We now have a $FUND MainNet — Here are the Next Steps.
FUND is the Noah’s ark of enterprise data- now that the Mainnet is launched and deployed (May 14th 2020, one long day) we need to prepare for the next steps. This article will attempt to be a comprehensive reference point for the future to come and address the following
1 — Housekeeping Details regarding Exchanges and Swaps.
2 — Details of Supply, Staking, Wallets, Rewards and Market Caps
3 — The Unification Enterprise Alliance and the Road Forward.
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Wait, Where is my FUND?
If you are reading this on May 14th — you likely fall into one of four categories:
Cat 1 — you Filled out our swap form before May 14 08:33:41 UTC — Burned your UND and now have FUND in your mainnet wallet- If this is the case — you are good. If this is the case and you don’t see your FUND — the most common reason is you need to update the Chrome wallet and switch to mainnet at the top. Once you do this — you should see your FUND. If you did all this and don’t have FUND, then please get in touch to our main email with all your details including block explorer links.
Cat 2 — You filled out the form after that and do not yet have FUND. If you were late we will still make allowance, but we have to audit and verify manually — we will try to send to you within 24–36 hours and will announce a hard cut off shortly.
Cat 3 — You had your UND on a Centralized exchange and now are waiting for them to swap. We are waiting too. It is quite the technological feat for exchanges to swap wallets and the like — so we need to have patience with them and they have their own announcement schedules. Rest assured if your UND was on Bitforex, Digifiex, or Probit, it will be swapped to FUND and available to you shortly.
Cat 4 — You didn’t do anything — your UND is on metamask, a ledger, IDEX, or BinanceDEX — please go and fill out the form and SWAP asap — you may lose all your UND and not receive any FUND unless you do this today.
Those are the answers we have — we will announce more as soon as we have them — best to join our FUND Telegram Announcement Channel — for up to the minute details.
So What Do I Do With my FUND?
FUND is the way that you pay tax for your WRKChains to timestamp data to the public Mainchain — this is the primary use case. FUND is also a network that is secured via staking so you can stake or delegate your FUND.
As of today there is 120,000,000 FUND issued, of which 62,462,227 are circulating. You can calculate the supply via our API’s at this link or check CoinGecko who has an updated page as of right now
Or just subtract whatever is at wallet address und1fxnqz9evaug5m4xuh68s62qg9f5xe2vzsj44l8 from total supply to get circulating supply as that is our cold wallet address.
However “real circulating supply” is a little more complex because of the staking and delegation mechanism. The short version is that you can run a node and stake your FUND and that places it out of circulation and will require a 21-day unbonding period if you wish to return it to circulation. If you are non-technical you can also just use the Chrome wallet and delegate to others to stake for you.
Full details on delegation of FUND can be found at this article
A few things we should point out when deciding who to delegate your FUND.
1 — A Rogue Validator cannot steal your FUND — the way the system works is you delegate it to them, but you still always have custody — the only way FUND can ever be removed from your wallet is if someone has access to your private keys — That being said — the worst-case scenarios are the following:
a — They have a high “max commission rate” like 50% and but when you sign up with them are offering lower commissions. So they can always quietly change their current commission rates to the max setting without notifying you. The solution is to either trust your validator or pay attention to the max commission rate and know they can always put it to that ceiling at anytime they like.
For instance — this validator is offering 10% commissions — but their max rate is set to 50% —
you can see this information by clicking on validator details on the FUND block explorer
2 — A Validator goes belly up, fries the circuits, and disappears. If this happens you may not have access to your FUND for 21 days while it unbonds. On the same note, once you stake- you always have a 21-day unbonding period and we are working on a data feed which will show you exactly how much FUND is staked at any given time so you can calculate current actual liquid supply.
With Regards to Rewards
As inflation is set to %0, the only way that validators will collect FUND rewards is through the usage of the network. Fortunately next week we have an exciting partner to begin using the network and we expect them to be using enough FUND as tax to give a de facto inflation rate of around 8–9% p/a split between all validators.
As already stated, the only way that FUND can be minted is the Enterprise can mint up to 10million eFUND per year for 9 years to sell to enterprises as part of service contracts — These eFUND can only be used to pay tax and cannot be transferred. After tax is paid, they are kept as regular FUND by the validator as a reward. Any FUND above 10m p/a that is required for enterprise service contracts will have to be market bought. Since the foundation raised under 1 million USD (as opposed to 8–9 figures like most projects) this is how they continue to fund themselves. With sufficient demand and business development, we expect enterprises to consume well above the 10m p/a minted as it is our primary focus ongoing.
Lastly from a technical note, when looking at the FUND Block Explorer you may notice something called “nund” this is the micro denomination of FUND whereas 1 FUND = 1,000,000,000 nund — this number will also be seen on “voting power” as it is denominated in nund
The Unification Enterprise Alliance
We consider it the “cool kids club” of Enterprise data and somewhat like a Noah’s ark. Ie. we are creating an interconnected web of Enterprise WRKchains — almost like a franchise model where we have beacons in every industry then in turn bring others into their fold. This deserves multiple articles to go deep into the details- but we wanted to put it here as something to expect for the road forward as we announce more partnerships and clients starting with the one next week who will begin operating on the WRKChain.
That is all for today — there is more to explore and lots to learn. Take some time, do your research — here is an easy compile of links to get you started
Unification Enterprise Alliance
FUND Developer Tools and Documentation
Unification Telegram Discussion
