Project title
pLICX (protocol LICX)
Project category
Development – DeFi
Project duration
2 Months to create MVP (minimal viable product)
Project description
LICX has great applications for protocols where users keep it in their wallet to interact with it (e.g. ICX payment protocol) or in protocols where the rewards are not directly distributed to the users but are kept in a pool (ICONbet lottery). But for protocols that use pools and still want to distribute rewards directly to the users, it makes it easier to implement a token that is not pegged 1:1 but instead appreciates in price when the rewards come in. If protocols assign the correct number of pLICX to their users they don’t need to further calculate each day the amount of rewards that belong to specific users since the ratio increases based on the rewards, the users automatically receive the appropriate amount of rewards.
We plan to build pLICX on top of LICX to allow such projects to easily implement it to their own protocol. Building on top of LICX instead of ICX has a few advantages because there is a 2 day period where the user doesn’t get rewards it would mean that pLICX would have to be locked for 2 days and there is an unstaking period. Since this is already done in LICX protocol, once a user has LICX he can freely enter and exit pLICX protocol without any restrictions. If the user wants to move from LICX to ICX they would still need to wait the unstaking period.
What is included in pLICX protocol:
- Smart contract
The smart contract will allow the minting/burning of pLICX and calculate the rewards ratio. - Website and documentation
A subsite will be created on licx.finace specifically for pLICX and it will provide necessary information for any protocols that wish to use pLICX. Since average users will not be in contact with pLICX, but it will be a hidden component in protocols, documentation should be done in a proper way for them to easily implement it to their website.
pLICX smart contract will be able to mint pLICX when a user deposits LICX to it or burn pLICX by depositing it to the smart contract and get an appropriate number of LICX from it. Both minting and burning functions are related to the current ratio which increases as more rewards are dropped into the protocol.
The ratio is based on the following calculation:
pLICX will be transferable so it can be transferred in and from the protocols using it.
We already did a technical proof of concept which demonstrates that a design concept is feasible.
Project milestones
We want to implement 2 major milestones for this project
- Milestone #1 - MVP
Smart contract and testing. Functionalities: Minting/burning pLICX - Milestone #2 - Final version
Website, ratio, documentation, and testing. Functionalities: functions of MVP, calculation of the ratio, website implementation, and documentation.
User stories
We have already defined users stories for our development:
- US1 - As a LICX owner I want to be able to deposit it into pLICX pool and receive the appropriate amount of rewards. #SP 4
- US2 - As pLICX owner I want to receive full rewards from ICX staking in form of LICX #SP 3
- US3 - As pLICX owner I want to be able to leave the pool at any time and receive my LICX appropriate rewards. # SP3
- US 4 - As a user I want to easily implement pLICX into a protocol so I need proper documentation #SP 5
Funding the project
Work package - Documentation, website (5 SP)
Work package - Smart contract (10 SP)
Total number of SP: 15 SP
Estimation for SP = 320€
Estimated costs: 4,800€ or 5,664$ -> €:$ ratio 1:1.18
The grant funds will be used for the development of the project:
-1 developer – in charge of developing the smart contract with all the functionalities for issuing/burning pLICX, reward distribution, and front end web application.
-1 Technical advisor – in charge of overviewing how the functionalities are implemented from a development side
-1 Project manager – in charge of assigning tasks to members of the team, keeping track of deadlines as well as communicating with the community about the progress of the project.
About block42
Block42 was founded in the year 2018 focusing exclusively on blockchain technology. At the time of the founding, the four co-founders had already extensive experience in the fields of software development, business consultancy, and scaling their own businesses. Since the nearly two years of existence, the company steadily grew, consisting now out of eleven team members. Most of them are software engineers, all of them able to provide full-stack software solutions. Here are some of our projects:
ICON Network:
Block42 is providing network security and stability for the ICON blockchain by running a validator node.
We are providing information and developing applications, like block42’s https://icxstakr.io/, https://iconwhale.watch/, https://medium.com/block42-blockchain-company.
We are currently also working on STIN project that operates with NFC technology and provides verification of scarce items.KTCHNG GmbH – Ethereum Wallet Integration:
KTCHNG is a mobile app utilizing augmented reality technology to scan real-world products. Block42 was responsible for developing the Ethereum Smart Contract, the backend application as well as the integration of the already existing app to the blockchain. More information can be found here: https://ktchng.com/Fantom Staker Info:
https://fantomstaker.info is a tool similar to the P-Rep overview on ICON. Our goal is to provide delegators with reliable information about the network and all its validators to help token holders to choose the “right” validator to stake to. Most importantly we want to do that in an easy way.Smart “Wedding” Contract:
In August 2018 Lukas Götz, CEO and co-founder of block42 got married. A few months later he and his spouse signed a wedding contract – but not in written form as it would be usual. The team of block42 developed an Ethereum-based Smart Contract, which represents – legally binding according to Austrian’s law – a wedding contract for the couple. More information could be found at one of those references:• https://www.ico.li/smart-wedding-contracts/
• https://www.btc-echo.de/bis-dass-der-code-uns-scheidet-erster-smart-wedding-contract-in-oesterreich/
• https://de.cointelegraph.com/news/osterreicher-fuhrt-erste-blockchain-hochzeit-mit-smart-wedding-contract-durch