Contract address:
Introduction:
Every BTC is mined from the contract. The rule is quite the same as BTC itself:
The tokenomics of BTC1155 is the following:
Initial reward: ~0.56 BTC per block
A block in BTC1155 is equal to 8192 blocks on Ethereum. (~1 day)
The first block in BTC1155 is the same as block 0 on Ethereum
Every 1024 blocks in BTC1155 leads to a halving. (~ 4 years)
You pay 10 Satoshi for every transaction as the gas fee. This is not applied to different marketplaces.
The initial mining cost (mint price) is set to 0.001 ether. It’s like the electricity cost for miners on BTC.
Let me explain why and how I set these parameters:
The initial reward is set at ~0.56 BTC per block so that we have a maximum supply of around 1155 BTC in the end. After that, miners can mine the transaction fee collected. That is also why I set a block to 1 day: the miner gets the last-day transaction fee.
The halving period was set to be like BTC, a ~4 years halving cycle. This is how an open edition can be speculated. With low mint cost the team is also forced to deliver more thing for future income.
Since the first block is block 0 on Ethereum, people will be able to mine every block between day 1 and today (~2048 blocks) at launch.
Chain Status: Minted while the contract was deployed. More utilities in #About the owner of the contract and eventually a BTC1155 DAO.
Swap Status: Owned by the contract itself, not transferable.
SAT: Every mine gives different amount of SAT according to the block number.
BTC: 1 BTC = 10^8 SAT, you can get it manually by convertSATtoBTC function in the contract.
LP: Provide liquidity to the pool to earn it.
The implemented swap in the BTC1155 contract only takes a 0.5% fee, which will be added to the pool to award liquidity providers. Also, I will set royalties on different NFT marketplaces to 10%, where 9% goes to the pool and 1% goes to my wallet.
With 10% fees, please, go to uniswap if you want to trade fungible tokens.
Otherwise, the swap is available on etherscan. Anyone who makes a user-friendly website will be very welcome and be awarded.
The owner of the contract can only set up the royalty on different marketplaces. I might or might not keep it myself.
The address that owns the CHAIN STATUS NFT (finally an ERC1155 token that does have an NFT, ha!) can
withdraw the mint price from the contract.
Set the mint price.
Manifest yourself (dm me on Twitter or put an offer on CHAIN STATUS) if you want to DAO this contract. Otherwise, the parameters will remain the same and I won’t change anything.
I have thought of making an NFT marketplace with the same collection, but finally, I give it up so that the collection remains clean. BTC1155 is ready for payment usage, I hope that the potential DAO can make good use of it.
The contract is not audited. I did test every function on my own but I can not ensure that I am always correct.