📜An Open Letter on RSIC Pooling📜
RSIC Aficionados: Please read, RT and blow up the timeline. We will be hashing out in today's 👀ODM Spaces in 1 hour. Come prepared.
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Dear
@rune_coin and
@the_runedev ,
In regards to lottery distribution, The "Runes Collective" humbly submits a clean RSIC Pooling Solution. The entire Runes Collective has hashed out these ideas through Discord, our 👀ODM Spaces and internal conversation and we believe we have a strong working solution while keeping your workload to a bare
minimum and keeping in line with existing architecture.
If there is an element that doesn’t work or resonate with the team, please let us know and we will retool so that the solution beautifully cascades down from existing code. We also invite the community to challenge, poke holes and offer feedback.
In creating this pooling token and mechanism we will strengthen the Runes Collective and it falls perfectly in-line with the Runecoin/Voltaire ethos. If we do this right, we will further solidify as RSIC to be the gold standard for community building, strength and cohesion going into the halving.
Run RSICs, Mine Blocks, Etch Runes!
Regards,
-The Runes Collective Council
@impepe__eth,
@DaemonWAGMI, &
@1NSCR1BED &
@Blutoshi
⚒️THE RUNES COLLECTIVE POOLING MECHANISM⚒️
⛏️Goal: To further strengthen the bond of the Runes Collective and community by creating a Runecoin Team supported Mining Pool. The aim of the pool is to smooth the lottery rewards out to all participants in the Runes Collective Pool, to increase the chances of all winning more Runes and to spread the Runes allocation out for a more stable token post-halving.
🔳Runes Collective Pooling Solution🔳
• One Pool: Only one pool is necessary given time constraints to halving. There is no advantage to creating code for and supporting multiple pools. Simple is the way. United we stand.
• RSICs Don’t Move: RSIC holders do not have to move their RSICs out of wallet so as to preserve the accumulation of RSIC lottery tickets.
• Joining the Pool: RSIC holders must inscribe a “Pooling Inscription” or buy on secondary (just as they did with the Boost) and make sure it is in the wallet with RSICs to be pooled. The Pooling inscription will sit in that wallet.
⁃ Note: In order to prevent people from sending “Pooling Inscription” to others, locking them into the pool unwittingly, perhaps a step is needed where a Rune wallet executes a transaction or “Pooling Token” to self (same wallet) to activate. Community feedback welcome.
• Activation: Once the Pooling Token is inscribed and sitting in wallet, all lottery tickets from all RSICs for the holder go towards the pool.
• Picking The Winner: When the winning RSIC is identified, look in wallet for “Pooling Token”. If yes, then triggers Pool logic; If no then all rewards go to that RSIC.
• Pool Participation Logic: A Snapshot is taken specific block, assuming at halving 840k, to look for “Pooling Inscription”.
⁃ When winner picked for each lottery, check RSIC Wallet to see if “pooling”Token existed in pre-designated block.⁃ If Yes, RSICs is in the Pool and Distribution Method Activated.
⁃ If No, then RSICs is not in a pool and are solo.
⁃ Workload on RuneCoin/RSIC team should minimal:
⁃ add the pooling token to indexer logic such that on the draw they know definitively if a pooled RSIC won.
⁃ If RuneCoin/RSIC can expose an API that allows RC to show that the pooled inscription is recognized as activated, all the better.
• Distribution: Upon the halving and the 5 lottery draws, If the winning ticket is from an RSIC in a pool, that pool receives winnings broken out in the following way.
⁃ 20% of lottery winnings to RSIC holder and the rest pooled and distributed in the following way:
⁃ Remaining Runes are divided among all participants based on their % of lottery tickets to all lottery tickets in the pool.
⁃ Whales benefit by giving the pool a heavier weighting and reaping a larger share of the proceeds and minnows benefit by significantly increasing chances of winning and getting more Runes.
• Pool Payout Cost Considerations: Assuming a pool wins a lottery draw, there will presumably be added costs and time considerations for Runecoin team to distribute these tokens to pooled RSIC.
Possible solutions:
⁃ RuneCoin team withholds some of the pool distribution to cover transaction fees.
⁃ There is a nominal fee to inscribe the “Pooling Inscription” that goes to team to cover the costs.
⁃ Pool recipients must connect wallet and pay X to get share of rewards, covering costs.
Mine Together. Pool Together. Win Together.