UpDawg - A Decentralized Deflationary Proof of Reserve token

UpDawg - A Decentralized Deflationary Proof of Reserve token

Project Info:

Project Test Instructions:

Even though the UpDawg smart contract is already live on TRON MainNet, you can still test it out on TestNet! Here’s how:

  1. Ensure that you have a TronLink wallet installed and set up on your device.
  2. Open your TronLink wallet and navigate to the network settings. Change the network from the default TRON MainNet to Shasta TestNet.
  3. Once you have switched to the Shasta TestNet, visit the website UpDawg: dApp in your web browser.
  4. This will allow you to access UpDawg on the Shasta TestNet, where you can test its functionality without using real TRX tokens or interacting with the TRON MainNet blockchain.

NOTE - Any action you take while using UpDawg on the Shasta TestNet will not affect your real TRON MainNet wallet or tokens.

Project Goal :

UpDawg’s project goal is to create a deflationary Proof-of-Reserve token that is backed by TRX, while educating people about blockchain and smart contracts. By creating a token that is truly decentralized and provides a secure and stable store of value for its users, UpDawg aims to address issues with other crypto projects that have ICOs for coins/tokens with no real value to back them.

The team hopes to provide transparency and security for its users, as well as maintain the scarcity of the token and potentially increase its value compared to the TRX reserve by automatically destroying or burning a small portion of each exchange transaction.

In addition to the deflationary mechanism of the UpDawg Protocol, uDawgDAO will ‘Buy & Burn’ UDAWG tokens from their revenue streams.

Inspiration:

At UpDawg, we believe in creating a truly decentralized token that offers a secure and stable store of value for its users. We were inspired to create this token after noticing that many smart contracts on the blockchain provide additional powers to their deployer/owner, which goes against the principles of decentralization.

We were also motivated by the prevalence of ICOs for coins/tokens with no real value backing them. This is why we aim to address these issues by creating a deflationary Proof-of-Reserve token that is backed by TRX, providing transparency and security for our users.

We understand that any form of manipulation, such as price manipulation or insider trading, fee exemptions to a set of accounts, can harm investors and damage the integrity of the cryptocurrency market. That’s why we are committed to ensuring the security and stability of our token.

We encourage all investors to conduct their own research and due diligence before investing in any cryptocurrency. It’s important to be aware of potential risks associated with the token and the broader cryptocurrency market.

We are dedicated to creating a strong and trustworthy microeconomy around UpDawg, and we believe that by working together with our community, we can achieve this goal.

Project Details:

UpDawg is a decentralized deflationary Proof-of-Reserve token. It is backed by TRX, one of the leading cryptocurrencies in the market, and operates on the TRON blockchain.

A small portion (TAX) of each exchange transaction is automatically destroyed or “burned”, reducing the total supply of UpDawg tokens over time and increasing the value of the remaining tokens. This mechanism helps to maintain the scarcity of the token and potentially increase its value compared to the TRX reserve.

UpDawg provides transparency and security by allowing users to verify that each UpDawg token is backed by an equivalent amount of TRX. This helps to ensure that the token maintains its value and that users are protected against potential market risks.

Get Started :

Go to udawg.org/dapp , connect your wallet, trade UDAWG against TRX or Claim/Donate/Burn UDAWG tokens.

How we built it?

UpDawg smart contract was built using Solidity.

To interact with the smart contract, the team used Node.js to develop the backend server of the decentralized application (dApp).

The dApp’s frontend user interface was created using HTML, CSS, and JS.

Project milestones:

  • 1st October 2022 - UpDawg smart contract deployed on TRON blockchain with launchpad in effect.
  • UpDawg launchpad concluded on 31st October 2022, enabling the exchange of UDAWG/TRX on dawgDEX
  • uDawgDAO starts increasing UpDawg’s TRX reserve via buying and burning UDAWG tokens - January 2023

:dog: UpDawg Bark : A anonymous TRON public chat

UpDawg has launched a new feature named “Bark”, which allows users to connect with others in a public chat room anonymously.

To access this feature, users need to connect their Tron wallet on the UpDawg Bark platform. Once connected, users can join the Bark Public Chat room and engage in conversations with other online users.

What’s Next for UpDawg?

uDawgDAO is currently working on a platform that will utilize the UDAWG as its utility token, unlocking a variety of functionalities and possibilities for its holders. The team behind uDawgDAO is dedicated to delivering a top-notch product that will contribute to the TRON ecosystem.

20% of exchange TAX distributed to uDawgDAO will be returned to the TRON community. UDAWG HODLers will automatically become uDawgDAO members, and members will have the right to create and vote on proposals for this fund.

The proposals can be of any kind, such as burning a certain portion of the fund or creating Revenue Streams such as NFTs, an eStore, a social media platform, an exchange, or any other good project out there struggling for recognition.

More information will be released in the near future, so stay tuned for exciting updates! :paw_prints:

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Finally you are here team.
Welcome to #hackatron S4
Wishing you all the best

In your inspiration, you said

please what are some of these additional powers, can investors be at risk when they used these negatively? something like creating more tokens or manipulations?

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:pray: Thank you @Prince-Onscolo for the warm welcome to HackaTRON S4! :star2: Your support means a lot to @astitv and the UpDawg Team. Excited to showcase our innovative project and collaborate with the Tron community! :handshake: Let’s grow and develop Tron ecosystem together. :rocket:

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Thank you for asking this important question.

  • For example, creating more tokens than originally intended could dilute the value of existing tokens and lead to a decrease in price. This could negatively impact investors who have already purchased the tokens.

  • Similarly, any form of manipulation, such as price manipulation or insider trading, fee exemptions to a set of accounts, can also harm investors and damage the integrity of the cryptocurrency market.

Investors should always conduct their own research and due diligence before investing in any cryptocurrency and be aware of potential risks associated with the token and the broader cryptocurrency market.

However, it’s important to note that any manipulation or misuse of a cryptocurrency token can potentially pose risks to investors.

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alright thank you so much.
Somebody like me who has little knowledge about this, how will I know Project A smart contract gives the team some additional powers. Is there a way we all could check. This is very important

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Hello @Prince-Onscolo ,
For somebody who has little knowledge about smart contracts, can check what write & read functions a smart contract has, by checking a smart contract code in a blockchain explorer.

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thank you, will do my personal checks and see
thank you…
all the best

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Welcome to season 4 hackathon.

If i get the above right, the updawg coin will be backed by tron, at what ratio are we talking about here please.

And i what will be the benefit of holding an updawg token.

Also i am seeing the total supply of updawg as 43,485.25 q, does this q stands for quadrillion, and if it does what inspired the team to create a token with this much supply?

Thank you.

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Welcome to Grand hackathon S4, wish the team and the project all the best

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Hi @Nana66419,

Yes, you are correct. The UpDawg token (UDAWG) is backed by TRX. Currently, the ratio of UDAWG to TRX is approximately 1 TRX = 10.584 quadrillion UDAWG or 1 UDAWG = 9.4515E-17 TRX. Since the commencement of the dex, the price of UDAWG has increased by 13% in four months.

During the UpDawg Launchpad, which was a unique experiment to set the exchange price for the built-in dawgDEX, @uDawgDAO sent 1 sun (0.000001 TRX) in exchange for 21 million UDAWG tokens, setting the price of UDAWG at 1 TRX = 21 million UDAWG.

The creation of new UDAWG tokens is only triggered by the deposit of TRX into the UpDawg smart contract via the dawgDEX. When a HODLer sells their UDAWG tokens on the dawgDEX, the tokens are destroyed or “burned,” and the HODLer receives an equivalent amount of TRX.

The exchange tax for buying tokens has been set at 1%, while the tax for selling tokens is 10%. Additionally, the exchange fees are subject to change automatically in response to the TRX reserve of the UpDawg contract, as outlined in the Fee Schedule.

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As a UDAWG token holder, you get to enjoy many benefits! First, UpDawg’s net deflationary protocol ensures that the token’s value appreciates against the TRX reserve, making it a great investment. In addition, the HODLPool feature allows you to earn passive income by simply holding your UDAWG tokens, as you’ll receive a portion of the exchange transaction tax collected by the protocol. And don’t forget about Timepot, which rewards HODLers from HODLPool for every transaction made with their tokens. :raised_hands:

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:wave: The “q” in UpDawg’s total supply of 43,485.25 q indeed stands for quadrillion. The team’s inspiration behind creating a token with this much supply was to launch a project without using the conventional style of hosting ICO’s.

Although the Timepot feature injects little inflation, UpDawg is designed to be net-deflationary. That’s why the team set the deployment price of UDAWG at 1 TRX = 21 m UDAWG.

The launchpad was designed to give the Tron community the power to claim 21 million tokens per claim and set the initial price of UDAWG by participating in the launchpad, with no limits on the number of claims. Therefore, no single person or authority (even udawgdao) had any control over what the initial price would be.

The conclusion of the launchpad set the price of UDAWG to 1 TRX = 12.026 quadrillion UDAWG, or 1 UDAWG = 8.3151E-17 TRX. So the current price is 1 TRX = 10.584 q UDAWG, where q stands for quadrillion or 1 UDAWG = 9.4515E-17 TRX. The price of UDAWG has increased by 13% in 4 months since the commencement of the dex.

I hope this helps! Let me know if you have any further questions. :hugs:

Best regards,
@astitv and the UpDawg Team

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Thank you so much for the warm welcome! We are thrilled to be part of the Grand hackathon S4 and excited to share our project with everyone. Your kind wishes mean a lot to us, and we appreciate your support. Let’s make this hackathon an amazing experience for all!

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Welcome to season 4… I wish you good luck my friends :dizzy: :dizzy:

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Thank you, @MsHerbert , for the warm welcome and wishes of good luck. We are excited to be participating in HackaTRON and are looking forward to the challenge. We appreciate your support and encouragement and hope to make the most of this opportunity.

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Bienvenidos al S4, y suerte con su proyecto.

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Thank you very much, Antonio! :raised_hands::tada: We are thrilled to be a part of the this season and are ready to bring our best efforts to the competition.

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Welcome to the TronDao forum community :handshake:

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De eso se trata de demostrar el buen trabajo realizado. Gracias a vosotros

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Welcome to the hackathon, a very interesting project,

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