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

[0xBrian]

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.

Take another look at that address. Know anything about keypair generation? If somebody is in control of that address, they need to be awarded the Fields medal.

For fun, go try to generate a keypair with just the first 8 bytes consisting of nothing but ones and zeros. Let us know how it goes.

[lahadema]

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.

Take another look at that address. Know anything about keypair generation? If somebody is in control of that address, they need to be awarded the Fields medal.

For fun, go try to generate a keypair with just the first 8 bytes consisting of nothing but ones and zeros. Let us know how it goes.

So you are saying the ETH is actually burnt?

[0xBrian]

So you are saying the ETH is actually burnt?

It sure as hell is sent to an address nobody has the private key for, unless they broke extremely fundamental crypto or have access to an alien supercomputer. That is what we call burnt in this project.

[Blahd]

So you are saying the ETH is actually burnt?

To burn ether just means to send it to the genesis address. But that address does not work with uniswap so Vether would not have worked properly with uniswap. That's why he changed it to this address. If you convert the address from binary to ascii it just spells "value". It's just an arbitrarily chosen address that no one will ever own. Just like the genesis address. You can read more about that here: https://ethereum.stackexchange.com/questions/52908/who-has-access-to-ethereum-0x0000000000000000000000000000000000000000-address

[lahadema]

So you are saying the ETH is actually burnt?

To burn ether just means to send it to the genesis address. But that address does not work with uniswap so Vether would not have worked properly with uniswap. That's why he changed it to this address. If you convert the address from binary to ascii it just spells "value". It's just an arbitrarily chosen address that no one will ever own. Just like the genesis address. You can read more about that here: https://ethereum.stackexchange.com/questions/52908/who-has-access-to-ethereum-0x0000000000000000000000000000000000000000-address

Understood. Thank you for the explanation.

[Blahd]

Understood. Thank you for the explanation.

No problem. Also, regarding the first transaction from the 0xvalue address to the Vether contract here are some good explanations: https://www.reddit.com/r/ethereum/comments/8e0r1u/erc20_transfers_from_address_0/

Usually erc20 tokens use the genesis address as I said (0x0) but in this case that wasn't possible.

[strictly-scarce]

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.

During the contract construction an event was emitted that informed Etherscan of the minting:


    // Constructor
    constructor() public {
        ...
        balanceOf[address(this)] = totalSupply;
        emit Transfer(burnAddress, address(this), totalSupply);                             // Mint the total supply to this address
        ...
    }


The contract increments its balance to the totalSupply (which is 1m) and the transfer event is done in order for Etherscan to *track* the creation of the asset and increase the balance accordingly.

The burnAddress was used to simulate the creation of Vether, because that is where all the Ether is burnt:


// Calls when sending Ether
    receive() external payable {
        burnAddress.call.value(msg.value)("");                                              // Burn ether
        _recordBurn(msg.sender, msg.sender, currentEra, currentDay, msg.value);             // Record Burn
    }


This is typically how new dynamically created assets are minted and destroyed, except address(0) is used:

https://etherscan.io/address/0x0000000000000000000000000000000000000000

====================

However, Uniswap forbids sending assets to the address(0):

https://github.com/Uniswap/uniswap-v1/blob/master/contracts/uniswap_exchange.vy#L163

So another address must be used. This address is the binary encoding of the word `value`, which you can verify for yourself at:

https://www.rapidtables.com/convert/number/ascii-to-binary.html

The likelihood that someone has the private key to this address is the same likelihood of someone having the private key to address(0), since they are both valid Ethereum addresses.

Mathematically it is 1 in 2*256-1, of which there aren't even enough atoms in our universe to count this. This video covers this:
https://www.youtube.com/watch?v=bBC-nXj3Ng4


====================

I hope that addresses your concerns.

[Blahd]

Small correction: 1 in 2^256-1 

[lahadema]

Thank you for your detailed reply. That surely addressed my security issues and I think others like myself will benefit from it.

[cryptofirm]

everyone now can trade this token at uniswap, and only that exchange in coinmarketcap list,
hope next excange soon
https://coinmarketcap.com/currencies/vether/markets

[0xBrian]

Thank you for your detailed reply. That surely addressed my security issues and I think others like myself will benefit from it.

Thanks for being reasonable! Please join the Discord if you have any interest.

[0xBrian]

Attention all, if you own Vether and haven't upgraded, this is a perfect time to do it!
The dapp makes it easy. Join the Discord if you have any problems!

[0xBrian]

Vether Pools 0.1 deployed:
https://vetherasset.org/stake

[strictly-scarce]

Vether Pools V1 a success.

Ran for 3 weeks and accumulated 900 VETH in fees (depth of 3000 VETH) giving it an APY of 600%.

Vether Pools V2 has now been launched, with improvements, increase of cap to 10k $VETH, and TOKEN<>TOKEN trading.

APY for stakers currently > 1000%

https://vetherasset.org/stake

[CaVO32]

Vether Pools V1 a success.

Ran for 3 weeks and accumulated 900 VETH in fees (depth of 3000 VETH) giving it an APY of 600%.

Vether Pools V2 has now been launched, with improvements, increase of cap to 10k $VETH, and TOKEN<>TOKEN trading.

APY for stakers currently > 1000%

https://vetherasset.org/stake

So what exactly is the use again of this token? You mentioned it is a strictly scarce ethereum based asset, but even if the supply is scarce and with no actual application in the market, the value will not improve in the market. Burning some assets will not be helpful if you have no real use case here. So once again, where can we use your tokens? Can you explain more about this Proof-of-Value why it will aid in the Vether's continuous existence in the market? What if users are not interested anymore in trading your token, where will your eth come from?

[JuLy_A]

Vether is designed to be a store-of-value with properties of strict scarcity, unforgeable costliness, and a fixed emission schedule. It is not entirely clear in which case the use of Vether is much preferable to other savings options.

[rhomelmabini]

So what exactly is the use again of this token? You mentioned it is a strictly scarce ethereum based asset, but even if the supply is scarce and with no actual application in the market, the value will not improve in the market. Burning some assets will not be helpful if you have no real use case here. So once again, where can we use your tokens? Can you explain more about this Proof-of-Value why it will aid in the Vether's continuous existence in the market? What if users are not interested anymore in trading your token, where will your eth come from?

As per the OP it means this one is a store of value. I find this coin very interesting but I haven't still hopped in, maybe on the next eras. As a store value I think it has still its use, simply, hold it.

[gtybl]

So what exactly is the use again of this token? You mentioned it is a strictly scarce ethereum based asset, but even if the supply is scarce and with no actual application in the market, the value will not improve in the market. Burning some assets will not be helpful if you have no real use case here. So once again, where can we use your tokens? Can you explain more about this Proof-of-Value why it will aid in the Vether's continuous existence in the market? What if users are not interested anymore in trading your token, where will your eth come from?

As per the OP it means this one is a store of value. I find this coin very interesting but I haven't still hopped in, maybe on the next eras. As a store value I think it has still its use, simply, hold it.

I think the other piece of this puzzle is it's additional quality of being programmable. Since we have such a sturdy "support" mechanism implemented in a token that can interact with instructions, I think we could see some very interesting use cases pop up. Using Vether as collateral to mint synthetic assets being an apparent one. I admittedly don't know a lot about the mechanics of defi but it seems like a provably fair, immutable and intrinsically valuable ERC20 is an inherently useful thing.

[klone2000]

https://vetherasset.org/stats

Stats Proving the fair distribution model.

When Vader Pools launch Vether Visibility will increase a lot because the burn mechanism Vether/Vader.

[0xBrian]

We have entered era 2! Emission has been halved to 1024/day.