Intro to ICDM — Decentralized Mining

Overview

Each ICPCS NFT sale on the secondary market has an associated 8% transaction tax. The breakdown of the tax is as follows:

  • 1% - Marketplace fee
  • 1% - Platform maintenance fee
  • 1% - Charitable contributions distributed to Crypto4Changemaking

Option A — ICP token rewards

This approach distributes ICP tokens directly from the ICDM treasury to all platform users based on the total number of their staked ICPCS NFTs and their combined NRI. In order to be eligible for reward distribution, each holder will be required to stake their NFTs through the ICDM interface; this will delist them from the marketplace and decrease the available supply of the collection.

NFT Weight = 7777 * 2 * NRI + 7777
NFT Weight = 7777 * 2 * 0.5 + 7777 = 15554
NFT1 Weight = 7777
NFT2 Weight = 15554
NFT3 Weight = 23331
Total Holder Points = NFT1 + NFT2 + NFT3 = 46662
  • Decreased marketplace supply
  • Fair distribution of rewards
  • No floor buyback system
  • Smaller holders don’t get to roll over their weights to the next month

Option B — NFT buyback and raffle

Since the IC NFT market is still in its early stages, the ICP rewards from Option A would, arguably, not be too substantial in the beginning — which is why we decided to provide a possible alternative. In Option B, we use the secondary sale royalties accumulated in the treasury to buyback/sweep floor price ICPCS NFTs, and then distribute them to eligible platform users. The total number of staked ICPCS NFTs of each user and their combined NRI will increase the chance of wining an NFT in the raffle.

NFT Weight = 7777 * 2 * NRI + 7777
NFT Weight = 7777 * 2 * 0.5 + 7777 = 15554
NFT1 Weight = 7777
NFT2 Weight = 15554
NFT3 Weight = 23331
Total Holder Points = NFT1 + NFT2 + NFT3 = 46662
Increase of NFT weight/raffle entries (y-axis) to NRI (x-axis)
  • Buyback of floor price NFTs
  • Decreased marketplace supply

Conclusion

More details regarding our first governance vote will be announced in our official Discord server.

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ICPCS

ICPCS

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ICPCS is a collection of 7,777 Internet Computers running on the IC. Developers of ICOS and ICDM.