zilFred – zFred a Zilliqa token
zFred is a Zilliqa utility token created to help fund a new SSN node and reward holders with a reduced staking commission fee. Currently nodes charge between 0%-12% commission for staking. We plan to charge 2% for our SSN node which is right in line with the other nodes. Our plan to stand out is by rewarding zFred holders with a reduced commission based on the following: If you hold 10 zFred you get 0% commission. If you hold 5 zFred you will get 50% off the commission or in other words it will be 1%. To operate a SSN node requires extensive knowledge in Linux, Networking, Server Administration and More. The commission earned from a SSN operator helps to cover the expense of node operation. Node operators which do not pass 100% of quality control checks do not earn 100% of available rewards for any epoch in which their performance is less than expected. Failure to maintain records is an example of how a node might be penalized. I want to help the Zilliqa community by having more nodes for validation and more choices for staking.
How will you manage a variable commission rate?
We plan to use the list of token holders and cross reference the list of wallets currently staking with our SSN and issue a transaction which sends you the amount of ZIL you earned as a result of holding zFred. For example, if you stake 10,000 ZIL and hold 10 zFred and for simplicity lets say the APY is currently 10% and the rewards you should earn is 1,000 ZIL. Our commission is 2% or 20 ZIL. We will issue you a refund of 20 ZIL if you hold 10 zFred or 10 ZIL if you hold 5 zFred. *Some details are to be determined, if this will be automated or a manual action, how much the fees will be for sending, a lot of this will determine how often we issue rewards (weekly or daily). Initially we planned for minimum amount to be 1 zFred but due to gas fees we had to increase this to 5 zFred.
Contact me if you want to be a part of my team. I am open to discuss business opportunities regarding Zilliqa, look for me in the channels at the bottom of this page. I strongly believe the future has a lot of great opportunities with the Zilliqa team, nothing here constitutes investment advice. We will sell all tokens for 1ZIL to 1zFred until our node is active and then unsold tokens will be burned. The node operator (me) maintains the promise to reward holders who also stake with the SSN if and when we are accepted into the program. I believe tokens that add value to a service like the ideas presented within this document are a benefit to the Zilliqa community. A limit of 10 Million tokens were generated to create exactly the 10 Million ZIL needed to activate our SSN. We intend to stake any ZIL earned as a result of trades for zFred in order to help us obtain the 10 million as fast as possible so that our node can be active. We will never trade or play the market in order to increase our holdings, the only way this will work is if you believe in the concept and trade 10 ZIL for 10 zFred. We only need 1 million people to part with 10 ZIL in order to make our dreams a reality. If our SSN node becomes active prior to selling all zFred tokens the remaining tokens available for trade will be burned. A zFred token can be swapped 1:1 for ZIL. I am writing a smart contract that can send you a zFred for each ZIL you send it.
Smart Contract Address: zil1ph7jkzpm8sp0g2pkxsvfvnd9806djpptfutf2n
Link for viewing holders, transactions, etc. viewblock.io
Do not send ZIL to the smart contract address.