Project Name: UpDawg
Project Track: defi
Team Name: uDawgDAO
Team Member(s): 2; @astitv , @AiMAce
Website: udawg.org
Smart contract: Click here!
Twitter: @udawgdao
Project Repo: GitHub Contract Repo
Deck:
UpDawg Deck.pdf (7.8 MB)
Demo video: Watch here!
Project Goal :
UpDawg’s project goal is to create a 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 and manually destroying or burning a small portion of each exchange transaction.
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 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:
What is UpDawg (UDAWG)?
UpDawg is a Decentralized Proof-of-Reserve(PoR) TRC-20 token launched on October 1st, 2022. 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.
How Many UDAWG Coins Are There in Circulation?
UDAWG is a PoR token backed by TRX. It’s a flexible supply token, that means, it is neither a fixed nor a capped supply token.
In the case of UDAWG, the launchpad was designed to be unique as there was No pre-sale, no ICO, and definitely no pre-mined tokens. The aim of the launchpad was to set the initial price of UDAWG token against 1 TRX.
The launchpad was available for a limited time, starting at the deployment of UpDawg smart contract on October 1, 2022, and concluding on October 31, 2022, at 6:30:00 PM (UTC). During this period, every Tron address was able to claim 21 million UDAWG Tokens per claim through a special function called “airDropClaim.” This function was available to all and could be called as many times as the caller wanted, with each call providing the caller’s TRON address 21 million (a significatory tribute to BTC, the father of DLTs and Cryptocurrencies) UDAWG Tokens for free. No TRX was required in exchange for these tokens.
The conclusion of Launchpad marks the beginning of the dawgDEX (in-built decentralized exchange for UDAWG/TRX). The creation of new UpDawg (UDAWG) tokens is only triggered by the deposit of TRX (Tron) into the UpDawg smart contract via the dawgDEX (decentralized exchange). This process occurs when a HODLer chooses to deposit their TRX into the UpDawg smart contract. On the other hand, when a HODLer decides to sell their UDAWG tokens on the dawgDEX, the UDAWG tokens are destroyed or “burned” thereby reducing the total supply. In return, the HODLer receives an equivalent amount of TRX, which is transferred to their account. This process helps to maintain the scarcity of UDAWG tokens, ensuring their value is not diluted by an excessive supply.
What is the UpDawg Burn Mechanism?
The Burning mechanism of UpDawg is an important aspect of the token’s design and helps to maintain its value over time. The mechanism works by automatically burning a small portion of each exchange transaction on dawgDEX, reducing the total supply of UpDawg tokens and thus maintaining its scarcity and value over time.
What is UpDawg True Open Burn?
The True Open Burn function: allows anyone to incinerate their UDAWG tokens. Not only does this action pump prices on dawgDEX, but it’s also a tactic favoured by uDawgDAO, using revenue streams to ‘Buy & Burn’ UDAWG tokens, further enhancing scarcity and value.
What is HODLPool?
HODLPool is a mechanism in UpDawg that allows UDAWG token holders to earn a share of the exchange transaction tax collected by the UpDawg protocol. HODLPool receives 20% of the exchange tax, which is then used to incentivize UDAWG token holders to hold their tokens for longer periods.
How to claim HODLPool rewards?
To claim their share of HODLPool, UDAWG holders do not have to stake their tokens, but instead, they have to call the Claim Reward function on UpDawg: dApp
Where can I buy UpDawg (UDAWG)?
UDAWG can be traded on dawgDEX (UpDawg: dApp ) or on SunSwap v2.
Go to UpDawg: dApp , connect your wallet, trade UDAWG against TRX or Claim/Donate/Burn UDAWG tokens.
How did we build 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 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:
- Ensure that you have a TronLink wallet installed and set up on your device.
- Open your TronLink wallet and navigate to the network settings. Change the network from the default TRON MainNet to Shasta TestNet.
- Once you have switched to the Shasta TestNet, visit the website UpDawg: dApp in your web browser.
- 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 milestones:
- October 1st, 2022: Deployment of the UpDawg smart contract on the TRON blockchain, initiating the launchpad process.
- Conclusion of the UpDawg launchpad on October 31st, 2022, facilitating the UDAWG/TRX exchange on dawgDEX.
- January 2023: Commencement of uDawgDAO’s initiative to bolster UpDawg’s TRX reserve through the purchase and burning of UDAWG tokens.
- Introduction of “Bark”: UpDawg’s new feature enabling anonymous public chat on the TRON network. Users can join the Bark Public Chat room by connecting their Tron wallet on the UpDawg Bark platform.
- Development and deployment of uDawgBot: A comprehensive TRON blockchain companion delivering updates, notifications, and read methods directly to Telegram chats.
- Establishment of the UpDawg Community Contributors Fund: Recognizing and rewarding top TRON enthusiasts for their exceptional contributions to the UpDawg ecosystem every 30 days. Five percent of the total dawgDEX exchange tax collected by the uDawgDAO Team will be allocated to this fund.
What’s Next for UpDawg?
- Introducing uDawgBot user wallet for seamless transactions.
- Adding engaging bot games to enhance user interaction.
- 5% of dawgDEX TAX collected by 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.
Telegram: Telegram: Contact @udawgorg
X: x.com/udawgdao
Website: udawg.org