Introduction - Safety and Money
According to the DappRadar Q1 industry report, DApps lost $1.2B to Hacks just in Q1 2022. The report also suggested over $12 billion worth of NFT trades were conducted in the same period.
As web3 prevails, NFTs interact with more and more DApps, and the NFT space needs a solution to solve the NFT security problem. We also need innovations other than meaningless staking for NFT holders to generate income.
DoubleWeb3 is the DAO helping NFT holders protect their NFTs and generate income.
DoubleWeb3 solution
DoubleWeb3 team realized the safety of NFT is always the priority. We are building two solutions for phase 1 of our development. Double identity is a safety solution for NFT; CAPSULE Machine is a rewarded game for NFT owners to generate income. The DoubleWeb3 will further develop other NFT solutions as it grows.
Double identity
The securest way to store NFTs is to keep them in an air-gapped hardware wallet. Since a significant NFT risk is associated with scams and phishing websites, NFT holders should avoid keeping their NFTs in a daily use wallet. Meanwhile, NFTs are often used in verification as web3 prevails; NFT holders have to sign a message using a wallet holding their NFT sometimes.
Double Identity is a solution for that. NFT holders can mint a “Double“ to represent the ownership of the original NFT. After minting a “Double“, users can store their NFTs in a hardware wallet and use only the “Double“ to interact with DApps. If the “Double“ is lost or stolen, the owner of the original NFT can always call a remote function in our smart contract to destroy the “Double“ and re-mint a new one.
Experienced web3 developing team creates double Identity smart contract with API to provide frictionless integration for 3rd party DApps. The minted “Double“ can reflect all the attributes of the original NFT without exposing it to the risky web3 environment.
Double Identity is entirely free, and it serves as an infrastructure for the future of Web3.
The following diagrams illustrate how Double Identity works.
Moreover, Double Identity allows users to mint “Double“ with an expiry date. Users can also mint multiple “Double” if it is needed (Exclusive functions).
CAPSULE Machine
NFTs are good, and it will be better if NFTs can generate income. The DoubleWeb3 team wants to build utilities for NFT that create financial benefits for holders. The first application we will create for NFT holders is the CAPSULE Machine, and a DApp allows players to win valuable NFT at a small cost.
NFT holders can set up a CAPSULE Machine on DoubleWeb3 by depositing their NFT in our smart contract. Holders can set specific “odds of winning“ and the “price per entry“ for their CAPSULE Machine. Other players can try their luck to win valuable NFTs at a small cost.
The CAPSULE Machine is not just a reward game, and it creates a positive effect on the NFT projects. By depositing the NFTs in CAPSULE Machines, there will be fewer NFTs available for listing. This helps the project maintain a stable floor price. Not to mention it provides passive income for holders.
Also, by providing a chance for people to win the NFT at a small cost, it helps increase the accessibility of the project. Moreover, CAPSULE Machine owners want to let other people know about their CAPSULE Machines, generating organic reach for the project.
Double Identity is a free service to serve as an infrastructure for the development of web3, while CAPSULE Machine will charge 2% on the income generated for the holders. The DoubleWeb3 DAO may adjust the actual percentage if the community thinks it is necessary.
The DoubleWeb3 DAO
DoubleWeb3 aims to build tools for NFTs to improve our web3 experience. It is not a tradition dev team but a decentralized dev DAO. We solve NFT problems by providing infrastructural tools for NFT projects to increase the security and utility of NFTs.
We build what our community need through the DAO voting process.
The DoubleWeb3 Token
DoubleWeb3 is created for the web3, by the web3. The ownership of every project on web3 should be as decentralized as possible because the best owners are the project users. DAO will govern the decision of the DoubleWeb3, and the DoubleWeb3 tokens will represent its ownership.
There will be 1,000,000 DoubleWeb3 tokens. The founding team will keep 25%
of the token vested over four years.
The remaining 75% present will be allocated as follow.
- 25% for ICO in two rounds
- 35% for community airdrop to users of Double identity and CAPSULE Machine and other services provided by the team
- 15% will be reserved for marketing and other operations
Stake to earn
DoubleWeb3 token is utility and governance token in the DoubleWeb3 ecosystem. But holder can stake the DoubleWeb3 token in the rewarding pool to share all the revenue generated by our products including the CAPSULE Machine. Income will be distributed quarterly according to the following formula.
Hold to vote
The DoubleWeb3 token will give holders voting power on our DAO.
Unlock exclusive group
We will issue the “Double Pass” which will grant the owner access to certain exclusive groups, and the pass can only be mint with DoubleWeb3 tokens. As DoubleWeb3 develops, there will be more utilities and possibilities for the DoubleWeb3 token.
