Most Advanced SmartContract (Refine Medium)

Published in

RefineUpdate

4 min readMay 8, 2019

Refine Medium makes use of a comprehensive smart contract for all phases of its Sale and for DAPP. Refine Medium sets itself apart from other ICOs with the help of a referral system that rewards anyone who brings investment by referring an Investor to Refine Medium will get reward of 10% of the investment. The payment is instant. As soon as investor sends ether* to our smart contract, the reward for the referrer is distributed in the same transaction, which will be further visible on respective Blockchain explorers. 100% transparency is ensured for every party involved.

****1. Distribution of funds for Referrer and Referee will be done in same transaction i.e. Referee will get tokens sent and referrer will get 10% of the investment in Ether simultaneously.
2. The referral system is only valid in Ether investments

Referral System of the SmartContract

Referral system is stretched up to two levels.

Let’s understand this with an example. Say user A refers B and B refers C. On investment by B, A will earn the referral i.e 10% and if C invests, both users A and B will get referral bonuses. B will earn the referral i.e. 10% of C’s investment and A will earn 10% of C’s investment.

This provides earning opportunities for investment pools and for users with contacts in cryptocurrency industry. If any of our affiliates bring us a whale who invests a Million USD in our project, the affiliate will get 50,000 USD as a reward in the contributing cryptocurrency. Our smart contract come with the function of token burning to ensure value of a particular token for a long period. Token Burns are announced occasionally, and all unused tokens are burnt to take value of our token up, in the long term.

SmartContract in the Refine Medium DAPP

Smart Contract will be integrated in DAPP too. Uploading and sharing of videos over the platform will earn user Refine Medium tokens through smart contracts. In case platform runs out of tokens in future to distribute rewards, as tokens are held by our community, smart contract will generate new ones automatically (Up to 300M in addition to premined 300M) and these tokens will be used to maintain the economy. During initial stages of ICO, tokens transferred to users will be paused in order to prevent dumping of tokens during initial days of listing on exchanges. Tokens of teams, advisors and seed investors will be locked for a while due to the same. Smart Contract takes care of this locking/pause mechanism.

Dynamic Pricing through SmartContract

Refine Medium smart contract has a dynamic pricing system in which price changes every second linearly in our Main ICO sale. ICO will be held in different phases i.e private sale, presale, Main ICO, with different no. of tokens allocated. We will have different initial and final price for our Main ICO Sale. Price of Ethereum fluctuates and in order to match with it, we have parameterized price factor in the smart contract which helps us change the price of token during ICO on the fly.

****The price of tokens during Private sale and PreSale will be fixed.

Summary

Our Smart Contracts and Referral system are two of the most revolutionary steps we have taken, that will set us apart and define us as a platform. Smart Contracts will really help in connecting the customer, creator and innovator and ensuring a constant flow of tokens that will keep the economy going. Also, long term value of the token, that has always been a problem with many platforms will be resolved as Refine Medium, as a platform will come out with the Token burning function to maintain the value of token for a longer period. Our smart referral system will also allow investors to connect with each other and earn their rightful share for whatever contribution they bring to uplift our platform. Every task will be performed keeping the principle of “100% transparency” in our minds. Commitment, Transparency, Speed, Efficiency, Egalitarianism are important principles of our day to day work and we aim to make our revolutionary “Smart Contract” and “Referral systems” a success.

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