Sale
Sale Application Overview:
The Sale application within the Unit Network core applications serves as a versatile and user-friendly platform for selling crypto tokens to achieve diverse objectives. Whether for fundraising initiatives, community engagement endeavors, or utility token distribution, this feature provides an efficient means to engage and transact with a global audience.
Key Attributes:
Versatility and Intuitiveness:
The platform is designed to cater to various objectives, offering users a seamless and intuitive experience. This ensures that users can easily navigate the platform and achieve their desired goals without encountering complexity.
Efficiency:
Users can efficiently engage with a global audience and conduct transactions within the platform, streamlining the sales process. This efficiency is crucial for reaching a wide audience and facilitating seamless transactions, thereby enhancing user experience and maximizing sales potential.
Control and Flexibility:
Users maintain control and flexibility over the structure and terms of their sales. This allows for a customized approach to token distribution, ensuring alignment with specific goals and preferences. Users can tailor their sales strategies to meet their unique objectives and adapt to changing market conditions, thereby optimizing the effectiveness of their sales efforts.
The Sale application within the Unit Network core applications empowers users to effectively distribute tokens while retaining control and flexibility over the process. By providing a versatile, efficient, and user-friendly platform, the Sale application enhances engagement and facilitates transactions on a global scale, enabling users to achieve their objectives with ease and confidence.
Reasons to Launch a Token:
Fundraising:
Tokens serve as an effective method to raise capital for your project, offering early backers the opportunity to invest in exchange for funding your idea's development.
Building a Community:
Tokens play a pivotal role in fostering community engagement, incentivizing and rewarding active participants, thereby nurturing a sense of ownership and commitment towards the project's success.
Incentivization and Rewards:
Tokens can be utilized to incentivize desired behaviors within your ecosystem, encouraging user participation and contribution to the project through rewards and incentives.
Decentralization of Governance:
Governance tokens enable decentralized decision-making within your project, empowering token holders to vote on critical decisions, thereby promoting a decentralized governance structure.
Access to a Global Market:
By launching a token, your project gains access to a global market, enabling anyone worldwide to invest and participate, thereby expanding your project's reach and potential investor base.
Innovation and Experimentation:
Token launches facilitate experimentation with innovative economic models, allowing your project to stand out amidst competition and explore new avenues of innovation.
Utility within Ecosystem:
Tokens serve as a utility within your project's digital ecosystem, functioning as internal currency or means of exchange, thereby enhancing the functionality and efficiency of the ecosystem.
Technical Overview of the Sales Feature:
The sales feature within the Unit Network facilitates the sale of a predetermined quantity of tokens at a fixed price. This functionality empowers token creators to generate revenue for operational expenses and further growth of their projects. Key components of this feature include:
Extrinsic Functions:
Token creators have access to various extrinsic functions for orchestrating sales and modifying sale parameters. These functions allow creators to stage sales events and update sale-related attributes as needed.
Buy Extrinsic:
For users interested in purchasing tokens, there exists a "buy" extrinsic. This extrinsic enables any user within the Unit network to acquire tokens using any native token supported by the network.
Overall, the sales feature provides a streamlined mechanism for token creators to conduct sales, enabling efficient revenue generation while offering users the opportunity to acquire tokens through a straightforward process.
All Operations Requirement
The outlined requirements ensure the security, accuracy, and integrity of operations within the sales feature of the Unit Network. Let's break down each requirement:
Signed Account as Origin:
Requiring a signed account ensures that all transactions originate from authenticated sources, enhancing accountability and preventing unauthorized actions.
Ownership Verification of Sale Asset:
Checking the ownership of the sale asset prevents unauthorized entities from participating in transactions, safeguarding against potential fraud or misuse.
Threshold Checks:
Implementing threshold checks for critical values such as price, quantity, and bonuses helps prevent errors or malicious inputs that could disrupt the sales process or manipulate outcomes.
Registered Profile Requirement:
Mandating registered profiles for certain operations enhances security by authenticating users and providing necessary information for transactional activities, reducing the risk of fraudulent transactions.
Asset Registration in Oracle Pallet:
Registering sale assets in the oracle price system ensures accurate computation of transaction amounts and maintains consistency and security by limiting transactions to approved assets. This also simplifies the transaction flow for users by providing clear guidelines on acceptable assets for purchase during token sales.
By adhering to these requirements, the Unit Network's sales feature can effectively manage token sales, maintain security, and provide a seamless experience for all participants, contributing to the overall efficiency and trustworthiness of the platform.
Creating a Sale Stage:
Creating a sale stage within the Unit Network involves several essential steps and functionalities. Here's a detailed breakdown of the process:
Creator's Privilege:
Only the creator of the asset possesses the authority to create a sale stage for that particular asset. This includes defining the quantity of tokens available for sale and setting a predetermined price.
Bank Balance Verification:
Before a sale stage can be established, the token's bank must hold a sufficient balance to cover the intended quantity for sale. This verification ensures that the sale process can proceed without encountering balance shortages or discrepancies.
Unique Identification:
Each sale stage is assigned a unique numerical ID, incremented with each creation. This ID serves as a reference point for identifying and tracking individual sale stages, facilitating efficient management and monitoring.
Storage and Event Signaling:
Details of every sale stage are stored within the blockchain's storage, ensuring transparency and accessibility. Upon successful creation, an event is triggered to signal the blockchain about the establishment of the sale stage, providing a record of the action.
Active vs. Completed Sales:
A sale stage remains "active" as long as it is available for purchase and has not been closed or bought by the sale creator. Once a sale stage is either purchased or closed by the creator, it transitions to a "completed" status and is stored accordingly for future reference.
Update Functionality:
Extrinsic functions are provided to the asset creator for updating the sale price and quantity of a sale stage. This flexibility enables adjustments based on evolving circumstances or market conditions. Price adjustments can only be made before a purchase transaction, while quantity adjustments can be increased but must exceed the quantity sold by the sale stage.
Closure Option:
The sale creator retains the option to close a sale stage at any time using the "close_sale" extrinsic function. This action provides control and management over the sale process, allowing the creator to adapt to changing requirements or objectives efficiently.
By leveraging these features, the sale creator can effectively manage sale stages within the Unit Network, optimizing the token sale experience and ensuring transparency, flexibility, and efficiency throughout the process.
Buying a Sale
When a purchase is successfully made within the Unit Network, several key actions occur to ensure a smooth and transparent transaction process:
Asset Transfer:
The purchased asset is securely transferred from its respective bank to the buyer's wallet. This transfer ensures that ownership of the asset is effectively transferred to the buyer, providing them with control and access to the acquired tokens.
Transaction Completion:
Simultaneously, the asset used for the purchase is transferred from the buyer to the bank. This completes the transaction loop, maintaining the integrity of the assets involved in the exchange and ensuring accurate record-keeping within the network.
Bonus Allocation:
If the sale stage creator has configured bonus allocations for the purchase, these bonuses are deducted from the token bank accordingly. This ensures that any bonus incentives promised as part of the sale are properly accounted for and distributed to the buyer as intended, enhancing the attractiveness of the purchase.
Invitation Requirement:
Participation in the Unit network requires an invitation from an existing user. In the event of a purchase, the inviter of the buyer may receive a portion of both the cryptocurrency used for the purchase and a portion of the asset being bought. The specific allocation depends on the role of the inviter and the bonus configurations set by the sale creator. This incentivizes existing users to invite new participants to the network, fostering growth and community engagement.
The buying process within the Unit Network ensures seamless asset transfer, accurate bonus allocation management, and adherence to network participation requirements. By facilitating transparent and efficient transactions, the network fosters a robust and inclusive ecosystem, empowering users to engage in token purchases with confidence and ease.
Bonus Breakdown and Distribution
When configuring a sale stage within the Unit Network, the sale creator has the option to set six different types of bonuses, each tied to the role of the inviter—core team member, advisor, or community member. These bonuses are initially set to zero but can be adjusted as percentages by the sale creator using the set_bonuses extrinsic function. Here's a breakdown of the bonuses available:
Team Cash Bonus:
If the inviter is a team member, they may receive a bonus percentage subtracted from the asset amount used for the purchase.
Team Token Bonus:
In addition to the team cash bonus, team members could receive a percentage of the asset being bought.
Advisor Cash Bonus:
If the inviter is designated as an advisor, they may receive a bonus percentage subtracted from the asset amount used for the purchase.
Advisor Token Bonus:
Alongside the advisor cash bonus, advisors could receive a percentage of the asset being bought.
Community Cash Bonus:
When the inviter is identified as a community member, they could receive a bonus percentage subtracted from the asset amount used for the purchase.
Community Token Bonus:
Alongside the community cash bonus, community members could also receive a percentage of the asset being bought.
By configuring these bonuses, the sale creator can effectively incentivize and reward different contributors to the project based on their roles within the ecosystem. This not only fosters engagement and participation within the community but also serves as a mechanism for acknowledging and appreciating the contributions of core team members, advisors, and community supporters.
Stable Sales
Stable sales are a feature within the Unit Network specifically designed for facilitating transactions with fiat-backed stablecoins. Here's how stable sales work:
Automatic Generation:
Stable sales are automatically generated for all fiat stablecoins supported in the Unit Network, such as USDT, USDC, or other fiat-pegged cryptocurrencies.
Price Accuracy:
Prices for stable sales are fetched from the oracle to ensure accuracy. This ensures that users are transacting at fair and up-to-date prices.
No Bonuses:
Unlike regular sales, stable sales do not offer any bonuses. The focus is on providing a straightforward and reliable method for acquiring stablecoins.
Purchase Process:
When a user makes a purchase in a stable sale, the following steps occur:
The corresponding fiat stablecoin is minted and transferred to the buyer's wallet.
The wrapped cryptocurrency used for payment is transferred to the stable bank.
Payment Method:
Only wrapped cryptocurrencies can be used as payment in a fiat stable sale. This ensures compatibility and consistency within the Unit Network ecosystem.
Stable sales provide users with a convenient way to acquire fiat-backed stablecoins directly within the Unit Network, leveraging the platform's infrastructure and ensuring smooth and secure transactions.