P2P Staking System Description
The WhaleRoom social platform has been coded to interface with any ERC20 token but it makes use of a two token system for users to participate directly with one another. Below we explain how room tokens (any ERC-20) differ from the WHLC tokens (and the related WHL token). Although the explanation is somewhat technical, the result of this approach is to create a means of incentivising people to build communities by flipping the usual model of tech companies.
We provide the platform (Whaleroom) to most users for free. Users pay one another for building communities, and there is a decentralized system with public code that controls the system of P2P payments and staking (see below). This system ensures that only users with a provable amount of tokens/crypto participate in the rooms meant for them. Cryptographic proof is our criteria for room entrance (Proof of Ownership). For the largest whales, we sell paid memberships that offer a number of benefits. For everyone else, we offer a P2P system of building communities in which users effectively pay one another for their participation.
To drive an amazing experience and awesome benefits for WhaleRoom members, we have set up a system in which users interact directly with each other, rather than paying or interfacing with a centralized company. This is very different from the usual model.WHL social token holders can stake their tokens with one another via our P2P “staking” system. This P2P staking system is fully automated and operates autonomously via a smart contract (hosted on the Ethereum network).
We’re fans of decentralization and have built Whaleroom around this ideal. The staking program is a novel type of user participation that is enshrined in on-chain code that we can’t change. It’s a great way to see who the most dedicated members of the community are, and this is also viewable on-chain. After the launch of the staking program, it is impossible to change or alter the staking system in any way, and we have set this up so that users can be assured that they’re interacting with other users We are pioneering a new model in which community members can profit from their own participation and the participation of others, in a direct way.
With our unique model, there is no signup or room entry fees that are collected by WhaleRoom. We believe that this is the future of chat rooms and that users should benefit from the popularity of the communities that they create. We’ve also built into this system an automatic charitable donation mechanism (that is on-chain, with the transactions going directly to the charitable address, verifiable on their website plus a block explorer).
WhaleRoom does not own or receive any of the WHL tokens (which are ERC-20 tokens). WHL tokens are used between members to unlock member benefits on our platform, and they are interoperable with any other chat platform that makes use of WHL, which anyone can do thanks to the permissionless nature of Ethereum tokens.
In the spirit of decentralization, WhaleRoom doesn’t, and can’t, control the staking system smart contract or edit or even upgrade it once it is deployed. Each user that stakes WHL is participating in a peer-to-peer loyalty program wherein each user contributes to the program according to the exact same set of rules. We have tried here to describe the smart contract rules, but there is no substitute for reading the code and carefully understanding this system because it is a novel approach to the problem of how social communities can build value for themselves, rather than for the benefit of centralized companies like Facebook, Discord, etc.
You can earn WHL tokens by staking to receive a pro-rata portion of the 10% P2P entry and exit fees from users entering and leaving the staking system smart contract (i.e. growth or contraction of the members).
All WhaleRoom platform feature upgrades that would normally be paid are yours forever. We are big proponents of the value of decentralization.
When you stake your WHL tokens, you are automatically transferred a quantity of WHLC tokens to account for your portion of the P2P loyalty program pool that you have entered. Your staked WHL tokens are converted by the smart contract to WHLC tokens which are then exchanged 1:1 for WHL tokens upon entering the staking program; the system works in the opposite direction for unstaking (minus entry/exit P2P fees, gas fees, etc.). This is how the P2P smart contract knows how many rewards to redistribute to each staked wallet address.
If you are an engineer, you can check out the code here forked from here.
Visit the community p2p staking game platform to stake now: https:/club.whaleroom.org
