Author

Topic: [ANN] VETHER: A STRICTLY-SCARCE ETHEREUM-BASED ASSET (Read 1600 times)

jr. member
Activity: 55
Merit: 1
Vader is close to launch! There are some changes and different paths for how to proceed being decided.
https://twitter.com/VaderProtocol/status/1455442135776440328?s=20
If you hold Vether and haven't checked in on the project lately, please get caught up on the Discord or Telegram.
jr. member
Activity: 55
Merit: 1
There's a new Telegram for Mandarin speakers.
https://t.me/vaderprotocolcn
sr. member
Activity: 519
Merit: 250
vetherasset.app


Vader will be ready in a month.

Luna deflationary minting + Bancor IL protection + Thorchain CLP.

Vader is an exchange with a stablecoin of Luna, IL insurance of bancor and CLP of rune.

To get Vader you have to burn VETH 1:1. (and to get VETH you burn ETH)

You can Buy Vether here: https://app.uniswap.org/#/swap?inputCurrency=0x4ba6ddd7b89ed838fed25d208d4f644106e34279&outputCurrency=ETH

Chart: https://www.dextools.io/app/uniswap/pair-explorer/0x3696fa5ad6e5c74fdcbced9af74379d94c4b775a



Being the only way to acquire Vader, VETH will enter a deflationary vortex, a black hole that will drain the supply and push the price info thousands of dollars. I expect VETH price to surpass $1000 with the launch of Vader.

There's simply a sell side liquidity crisis with only 500k coins in circulation and most of the addresses are dormant or forgotten as this project has been considered as dead.

Market cap is tiny as well as FDV which is nothing comparing to other protocols and Vader will be more advanced than Bancor, Luna and Thorchain.



Rune FDV 2.6B
Luna FDV 20B
BNT FDV 1.2B

Vether 9m
jr. member
Activity: 55
Merit: 1
Project leader strictly-scarce has come back with new design documents and seems ready to build new stuff!
Probably not coincidentally, the price enjoyed a nice bump. https://twitter.com/VetherSunrise/status/1374567049796587528
Come to the Discord. It's back on.
jr. member
Activity: 55
Merit: 1
This project is market as Untracked Listing on coinmarketcap. Don't know why it is, but it looks not very confident, hope it will be changed soon
Thanks for reminding us. We're inquiring about it.

Edit: the issue is that CMC requires VETH to be on at least two of their supported exchanges. We're on one, their #1 DEX: Uniswap. If we can get on another exchange, I can update a CMC ticket.

Edit 2: CMC's not satisfied with the daily volume, either. Hopefully this situation will improve later. We'll keep this CMC listing issue in mind and try to get it fixed as things improve.
jr. member
Activity: 55
Merit: 1
We have entered era 2! Emission has been halved to 1024/day.
newbie
Activity: 2
Merit: 0
https://vetherasset.org/stats

Stats Proving the fair distribution model.

When Vader Pools launch Vether Visibility will increase a lot because the burn mechanism Vether/Vader.

newbie
Activity: 1
Merit: 0

So what exactly is the use again of this token? You mentioned it is a strictly scarce ethereum based asset, but even if the supply is scarce and with no actual application in the market, the value will not improve in the market. Burning some assets will not be helpful if you have no real use case here. So once again, where can we use your tokens? Can you explain more about this Proof-of-Value why it will aid in the Vether's continuous existence in the market? What if users are not interested anymore in trading your token, where will your eth come from?
As per the OP it means this one is a store of value. I find this coin very interesting but I haven't still hopped in, maybe on the next eras. As a store value I think it has still its use, simply, hold it.

I think the other piece of this puzzle is it's additional quality of being programmable. Since we have such a sturdy "support" mechanism implemented in a token that can interact with instructions, I think we could see some very interesting use cases pop up. Using Vether as collateral to mint synthetic assets being an apparent one. I admittedly don't know a lot about the mechanics of defi but it seems like a provably fair, immutable and intrinsically valuable ERC20 is an inherently useful thing.
hero member
Activity: 2030
Merit: 578
No God or Kings, only BITCOIN.

So what exactly is the use again of this token? You mentioned it is a strictly scarce ethereum based asset, but even if the supply is scarce and with no actual application in the market, the value will not improve in the market. Burning some assets will not be helpful if you have no real use case here. So once again, where can we use your tokens? Can you explain more about this Proof-of-Value why it will aid in the Vether's continuous existence in the market? What if users are not interested anymore in trading your token, where will your eth come from?
As per the OP it means this one is a store of value. I find this coin very interesting but I haven't still hopped in, maybe on the next eras. As a store value I think it has still its use, simply, hold it.
newbie
Activity: 13
Merit: 0
Vether is designed to be a store-of-value with properties of strict scarcity, unforgeable costliness, and a fixed emission schedule. It is not entirely clear in which case the use of Vether is much preferable to other savings options.
full member
Activity: 1848
Merit: 158
Vether Pools V1 a success.

Ran for 3 weeks and accumulated 900 VETH in fees (depth of 3000 VETH) giving it an APY of 600%.

Vether Pools V2 has now been launched, with improvements, increase of cap to 10k $VETH, and TOKEN<>TOKEN trading.

APY for stakers currently > 1000%

https://vetherasset.org/stake

So what exactly is the use again of this token? You mentioned it is a strictly scarce ethereum based asset, but even if the supply is scarce and with no actual application in the market, the value will not improve in the market. Burning some assets will not be helpful if you have no real use case here. So once again, where can we use your tokens? Can you explain more about this Proof-of-Value why it will aid in the Vether's continuous existence in the market? What if users are not interested anymore in trading your token, where will your eth come from?

newbie
Activity: 13
Merit: 0
Vether Pools V1 a success.

Ran for 3 weeks and accumulated 900 VETH in fees (depth of 3000 VETH) giving it an APY of 600%.

Vether Pools V2 has now been launched, with improvements, increase of cap to 10k $VETH, and TOKEN<>TOKEN trading.

APY for stakers currently > 1000%

https://vetherasset.org/stake
jr. member
Activity: 55
Merit: 1
jr. member
Activity: 55
Merit: 1
Attention all, if you own Vether and haven't upgraded, this is a perfect time to do it!
The dapp makes it easy. Join the Discord if you have any problems!
jr. member
Activity: 55
Merit: 1
Thank you for your detailed reply. That surely addressed my security issues and I think others like myself will benefit from it.
Thanks for being reasonable! Please join the Discord if you have any interest.
sr. member
Activity: 1039
Merit: 250
BabelFish - FISH Token Sale at Sovryn
everyone now can trade this token at uniswap, and only that exchange in coinmarketcap list,
hope next excange soon
https://coinmarketcap.com/currencies/vether/markets
newbie
Activity: 35
Merit: 0
Thank you for your detailed reply. That surely addressed my security issues and I think others like myself will benefit from it.
newbie
Activity: 5
Merit: 0
Small correction: 1 in 2^256-1  Smiley
newbie
Activity: 13
Merit: 0
This looks so damn scammy.

Burning eth you say ay ?? Bullshit.

Check this address: https://etherscan.io/tokentxns?a=0x0111011001100001011011000111010101100101

If you look at the last tx you will see that this guy controls the address.

No eth is burned. It's just going into his pocket.

During the contract construction an event was emitted that informed Etherscan of the minting:


    // Constructor
    constructor() public {
        ...
        balanceOf[address(this)] = totalSupply;
        emit Transfer(burnAddress, address(this), totalSupply);                             // Mint the total supply to this address
        ...
    }


The contract increments its balance to the totalSupply (which is 1m) and the transfer event is done in order for Etherscan to *track* the creation of the asset and increase the balance accordingly.

The burnAddress was used to simulate the creation of Vether, because that is where all the Ether is burnt:


// Calls when sending Ether
    receive() external payable {
        burnAddress.call.value(msg.value)("");                                              // Burn ether
        _recordBurn(msg.sender, msg.sender, currentEra, currentDay, msg.value);             // Record Burn
    }


This is typically how new dynamically created assets are minted and destroyed, except address(0) is used:

https://etherscan.io/address/0x0000000000000000000000000000000000000000

====================

However, Uniswap forbids sending assets to the address(0):

https://github.com/Uniswap/uniswap-v1/blob/master/contracts/uniswap_exchange.vy#L163

So another address must be used. This address is the binary encoding of the word `value`, which you can verify for yourself at:

https://www.rapidtables.com/convert/number/ascii-to-binary.html

The likelihood that someone has the private key to this address is the same likelihood of someone having the private key to address(0), since they are both valid Ethereum addresses.

Mathematically it is 1 in 2*256-1, of which there aren't even enough atoms in our universe to count this. This video covers this:
https://www.youtube.com/watch?v=bBC-nXj3Ng4


====================

I hope that addresses your concerns.
newbie
Activity: 5
Merit: 0

Understood. Thank you for the explanation.

No problem. Also, regarding the first transaction from the 0xvalue address to the Vether contract here are some good explanations: https://www.reddit.com/r/ethereum/comments/8e0r1u/erc20_transfers_from_address_0/

Usually erc20 tokens use the genesis address as I said (0x0) but in this case that wasn't possible.
newbie
Activity: 35
Merit: 0
So you are saying the ETH is actually burnt?

To burn ether just means to send it to the genesis address. But that address does not work with uniswap so Vether would not have worked properly with uniswap. That's why he changed it to this address. If you convert the address from binary to ascii it just spells "value". It's just an arbitrarily chosen address that no one will ever own. Just like the genesis address. You can read more about that here: https://ethereum.stackexchange.com/questions/52908/who-has-access-to-ethereum-0x0000000000000000000000000000000000000000-address

Understood. Thank you for the explanation.
newbie
Activity: 5
Merit: 0
So you are saying the ETH is actually burnt?

To burn ether just means to send it to the genesis address. But that address does not work with uniswap so Vether would not have worked properly with uniswap. That's why he changed it to this address. If you convert the address from binary to ascii it just spells "value". It's just an arbitrarily chosen address that no one will ever own. Just like the genesis address. You can read more about that here: https://ethereum.stackexchange.com/questions/52908/who-has-access-to-ethereum-0x0000000000000000000000000000000000000000-address
jr. member
Activity: 55
Merit: 1
So you are saying the ETH is actually burnt?

It sure as hell is sent to an address nobody has the private key for, unless they broke extremely fundamental crypto or have access to an alien supercomputer. That is what we call burnt in this project.
newbie
Activity: 35
Merit: 0
Check this address: https://etherscan.io/tokentxns?a=0x0111011001100001011011000111010101100101
If you look at the last tx you will see that this guy controls the address.
No eth is burned. It's just going into his pocket.

Take another look at that address. Know anything about keypair generation? If somebody is in control of that address, they need to be awarded the Fields medal.

For fun, go try to generate a keypair with just the first 8 bytes consisting of nothing but ones and zeros. Let us know how it goes.

So you are saying the ETH is actually burnt?
jr. member
Activity: 55
Merit: 1
Check this address: https://etherscan.io/tokentxns?a=0x0111011001100001011011000111010101100101
If you look at the last tx you will see that this guy controls the address.
No eth is burned. It's just going into his pocket.

Take another look at that address. Know anything about keypair generation? If somebody is in control of that address, they need to be awarded the Fields medal.

For fun, go try to generate a keypair with just the first 8 bytes consisting of nothing but ones and zeros. Let us know how it goes.
newbie
Activity: 35
Merit: 0
This looks so damn scammy.

Burning eth you say ay ?? Bullshit.

Check this address: https://etherscan.io/tokentxns?a=0x0111011001100001011011000111010101100101

If you look at the last tx you will see that this guy controls the address.

No eth is burned. It's just going into his pocket.
member
Activity: 217
Merit: 10
Would you like to give it a shout-out on my crypto network for free?
newbie
Activity: 13
Merit: 0
“Gentlemen you had my curiosity ... but now you have my attention.”

Thanks for you attention.

Feel free to ask about the roadmap here or in Discord. Vether is a unique asset.

https://discord.gg/c5aBC7Q
legendary
Activity: 1246
Merit: 1000
“Gentlemen you had my curiosity ... but now you have my attention.”
newbie
Activity: 13
Merit: 0
Not trying to create FUD in anyway here but a possible flaw may have been discovered as touching the valuation mechanism for VETH emission.

I could create a shit token and it would be easy to make its price high on uniswap, and as no one else can mint/own that token so there's no way anyone can sell to crash the price. I could then simply burn that token to receive VETH.

Is there any plan to mitigate the possibility of such an event? IMO value should've been tied to burning ETH alone.

That won't affect Vether Emission, since the *price* isn't used. Instead the asset is *sold* for Ether atomically, and that Ether is burnt. So the attacker would be burning their own Ether.

Even for tokens that don't have markets, only the Ether consumed as gas is counted. So in all cases, only Ether is "burnt". Token support is added for the benefit of making the asset accessible to "almost any" other asset, even though only Ether is counted.

Thanks for your attention.
jr. member
Activity: 108
Merit: 1
Not trying to create FUD in anyway here but a possible flaw may have been discovered as touching the valuation mechanism for VETH emission.

I could create a shit token and it would be easy to make its price high on uniswap, and as no one else can mint/own that token so there's no way anyone can sell to crash the price. I could then simply burn that token to receive VETH.

Is there any plan to mitigate the possibility of such an event? IMO value should've been tied to burning ETH alone.
newbie
Activity: 2
Merit: 0
@strictly-scarce

Here's the Discord server (link updated):
https://discord.gg/GFBcGZ
newbie
Activity: 2
Merit: 0
You can now trade your acquired VETHER on dex.0xchange.org - decentralized dapp exchange based on 0x protocol.
We've just opened several VETH markets.
No deposits are needed, just connect your favorite Web3 compatible wallet and trade.

Trade VETH for ETH here:
https://dex.0xchange.org/#/erc20/?base=veth"e=weth

Hope you will enjoy it.

@ylwghst
newbie
Activity: 13
Merit: 0
Please let me know if you start a telegram or discord and I'll add the links to the page and push people there.

The logo is: https://vetherasset.org/vether-logo-256.png

jr. member
Activity: 108
Merit: 1

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA256

12 May 2020

# Vether Deployed To Mainnet

https://vetherasset.org/

Contracts:
https://github.com/vetherasset/vether-contracts

*Important Details*
* Burn Address is now 0x0111011001100001011011000111010101100101 which is the binary encoding of the word "VALUE", since UniSwap forbids sending to address(0)
* addExcluded() is a function which requires a fee of 128 Vether to exclude an address from the transaction fee.
* DefSwap was removed since it is not a standard implementation of UniSwap Registry Contract and has low liquidity.

## Vether Roadmap

Vether Asset will have the following roadmap:

*UniSwap Listing*
Listing on UniSwap (early in Era 1)

*Vether Pools*
A liquidity pool network with Vether as the settlement asset and a dynamic slip-based fee model to prevent price manipulations and maximise liquidity provider revenue, supporting asymmetric staking and withdrawals. (Era 2)

*VUSD*
A USD stablecoin collaterised by pooled assets using Vether Pools as both a pricing and liquidation mechanism, pegged against a median of 5 other stablecoins, a first-order incentive system to maintain price, with CDP holders as the buyer and seller of last resort. (Era 3)

*Vether Synthetic Assets*
Synthetic Assets collaterised by pooled assets, using Vether Pools as both a pricing and liquidation mechanism, pegged against a reference asset and with a first-order incentive system to maintain price, with CDP holders as the buyer and seller of last resort. (Era 4)

- -ss
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When Telegram or Discord?
newbie
Activity: 13
Merit: 0

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA256

12 May 2020

# Vether Deployed To Mainnet

https://vetherasset.org/

Contracts:
https://github.com/vetherasset/vether-contracts

*Important Details*
* Burn Address is now 0x0111011001100001011011000111010101100101 which is the binary encoding of the word "VALUE", since UniSwap forbids sending to address(0)
* addExcluded() is a function which requires a fee of 128 Vether to exclude an address from the transaction fee.
* DefSwap was removed since it is not a standard implementation of UniSwap Registry Contract and has low liquidity.

## Vether Roadmap

Vether Asset will have the following roadmap:

*UniSwap Listing*
Listing on UniSwap (early in Era 1)

*Vether Pools*
A liquidity pool network with Vether as the settlement asset and a dynamic slip-based fee model to prevent price manipulations and maximise liquidity provider revenue, supporting asymmetric staking and withdrawals. (Era 2)

*VUSD*
A USD stablecoin collaterised by pooled assets using Vether Pools as both a pricing and liquidation mechanism, pegged against a median of 5 other stablecoins, a first-order incentive system to maintain price, with CDP holders as the buyer and seller of last resort. (Era 3)

*Vether Synthetic Assets*
Synthetic Assets collaterised by pooled assets, using Vether Pools as both a pricing and liquidation mechanism, pegged against a reference asset and with a first-order incentive system to maintain price, with CDP holders as the buyer and seller of last resort. (Era 4)

- -ss
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newbie
Activity: 13
Merit: 0

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08 May 2020

# Vether Contract Bug Bounty

There is ~10 Tornada-Cash Ether at this address: 0xbB29a994f3Ac91EbD27C136aDABbc4B90d56909c

This will be the bounty for a short 4 day bounty period for the Vether Smart contract.

|----------|----------|----------------------------------------------------------|
| Severity | Payout   | Description                                              |
|--------------------------------------------------------------------------------|
| Critical | 10 Ether | Emission of Vether not in accordance with the whitepaper |
| Major    | 5 Ether  | Failure of the contract or stuck funds. Integer overflow |
| Minor    | 1 Ether  | Significant Gas Optimisations                            |
|--------------------------------------------------------------------------------|

Please post your bounty claims here as a Github Issue. The error and its fix should be clearly articulated.

If none are found, Vether will go to mainnet on 12 May 2020.

- -ss
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newbie
Activity: 13
Merit: 0


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05 May 2020

## Testnet (Rinkeby)
Vether testnet has been deployed to: https://vetherasset.org
Smart contract code verified: https://rinkeby.etherscan.io/address/0xd447b74e5ff9faf98eb66dc59dc2c91dd47736dc#code

It uses the following constructor parameters:

    //testnet
    name = "VETHER"; symbol = "VETH"; decimals = 18; totalSupply = 16380*10**decimals;  // Set asset details
    emission = 2048000000000000000000; currentEra = 1; currentDay = 1;                  // Set emission, era and day
    genesis = now; daysPerEra = 4; secondsPerDay = 10000;                               // Set genesis time
    burnAddress = address(0);                                                           // Set burn address to Ethereum Genesis
    registryAddrArray[0] = 0xf5D915570BC477f9B8D6C0E980aA81757A3AaC36;                  // Set UniSwap V1 Rinkeby

It will run for 5 days with 2 days in the Fee Era. Eras are approximately 2.8 hours long. There are only 16,380 testnet Vether.

## Smart Contracts
Vether Smart Contracts are here: https://github.com/vetherasset/vether-contracts

**SafeMath**
Eschews SafeMath in favour of considered arithmetic. *Please check all arithmetic*. Internal state only manipulates numbers based on blocktime and Ether quantity burnt from users, neither of which can overflow 1e256-1.

**addExcluded()**
There is a special function called addExcluded(), however it costs 1024 Vether to call. It is intended to use this function to exclude future Vether-based smart contracts from charging the transfer fee of 10 basis points. Since anyone can call this function to exlude themselves from paying transfer fees, it is likely that only high-volume addresses that move more than 1m Vether per year will call this function since it makes no sense to burn 1024 Vether to save anything less than that.

**Code brevity**
The code is intended to be easily read with trailing comments, but also favours brevity.

**addRegistry**
The smart contract has the addRegistry() function commented out since it causes an attack vector. This will be removed in entirety soon. There is reason to instead add a function called removeRegistry() with a fee of 2048 Vether that allows the contract to remove UniSwap and DefSwap in future if they are ever exploited.

**Analysis**
Dependency analysis has been done in this folder: https://github.com/vetherasset/vether-contracts/tree/master/analysis

**Further Analysis**
A static analysis (https://github.com/crytic/slither), or a fuzzer analysis (https://github.com/crytic/echidna) has not been completed. It would be welcome from the community to do this.

## DApp UI
The DApp is live on the URL above. Please feel free to interact with the contract. It uses React + AntD. There is room for improvement and further features.

The UI code is here: https://github.com/vetherasset/vether-dapp

## Mining Client
A mining client has been released: https://github.com/vetherasset/vether-miner

This client allows users to "set-and-forget" mine the contract by sending a small amount of Ether every day into the contract. It is imagined those who mine the contract will be the bidders-of-last-resort establishing a cost-floor for Vether. The mining-client has support for BIP39 derived addresses, and can mine for a "cold-wallet".

The mining client can be run locally or deployed to an online server (Heroku) for un-interrupted mining. Instructions are provided.

## Next steps
Please scrutinise the code and help perform more analysis in the implementation. Pull requests are welcome.

If all goes accordingly, Vether will be deployed on mainnet on 12 May 2020.

- -ss
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newbie
Activity: 13
Merit: 0
Vether is an experiment in digital scarcity on Ethereum.

Digital scarcity doesn't just refer to an asset having a finite supply or emission, more-so it is about distribution: how to distribute it to as many people as possible without eroding its value.

**PoW**
In a Proof-of-Work network the asset is emitted to those who contribute computational power. That power is purchased out-of-band and the asset is emitted in return for proving having made a computation. The difficulty is adjusted in response to increases of resource commitment. Capital is continually expended in order to maintain the ability to acquire newly minted assets. Thus it can be said that those assets are acquired "at-cost".

**PoW-like**
Merkle grinding (https://multicoin.capital/2018/11/09/new-models-for-token-distribution/) was an experimental method to give out assets in return for a computational proof. 0xBitcoin (https://0xbitcoin.org) is another asset that was emitted in return for a PoW scheme on Ethereum. However the problems with PoW or PoW-like schemes is the subset of users who can participate is limited to those who can run a client on a physical machine and consume physical energy.

**Capital-based**
An alternative is to consider that capital itself is finite, and that it can be consumed when acquiring a new asset - aka the ICO model. Theoretically this sounds fine (distribute the asset in return for capital), but that capital is spent elsewhere - so it is value-dilutive. As an example, if $15m was collected for a new asset, then there is now $15m in token value and $15m in the original ICO funds. How can the additional $15m be justified? Value can't be created in that manner.
Additionally, ICOs typically had founder tokens (advisor, reserve, marketing etc etc), and these tokens are distributed at significant mark-down. This further eroded the ability for the asset to have value integrity and the number of assets in -90%+ drawdowns is testament to the poor ability of these assets to retain value.

**Airdrops**
Airdrops give out assets for free, and are a poor model since if no value is committed for an asset it is difficult for it to attain a monetary premium.

**Proof-of-Value**
Proof-of-Value is an experiment in asset distribution. Vether, which implements PoV, begins with a supply of 0 and a value of $0.00. Every day, any user can acquire newly minted Vether by provably burning value. Instead of $1 being sent to an ICO address, the $1 is forever burnt. The emitted Vether then has a cost (and perceived value) of $1 much more convincingly than an ICO token.

If Vether attains a monetary premium then the daily burn of value will equal the daily emission of asset. Ie, if Vether has a market value of $1, and 100 is to be emitted, then the amount of capital burnt will equal <$100. If the market cannot support $100 of Vether being sold, then it will settle on a new price. This will cause Vether to settle to an equilibrium of its true market price much quicker and sustainably.

This phenomena was observed during the 350-day EOS crowdsale, where every day 10-30k Ether was consumed by the contract and sold on Bitfinex markets. The Bitfinex market was able to absorb the selling pressure and the price of EOS was very stable throughout (in terms of ETH). However the use of EOS funds is questionable. Will $4bn be 100% consumed to benefit the ecosystem or will it in turn be value-dilutive?

In terms of accessibility, Vether can consume most assets on Ethereum, (Eth and ERC-20 tokens with/without markets) so is an extremely accessible asset. All that is required is an Ethereum wallet with assets on it.

**Liquidity**
It is important for Vether to have liquidity in order to allow faster price-discovery. Accordingly, a liquidity pool will be bootstrapped on UniSwap and its price discovery will be encouraged. Thus, any holder of Vether can exit or enter at any price the market can support.

**Future Plans**
Vether has a long (10 year) emission schedule and thus has sufficient time to converge to a fair price. Vether will be a unique asset, one in which anyone can fairly acquire and nobody can unfairly benefit. It should have a much more stable price than most other assets and thus is suitable for a variety of use-cases that require price-stability. Two immediate use cases are:

1) Liquidity Asset
2) Debt Asset

These two use-cases will be activated in a later Era.

- ss

newbie
Activity: 13
Merit: 0
Vether will begin with an emitted supply of 0 and a value of $0.00. It will then be emitted in return for burnt capital. The value of Vether is entirely speculative, but there is a non-zero chance of it attaining a monetary premium.

The website will be turned into a DApp on 12 May 2020. The DApp will have all the functionality required to acquire Vether.

In time a UniSwap liquidity pool will be integrated to ensure Vether has a liquid market. There is more functionality planned at a later date.

- ss
sr. member
Activity: 1988
Merit: 275
So how can you create value for this token? Your website's content is the same as your OP's content, all texts. I don't know if someone will be willing to buy your token without any Proof of Value as of now. Where can they use it aside from the possible trading in exchanges? Though the quantity is very small but please explain how it will be valuable?
newbie
Activity: 3
Merit: 0
OK I'll bite, interesting idea
newbie
Activity: 13
Merit: 0

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Landing page: https://vetherasset.org

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newbie
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Source code will be released for review on 05 May 2020
Vether genesis will be on 12 May 2020
- -ss

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newbie
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    //========================================VETHER-WHITEPAPER========================================//
   
    # WHITEPAPER
    ### Vether: A strictly-scarce Ethereum-based asset
   
    **Abstract**
    Vether is designed to be a store-of-value with properties of strict scarcity,
    unforgeable costliness [1] and a fixed emission schedule. Vether mimics
    characteristics of Bitcoin [2], where miners compete to expend capital to acquire
    newly-minted coins and chase ever-decreasing margins.  Instead of expending capital,
    Vether participants compete to purchase it by destroying capital on-chain.
    As a result, all units of Vether are acquired at-cost and by anyone.
    This mechanism is called Proof-of-Value.
   
    ## Introduction
    When a new monetary asset is created the key problem is a matter of distribution - how to fairly distribute it
    to a wide number of participants such that anyone can acquire it and all units are distributed at-cost.
    Bitcoin's entire fixed-supply is being distrbuted fairly and at-cost, however Ethereum and the tokens
    created on it have not undergone the same process. As such, the value held by Ethereum and its tokens
    continually inflate as more are created at various cost with unpredictable distribution.
    Vether is designed to return scarcity properties to Ethereum, captured in a single fixed-supply asset,
    emitted in a way that continually absorbs value, at the same time as being distributed fairly and at-cost.
   
    ## Acquiring Vether
    Vether can only be acquired by destroying an asset with existing value, such as Ether or ERC-20 tokens.
    All value is measured in units of Ether, and token value is derived from liquidity-pool markets.
    Unpriced tokens have their value derived from the cost of gas used to destroy them.
    All assets are destroyed by sending them to the Ethereum genesis address.

    ## Emission Period
    Vether is auctioned off in Days of around 23.5 hours. 244 Days make up 1 Era.
    The 12th Era is 1064 Days long and the total Emission Period is 10 years. The overlapping time periods
    ensure Era and Day changes happen across different time periods and seasons globally.
    The Emission begins with 2048 per day, which halves each Era until it is 1 Vether per day in the 12th Era.
    After exactly 10 years the total emitted supply of Vether will be exactly 1,000,000 and cannot ever be increased.

    ## Network Fee
    Each transaction of Vether incurs a small fee of 10 basis points, which is returned to the contract.
    These fees accrue and will be emitted only after the Emission Period, at 1 Vether per Day.
    At a monetary velocity of 1, enough fees accrue in the first 10 years to power emissions for another 30 years.
    At higher velocities, the fee acts as a deflationary force.

    ## Stock-To-Flow
    Vether begins with a stock-to-flow of 1 that doubles each Era to be 2670 after 10 years.
    Since all units are acquired at-cost and emitted continuously, if Vether develops a market the halvings
    will function to reduce supply and increase value. This will reinforce Vether as a store-of-value.
    After the Emission Period, accrued fees provide on-going flow that fixes the stock-to-flow at a minimum of 2670 indefinitely.
    Thus, as long as there is economic activity, Vether can absorb value from Ethereum-based assets in perpetuity.

    ## Conclusion
    Vether is a strictly-scarce asset that has a fixed emission schedule and can only be acquired at-cost.
    Halvings are built in to the emission schedule to target a stock-to-flow of 2670 after 10 years.
    Beyond 10 years accrued fees power the emission, and thus the contract will run for as long as Ethereum exists.
    If Vether attains a monetary premium it will become one of the most valuable assets on the Ethereum network,
    with the widest and fairest distribution.

    ## References
    [1] N. Szabo, "Antiques, time, gold, and bit gold", http://unenumerated.blogspot.com/2005/10/antiques-time-gold-and-bit-gold.html, 2005
    [2] S. Nakamoto, "Bitcoin: A Peer-to-Peer Electronic Cash System", https://bitcoin.org/bitcoin.pdf, 2008
    [3] PlanB, "Modeling Bitcoin's Value with Scarcity", https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25, 2019

    **Appendix A - Emission Schedule**
    The Emission Schedule is as follows:
    |-----|--------|-------|-------|-----------|---------|------------|---------|-------|
    | Era |   Days | Total | Years |   Per Day |   Total | Cumulative | Annual% |  S2F* |
    |-----|--------|-------|-------|-----------|---------|------------|---------|-------|
    |   1 |    244 |   244 |   0.7 |     2,048 | 499,712 |    499,712 |    154% |     1 |
    |   2 |    244 |   488 |   1.3 |     1,024 | 249,856 |    749,568 |     51% |     2 |
    |   3 |    244 |   732 |   2.0 |       512 | 124,928 |    874,496 |     22% |     5 |
    |   4 |    244 |   976 |   2.6 |       256 |  62,464 |    936,960 |     10% |    10 |
    |   5 |    244 |  1220 |   3.3 |       128 |  31,232 |    968,192 |    5.0% |    20 |
    |   6 |    244 |  1464 |   3.9 |        64 |  15,616 |    983,808 |    2.4% |    41 |
    |   7 |    244 |  1708 |   4.6 |        32 |   7,808 |    991,616 |    1.2% |    83 |
    |   8 |    244 |  1952 |   5.2 |        16 |   3,904 |    995,520 |    0.6% |   166 |
    |   9 |    244 |  2196 |   5.9 |         8 |   1,952 |    997,472 |    0.3% |   333 |
    |  10 |    244 |  2440 |   6.5 |         4 |     976 |    998,448 |    0.2% |   666 |
    |  11 |    244 |  2684 |   7.2 |         2 |     488 |    998,936 |   0.07% | 1,333 |
    |  12 |   1064 | 3,748 |  10.0 |         1 |    1064 |  1,000,000 |   0.04% | 2,670 |
    -------------------------------------------------------------------------------------
    *Stock-To-Flow (the inverse of inflation).

    **Appendix B - Fee Era**
    The Fee Period activates after the 12th Era, and begins to emit all accrued fees.
    The emission of fees is a maximum of 1 Vether per Day.

    **Appendix C - Contract Integrity**
    - The contract is an ERC-20 contract that mints all 1 million Vether during construction.
    - There are no owned or whitelisted functions, and no ability to change the contract's parameters.
    - The UniSwap factory interface is used to return token exchange addresses.
    - The UniSwap exchange interface is used to enable token to ether transfers.
    - The contract uses blocktime instead of blockheight since the Ethereum block generation speed can change.
    - The Emission Schedule is updated frequently.

    //===============================================END===============================================//
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