@mortinp 3 May 2022 edited

Quick overview of the BlockNG protocol in SmartBCH **QUICK OVERVIEW for whoever asks WHAT BLOCKNG IS** This is the website: blockng.money, but read below to understand it: https://blockng.money/?r=mortinp - It has **2 main tokens**: ****LAW**** and ****lawETP**** (Entropy of LAW) It also has a **stable coin**: ****lawUSD****. - It has a **marketplace** for one of their core assets: the ****LAW Punks****, a NFT collection of 10k items. **You can buy punks with LAW or BCH**. - **The punks are upgradeable** and you can use LAW to upgrade them. Upgrading will give you more power for the next thing you can do with punks - You can **stake punks and get rewards in LAW** just for staking. **Your LAW rewards speed depends on how much power your punk has**, and you get more power by upgrading your punk - You can **farm in multiple farms with multiple pairs**. These farms have **very sustainable APRs** due to the circular economy of the protocol: as people spend LAW inside the protocol (by upgrading punks or playing the Dungeon) **the rewards for the farms get a boost**. **Interesting farms:** * Single lawETP staking * lawUSD/flexUSD farm (**stable coins pair**) * LAW/BCH farm * LAW/lawETP farm - There is also **a DEX called LAW Swap** where you can trade tokens and liquidity providers get part of the fees, just like every DEX. - It has a **algorithmic stable coin called** ****lawUSD****, **backed by BCH and the strongest assets in the protocol: LAW and LAW Punks** * You can **use LAW or BCH as collateral in order to borrow lawUSD** and get some leverage * You can also **borrow lawUSD by collateralizing (phantomizing) your punk and burning lawETP** - You will also **be able to liquidate other users' collateral** (still not possible as it hasn't been enabled) - You can **play a lottery-like game called The Dungeon**. You need to have punks for this, and you need to pay some lawUSD in order to **be able to randomly get certain prizes**: prices may contain lawETP, punks upgrades, a Jackpot of LAW tokens, etc. The Dungeon is core to the protocol because **all the profits are redistributed to many parts of it, including the farms, the punks staking rewards and the DAO salary**. - You can also **be a member of the LAW DAO by acquiring a** ****LAWRights NFT****. For this, you will need to lock a punk and/or some LAW for some time. You will get veLAW (voting power) in exchange for you locking your assets. - Being a member of the LAW DAO has **lots of benefits, including getting vote power to decide what farms will be included in the LAW Swap DEX, or getting a weekly SALARY that will be paid to all members of the DAO based on the profits of the whole protocol**. - There will be a **Bribing Economy** where you can **openly and transparently sell your Vote Power for LAW or BCH**, and **make your LAW Rights NFTs liquid in an instant**. This means, anyone can temporally buy your votes openly, in a decentralized way. - Punks staking mechanism has been updated with a new feature: **Punks Skills**. The first skill is: **Pharmacist**. You can turn your punk into a Pharmacist (by upgrading your punk and burning lawETP) who can **cast** ****LawPunkItem**** **NFTs that give punks extra power while staking** when they are consumed (yes, consumable NFTs). It has a whole mechanism that is outside of this overview, but **it creates a whole new economy of Pharmaceutical dealers selling NFTs that are used to dope your punks!** - It has lots of new things coming, including **new Punks skills** and whatever the community may come up with via the DAO. So, a protocol where **all assets (tokens and NFTs) are very useful and power a stable coin**, where **a circular economy makes APRs very sustainable**, where **users of the protocol can get a share of the whole protocol's profits** by joinig the DAO and where **many branches of different economies are created**. It is complex, but it is beautiful. **SOME LINKS:** - **Official Docs**: https://docs.blockng.money/ - **Punks Marketplace**: https://blockng.money/#/punks (use the filters for better search) - **Punks Base** (staking, playing Dungeon, transfering, etc): https://blockng.money/#/mint (you won't see many options if you don't have any LAW Punk) - **LAW Swap** (DEX): https://blockng.money/#/swap - **Farms**: https://blockng.money/#/beam - **lawUSD Loans**: https://blockng.money/#/pawn - **LawRights and Law DAO**: https://blockng.money/#/kudos - You can also do all punks related things (**upgrading, adding Skills, collateralizing for lawUSD**, etc) at **each punk's detail page**, like in this one for Punk # 4949: https://blockng.money/#/detail/4949 **COMMUNITY:** - Telegram group: https://t.me/BlockNGEn - Punks Realtime activity channel: https://t.me/LawPunksSale