SWAGGYLions Club: Whitepaper (Updated July)
SWAGGYLions Club (SLC) is a collection releasing on the Polygon Network consisting of 5,555 SWAGGY Lions. The purpose of SLC is to create a self-sustaining ecosystem that continues to develop the needed decentralized applications to remain as such, in which, the more NFT Tokens the holders have in their portfolio wallet, the more benefits and rewards the holder will have access to.
Innovation. We believe that blockchain technology & smart contracts have the potential to do much more, and we intend to push the boundaries of innovation.
Inclusiveness. We aim to bring as many people as possible on the journey of discovery of the potential of NFTs. We aim to create an inclusive & positive environment for newcomers in the NFT space.
Utility. We thrive to bring utility to digital ownership, and to pursue opportunities to connect the digital space with physical.
Value. We aim to create a community that collectively makes an impact, along with a community managed roadmap of each micro-project within SLC-NFT.
Unique. Community ownership in SLC-NFT allows for a new type of ecosystem which the world has yet to explore.
These rewards and benefits consist of a network of like-minded creatives to collaborate with, mining reward distributions, staking reward distributions, play2earn features with our partnered applications, Paid Raids , and a “possible” animated series in which all revenue generated would come back to the community wallet for all holders.
What is Mining:
Mining is a process that uses computers or specialized hardware to confirm cryptocurrency transactions. A miner will group valid transactions into blocks and if these blocks are accepted by the corresponding cryptocurrency’s network, they become part of a public ledger on the blockchain. The competitive process that verifies and adds new transactions to the blockchain for a cryptocurrency that uses the proof-of-work (PoW) method. The miner that wins the competition is rewarded with some amount of the currency and/or transaction fees.
What Is Proof of Work (PoW):
Proof of work (PoW) describes a system that requires a not-insignificant but feasible amount of effort in order to deter frivolous or malicious uses of computing power, such as sending spam emails or launching denial of service attacks. The concept was subsequently adapted to securing digital money by Hal Finney in 2004 through the idea of “reusable proof of work” using the SHA-256 hashing algorithm.
SWAGGYLIONS CLUB MINING REWARDS
To participate in our Monthly Mining Rewards Program you have to understand above’s information on mining, as well as the following:
SLC-NFT has acquired a mining facility contract to host, and maintain Mining Rigs / Validators for 7–10 Years or until new negotiations with the facility or a void in contract (god forbid). Each Mining Rig that is acquired will maintain a specific number of NFTs to Rewards ratio, for example to own 1 whole Mining Rig, you must attain 80NFTs. In owning this 80 NFT tokens, you keep 80% of that Mining Rigs rewards distribution for 7–10 Years.
The Community keeps the 20% locked to pay for maintenance, repairs and electricity fees monthly (Self-Sustain Example 👊) Which range from $200-$1200 per rig depending on the rig, this will be covered by the 20% any remaining balance from the 20% that month will be deposited into the Vault.
The goal is to attain, and maintain a count of 10 SWAGGYLions CLUB NFTs in your portfolio wallet. Doing so and maintaining 10 NFTs monthly will make sure by snapshot that you are participating in our monthly rewards program. The program entitles you to ETH Rewards being distributed to you on the 18th of every month. If you seek to scale your rewards you reach a new tier of rewards every 10 NFTs. 10–20–30–40–50–60–70–80 You can own up to 1000 NFTs max.
What Is Proof-of-Stake (PoS):
Proof-of-stake is a cryptocurrency consensus mechanism for processing transactions and creating new blocks in a blockchain. A consensus mechanism is a method for validating entries into a distributed database and keeping the database secure. In the case of cryptocurrency, the database is called a blockchain — so the consensus mechanism secures the blockchain. Reminder, as hash rate increases for our project the higher the rewards will be all according to the miners market. Proof-of-stake reduces the amount of computational work needed to verify blocks and transactions that keep the blockchain, and thus a cryptocurrency, secure. Proof-of-stake changes the way blocks are verified using the machines of coin owners. The owners offer their coins as collateral for the chance to validate blocks. Coin owners with staked coins become “validators.”
Validators are then selected randomly to “mine,” or validate the block. This system randomizes who gets to “mine” rather than using a competition-based mechanism like proof-of-work. To become a validator, a coin owner must “stake” a specific amount of coins. For instance, Ethereum will require 32 ETH to be staked before a user can become a validator.1 Blocks are validated by more than one validator, and when a specific number of the validators verify that the block is accurate, it is finalized and closed.
The Plan for Validators, as the ETH2 Series and Polygon Evolution continue we will update this section until further notice once we attain 32ETH we will stake for Validator privileges and release more information
What is STAKING:
If a NFT or Crypto you own allows staking you can “stake” some of your holdings and earn a percentage-rate reward over time. This usually happens via a “staking pool” which you can think of as being similar to an interest-bearing savings account. The reason your crypto or NFTs earns rewards while staked is because the blockchain puts it to work. Cryptocurrencies and NFTs that allow staking use a “consensus mechanism” called Proof of Stake, which is the way they ensure that all transactions are verified and secured without a bank or payment processor in the middle. Your crypto, if you choose to stake it, becomes part of that process.
How do I start staking? SLC Staking Rewards
As we further develop we will release an active staking platform in which you can deposit your NFT Tokens of SLC into a Decentralized Application to stake them for specific time frames. In this time frame you will earn a specific amount of Coins TBA. As the equation and more information is released we will provide more details within our discord and communication lines. As of right now staking will not affect your mining rewards due to snapshot, this was a great question in a hosted space. The staking equation will be released as development progresses.
The Community’s primary focus is the following outlets:
Discord: We use the discord as a main hub in which you earn points, check announcements, and communicate with others as well as other great benefits. This is crucial for our community because, our “Economy” Section is tied to internal games, livestreams, and AMAs in which points are given out to winners and or participants that can be used to claim rewards down the line.
Twitter & Spaces: We LOVE Twitter not only for the spaces and great conversation, but for the real time marketing and partnerships that can be made on the spot. A lot of ALPHA is given out and the owner as a DEV is always sharing the new to the community. Twitter will be SWLC main hub for on the go Lives, AMA spaces, and real time uncensored news from the management team.
Play2Earn Land Purchase
Once we have the set amount to purchase land on Sandbox.Game, we will pursue the Sandbox Development client and create our avatars and activities within the land everyone to earn $sand and even stake $sand via Polygon Network. After purchasing land we will be able to develop in game activities within sandbox that will allow you to complete task and earn $SAND in which you can then stake or convert into whatever currency of choice .
The Swaggy Lions Club came out beautiful and we want to use the commercial rights to bring to life some of the characters and voices from the community being both fun and possible viral moment we can monetize the videos when this level of engagement has arrived .