users a reason to hold onto the tokens for a longer period of time and (in theory) give the token a more stable value.
So that explains it. But then again, the token's price would only increase or be stable as long as those who buy the tokens have something compelling them to hold the tokens. You mentioned, dividends on those CD contracts; how exactly does that work? All those will come from that "10% tax"?Exactly. The CD dividends come from the 10% purchase tax as well as CD contracts that are closed early which are charged a 10% penalty. Therefore if people try to dump their GLX and liquidate their CD contracts those contracts become more valuable and mitigate a price drop.
Thank for asking, the more questions the easier it is to design material explain the product
yeah, it seems to me that this is a work-in-progress, and you are using people from forum questions to comprise better technical paper, but then, you posted this announcement too early, and would lose interest until you write down your technicals
I disagree. All of the technical parts of the project are completed and included in this post. This ANN thread is a work in progress sure, but every token edits and revises theirs as well. What I am now doing is working on ways to communicate what the project is doing in a easily understandable way. Which is a continual process for every crypto, even BTC.
Personally I don't see a purpose of creating a technical paper as no one reads them and for most (even big) tokens they are more marketing information than a true technical paper. An ANN thread is much more effective at explaining a token in my opinion and anyone who is technically inclined can read the smart contracts.