MFTMINABLE FUNDRAISING TOKEN
The Minable Fundraising Token (MFT) will be a pseudo-minable PUFFScoin-resident ERC20 cryptotoken. According to our core project temperament towards philanthropy, PUFFScoin will sponsor Marijuana for Trauma, a Canadian veterans support group with eleven current locations across the country.
Prior to the MFT smart contract being deployed on the PUFFScoin blockchain, we will collect as many PUFFSnet addresses from as many unique users as possible. We will open up the process for “Genesis Registration” wherein these addresses will be incorporated directly into the governing smart contract source code. This will be a one-time process and will act as defining the hard cap of monetary supply. There will be no charge for registering a PUFFScoin wallet address, and the coins generated in the contract deployment will belong to those users, with no strings attached. Those who miss out on the Genesis Registration will have the opportunity to participate by purchasing these Genesis Registered Wallets from other participants through smart contract peer-to-peer commerce.
MFT will serve as one of the first community-focused subcurrencies on the PUFFScoin blockchain, and will be launched on a well-defined schedule. We wish to ensure that as many individuals as possible become involved, thus we will ensure that we serve as long a notice as is feasible to the project for the official launch date of the application.
Each participating PUFFScoin address integrated into the MFT genesis will be credited with 42000 MFT (Mifties) upon contract deployment, with the total token supply therefore directly contingent upon the number of addresses received for the MFT genesis. A full 1000 addresses will be assigned to the veteran’s support organization, Canada House Clinics, which PUFFScoin is sponsoring with this application.
Our hope is to attract at least ten times that number of participants to the MFT genesis, and for argument’s sake, should we reserve 10,000 participating addresses in the project, the hard monetary supply cap for the MFT token would be (10000 * 42000 = 420,000,000 MFT).
To prevent the token’s embryonic fiscal era falling prey to adverse monetary supply inflation, each MFT-holding address will be limited to transfer a time-controllable amount of these coins from their overall balance. This allowable budgetary amount, which is set to one one-hundred-millionth of the full balance accredited to the account during contract deployment, will be tied to the minting of blocks in the PUFFScoin blockchain. Essentially, this is where the smart contract pseudo-mining of the token will take effect.
This mining process provides for the long-term equal availability of MFT in each unique Genesis Address. The functions written into the MFT contract set the formula for release to each participant, preventing any party from transferring more MFT from their wallet than they are permitted to. Each block of PUFFS that is mined adds to the overall network block-height, which apportions a further 0.00042 MFT from the genesis supply to be made available in each PUFFScoin wallet address registered. With a targeted 15-second overall blocktime, appending approximately 5750 blocks to the PUFFScoin blockchain daily, an average of 2.41 MFT will be released to each wallet every day.
When genesis associates call the balance of their wallet in the contract, the available balance is calculated on the fly, comparing the Reward per Block per Address multiplied by the PUFFScoin block height and the previous contract call by the PUFFScoin address. From this calculation, the available “mined” MFT tokens are released from the initial supply into their address balance.
The initial supply will be based off calculating from the PUFFFScoin blockchain genesis, thus each wallet will, upon contract deployment, have a balance of available MFT to help kickstart the coin economy.
example: if a participant called their MFT wallet once a week, and presuming that the PUFFScoin block time is persistent at 15 seconds, they could rely on finding a consistent balance within, using the formula (4*60*24*7)*.00042 MFT = 16.9344 MFT. Each unique address, therefore, in a years span would “mine” approximately 880 MFT.
The effective “coin lifespan” of the MFT token, the length of time it will take for the full hard currency cap to be reached, given the enforced genesis protocols, will be 47.5 years. The likelihood of the full coin supply being eventually reached or released is very low, as some participants may drop out from actively calling their contract balance, and not collect their mined tokens, and other wallets may be lost in the same sort of attrition experienced by other cryptocurrency projects through hardware failure, etc.
There will be a set of rules for the genesis event which will be enforced. To prevent malicious users with mass accounts, we will limit the project scope to one MFT address per email address. We will be contacting each email address to ensure it is owned by a human and not a bot. We will also limit PUFFScoin addresses that are derived from the Foundation supported PUFFScoin wallets ensuring that the core development team operates on an equal playing field as other participants. We can not warranty the efficacy of this project for PUFFScoin addresses derived from third-party cryptocurrency exchanges or other wallet platforms that may become available for Ethash-based currencies, but do not have native support for smart contract interactivity.
The only user fees experienced for MFT will be the “gas cost” used to broadcast the transaction on the PUFFScoin network, which in itself is collated and sent to a contract wallet owned by the Veterans Cannabis Endowment DAO.
There will be no “pre-mine” for development, but to achieve monetization for project development and for application marketing, we will set aside 100 wallet addresses held in multi-sig trust with active community members, to aggregate an ongoing but modest project development fund. Some or several of these addresses will further be used to promote MFT by creating a contract callable “faucet”, operating as a “first-come-first-served” experiment, essentially releasing the public key to an address for anyone to call and transfer from, as long as a balance has been built in the MFT contract through PUFFScoin blockchain progression. (i.e: the faucet can be called every 15 seconds, by anyone.)
We hope to build partnerships with representatives from Canada House Clinics, the PUFFScoin Foundation, and the MFT community to engage in a decentralized governance organization to promote and develop further services for the MFT token. Although designed as a smaller project concurrent with PUFFScoin, we will work hard alongside the community of MFT holders to ensure that this token will be represented on third party exchanges as well as through decentralized exchangesThe PUFFScoin development team will be releasing an on-chain decentralized exchange, WEEDex, before the close of the calendar year.
To facilitate the philanthropic ideal of this project, the PUFFScoin Foundation has partnered with Canada House Clinics, a Canadian-based, veteran owned-and-operated organization founded in whose mission is to improve the quality of life for anyone suffering from Post-Traumatic Stress Disorder, chronic pain and/or other medical conditions.
Canada House presently has eleven Chapters across Canada, from Newfoundland to Alberta, and has been instrumental in providing support to veterans and civilians in approaching cannabinoid therapy for a variety of conditions for the last 5 years, with an aimto assist those in need and wanting access to a range of natural therapeutics.
Each Chapter of Canada House Clinics will have a suite of 100 MFT addresses. We are building our funding model on the idea that each Chapter would, on a monthly basis, and on the assumption of an eventual value of USD$0.25 per MFT token as exchanged: 100*(4*60*24*30)*0.00042 MFT*0.25 = avg. 2750 MFT/month, therefore, approximately USD$1800/month.
These funds will be managed entirely by each Chapter of Marijuana for Trauma, to be used to assist in their programming for veterans as they see fit.