[ANN] VETHER: A STRICTLY-SCARCE ETHEREUM-BASED ASSET

[strictly-scarce]

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA256

    //========================================VETHER-WHITEPAPER========================================//
   
    # WHITEPAPER
    ### Vether: A strictly-scarce Ethereum-based asset
   
    **Abstract**
    Vether is designed to be a store-of-value with properties of strict scarcity,
    unforgeable costliness [1] and a fixed emission schedule. Vether mimics
    characteristics of Bitcoin [2], where miners compete to expend capital to acquire
    newly-minted coins and chase ever-decreasing margins.  Instead of expending capital,
    Vether participants compete to purchase it by destroying capital on-chain.
    As a result, all units of Vether are acquired at-cost and by anyone.
    This mechanism is called Proof-of-Value.
   
    ## Introduction
    When a new monetary asset is created the key problem is a matter of distribution - how to fairly distribute it
    to a wide number of participants such that anyone can acquire it and all units are distributed at-cost.
    Bitcoin's entire fixed-supply is being distrbuted fairly and at-cost, however Ethereum and the tokens
    created on it have not undergone the same process. As such, the value held by Ethereum and its tokens
    continually inflate as more are created at various cost with unpredictable distribution.
    Vether is designed to return scarcity properties to Ethereum, captured in a single fixed-supply asset,
    emitted in a way that continually absorbs value, at the same time as being distributed fairly and at-cost.
   
    ## Acquiring Vether
    Vether can only be acquired by destroying an asset with existing value, such as Ether or ERC-20 tokens.
    All value is measured in units of Ether, and token value is derived from liquidity-pool markets.
    Unpriced tokens have their value derived from the cost of gas used to destroy them.
    All assets are destroyed by sending them to the Ethereum genesis address.

    ## Emission Period
    Vether is auctioned off in Days of around 23.5 hours. 244 Days make up 1 Era.
    The 12th Era is 1064 Days long and the total Emission Period is 10 years. The overlapping time periods
    ensure Era and Day changes happen across different time periods and seasons globally.
    The Emission begins with 2048 per day, which halves each Era until it is 1 Vether per day in the 12th Era.
    After exactly 10 years the total emitted supply of Vether will be exactly 1,000,000 and cannot ever be increased.

    ## Network Fee
    Each transaction of Vether incurs a small fee of 10 basis points, which is returned to the contract.
    These fees accrue and will be emitted only after the Emission Period, at 1 Vether per Day.
    At a monetary velocity of 1, enough fees accrue in the first 10 years to power emissions for another 30 years.
    At higher velocities, the fee acts as a deflationary force.

    ## Stock-To-Flow
    Vether begins with a stock-to-flow of 1 that doubles each Era to be 2670 after 10 years.
    Since all units are acquired at-cost and emitted continuously, if Vether develops a market the halvings
    will function to reduce supply and increase value. This will reinforce Vether as a store-of-value.
    After the Emission Period, accrued fees provide on-going flow that fixes the stock-to-flow at a minimum of 2670 indefinitely.
    Thus, as long as there is economic activity, Vether can absorb value from Ethereum-based assets in perpetuity.

    ## Conclusion
    Vether is a strictly-scarce asset that has a fixed emission schedule and can only be acquired at-cost.
    Halvings are built in to the emission schedule to target a stock-to-flow of 2670 after 10 years.
    Beyond 10 years accrued fees power the emission, and thus the contract will run for as long as Ethereum exists.
    If Vether attains a monetary premium it will become one of the most valuable assets on the Ethereum network,
    with the widest and fairest distribution.

    ## References
    [1] N. Szabo, "Antiques, time, gold, and bit gold", http://unenumerated.blogspot.com/2005/10/antiques-time-gold-and-bit-gold.html, 2005
    [2] S. Nakamoto, "Bitcoin: A Peer-to-Peer Electronic Cash System", https://bitcoin.org/bitcoin.pdf, 2008
    [3] PlanB, "Modeling Bitcoin's Value with Scarcity", https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25, 2019

    **Appendix A - Emission Schedule**
    The Emission Schedule is as follows:
    |-----|--------|-------|-------|-----------|---------|------------|---------|-------|
    | Era |   Days | Total | Years |   Per Day |   Total | Cumulative | Annual% |  S2F* |
    |-----|--------|-------|-------|-----------|---------|------------|---------|-------|
    |   1 |    244 |   244 |   0.7 |     2,048 | 499,712 |    499,712 |    154% |     1 |
    |   2 |    244 |   488 |   1.3 |     1,024 | 249,856 |    749,568 |     51% |     2 |
    |   3 |    244 |   732 |   2.0 |       512 | 124,928 |    874,496 |     22% |     5 |
    |   4 |    244 |   976 |   2.6 |       256 |  62,464 |    936,960 |     10% |    10 |
    |   5 |    244 |  1220 |   3.3 |       128 |  31,232 |    968,192 |    5.0% |    20 |
    |   6 |    244 |  1464 |   3.9 |        64 |  15,616 |    983,808 |    2.4% |    41 |
    |   7 |    244 |  1708 |   4.6 |        32 |   7,808 |    991,616 |    1.2% |    83 |
    |   8 |    244 |  1952 |   5.2 |        16 |   3,904 |    995,520 |    0.6% |   166 |
    |   9 |    244 |  2196 |   5.9 |         8 |   1,952 |    997,472 |    0.3% |   333 |
    |  10 |    244 |  2440 |   6.5 |         4 |     976 |    998,448 |    0.2% |   666 |
    |  11 |    244 |  2684 |   7.2 |         2 |     488 |    998,936 |   0.07% | 1,333 |
    |  12 |   1064 | 3,748 |  10.0 |         1 |    1064 |  1,000,000 |   0.04% | 2,670 |
    -------------------------------------------------------------------------------------
    *Stock-To-Flow (the inverse of inflation).

    **Appendix B - Fee Era**
    The Fee Period activates after the 12th Era, and begins to emit all accrued fees.
    The emission of fees is a maximum of 1 Vether per Day.

    **Appendix C - Contract Integrity**
    - The contract is an ERC-20 contract that mints all 1 million Vether during construction.
    - There are no owned or whitelisted functions, and no ability to change the contract's parameters.
    - The UniSwap factory interface is used to return token exchange addresses.
    - The UniSwap exchange interface is used to enable token to ether transfers.
    - The contract uses blocktime instead of blockheight since the Ethereum block generation speed can change.
    - The Emission Schedule is updated frequently.

    //===============================================END===============================================//
-----BEGIN PGP SIGNATURE-----
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=kSIx
-----END PGP SIGNATURE-----

[1714024200]

1714024200

[1714024200]

1714024200

[1714024200]

1714024200

[strictly-scarce]

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA256

Source code will be released for review on 05 May 2020
Vether genesis will be on 12 May 2020
- -ss

-----BEGIN PGP SIGNATURE-----
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=Ax50
-----END PGP SIGNATURE-----

[strictly-scarce]

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA256

Landing page: https://vetherasset.org

-----BEGIN PGP SIGNATURE-----
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=esOw
-----END PGP SIGNATURE-----

[GeoffedUP]

OK I'll bite, interesting idea

[tippytoes]

So how can you create value for this token? Your website's content is the same as your OP's content, all texts. I don't know if someone will be willing to buy your token without any Proof of Value as of now. Where can they use it aside from the possible trading in exchanges? Though the quantity is very small but please explain how it will be valuable?

[strictly-scarce]

Vether will begin with an emitted supply of 0 and a value of $0.00. It will then be emitted in return for burnt capital. The value of Vether is entirely speculative, but there is a non-zero chance of it attaining a monetary premium.

The website will be turned into a DApp on 12 May 2020. The DApp will have all the functionality required to acquire Vether.

In time a UniSwap liquidity pool will be integrated to ensure Vether has a liquid market. There is more functionality planned at a later date.

- ss

[strictly-scarce]

Vether is an experiment in digital scarcity on Ethereum.

Digital scarcity doesn't just refer to an asset having a finite supply or emission, more-so it is about distribution: how to distribute it to as many people as possible without eroding its value.

**PoW**
In a Proof-of-Work network the asset is emitted to those who contribute computational power. That power is purchased out-of-band and the asset is emitted in return for proving having made a computation. The difficulty is adjusted in response to increases of resource commitment. Capital is continually expended in order to maintain the ability to acquire newly minted assets. Thus it can be said that those assets are acquired "at-cost".

**PoW-like**
Merkle grinding (https://multicoin.capital/2018/11/09/new-models-for-token-distribution/) was an experimental method to give out assets in return for a computational proof. 0xBitcoin (https://0xbitcoin.org) is another asset that was emitted in return for a PoW scheme on Ethereum. However the problems with PoW or PoW-like schemes is the subset of users who can participate is limited to those who can run a client on a physical machine and consume physical energy.

**Capital-based**
An alternative is to consider that capital itself is finite, and that it can be consumed when acquiring a new asset - aka the ICO model. Theoretically this sounds fine (distribute the asset in return for capital), but that capital is spent elsewhere - so it is value-dilutive. As an example, if $15m was collected for a new asset, then there is now $15m in token value and $15m in the original ICO funds. How can the additional $15m be justified? Value can't be created in that manner.
Additionally, ICOs typically had founder tokens (advisor, reserve, marketing etc etc), and these tokens are distributed at significant mark-down. This further eroded the ability for the asset to have value integrity and the number of assets in -90%+ drawdowns is testament to the poor ability of these assets to retain value.

**Airdrops**
Airdrops give out assets for free, and are a poor model since if no value is committed for an asset it is difficult for it to attain a monetary premium.

**Proof-of-Value**
Proof-of-Value is an experiment in asset distribution. Vether, which implements PoV, begins with a supply of 0 and a value of $0.00. Every day, any user can acquire newly minted Vether by provably burning value. Instead of $1 being sent to an ICO address, the $1 is forever burnt. The emitted Vether then has a cost (and perceived value) of $1 much more convincingly than an ICO token.

If Vether attains a monetary premium then the daily burn of value will equal the daily emission of asset. Ie, if Vether has a market value of $1, and 100 is to be emitted, then the amount of capital burnt will equal <$100. If the market cannot support $100 of Vether being sold, then it will settle on a new price. This will cause Vether to settle to an equilibrium of its true market price much quicker and sustainably.

This phenomena was observed during the 350-day EOS crowdsale, where every day 10-30k Ether was consumed by the contract and sold on Bitfinex markets. The Bitfinex market was able to absorb the selling pressure and the price of EOS was very stable throughout (in terms of ETH). However the use of EOS funds is questionable. Will $4bn be 100% consumed to benefit the ecosystem or will it in turn be value-dilutive?

In terms of accessibility, Vether can consume most assets on Ethereum, (Eth and ERC-20 tokens with/without markets) so is an extremely accessible asset. All that is required is an Ethereum wallet with assets on it.

**Liquidity**
It is important for Vether to have liquidity in order to allow faster price-discovery. Accordingly, a liquidity pool will be bootstrapped on UniSwap and its price discovery will be encouraged. Thus, any holder of Vether can exit or enter at any price the market can support.

**Future Plans**
Vether has a long (10 year) emission schedule and thus has sufficient time to converge to a fair price. Vether will be a unique asset, one in which anyone can fairly acquire and nobody can unfairly benefit. It should have a much more stable price than most other assets and thus is suitable for a variety of use-cases that require price-stability. Two immediate use cases are:

1) Liquidity Asset
2) Debt Asset

These two use-cases will be activated in a later Era.

- ss

[strictly-scarce]

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA256

05 May 2020

## Testnet (Rinkeby)
Vether testnet has been deployed to: https://vetherasset.org
Smart contract code verified: https://rinkeby.etherscan.io/address/0xd447b74e5ff9faf98eb66dc59dc2c91dd47736dc#code

It uses the following constructor parameters:

    //testnet
    name = "VETHER"; symbol = "VETH"; decimals = 18; totalSupply = 16380*10**decimals;  // Set asset details
    emission = 2048000000000000000000; currentEra = 1; currentDay = 1;                  // Set emission, era and day
    genesis = now; daysPerEra = 4; secondsPerDay = 10000;                               // Set genesis time
    burnAddress = address(0);                                                           // Set burn address to Ethereum Genesis
    registryAddrArray[0] = 0xf5D915570BC477f9B8D6C0E980aA81757A3AaC36;                  // Set UniSwap V1 Rinkeby

It will run for 5 days with 2 days in the Fee Era. Eras are approximately 2.8 hours long. There are only 16,380 testnet Vether.

## Smart Contracts
Vether Smart Contracts are here: https://github.com/vetherasset/vether-contracts

**SafeMath**
Eschews SafeMath in favour of considered arithmetic. *Please check all arithmetic*. Internal state only manipulates numbers based on blocktime and Ether quantity burnt from users, neither of which can overflow 1e256-1.

**addExcluded()**
There is a special function called addExcluded(), however it costs 1024 Vether to call. It is intended to use this function to exclude future Vether-based smart contracts from charging the transfer fee of 10 basis points. Since anyone can call this function to exlude themselves from paying transfer fees, it is likely that only high-volume addresses that move more than 1m Vether per year will call this function since it makes no sense to burn 1024 Vether to save anything less than that.

**Code brevity**
The code is intended to be easily read with trailing comments, but also favours brevity.

**addRegistry**
The smart contract has the addRegistry() function commented out since it causes an attack vector. This will be removed in entirety soon. There is reason to instead add a function called removeRegistry() with a fee of 2048 Vether that allows the contract to remove UniSwap and DefSwap in future if they are ever exploited.

**Analysis**
Dependency analysis has been done in this folder: https://github.com/vetherasset/vether-contracts/tree/master/analysis

**Further Analysis**
A static analysis (https://github.com/crytic/slither), or a fuzzer analysis (https://github.com/crytic/echidna) has not been completed. It would be welcome from the community to do this.

## DApp UI
The DApp is live on the URL above. Please feel free to interact with the contract. It uses React + AntD. There is room for improvement and further features.

The UI code is here: https://github.com/vetherasset/vether-dapp

## Mining Client
A mining client has been released: https://github.com/vetherasset/vether-miner

This client allows users to "set-and-forget" mine the contract by sending a small amount of Ether every day into the contract. It is imagined those who mine the contract will be the bidders-of-last-resort establishing a cost-floor for Vether. The mining-client has support for BIP39 derived addresses, and can mine for a "cold-wallet".

The mining client can be run locally or deployed to an online server (Heroku) for un-interrupted mining. Instructions are provided.

## Next steps
Please scrutinise the code and help perform more analysis in the implementation. Pull requests are welcome.

If all goes accordingly, Vether will be deployed on mainnet on 12 May 2020.

- -ss
-----BEGIN PGP SIGNATURE-----
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=747/
-----END PGP SIGNATURE-----

[strictly-scarce]

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA256

08 May 2020

# Vether Contract Bug Bounty

There is ~10 Tornada-Cash Ether at this address: 0xbB29a994f3Ac91EbD27C136aDABbc4B90d56909c

This will be the bounty for a short 4 day bounty period for the Vether Smart contract.

|----------|----------|----------------------------------------------------------|
| Severity | Payout   | Description                                              |
|--------------------------------------------------------------------------------|
| Critical | 10 Ether | Emission of Vether not in accordance with the whitepaper |
| Major    | 5 Ether  | Failure of the contract or stuck funds. Integer overflow |
| Minor    | 1 Ether  | Significant Gas Optimisations                            |
|--------------------------------------------------------------------------------|

Please post your bounty claims here as a Github Issue. The error and its fix should be clearly articulated.

If none are found, Vether will go to mainnet on 12 May 2020.

- -ss
-----BEGIN PGP SIGNATURE-----
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=tTEy
-----END PGP SIGNATURE-----

[strictly-scarce]

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA256

12 May 2020

# Vether Deployed To Mainnet

https://vetherasset.org/

Contracts:
https://github.com/vetherasset/vether-contracts

*Important Details*
* Burn Address is now 0x0111011001100001011011000111010101100101 which is the binary encoding of the word "VALUE", since UniSwap forbids sending to address(0)
* addExcluded() is a function which requires a fee of 128 Vether to exclude an address from the transaction fee.
* DefSwap was removed since it is not a standard implementation of UniSwap Registry Contract and has low liquidity.

## Vether Roadmap

Vether Asset will have the following roadmap:

*UniSwap Listing*
Listing on UniSwap (early in Era 1)

*Vether Pools*
A liquidity pool network with Vether as the settlement asset and a dynamic slip-based fee model to prevent price manipulations and maximise liquidity provider revenue, supporting asymmetric staking and withdrawals. (Era 2)

*VUSD*
A USD stablecoin collaterised by pooled assets using Vether Pools as both a pricing and liquidation mechanism, pegged against a median of 5 other stablecoins, a first-order incentive system to maintain price, with CDP holders as the buyer and seller of last resort. (Era 3)

*Vether Synthetic Assets*
Synthetic Assets collaterised by pooled assets, using Vether Pools as both a pricing and liquidation mechanism, pegged against a reference asset and with a first-order incentive system to maintain price, with CDP holders as the buyer and seller of last resort. (Era 4)

- -ss
-----BEGIN PGP SIGNATURE-----
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=7hrX
-----END PGP SIGNATURE-----

[Keltrentt]

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA256

12 May 2020

# Vether Deployed To Mainnet

https://vetherasset.org/

Contracts:
https://github.com/vetherasset/vether-contracts

*Important Details*
* Burn Address is now 0x0111011001100001011011000111010101100101 which is the binary encoding of the word "VALUE", since UniSwap forbids sending to address(0)
* addExcluded() is a function which requires a fee of 128 Vether to exclude an address from the transaction fee.
* DefSwap was removed since it is not a standard implementation of UniSwap Registry Contract and has low liquidity.

## Vether Roadmap

Vether Asset will have the following roadmap:

*UniSwap Listing*
Listing on UniSwap (early in Era 1)

*Vether Pools*
A liquidity pool network with Vether as the settlement asset and a dynamic slip-based fee model to prevent price manipulations and maximise liquidity provider revenue, supporting asymmetric staking and withdrawals. (Era 2)

*VUSD*
A USD stablecoin collaterised by pooled assets using Vether Pools as both a pricing and liquidation mechanism, pegged against a median of 5 other stablecoins, a first-order incentive system to maintain price, with CDP holders as the buyer and seller of last resort. (Era 3)

*Vether Synthetic Assets*
Synthetic Assets collaterised by pooled assets, using Vether Pools as both a pricing and liquidation mechanism, pegged against a reference asset and with a first-order incentive system to maintain price, with CDP holders as the buyer and seller of last resort. (Era 4)

- -ss
-----BEGIN PGP SIGNATURE-----
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=7hrX
-----END PGP SIGNATURE-----

When Telegram or Discord?

[strictly-scarce]

Please let me know if you start a telegram or discord and I'll add the links to the page and push people there.

The logo is: https://vetherasset.org/vether-logo-256.png

[ylwghst]

You can now trade your acquired VETHER on dex.0xchange.org - decentralized dapp exchange based on 0x protocol.
We've just opened several VETH markets.
No deposits are needed, just connect your favorite Web3 compatible wallet and trade.

Trade VETH for ETH here:
https://dex.0xchange.org/#/erc20/?base=veth&quote=weth

Hope you will enjoy it.

@ylwghst

[ylwghst]

@strictly-scarce

Here's the Discord server (link updated):
https://discord.gg/GFBcGZ

[Keltrentt]

Not trying to create FUD in anyway here but a possible flaw may have been discovered as touching the valuation mechanism for VETH emission.

I could create a shit token and it would be easy to make its price high on uniswap, and as no one else can mint/own that token so there's no way anyone can sell to crash the price. I could then simply burn that token to receive VETH.

Is there any plan to mitigate the possibility of such an event? IMO value should've been tied to burning ETH alone.

[strictly-scarce]

Not trying to create FUD in anyway here but a possible flaw may have been discovered as touching the valuation mechanism for VETH emission.

I could create a shit token and it would be easy to make its price high on uniswap, and as no one else can mint/own that token so there's no way anyone can sell to crash the price. I could then simply burn that token to receive VETH.

Is there any plan to mitigate the possibility of such an event? IMO value should've been tied to burning ETH alone.

That won't affect Vether Emission, since the *price* isn't used. Instead the asset is *sold* for Ether atomically, and that Ether is burnt. So the attacker would be burning their own Ether.

Even for tokens that don't have markets, only the Ether consumed as gas is counted. So in all cases, only Ether is "burnt". Token support is added for the benefit of making the asset accessible to "almost any" other asset, even though only Ether is counted.

Thanks for your attention.

[solid12345]

“Gentlemen you had my curiosity ... but now you have my attention.”

[strictly-scarce]

“Gentlemen you had my curiosity ... but now you have my attention.”

Thanks for you attention.

Feel free to ask about the roadmap here or in Discord. Vether is a unique asset.

https://discord.gg/c5aBC7Q

[CryptoHuff]

Would you like to give it a shout-out on my crypto network for free?

[lahadema]

This looks so damn scammy.

Burning eth you say ay ?? Bullshit.

Check this address: https://etherscan.io/tokentxns?a=0x0111011001100001011011000111010101100101

If you look at the last tx you will see that this guy controls the address.

No eth is burned. It's just going into his pocket.