Hackathon Winner’s Spotlight: NFTFarm Contract

Winner of the ROSE Explorer Prize

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This is part of an ongoing series featuring the winners of the Quest for ROSE hackathon. You can find more information about the competition and all the winners here.

Tell us a little bit about yourself?

Hi, my name is Silas and I live in Shanghai, China for now. I majored in Cyber Science and Engineering for my master degree in Shanghai Jiaotong University, and now I’m working on blockchain and data privacy such as TEE.

When and why did you first get excited about blockchain technology?

I first heard about blockchain 7 years ago, and now believe that blockchain technology will change the basic pillar of our society. It will have a widespread and major impact on the Internet. It will affect the way our economy, government and businesses operate.

Tell us about your project (what is it, how does it work?)

My project is an Oasis NFT Farm by staking ERC20 Token. A non-fungible token (NFT) is a special type of cryptographic token that represents something unique. Non-fungible tokens are not mutually interchangeable for a specific monetary amount. For example, CryptoKitties, the popular collectibles on Ethereum, were some of the first non-fungible tokens to gain mass adoption. With the NFTFarm Contract, users can farm non-fungible tokens by staking an ERC20 token on the Oasis Ethereum ParaTime.

First, deploy NFTFarm Contract with two constructors, emissionRate, which is the rate of points generated per LP token per second staked, and lpToken contact address. Administrators use addNFT function to transfer NFT from ERC1155 Contract. Users should approve for NFTFarm in ERC1155 Contract before depositing LP tokens to this contract.

NFT’s are deposited into this contract, having some Price as points associated with them. In order to claim an NFT, the user must have sufficient points to reach the Price threshold. To increase points balance, users must deposit LP tokens to this contract. Points balance increases dynamically with each passing second allowing the user to Farm NFTs!

What key real-world problem does your project aim to address?

Non-fungible tokens are not mutually interchangeable for a specific monetary amount. The most serious problem of NFT is that they lack liquidity, although the characteristics of NFT determine this. So I wanted to give NFT more liquidity and financial attributes, or the NFT can lock their liquidity to mint LP tokens as DeFi now. I will develop the NFT trading market on the Oasis platform to buy, sell and show NFT.

Why are privacy and confidentiality important components of your project, if at all?

I believe that maintaining financial privacy is essential to preserving our freedoms. In NFT markets, most crypto art collectors are unwilling to reveal their collections and their true identity, but sometimes they need to prove that they own the specific NFT. So it’s very important to have privacy and confidentiality.

How does your project use the Oasis Ethereum ParaTime, if at all?

Comparing with Ethereum, the Oasis protocol is developed by world leading experts in privacy computing, the Oasis Ethereum ParaTime aims to support confidential transactions and state data in Ethereum smart contracts. All current Ethereum smart contracts, DApps, developer tools and libraries work on Oasis Ethereum ParaTime without any code change. So I simply had to code my NFT farm contract in Solidity as on Ethereum with some optimization.

How can others try out your app or learn more about what you’re working on?

If anyone would like to deploy my project or test it, you can deploy contracts on Oasis Paratime with BUIDL for Oasis Ethereum IDE. And you can read my github repo, which include all the docs you need.