Smart Contracts

To implement Rising Coin, the following smart contracts will be deployed:

Adjuster

Adjuster is a smart contract that executes the following functions:

  • Calculates the target production cost, i.e. the top price for the day, mints and sells the right amount of coins to bring the price back to production cost.

  • Depending on the income generated by first item, calculates the matching amount of RC needed, mints them and adds RC and ETH to the liquidity pool on Uniswap.

  • Mints reward coins and sends to the wallet address who called it.

Example Adjuster operation:

  1. Assume daily set production cost is $1, current ETH market value is $500.

  2. A trader buys RC and pushes RC price to $1.2.

  3. A community member realizes the opportunity and runs Adjuster.

  4. Taking into account current pool size and all factors, Adjuster calculates that it has to mint and sell 1,000 RC to bring the price back to $1.

  5. Adjuster mints 1,000 RC and sells on Uniswap. From this operation 2 ETH is generated.

At this point the market price is fixed to correct production cost. Rest of the operation is to allocate 2 ETH in RCT. Assume we are in the early phases of the project, so we are allocating %80 of income into RC-ETH pool.

  1. Adjuster mints another 1,000 RC, spares 200 RC and 0.4 ETH to Development, allocates 800 RC and 1.6 ETH for the pool.

  2. Adjuster adds 800 RC and 1.6 ETH to Uniswap pool.

  3. As final step of the transaction, Adjuster mints 50 RC and sends to the address which called itself, so the community member who initiated the price adjustment is rewarded.

Please note that the amounts and percentages in this example may change with time.

Adjuster can be called by anyone and the caller is rewarded high enough to make it worth to pay the gas price to call it.

Adjuster should be called only when the market price is higher than the daily production cost, otherwise it will exit after calculating that it doesn’t need to run, and the gas fee corresponding to this calculation will be spent wastefully.

Marketeer

Marketeer is the smart contract which will manage allocation and spending of RCT funds into marketing activities.

After good trading conditions are met, the funds accumulated in RCT will be spent for marketing of the project. The marketing material and the medium to display them will be supplied by the community. The voting process to pick the right ads for the right medium and the expenditure will be controlled by Marketeer. This way we will make sure that the marketing of the project continues forever, independent from any centralised player, including the project team.

Target of the project is to minimize and eventually remove project team’s intervention at every point of the process. Even the community’s intervention such as voting and submission of new ad and video materials will become optional rather than necessary.

An example might be helpful to imagine the process:

  1. Let’s assume that at a certain date, RCT marketing funds have ETH worth 2,000,000 USD.

  2. Anyone who volunteers from the community prepares and submits ads in various forms such as banners, full pages and videos to Marketeer.

  3. Data about how much lead each medium generated is shared with the community.

  4. Marketeer holds a community vote to ask the community which ad should be used on which media and what percentage of the funds should be allocated.

  5. Let’s assume results of the vote turned out to be: Google AdSense 20%, YouTube 30%, Facebook 15%, Instagram 35%.

  6. Marketeer calculates that it needs to keep advertising for 10 months, exchanges ETH into 200,000 USD for the first month and sends respective percentages to each medium.

  7. Efficiency of ads are read through oracles, fed to Marketeer, reported to the community and the cycle repeats.

Marketeer smart contract will be deployed as phase 2, after project reaches good trading conditions, i.e. reasonable liquidity on Uniswap.