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TokenUnion is a decentralized application that automatically rewards you for storing Ether or ERC20 tokens. The best way to store cryptocurrency.
Earn rewards. Users send their tokens to the contracts of storage and earn rewards at the same nominal value of the tokens that they hold. Set it and forget it.
Get rewards in the same tokens you keep. The rewards that users receive are converted to the same tokens that they store in the storage contract through Bancor. For example, if you get 1000 UNI as a reward, with 60% of your contribution being BAT and the remaining 40% being OMG, 600 UNI in BAT— equivalent will be returned to your contract, and 400 UNI in OMG-equivalent, which will increase your initial position.
Fully self-contained distribution of rewards. By keeping their tokens in storage contracts, users agree to pay a fixed fee to UNI, the native token, when making a withdrawal of their funds. When paying by users of this Commission, the smart contract distributes it at the program level among all network members as rewards in proportion to the percentage of the total cost of the network (TNV, Total Network Value), which are user deposits.
Absolute decentralization and provable justice. The TokenUnion network does not rely on any Central authority for its operation. It functions completely independently, based on predefined conditional constructs written in the code, and will work as expected as long as there is an Ethereum blockchain.
Smart contract architecture
The team has isolated the balances on which the user tokens are stored into a separate contract and isolated it from the interface controlled and used by individual users, so it is possible to update the interface in order to introduce more advanced features in the future without having access to the tokens.
In addition, such separation significantly limits the partnership risks and protects user tokens from potential hacks. Only users who own private keys can display tokens. Because only UNI rewards are stored in the Reward Dao contract, user tokens are isolated from potential centralized attack vectors. The team has taken every precaution to ensure the security of the contracts, and added this last security feature in case of an unexpected vulnerability. Before deploying a decentralized application on the main Ethereum network, the team will find a professional audit firm to conduct a Protocol check.
The center of the innovative TokenUnion model, TVT, is the withdrawal fee. It is a fixed amount expressed in UNI, a native token, which is determined at the time when tokens are sent to a TokenUnion storage contract. The Commission is equal to 5% in the nominal value of UNI at its current market rate from the value of stored tokens expressed in Ether. Thus, if someone sends tokens worth 1000 Ether to the storage contract, his Commission will be 50 Ether to UNI in accordance with the market value of the latter.
When receiving rewards, the same formula (5% in UNI) applies to all incoming rewards, and the amount received is added to the withdrawal fee. Determined at the time when tokens are sent to the storage contract, and changing only in cases of receiving rewards, the Commission will be paid at the time of withdrawal.
The Commission is fixed at UNI (i.e. 10,000 UNI) and can only be subject to the dynamics of one variable: the market rate.
Partial withdrawals will not be possible in the near future, as this function may reduce the incentive to long-term storage. However, the team will retain the right to investigate the subsequent implementation of a more complex withdrawal algorithm that will allow for dynamic calculations and step-by-step withdrawals.
UNI is a subsidiary of token used for payment of fee for withdrawal network TokenUnion. Given the relationship between the utility and the market power of UNI, it is likely that demand for UNI will increase as a result of rapid market developments. UNI does not entitle its holders to any income or remuneration. The only way to use it is to pay a withdrawal fee.
The distribution of rewards
Every time there is a payment of a fee, 100% of the collected amount is distributed among the users via a token stored in the contract storage in the network TokenUnion; Association TokenUnionне passed no part of the fee for the withdrawal. TNV represents the total, expressed in Ether, value of all tokens in the TokenUnion network. Rewards are issued in accordance with the percentage of TNV, which are the deposits of individual users.
For example, a user who owns a total of 1.8% of TNV will receive 1.8% of the withdrawal fee, however often its payment occurs. TNV is constantly recalculated in Ether, taking into account changes in the rate of nested tokens.
To sum up, the project is managed by a highly qualified team.There is an increased interest in social networks, the team actively cooperates and answers all the questions. The offered product is technologically advanced and quite unique
Authored by: Olagoke Gbade
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