Type A: Redeemable Digital Arts
Type B: Tradable Genie Arts…
The FROE ($ROE) token is the backing asset of Type B Fishfactory NFTs and the following governance model applies to the release of these NFTs (i.e FROE ($ROE) can only be in circulation if community members decides to mint the Type B NFTs).
All Type B NFTs are backed to $FROE asset with the standard formulae:
GW x 0.2 $FROE.
GW: Genie Wish Color Codes represents an assigned Color and number code to the background of every minted arts. The Genie Wish Color Code are 8 prime numbers from 3 — 23 (3, 5, 7, 11, 13, 17, 19, 23).
VS: Variant Color Shades are even-decimal numbers assigned to Genie Wish Color Code (0.2, 0.4, 0.6, 0.8).
SGW: Super Genie Wish Codes are 10times a GW Code, featured as: 30, 50, 70, 110, 130, 170, 190, 230
Only a total of 1,000 Type B NFTs can be issued in a calendar year to increase the supply of $FROE assets.
Every issued NFTs will be release in the pack of 10 collectibles per art and the art must be burnt by the Minter at conversion.
Governance voting is the right of any community member to wield. Do you want some free FROE ($ROE)? Then read how to issue a proposal below. Governance voting is a use-case that targets any changes to $FROE assets in any of the following areas:
#1. A proposal to increase the circulation supply of $FROE asset(voting last 7days).
#2. An update in conversion formula (voting last 7days).
#3. An update in GW codes (voting last 7days).
#4. A use-case proposal by community or team (voting last 30 Days).
Each voting can be closed on or before the set day if target is met.
Governance Voting further dictates the scarcity of $FROE asset and below is how a governance proposal & voting works. With a successful voting you get FREE FROE:
Any community member can issue a proposal for change(s) with their governance voting power. Having at least 1 $ROE means a lot of power to influence governance changes? And you also earn Freely for such power.
Any proposal made by community or team member must receive community vote of approval to the tune of 200 $ROE sent to the voting address before the proposal in implemented.
CLAUSE #1: A proposal will be disqualified if it does not gather up to 100% vote from the community in 7 Days and proposal fee is not refundable. Each vote means a user will send of 1.0 $ROE to a dedicated voting address published on website page, with a description as follows: “A vote for proposal #001”, where #001 is the number of the proposal and all proposal must have this description to be counted.
CLAUSE #2: $FROE asset supply shall remain 100,000 $ROE and no supply increase proposal will be honored except 90% asset circulation is achieved.
CLAUSE #3: On approval of a successful governance vote, depending on the proposal, a 200 $ROE will be added (from issuer address) to total received votes of 200 $ROE (making 400 $ROE). 10% goes to the team and 90% (360 $ROE) is redistributed to the community (where wallets that voted will receive equal distribution of 80% share (288 $ROE) and non voters with a minimum balance of 0.1 $FROE shares 20% (72 $ROE)).
This is followed by a snapshot immediately voting is completed. Also, voting requirements is subject to change as the $FROE community grows, to give more voting power to community.
CLAUSE #4: On failure of a governance vote, all voted tokens will be returned in a bulk transfer in 72 hours to all voters, except the proposal fee (1 $ROE), which is non-refundable.
1000 $ROE is reserved to advance the cause of $FROE via marketing
70% Funds raised from the NFTs is spent towards building Genie Duck Farm, while 30% is spent by team for developments, including backback.
Loyalty Rule: 50% $EGG is paid as loyalties to holders of $FROE monthly. Eligible Wallets must hold 15.0 $ROE balance to qualify by every 26th day on monthly bases.
Snapshot is taken by 11:00 UTC prior to payout.
Loyalty Clause: A cumulative set of wallets holding a minimum of 1 FROE shall become eligible in a case where there are no single wallet that meets the loyalty rule. These sets of wallets share 50% of monthly $EGG from Genie Duck Farm.
There shall be no team supply of $FROE. It must be a fair launch and scarcity driven.
Other exchange listing is subject to a proper development of the $FROE community.
All Type A NFTs are backed to $XFP (Fishfactory P) asset with 20 Billion XFP token. These type of NFTs will be release after the launch of Fishfactory Protocol (XFP) tokens.
GOVERNANCE #RULE 4: DEFI STAKING (Coming Soon)
DEFI Staking of FROE ($ROE) token to earn $ROE with a good 0.01% DPY (Daily Percent Yield)
Example: John has FROE ($ROE) in his wallet, He can stake them instead of just holding for 15Days or 30Days or 60Days or 90Days to earn $ROE in return with a good DPY
🔹 This proposal is only subject to deployment when 100% vote is achieved by the community (Coming soon).
Type B NFTs initial valuation states that, provided that 5.0 GW equals 1 FROE using the standard formula Then, when GW < 5.0, a divisor of 2 is executed to the value of GW 5.0 in odd number sequence according to market price of 1 FROE and valuated in WAVES at issuance of NFT to launchpad.
Also when GW > 5.0, the valuation is equivalent to the calculated integer of FROE using standard formula in WAVES, at issuance of NFT to launchpad.
The First issuance of NFT is 1 $FROE to 1 $WAVES.
GW: 3.0 = 0.5 WAVES, => 0.6 $FROE
GW: 5.0 = 1 WAVES, => 1.0 $FROE
GW: 7.0 = 1.4 WAVES, => 1.4 $FROE
GW: 11.0 = 2.2 WAVES, => 2.2 $FROE
GW: 13.0 = 2.6 WAVES, => 2.6 $FROE
GW: 17.0 = 3.4 WAVES, => 3.4 $FROE
GW: 19.0 = 3.8 WAVES, => 3.8 $FROE
GW: 23.0 = 4.6 WAVES, => 4.6 $FROE
Anyone can issue a proposal in the following steps. To issue a proposal, it cost 1 $ROE and a twitter post.
step #1. Simply send 1 $ROE to the address or alias below and include your proposal request in the description:
step #2. Copy your proposal transaction ID and make a tweet and tag @ffprotocol, @qnode01 and @signartapp.
Also, the tweet must have this phrase: “A proposal to the #FROECOMMUNITY AND #FISHFACTORYP”
step #3. This tweet is the last stage of your proposal when it receives atleast 10 likes and retweet. Before the team will add your proposal to voting..in 48hours.
If you hold Fishfactory (Type B) NFTs, You can convert them to FROE ($ROE) tokens. Below are the easy steps:
🔹 Visit the Collectibles Page on web, click on marketplace, and log into your account on the sign-art web by signing in via email or waves signer or keeper.
🔹 Select the NFTs you wish to convert and click BURN🔥.
Take Note: Copy Your NFT Burn details: TX-ID, NFT Title, Ref, GW Code, Issue
🔹Then, Visit Convert NFT page
🔹Fill the web form and your application will be verified and FROE ($ROE) will be minted to the same address that executed the NFT burn..
it will take averagely 5-60mins for your asset to be minted after tx is verified by our team.