Fair Minting
What is fair minting
TMARS is a multi-functional token in Turkey Tycoon. The project team issued a total of 7 billion TMARS tokens, of which 2 billion were minted by users.
In order to ensure fairness for every participant, Mint has designed a unique fair minting mechanism so that every minter has the same probability of successful minting. That is, each user may succeed or fail in minting TMARS tokens, but each user has an equal probability of success in minting TMARS tokens.
The user inputs the amount of TMARS tokens they want to mint, and after paying the corresponding amount of ETH as gas fee and minting fee, the smart contract will be executed to mint TMARS tokens for the user.
Assuming that the probability of successful fair minting is 30%, then each minter has a 30% probability of successfully minting TMARS. Regardless of whether the user spends more gas or adjusts the amount of minted tokens, the user's probability of successfully minting tokens is 30%.
Due to the widespread monopoly of large players and various types of cheating in traditional token issuance, it is difficult for ordinary users to participate, which ultimately leads to the project being controlled by a small number of giants. It affects the development of the project and dampens the enthusiasm of ordinary users to participate.
The fair minting design allows anyone to participate in the minting of TMARS. Whether they are large investors with strong funds or ordinary users, they can participate in the minting of TMARS fairly, and everyone has the same probability of successful minting.
Fair minting principles
In a fair blockchain system, the nonce of the next unpacked block is unpredictable, and thus the hash value of the block is also unpredictable.
Based on this principle, we use the next block of the current block to determine whether the current minter can successfully mint tokens.
Implementation
Each string of hash values can be regarded as a string of hexadecimal numbers. Assume that the block height at the current time is 2000, and the hash value of the block height 2001 is H. Convert H to a decimal number and take modulo 100 (the remainder of decimal H/100).
Since the hash value of block height 2001 is random and unpredictable, the remainder after modulo the hash value is also unpredictable.
The modulo number is between [0,99]. Assuming that TMARS can be minted successfully if the remainder after taking the mold is ≤24, then tokens can be minted successfully if the remainder is between [0,24], and the probability of successful minting is 1/4.
If the balance is not within this range, the minting will fail. If the minting fails, the gas fee and 2% minting fee will be deducted, and the remaining ETH will be returned to the user's address.
Contract process
The user calls the "Fair Mint" contract and deposits ETH (GAS fee and mint fee).
Determine the remainder of the modulo hash value of the next block (the next block after depositing ETH).
When the conditions are met, the contract sends a "minting event" and the system background receives the "minting event" and calls the contract to execute "confirm minting". TMARS that are successfully minted will be automatically transferred to the user's address by the contract.
When the conditions are not met, the minting fails. The gas fee and 2% minting fee will be deducted, and the remaining ETH will be returned to the user's address.
Probability of minting success
The probability of minting success is set to 1/3, which is approximately equal to 33.33%. That is, the probability of success for anyone participating in minting is 33.33%.
Distribution of minting fees
Each time one TMARS is successfully minted, ETH worth approximately 0.01USDT will be charged as a minting fee. Each token minting fee will be divided equally into two parts, one part will be transferred to the project development fund, and the other part will be used to add liquidity to the ETH/TMARS trading pair on uniswap.
If the minting fails, 2% of the minting fee will be charged for each transaction, and 98% will be returned to the user. The 2% minting fee is also used to add liquidity to the ETH/TMARS trading pair on uniswap.
All minting fees left in the minting contract will be combined with 600 million TMARS to create a TMARS/ETH liquidity pool on uniswap. The liquidity range is (0, +∞). Once the liquidity is added and confirmed to be correct, it will be locked and no one, including the project team, will be able to remove the liquidity.
Since the price of the ETH/TMARS trading pair within the (0, +∞) range of liquidity in uniswap = ETH quantity/TMARS quantity. Therefore, the initial opening price of TMARS = (50% minting fee for successful minting + 2% minting fee for unsuccessful minting)/600 million. It can be concluded that the more people participate in minting TMARS, the higher the initial opening price of TMARS will be and the greater the liquidity will be.
Fair minting process overview
A countdown will start before the fair minting. After the countdown, any user who activates the account can participate in the fair minting of TMARS.
Users need to deposit the ETH of the BASE chain in their account address before minting for the gas fee and minting fee of the mint.
Click Mint on the Fair Mint page, enter the amount of TMARS you want to mint, click Confirm and pay the required ETH.
In order to ensure fair minting and prevent increased GAS cheating. Everyone has only a 33.3% chance of minting success. After success, the contract will directly generate the corresponding number of TMARS for the user's address. After failure, the GAS fee that must be consumed for this minting will be deducted and 98% of the minting fee will be returned.
The minting time is 72 hours in total. 2 billion minting is completed within 72 hours or the fair minting ends after 72 hours. After the end, the 2 billion unfinished parts will be recycled and transferred to the black hole address for destruction.
After the fair minting ends, 50% of the minting fee for successful minting and 2% of the minting fee for unsuccessful minting will be added to the uniswap liquidity pool together with 600 million TMARS to create ETH/TMARS liquidity. Users holding TMARS can trade directly in this liquidity pool. At the same time, TMARS will be planned to be listed on more exchanges.
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