The Friday 50 — Weekly Proof of Burn

Published in

GPooL

3 min readOct 26, 2022

The Friday 50 has been bubbling away on a back burner in the Gworld laboratory for some time now. We’re excited to announce that De Guard thinks The Friday 50 has reached sufficient frothiness and is now ready to emerge out of the controlled confines of the Gworld laboratory & into the wilds of the cryptocurrency hinterlands.

Inaugural The Friday 50 will take place on October 28th 2022.

“Ok great..what on earth is The Friday 50 and how does it work ? tell us more”. You might ask..

In essence The Friday 50 is a TBILL proof of burn event with a twist.

Each Friday prior to the beginning of the event. Varying denominations of The Friday 50 NFT’s can be earned. The Friday 50 NFT’s are earned because TBILL is required to be burnt to create The Friday 50 NFT. Those wishing to Participate can choose from a host of different The Friday 50 NFT denominations.

The Friday 50 NFTs are all denominated in varying amounts of TBILL. The available NFT denominations that can be earned via burning TBILL are as follows.

How it works. 01 Burn NFT earns participants one time slot on 10 separate claim lists. The time slot order that is received on each of the 10 lists is randomly generated.

Once again we will be using Chainlink verified random function (VRF). The only change to our previous applications of VRF being it will be on Avalanche chain as opposed to Ethereum for improved gas efficiency.

The more burns one has, the more time slots are received on each of the 10 separate claim lists.

Each week, as you mint The Friday 50 NFTs 50% of it is immediately burnt forever.

The remaining 50% of the TBILL from the aforementioned NFTs is sent to The Proof of Burn Reward Distribution Smart Contract and is distributed evenly across 10 separate claim lists.

Beginning on 10/28/22 from 06:00am — 17:30pm ET (New York) and every Friday thereafter. Anyone wishing to take part in The Friday 50 can earn/create their desired denomination(s) of The Friday 50 NFT(s) @ https://the50.io/

Between 17:31pm–17:59pm ET (New York) the 10 lists are compiled. All going well the 10 lists will go live at 18:00pm ET (New York).

The rewarded time increment on each of the 10 claim lists is always the very first time that is populated on each list. If all goes to plan the first time increment will be 18:00pm ET (New York).

Regardless of it going off without a hitch and 18:00 being the first populated time increment or not. Whatever the first populated time increment happens to be will be the rewarded time increment. Be it 18:00 or 18:10 or any time after moving in 10min intervals, 18:20, 18:30 etc..

If your allocated time is the first on any of the 10 separate claim lists, you have 10mins to claim the proof of burn reward. If the reward is not claimed within the specified 10min time period. The reward opportunity moves to the next time increment. And so it goes until each proof of burn reward has been claimed on each of the 10 separate claim lists.