BlockNG Protocol
In the past few months, we have worked with members of the BlockNG community to successfully create and activate the BlockNG protocol, a self-circulating dissipation system.
The BlockNG protocol successfully stores the value in LAW Token and LawPunks by capturing the negative entropy input on the blockchain.
LAW Token, as the core token of the protocol, assumes the role of core value (negative entropy) storage; LawPunks, as the core identity carrier of community members, assumes the role of credit storage; and lawETP captures “undifferentiated human labor” by simulating the entropy in the physical world.
LAW USD(lawUSD)
The BlockNG protocol is growing so fast. We can see the price of LAW Token climbing 75X from 0.008USD. The floor price of LawPunks also went up 50X, from 0.01BCH to 0.5BCH, exceeding the market cap of $2,000,000.
The original source of LAW Token is almost free — it only requires lossless staking of BCH to be able to obtain it. Also, with a minting fee of 0.01 BCH and a minting time of several weeks, LAWPunks are easily accessible to almost anyone.
We followed our commitment in the whitepaper to adopt the principle of fair distribution.We can see LAW and LawPunks as a “synthetic asset” that has been consensus as a value carrier.
This situation is similar to Bitcoin, which exists as “electronic cash” in the white paper, but is rarely used as cash; it exists more as a “digital gold”.
In order to improve and unlock the liquidity of the BlockNG protocol, we decided to issue lawUSD in a manner similar to the credit expansion of central banks.
The lawUSD is actually a form of debt.
Route Map For lawUSD
Phase I.
Support for collateralized LawPunks to generate lawUSD, the amount of lawUSD is 1/7 of the Metaverse Power.
Interest will be calculated over time and paid using lawETP. Due to the unpredictable nature of NFT values, interest (protection fees) will need to be paid in advance. LawPunks that exceed the protection period will go into liquidation and anyone can use 1/7th of the Metaverse Power amount of lawUSD + 0.01BCH minting fee to take ownership of the LawPunks.
If the LawPunk is liquidated, we will mint a [Ghost LawPunk] for the original owner as compensation.
At the same time, we will open a lawUSD-flexUSD BEAM pool to give lawUSD some liquidity.
Warning: In the first phase, the lawUSD price is expected to be highly volatile and decoupled from the real USD, which is expected to happen. Please do not engage in speculative trading of lawUSD.
Phase II.
Support for collateralized LAW generation lawUSD, an oracle correlated with LAW prices will be introduced, with a collateralizing factor expected to be at 75%. More lawUSD will be generated in this phase, the price of lawUSD will be more stable, and lawUSD will get enough consensus as a stable coin on smartBCH.
Phase III.
Eco-expansion: BCH is introduced as collateral and PSM (Peg Stabilization Module) is used to stabilize the exchange rate.
We expect that in this stage lawUSD becomes a widely adopted decentralized stablecoin on the smartBCH network.
We expect to achieve Phase I in January 2022, which will unlock the liquidity of LawPunks and allow holders of LawPunks to leverage the value of their storage. We believe this will be equally beneficial for smartBCH.
Stay tuned for upcoming updates!
🌐 Links:
🔗 https://blockng.money/
👥 https://t.me/BlockNGEn
🐦 https://twitter.com/BlockngO/
🤖 LawPunks notification group :
https://t.me/LawPunksSale
🈴 #LAW contracts on smartBCH :
0x0b00366fbf7037e9d75e4a569ab27dab84759302
🈴 #LAWPUNKS contracts on smartBCH :
0xff48aAbDDACdc8A6263A2eBC6C1A68d8c46b1bf7
🈴 #lawETP contracts on smartBCH :
0x4ee06d0486ced674E75Ed9e521725580e8ffDA21
📈 #LAW Chart Info: https://chartpro.benswap.cash/?token=0x0b00366fbf7037e9d75e4a569ab27dab84759302
📖 White Paper: https://about.blockng.money/WHITEPAPER.pdf
