[ANN] "Ten Times" (TENT) token sale

[IGCGamers]

Where do you derive this percentage 0.000115 %?  I do not see that any where on your code? Why p=8 always? What does it do with the calculation? why 1=867598 always?

Your idea is really good and has to be appreciated? Even if you burn the 90 percent, you can use your 10 percent in future.  Does your 10 percent also gets interest for every 16 seconds?

The 0.000115 % is a result of my times 10 requirement each 2 million blocks. The formula for compound interest is (1+p%) ^ periods. If I want to have times 10, the formula looks like this: x^n=10. You can solve this by calculating x=10^(1/n) (or the n-th root of 10), which results in x = 1.00000115129 for n = 2000000. The percentage of this factor is (1 - x * 100) = 0.00000115129 * 100 = 0.000115129. I omitted the last digits.

p = 8 is the precision. For details see the article from where I got the function to calculate the exponentiation:

https://ethereum.stackexchange.com/questions/10425/is-there-any-efficient-way-to-compute-the-exponentiation-of-a-fraction-and-an-in

The problem with Solidity is, that you don't have float values and can't just write Math.pow(x, y), as you could do in JavaScript. The formula on stackexchange uses binomial expansion, which allows to calculate the exponentiation with very few steps with good approximation. The number p specifies the number of steps. Higher number of steps result in higher precision, but higher gas cost as well. You can find the mathematical background about binomial expansion here:

https://en.wikipedia.org/wiki/Binomial_theorem

Because of the required form "k * (1+1/q) ^ N" of the formula, I have to convert the 0.000115 % to q, so that 1/q is equal to 0.000115 %. This is the reason for the number 867598. If you calculate 1 / 867598, you get 0.0000011526. This is slightly different from the mathematically result, because I optimized q by hand so that the fracExp function nearly exactly results in times 10 for 2 million blocks (= about one year), my main goal.

I hacked a quick JSFiddle script for you to play with the numbers, and to see what effect the precision p has for the result:

https://jsfiddle.net/u5zgqqn3/embedded/result/

You can see the JavaScript source code here:

https://jsfiddle.net/u5zgqqn3/

It uses the BigNumber library to emulate the Solidity smart contract function fracExp.

Thanks for your detailed explanation. I just played with the numbers on the quick JSFiddle script. When i increase the q value from 867598 to 1867598, i see the interest rate is reducing.  So if that value is changed the interest will reduce right?

I don't see that you have given any ETH value for the token on the code.  On what basis you have said that the token value is 0.0001 eth?  Also when i see the contract address on etherscan.io it doesn't show any eth value for your token. But for few other tokens, i see the value is been shown on the etherscan.io

Can you please clarify

[IGCGamers]

I created the same contract on the Ropsten Testnet, I only changed the ticker symbol to TENTTest and added Test to the name and class name, so that it doesn't get confused with the main net token (I don't think I can use the exact same contract address from the mainnet on the testnet as well).

In MetaMask or MyEtherWallet, choose the Ropsten Testnet and add the token with these parameters:

Token Contract Address: 0x58e45f485743a7c792daeba93456eb9ba0f28cd2
Token Symbol: TENTTest
Decimals: 10

Here you can see the verified source code, same as the original, except for the name changes:

https://ropsten.etherscan.io/address/0x58e45f485743a7c792daeba93456eb9ba0f28cd2#code

Here you can get free ether for the Ropsten testnet, so that you can test transferring TENTTest tokens to other addresses, which costs ether gas fee:

http://faucet.ropsten.be:3001

PM or reply here with your Ropsten testnet ether address, if you want some TENTTest tokens on the testnet for free to play with it, and to verify if it works as I described it, if you can transfer it, if the interest changes are displayed in your wallet etc., and I'll send you 1000 tokens.

i sent you my ropsten address in PM

[marilyn4325]

1) Is the interest paid life time or there is a limit for that? If the interest is paid life long, the demand will decrease right. Because you have a initial supply of 1 million tokens?  That 1 million token may become 11 million token in a year and it keeps increasing right? Please correct me if i am wrong and clarify me please.

2) How much gas (In eth value) is required for each transaction? I mean if i transfer the token to some one, how much i have to spend in ETH for each tranaction?

3) On what calculation you derive the compoundInterest? Is it not possible to reduce the total 10x to 5x or 3x annually?  If the constant number 867598 is reduced to 433284, will the interest get reduced to half? What made you offer 11x interest?

Ill reply with more questions on the next reply...

1) yes, the interest is paid life time. As calculated, it will overflow in about 60 years because of the high 10x increase each year, but until then, there is no problem and you will get more and more tokens each 16 seconds.

2) this depends on gas cost. For the 10 TENT test transfer, you can see it here:

https://etherscan.io/tx/0xb0e1f82b1ba606a4b4c5b0997b1f0cdb35f157529e16c39128db836d68c6ada2

So effectively about $4. But this was the suggested standard gas price, it might have worked with lower fee as well.

3) My goal was 10x interest. If you increase the number, the interest rate gets lower, because it is used in 1/x in the formula I described. If you use 2 million blocks and my JSFiddle script, you can try different numbers and see the compound interest for one year.

[IGCGamers]

1) Is the interest paid life time or there is a limit for that? If the interest is paid life long, the demand will decrease right. Because you have a initial supply of 1 million tokens?  That 1 million token may become 11 million token in a year and it keeps increasing right? Please correct me if i am wrong and clarify me please.

2) How much gas (In eth value) is required for each transaction? I mean if i transfer the token to some one, how much i have to spend in ETH for each tranaction?

3) On what calculation you derive the compoundInterest? Is it not possible to reduce the total 10x to 5x or 3x annually?  If the constant number 867598 is reduced to 433284, will the interest get reduced to half? What made you offer 11x interest?

Ill reply with more questions on the next reply...

1) yes, the interest is paid life time. As calculated, it will overflow in about 60 years because of the high 10x increase each year, but until then, there is no problem and you will get more and more tokens each 16 seconds.

2) this depends on gas cost. For the 10 TENT test transfer, you can see it here:

https://etherscan.io/tx/0xb0e1f82b1ba606a4b4c5b0997b1f0cdb35f157529e16c39128db836d68c6ada2

So effectively about $4. But this was the suggested standard gas price, it might have worked with lower fee as well.

3) My goal was 10x interest. If you increase the number, the interest rate gets lower, because it is used in 1/x in the formula I described. If you use 2 million blocks and my JSFiddle script, you can try different numbers and see the compound interest for one year.

thanks for your response.  let me test run and come back to you soon. meanwhile please try to answer my other questions above..

[marilyn4325]

Thanks for your detailed explanation. I just played with the numbers on the quick JSFiddle script. When i increase the q value from 867598 to 1867598, i see the interest rate is reducing.  So if that value is changed the interest will reduce right?

This is right. And the number can't be changed after the contract is deployed, so it can't be changed for TENT.

I don't see that you have given any ETH value for the token on the code.  On what basis you have said that the token value is 0.0001 eth?  Also when i see the contract address on etherscan.io it doesn't show any eth value for your token. But for few other tokens, i see the value is been shown on the etherscan.io

Can you please clarify

An ERC20 smart contract has no intrinsic value at start, see the definition of ERC20 tokens:

https://theethereum.wiki/w/index.php/ERC20_Token_Standard

There is no way to specify the ETH per TENT, other than with an initial trade offer as I did on EtherDelta. I guess Etherscan uses exchanges and https://coinmarketcap.com to calculate the exchange rates for tokens. I chose 0.0001 ETH because this looks like not too expensive, because then the total supply would be worth only 100 Ether, or about $100k. That's nothing compared to most other tokens, which currently even don't have any functionality, but just promises, like CRPT. My token already works, since last week. No need to pay a development team, offices etc. But of course would be nice, if I could get some money from selling it for my effort so far and there are already 2 other buyers. On the other hand, if it gets popular later, the value might rise more. But if the value doesn't drop by 1/10 per year, you still make profit when selling it.

I hope it will be more, only 3 days left until I burn the rest of the 900k tokens.

I still need a nice icon for the token, to add it to etherscan. I increase my offer: 1000 TENT (the real one on the main net) for an original 28 x 28 pixel PNG.

[IGCGamers]

thanks for your detailed clarification. I just sent you a pm.

You already have a logo and want to create an ICON image or you want to create a new one? If new one,  you should create a logo as well? What kind of logo you want?

[khufuking]

May I know what is the use of this token ? What will bring value to it ? I know you said that buying the token and hold it will bring value for it , But what is the value this toke offer to make me buy it in first place ! . There is already a lot of coins/tokens that offering similar idea ( Staking ) . Adding a use case for this token will be a good thing  . Wish you luck .

[marilyn4325]

thanks for your detailed clarification. I just sent you a pm.

You already have a logo and want to create an ICON image or you want to create a new one? If new one,  you should create a logo as well? What kind of logo you want?

A new logo would be nice as well, would pay additional 1000 TENT for it. The current logo is just a stock image.

The 28 x 28 pixel image is required for adding an icon to etherscan.

[marilyn4325]

May I know what is the use of this token ? What will bring value to it ? I know you said that buying the token and hold it will bring value for it , But what is the value this toke offer to make me buy it in first place ! . There is already a lot of coins/tokens that offering similar idea ( Staking ) . Adding a use case for this token will be a good thing  . Wish you luck .

You are right, there are tokens with staking, e.g. CLAM. But setup is complicated, you need to run the CLAM client all the time to stake, you need to load gigabytes of blockchain data, which even doesn't work most of the time, so you need an additional bootstrap file, you need to split your CLAMs to multiple accounts for optimal staking etc. (see the CLAM thread for all the problems). TENT token gives you the same, a very good interest rate, but without all the hassle. Just buy it once, sell it with compound interest whenever you want, and get rich

[marilyn4325]

1,220.32 TENT was sold, so I've burned the rest of 900,000 TENT, by sending 898,779.68 TENT to the burn address 0x000000000000000000000000000000000000dEaD:

https://etherscan.io/tx/0xb9ee06d27f53c0c90d29672e02bfb8660c8b8b350ad30272efc90dd3f473928c

[IGCGamers]

1,220.32 TENT was sold, so I've burned the rest of 900,000 TENT, by sending 898,779.68 TENT to the burn address 0x000000000000000000000000000000000000dEaD:

https://etherscan.io/tx/0xb9ee06d27f53c0c90d29672e02bfb8660c8b8b350ad30272efc90dd3f473928c

Good.. You are an honest man.. God Bless you.. Ill try to get you the logo asap

[CGST]

Interesting Concept. I thought of coming up with the same idea. Interesting to see that some one else have already done that.  Does the tokens get into my eth address automatically if i transfer the ETH to your smart contract address or you have to send it manually?

[marilyn4325]

Interesting Concept. I thought of coming up with the same idea. Interesting to see that some one else have already done that.  Does the tokens get into my eth address automatically if i transfer the ETH to your smart contract address or you have to send it manually?

I have to send it manually. But automatic sending would be interesting and would eliminate complicated things like EtherDelta, at least for the initial distribution. Maybe this could be implemented with a smart contract as well?