Staking Rewards
This summary describes an overview of the functional objectives of each of the staking contracts for adopters.
Accountants are human like everyone else. We believe we know how humans work. So we designed a set of staking contracts with substantial economic governing dynamics to provoke the best and the worst of human psychology. As such, the staking contracts are designed to take full advantage of all of your character defects and your character attributes.
The staking contracts are designed to stimulate adoption of the Auditchain Protocol through staking rewards in accordance with the schedules contained herein. Between the V1 launch and a full commercial launch, adopters can earn additional AUDT.
The contracts are also designed to have an "effect" on the supply of AUDT between the time of the V1 launch and a full commercial launch. There can be no assurance that this theory will work. Also, THIS IS NOT INVESTMENT ADVICE.
A total of 45,000,000 AUDT will be up for grabs by adopters. All holders of AUDT who wish to participate in each of the staking events will be required to adhere to strict instructions or risk losing the opportunity to capture any or all of the rewards.
The functional objective of the contracts is to enable the deposit of AUDT in exchange for ERC20 staking receipts, pursuant to the staking schedule described below. What's a staking receipt, you ask? A staking receipt is an ERC20 token that represents one AUDT locked in the staking contracts. Hmm. What can I do with it, you ask? We ask you to use your imagination.
Deposits for each of the contracts are activated for a period of 15 days upon deployment based on block heights. This is referred to as the “Deposit Period”. The staking period for each of the contracts is activated immediately following the Deposit Period for a period of 30 days based on block heights. This is referred to as the “Staking Period”.
Each contract shall enable the holder to deposit AUDT into the contract. Each AUDT deposited shall be locked and the depositor shall be credited with one (1) ERC20 redeemable staking receipt to the address transmitting the AUDT. You will need Metamask for staking contract interaction.
The staking receipt enables the holder to redeem AUDT on a one for one basis at any time following the deposit.
The minimum staking period for each contract is 30 days. The staking period begins at the first block height confirmation on the first day and ends at the last block height confirmation on the 30th day.
A redemption of staking tokens by a staking token holder during the required staking period is considered a “premature” redemption and will disqualify the user from receiving any of the reward. Each unredeemed staking token must comply with the staking period. If a premature redemption of staking tokens occurs during the required staking period, only the number of AUDT staked will be redeemed and the user’s entire staking reward will be forfeited.
To redeem the stake of a user, the user must deposit the staking token(s) into the contract. The number of staking tokens deposited are burned and the number of AUDT in exchange is transmitted to the address that transmitted the staking token.
Each staked amount of AUDT will represent a percentage of the total number of AUDT eligible to be captured in each contract. The percentage of the total AUDT stored in each contract by a single address will be calculated as the number of AUDT staked increases or decreases. The number of AUDT in the pool allocable for rewards will remain constant. The number of AUDT staked will be variable.
A redemption of the number of staking tokens at any time during the required staking time period will result in the forfeiture of the number of AUDT otherwise rewarded if the staking time was complied with.
The number of AUDT forfeited as the result of premature redemptions will be ratably allocated to all other unredeemed staked balances.
For example: If Alice and Bob each have 1,000 AUDT staked, Alice and Bob will equally share the pool if they each comply with the staking term. If Alice redeems prematurely, then Bob gets the whole pool.
The theoretical effect of this structure should provoke certain human behavior which may affect the price of AUDT. We want as many accountants and professionals to obtain a sufficient amount of AUDT in order to act on the Auditchain Protocol. We are not providing investment advice and there is no assurance that this theory will work. Not everyone behaves the same way.
All outstanding staking tokens are eligible to redeem staking rewards provided that staking tokens are not redeemed prematurely.
All addresses holding AUDT in treasury by or on behalf of Auditchain Labs will not be eligible.
The ratio of staking tokens to rewards is calculated using the following formula: Pool/TotalAUDTStaked
A notice of deployment will be transmitted to the community describing the functionality and terms of the Contracts, (“Notice”).
The following schedule illustrates the amount of each Pool for each of the contracts as well as the Deposit Period and the Staking Period.
Contract | Deposit Period | Staking Period | Pool Amount |
Contract 1 | 15 Days Following the Notice | 30 Days Following Expiration of the Deposit Period | 4,500,000 |
Contract 2 | Immediately Following Expiration of Deposit Period of Capsule 1 | 30 Days Following Expiration of the Deposit Period | 9,000,000 |
Contract 3 | Immediately Following Expiration of Deposit Period of Capsule 2 | 30 Days Following Expiration of the Deposit Period | 13,500,000 |
Contract 4 | Immediately Following Expiration of Deposit Period of Capsule 3 | 30 Days Following Expiration of the Deposit Period | 18,000,000 |
TOTAL | | | 45,000,000 |
