ABOUT UNCLEMINE

gallantmayor (53)in #uncleminenews • 2 years ago

WHAT IS UncleMine?

UncleMine is the first fundraising, #DeFi, and #DAO platform supported by provable mining assets is. By using a zero-knowledge-based VMA Oracle, UncleMine puts both real and virtual mining assets into the on-chain ecosystem, allowing the Defi world's infrastructure resources to move freely.

OVERVIEW

UncleMine Protocol's main goal is to use cryptography technology to transform all forms of computing power into universal and verifiable on-chain proofs, realize the true mapping between off-chain computing power and on-chain smart contracts, and provide computing resources and power with liquidity, programmability, and composability.

UncleMine aims to redefine the type of computing power in the next-generation Internet by utilizing cryptographic technologies like zero-knowledge proof to integrate on-chain liquidity and off-chain computing resources, break down barriers between different off-chain computing resources and virtual worlds on blockchains, create a smooth financing channel to assist MA holders, and open to provide MA liquidity as a new on-chain asset.

Computing power is integrated into current DeFi ecosystems and develops into a distinct asset class in the decentralized world according to the economic model's incentives. The UncleMine concept can be broken down into the following levels in order to accomplish this goal:

UncleMine Verification Layer (UMVL): The layer of verification that uses, but is not limited to, smart contracts, zero-knowledge proofs, aggregated signatures, and verifiable delay functions to combine processing power from the real world with mining from the virtual one. We may create a proof of assets for the assets on-chain by using smart contracts to mortgage LP tokens. And for the off-chain portion, the cryptography technology converts the physical computing power resources and computing power assets into digital expressions that are abstract and quantitative by converting them into unchangeable, verifiable cryptographic proofs. These mathematical demonstrations of processing capacity, meanwhile, are frequently quite esoteric and cannot be immediately applied to smart contracts, much less economic integration. The on-chain storage of the off-chain computing power proof is made possible through a number of smart contracts, and a standardized Oracle interface will be made available. This will bring computing power assets into the smart contract layer and make them compatible with numerous existing DApp/DeFi applications.

UncleMine Application Layer (UMAL): Any decentralized application can access a variety of computing power proofs as input data to expand the capabilities of its own applications by using the on-chain proof offered by UMVL. Additionally, third-party apps may ask UncleMine to add particular kinds of processing power proofs or unique proof criteria. A public finance platform supported by mining assets, also known as IMO, is the first application that the UncleMine team has suggested (Initial MiningFi Offering).

UncleMine Incentive & Governance Layer (UMIGL): The ecology of UncleMine's incentive and governance layers. Although the code is only a small portion of UM, UMVL and UMAL have discovered a viable avenue for computing power and applications. The goal of UM necessitates the involvement of numerous groups, including community members, users, developers, and computing power suppliers. As a result, governance and incentives are crucial components of UM, including:

UncleMine Tokenomics

UncleMine DAO

TOKENOMICS

UM Token -Incentive & Governance UncleMine

UM is the native token issued on Solana with a total of 1,000,000,000 UM. It is the foundation of the UncleMine protocol's economic incentive mechanism and a crucial tool for protocol chain governance. The UM token is distributed as follows:

40% - UncleMine Treasury (the UncleMine DAO community democratise the usage to support the long-term development of UM)
30.2% - Reserved to provide initial liquidity, incentivize all participants, early cooperation, bug bounty, and other activities;
15% - UncleMine founding team (locked for 12 months, 3-year vesting)
12.3% - Private Sale (locked for 3-6 months, 12-month vesting), for early supporters and computing power providers;
2.5% - Public Sale.

Where to get UM Token

Users can buy UM tokens in the following methods in addition to taking part in the Private/Public Sale or doing so on the secondary market:

Become a UMVL Node, which gives the UncleMine network computer power, proof, and chain services;
offer UM tokens liquidity and, in some cases, turn into a liquidity provider;

participate in early bootstrapping activities, joins the community, and takes part in UM network testing;

Users and project parties who take part in the first IMOs will get airdrops.

enlists in UM as a miner and contributes processing power;

DAO has adopted additional token distribution and incentive strategies;

Use of UM Tokens

The native token of the UncleMine network is called UM Token. It will be used as a community to participate in governance certificates and to promote the growth of the UncleMine ecosystem. It will also be used to ensure that various roles function normally.

Miners(including different computing power providers): When obtaining the proof of computing power and casting the proof of computing power into NFT, the UMVL node requires payment of UM as a handling charge. Miners must mortgage a portion of UM as a deposit in order to later sell their processing power in UncleMine.

UMVL nodes: To join the network, a specific amount of UM must be staked, however if the proof calculation and on-chain services are correctly performed, the node will earn UM rewards.

Third-party applications: A particular quantity of UM in the form of a charge must be paid in order to access UncleMine's proof feature.

"" Voting governance:** Owners of UM have the option to stake the currency in order to acquire more UM. Owners of sUM also receive additional weight bonuses when voting for governance and are eligible for a number of advantages, including fee waivers or reductions.

STAKEHOLDERS

The ecosystem of UncleMine will have a number of stakeholders, including:

Miners: UncleMine's definition of "miners" includes a broad category of resource providers rather than just those who mine digital currencies like Bitcoin and Ethereum. All users of UncleMine who provide various materials and processing power to the smart contract ecosystem are considered miners in the UM ecosystem.

Community and developers: In accordance with UMDAO's regulations, community members and developers will collaboratively decide the network's development path and implement network self-upgrading.

Users: Project parties and users participating in IMO.

UM Validators: Run UMVL nodes to provide computational capabilities for varying computer power verification (such as zero-knowledge proof generating services), to ensure that the certification of computing power is continuously updated, and to give data services to the chain contract.

ADDITIONAL POSSIBLE USE CASES