Blockng Protocol: tokenomics next generation

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criptocu

Bitcoin, crypto, evolving human being...

8 months ago

In community: Everything Crypto(f12e)

Topics: Cryptocurrency, Crypto, Bitcoin Cash, Blockchain, BCH, ...

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The next generation synthetic currency. It is the first thing you read when you enter the page of this project, one of the most solid of SmartBCH, but which is now in a stage of redesign and expansion. Since last March they are adding important key features that can mark the new path of the project.

If you are interested in knowing and discovering new ways of doing and implementing, I invite you to read carefully because Blockng is something different.

What is Blocking?

First of all, I will mention that the site is managed by the BlockNG Foundation. This is an organization that specializes in developing blockchain infrastructure and investing in this type of technology.

The original members of this foundation are people from underdeveloped countries whose economic systems collapsed, finding a way out of inflation thanks to cryptocurrencies and the wealth generated by the blockchain technology. Its goal is to create a new economic system based on the blockchain that benefits everyone and this is the reason why Blockng emerged.

You can read his Whitepaper although it is a bit tedious to read.

How does Blockng work?

It is time for me to explain all the features of this website (to access click here ), in this way you will realize its solidity and all its potential .

I will start by telling you that the project has 2 main tokens: LAW and lawETP (Entropy of LAW), as well as an algorithmic stablecoin, lawUSD (which since some time ago it lost the ratio 1:1).

He also has a ten thousand NFTs collection, one of his main assets being the LAW Punks. These NFTs are very important within the Blockng ecosystem.

LAW Punk have skills, one of them is Pharmacist. Thus, you can make your NFT become a pharmacist (by upgrading and burning lawETP), allowing it to then craft and drop NFT LawPunkItems that give temporary additional powers when consumed (yes, spendable NFTs).

This in itself creates a whole new economy as you can act as a pharmaceutical distributor and sell NFTs that are used to power up LAW Punks. And it is that, the platform has a market to buy and/or sell them. It can be done through payment with LAW or BCH SEP 20 (Bitcoin cash found inside smartBCH).

These LAW Punks can be permanently upgraded using LAW for it, which will give you more power which will help you get more LAW. As?

You can gamble with the Punks and get rewards in LAW. This is done with a lottery-like game called Dungeon. It's mandatory to have punks for this (one of their use cases), and you have to pay something from lawUSD in order to participate. Here it is possible to get random prizes: lawETP, punk upgrades, a LAW Jackpot, etc. This game is essential because all the profits it generates are redistributed in: the farms, the punks' gambling rewards and the DAO salary.
You can stake them, where the speed of the rewards will depend on the amount of power your NFT has. Therefore, by improving your LAW Punk you get more power and therefore more reward.

Other ways to earn LAW is by participating in multiple farms. These have sustainable APRs due to the circular economy of the system: as users spend LAW on Blockng (upgrading their punks or playing dungeon gambling), the rewards increase.

In the same way, there is a system of farms defined by users (Kudos), whose reward system in LAW is defined by user voting. In order to vote for one of these farms you must have a LAWRights NFT, which is created by blocking a LAW Punk and/or LAW tokens for a period of time that can range from one month to 4 years. The weight of that LAWRights is given in veLAW (voting power) and will be greater or less depending on the amount that has been blocked and the duration for which it has been done.

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And not only that, by blocking you will receive a "salary" for around 10% per year of voting power.

Putting it another way, being a member of LAW DAO (through LAWRights) has many benefits, among which we can mention:

Get voting power to decide which farms will receive interest in LAW and be included in the Swap DEX.
Earn a salary that will be paid based on the profits of the entire protocol.

For these created farms there is a bribery system where the creators can offer a prize in exchange for the voting power of other users. These prizes can be in any of the tokens that already have an approved farm in Blockng. Basically anyone can temporarily buy votes publicly and decentralized.

Any user can create a farm (LAW-any other token), but must pay a non-refundable fee equivalent to 54,831 LAW-BCH LP (liquidity of the LAW-BCH pair placed in Blockng).

Of course, if you have farms you also have a DEX, in this case it is the LAWSWAP, where you can exchange between different tokens. And, it also has a lending system where you can use LAW or BCH as collateral to borrow lawUSD. This is quite useful to get some leverage and take profit if you think the market conditions are right.

In the same way, you can borrow lawUSD by collateralizing (ghosting) your LAW Punk and burning lawETP. However, if you want to pawn your NFTs for a certain amount of BCH or LAW I recommend you take a look at Mantra.

Key improvements and updates

If there is something that this project has, it is that it has always been at the forefront of the development and adoption of decentralized technologies. For this reason, it became the largest and most active community of smartBCH.

Recently and as a plan to update everything, they presented a new logo and visual identity. This is a first step to expand to multiple blockchains in the future. A path that they have already begun to travel through its bridges.

At the same time, the BlockNG Foundation has introduced the LAW Chain, a cutting-edge zk-Rollup network powered by Opside RaaS. It has enhanced security measures and low costs on transactions. LAW Chain was born with the dual purpose of serving as the foundation for BlockNG and becoming an open ecosystem that invites all developers and innovators who want to build to join.

The LAW Chain can already be tested on the testnet via https://opside.zkevm.testnet.blockng.money/ and https://opside.testnet.blockng.money/.

We will see how everything develops, how the performance of the LAW Chain and that association with Opside will be and how the relationship with SmartBCH will be, although to be honest it is a step that was seen coming due to the situation created a year ago with the sidechain of BCH.

Another point of innovation is that Blockng is going to explore the combination of LawPunks and GameFi, a combination that could be a game changer for the community to empower it. And that it should come out under the name of LawPunks: Treak.

Final notes

Honestly Blockng is a protocol where all assets (tokens and NFT) have a significant weight in the development of the circular economy that allows APRs to be sustainable. Above all, if we take into account that there is a maximum limit for the issuance of LAW tokens, unlike other systems where the issuance is infinite.

It should be noted that users can get part of the profits from the entire protocol by joining the DAO or any of the many other branches of the Blockng economy.

Undoubtedly, the future of BlockNG excites and above all generates expectation. An advantage for success is that they have the continuous support of the community that has been created around the project, mostly members of the BCH community.

However, although from the beginning Bitcoin Cash and Blockng have been hand in hand and have provided mutual support, it will be necessary to see with the LAW Chain how this relationship continues. Relegating the presence of Bitcoin Cash to the background in this project could result in a decrease, at least momentarily, in its user base.

If you still didn't know about this project, I invite you to give it a try, click here ).

Links of interest:

Official documents: https://docs.blockng.money/
Marketplace: https://blockng.money/#/punks
Base of Punks (staking, playing Dungeon, transferring, etc.): https://blockng.money/#/mint (to see all the options you must have a LAW Punk at least)
Exchange (DEX): https://blockng.money/#/swap
Farms: https://blockng.money/#/beam
LawUSD loans: https://blockng.money/#/pawn
LawRights and LAW DAO: https://blockng.money/#/kudos
To do everything related to punks (upgrade, add skills, among other things), you must do it on the details page of each NFT.
Telegram Group: https://t.me/BlockNGEn
Real Time Punks Activity Channel: https://t.me/LawPunksSale