NCFP-16: [Draft] One-way wrapped Nyzo on different chains (ETH/RSK/...)

NCFP: Community Fund Proposals
#1

(This is a draft version)
Main objective: To expose nyzo chain to more potential buyers/users.

Key points:

  • Multisig smart contract: a contract that requires multi-signatures to make a transaction. Currently, this can be done on Ethereum.
  • Who will be the person that has the power to sign the smart contract?
    • Anyone can be a candidate. Just make a cycle tx and publish it on discord or here.
    • Using Nyzo voting system to vote.
    • I personally recommend 8+ people.

Requirements for the voted person:
- Check transactions and sign them at least every day.
- Make sure the fund and their key are safe and well-protected.

Requirement for contract developer(s):
- Write and maintain the contract.
- Fix bug and create new contract (if needed).

Requirement for platform developer(s):
- Create a platform/api_system for the committee to check, sign new transactions and transfer wrapped token.
- Create a frontpage to show all transactions status.

How it will work?

  • To convert from X Nyzo to X wNyzo, you have to send X Nyzo to the community fund with your wallet address on another chain in the comment field.
  • In maximum of 24 hours, your transaction will be approved by the voted committee.
  • There no good way to convert wNyzo back to Nyzo. So the market Nyzo/wNyzo will be formed by the community via OTC. (faster)

Rewards:

  • 200 NYZO for testing.

For each new chain:

  • 500 NYZO for 1 voted person per month. Pay in batch 3-month.
  • 10,000 NYZO for contract developer(s). Pay once.
  • 20,000 NYZO for platform developer(s). Pay once.

Problems&Solution:

  • Some of the voted committee members don’t approve your transaction. If he/she is completely uncontactable, a new nyzo smart contract will be created.
  • …

Total: 200 + 30,000 + 500 * (the number of members of the voted committee, minimum 8) ~ 34,200 NYZO.

Feel free to discuss and add more input.

1 Like
#2
  1. How to use Nyzo voting system to vote, the same as sign cycle tx?
  2. Is the person signing the smart contract fixed, for example, we pre-select suitable candidates? Or just need to reach a certain fixed number of people?
  3. How to deal with transactions fees on other chains?
#3

Could you clarify the 2 chains and what takes place where?
Things like multisigs, contracts, transaction aso can relate to nyzo or target chain, it’s very unclear in current draft what is where.
A simplified workflow would help figure out and better explain the potential issues (several I can foresee at various levels)
Also, potential confusion between “voted person” and “comitee”. Who has what keys and signs what?

amounts: operational fees seem low. No recurrent fee for the platform, 500 nyzo a month split among the highly accountable users who will have to check and sign txs every day from a secure setup?

#4

1/ Yeah, make a cycle tx of 1 nyzo and the title is some kind of “Hi, I’m tsssk and very trustworthy, please vote for me”.
2/ The more the better I guess.
3/ A certain amount of NYZO would be raised from the community fund to convert to ETH to do that.

#5

here is the scenario of A want to convert 10 Nyzo to 10 wNyzo:
1/ A send 10 NYZO to community fund address with his Ethereum address in memo field.
2/ All 8 members of the committee verify that A successfully transferred 10 NYZO to the community fund.
3/ 8 members of the committee sign a transaction from a multisig wallet to transfer 10wNYZO to that person on Ethereum chain.

All works of those 8 members can be automated.

Yeah, there should be a maintenance fee for the platform.
And, 500 nyzo/month for each person.

#6

Sounds great! :+1:

#7

If it can be achieved technically, this would be a good idea. Full support.

#8

Following.

#9

Hypothetically, if we select example 10 people , do we set a mechanism in place that requires ALL 10 people to sign Multisig tx and approving someones request for wNyzo or do we set a system that requires 75-80% of sigs, in this case 8 people (rounded 75% to next full number --> 8) ?

that way you in a way reduce the risk of some signers falling out of sync, go offline , abandon post , leave project, die etc… and stalling other peoples requests for wNyzo…

Food for thought