(XF₲) Fuego 🔥 Decentralized Privacy Banking Network (POW)

[aejontargaryen]

Wrapped (w)XFG Proposal

So that we aren’t waiting on the full development of COLD smart contract(s) before starting wXFG…
I wanted to submit a proposal to the Fuego community….which begins in a land far away called Yap Island...


One of the references in the Bitcoin (and sound money) ideology is how Yap’s currency (Rai) is based on those giant stones.
The aspect i wish to highlight now is about the giant stone that was lost at sea during transport...  since the giant stones are used as a type of collateral anyhow ( and don't move once they are brought to the island ) everyone at the time agreed that even tho it was lost during transport and lay sunken on the seabed- it was (and still is) used in their system of value all the same.  More Yap info here.

Same idea basically :

I propose we use a % of total community amount lost of XFG (or DRGL) as a result of centralized exchanges for the initial minting of wXFG.
Anything beyond the initial mint, we'll collateralize in deposits.

I lost a cool 80,000 DRGL/XFG (prob a lot more tbh) in just the FirstCryptoBank rug/hack alone back in 2018-19.
And for that matter, lost some amount of XFG on every. centralized. exchange. listing/hack/rug thereafter-...mostly from providing basic liquidity...but not entirely.  I kept a record of most of the amounts in XFG discord, or on here....so, thought we'd try to glean an estimate of total lost XFG..because of CEXs.  Just an idea...


If you agree with the proposal, and have lost XFG (or DRGL) as a result of a CEX hack/rug, make a public post that includes :

• which exchange hack/rug
• how much XFG u lost
• and on which EVM you want to mint your wXFG.

Or if you disagree with the proposal, let me know.
The whole foundation of the idea is rooted in the social contract of the community agreeing on the validity of the events (FCB, Altilly, TradeCX, and so on...) and the likelihood of each person losing the declared amount.

I'll give it a month or so, say..30 to 45 days from now and we'll see where we are, then go about minting wXFG.

[dansus021]

Finally, you made the decision 

Just another advice you can deploy it on a popular chain like BNB Smart Chain or even ETH right now but I would highly recommend that the coin should be on a Cheaper fee chain. oh you can take a look this example of bridge https://bridge.idena.io/

[aejontargaryen]

Finally, you made the decision  

Just another advice you can deploy it on a popular chain like BNB Smart Chain or even ETH right now but I would highly recommend that the coin should be on a Cheaper fee chain. oh you can take a look this example of bridge https://bridge.idena.io/

terima kasih teman!
I agree, there are a lot of better options available for fees. And thats a cool bridge, i like idena project too....however, for XFG i dont think i personally will work on building a bridge to go back and forth.

EDIT:
I am, however, digging the concept of burning XFG to mint wXFG...then adding the burned XFG amount back to on-chain supply via block reward...like a dynamic floating supply but still capped at 8M8.

From my perspective, wXFG is only for decentralized pricing and/or liquidity....so unless i'm missing something, by using the burn/mint model above, i don't see why our community would need to bother going back to chain XFG from wXFG. If we want to sell XFG, then burn it to mint wXFG and sell that.  And if we want more actual XFG, then mine it



Anyway,
what are some low fee EVM chains that you like?

[aejontargaryen]

Happy Fuego Day (Jan 8th) 6 years strong.
Went ahead and acquired usexfg.org domain for a few years. Happy launch anniversary!  fire emoji -ÆJT

usexfg.org

[dansus021]

Anyway,
what are some low fee EVM chains that you like?

There are a bunch out there I like the BNB Smart Chain but for now there are a ton of layer 2 you can choose matic or optimism zkSync. There is so much that I can mention all of it. But you can start from BNB smart chain the bnb is on the top 5 by marketcap after you finish one evm that would be easy for you to build on multiple chain

just like marve movie the mutliverse  

Happy Birthday for Fuego and may the force be with you

[aejontargaryen]

Anyway,
what are some low fee EVM chains that you like?

There are a bunch out there I like the BNB Smart Chain but for now there are a ton of layer 2 you can choose matic or optimism zkSync. There is so much that I can mention all of it. But you can start from BNB smart chain the bnb is on the top 5 by marketcap after you finish one evm that would be easy for you to build on multiple chain

just like marve movie the mutliverse 

Happy Birthday for Fuego and may the force be with you

YES! Exactly my friend. Slow play here...lots of things happening on the decentralized EVM platform horizon...letting things settle a bit before jumping in too heavily. Got a few in mind. Holding fast before the deluge. Until the entire world is using cryptocurrency- Fuego is still far ahead. fire emoji

Wrapped (w)XFG Proposal

So that we aren’t waiting on the full development of COLD smart contract(s) before starting wXFG…
I wanted to submit a proposal to the Fuego community….which begins in a land far away called Yap Island...


One of the references in the Bitcoin (and sound money) ideology is how Yap’s currency (Rai) is based on those giant stones.
The aspect i wish to highlight now is about the giant stone that was lost at sea during transport...  since the giant stones are used as a type of collateral anyhow ( and don't move once they are brought to the island ) everyone at the time agreed that even tho it was lost during transport and lay sunken on the seabed- it was (and still is) used in their system of value all the same.  More Yap info here.

Same idea basically :

I propose we use a % of total community amount lost of XFG (or DRGL) as a result of centralized exchanges for the initial minting of wXFG.
Anything beyond the initial mint, we'll collateralize in deposits.

I lost a cool 80,000 DRGL/XFG (prob a lot more tbh) in just the FirstCryptoBank rug/hack alone back in 2018-19.
And for that matter, lost some amount of XFG on every. centralized. exchange. listing/hack/rug thereafter-...mostly from providing basic liquidity...but not entirely.  I kept a record of most of the amounts in XFG discord, or on here....so, thought we'd try to glean an estimate of total lost XFG..because of CEXs.  Just an idea...


If you agree with the proposal, and have lost XFG (or DRGL) as a result of a CEX hack/rug, make a public post that includes :

• which exchange hack/rug
• how much XFG u lost
• and on which EVM you want to mint your wXFG.

Or if you disagree with the proposal, let me know.
The whole foundation of the idea is rooted in the social contract of the community agreeing on the validity of the events (FCB, Altilly, TradeCX, and so on...) and the likelihood of each person losing the declared amount.

I'll give it a month or so, say..30 to 45 days from now and we'll see where we are, then go about minting wXFG.

as for this idea - we'll close it. however, the total amount of lost XFG will actually work to our benefit as a built-in limiter to the possibility of over-minting wXFG thru the burning of actual XFG.
(burn XFG --> print wXFG ---> add back burned XFG to block rewards) working thru engineering of it; most promising.  i like it.

Anyway,
what are some low fee EVM chains that you like?

There are a bunch out there I like the BNB Smart Chain but for now there are a ton of layer 2 you can choose matic or optimism zkSync. There is so much that I can mention all of it. But you can start from BNB smart chain the bnb is on the top 5 by marketcap after you finish one evm that would be easy for you to build on multiple chain

just like marve movie the mutliverse 

Happy Birthday for Fuego and may the force be with you

YES! Exactly my friend. Slow play here...lots of things happening on the decentralized EVM platform horizon...letting things settle a bit before jumping in too heavily. Got a few in mind. Holding fast before the deluge. Until the entire world is using cryptocurrency- Fuego is still far ahead. fire emoji

Even still, I vow that we are going to the multiverse this year.
If i cant code it, i'll hire a brilliant mind who can.
And although its been proven i'm not too good at crowdfunding-
i just might be very good at private funding...
and boy what a return to be had from a backlog of innovation such as ours.
Still here.

[moderator's note: consecutive posts merged]

[dansus021]

Keep it Up mate 

[aejontargaryen]

Happy Fuego Day
7 years


What are yall's thoughts on removing the decimal from XFG ?   

( Currently at 7 | 7 )

8000008.8000008

Technically, it would "change" supply- not by inflation like a stock split- only by way of agreed unit of account.

Total XFG supply will always have 80 Trillion atomic units either way, whether we regard the decimal or not.

It would essentially be 1.0000000 XFG now = 10M XFG (no decimal) 

What are yall's thoughts on removing the decimal from XFG ?   

( Currently at 7 | 7 )

8000008.8000008

Technically, it would "change" supply- not by inflation like a stock split- only by way of agreed unit of account.

Total XFG supply will be 80 Trillion atomic units either way, whether we regard a decimal or not.

It would essentially be 1 XFG now = 10M XFG after. 

Always kinda had the idea rattling around in my head since launch, but also re-spurred by the idea that (mostly) nobody likes pieces or fractions of ...anything, really.
Especially with money.  Its like an engrained inferiority...  I do understand that fractional amounts can be useful with mediums of exchange, however are not a requirement per se, if the accounting unit is small enough.

Also liked the idea of a single unit of XFG being able to function as a "like" or similar to saying 'oh thats fire' at some point.

[moderator's note: consecutive posts merged]

[aejontargaryen]

Ill set up testnet and mess round w it...
Not tryin to gaslighting anyone, just want to figure out if this decimal still works in our favor before I go creating wXFG contracts.
How we price XFG is basically the centerpiece of COLD, as well, so..

EDIT 2/3/25
(renovating a new longterm office space, will be locked in again on main dev rig soon)