A Community That Can Build Itself
The Rugpull Prevention project has always focused on community first. We strive to do all we can to be a safety net for users of the Avalanche Network. Not only have we saved our community members precious funds by alerting them to potential scams, but we have also built a home for like-minded individuals that truly care about educating and helping others around them.
In order to have a true decentralized community, we need a way to verify that you are an actual community member. This is where a community token (TDG) comes into the picture.
We need a token that is distributed as evenly as possible for this, which is not easy to achieve. We thought about using the RUGPULL token that we have adopted for our tool utilities, but we feel this is not distributed evenly enough. Some newer community members did not have a chance to get the token when we first adopted it (we did not create the RUGPULL token, only adopted it). If we used the RUGPULL token for governance, voting, proposals, or proof of community, it would not be as evenly distributed as we would like.
In this regard, creating a token that will only be available through our staking Dapp achieves many positive effects inside our ecosystem:
- Rugpull Prevention will use blockchain technology to begin the journey to a DAO ecosystem in which it gives power to the people.
- The DAO / community utility tokens will be distributed (max supply 10 billion) over the course of 10 years with consistent emission, allowing everyone to begin at any time and receive the same amount as someone who was an early adopter.
- The early adopters of the RUGPULL / tool utility token will benefit from mechanics of the RUGPULL token into our future DeFi safety tools and deflationary staking Dapp
- Creating a community utility token will enhance the quality of our overall community as a whole as we will be able to filter out more bad actors. This will help our community grow and build trust amongst ourselves.
- Since we will not be supporting TDG (The Detective’s Guild tokens) financially on exchanges, we have no intention of the token being traded for a value. We will not support any sales of this token. You are free to do as you wish, but we will not endorse or recommend buying or selling of TDG tokens. This will help our community stay more focused on the actual utility of the token.
- The TDG token contract will be a fork of the RUGPULL token, meaning it will be created owner-less and we will then verify the contract. The entire supply will be added to the staking contract, only attained by staking an NFT that you purchase with RUGPULL tokens. This adds extra security and makes it harder for any kind of exploits.
- Since TDG has no value, it is more likely that people will give some of their TDG away to new members that would like to participate in our DAO.
How Will the Deflationary Staking Dapp Work?
After much thought and consideration, we decided that we cannot easily stop people from using multiple wallets to bypass staking limits. Being that we want this distribution to be as equal as possible, we have created a new way to distribute our community utility token (TDG).
1 Use RUGPULL token to purchase NFTs through our DAPP. When you buy the NFT, two things will happen during this transaction: 75% of the amount of RUGPULL will be burned. 25% of RUGPULL will go to a wallet that will be distributed between 10 Rugpull Prevention team members (details explained in next section) on a weekly or monthly basis depending on the volume of NFT transactions.
We feel that by creating a deflationary mechanic will discourage large RUGPULL token holders from buying too many NFTs and staking them. Since there will be no monetary value to TDG, whales are less likely to become a TDG whale. Why would someone burn so much of a token that has value, for a token that does not have value?
2 When you purchase the NFT, it will be minted on the Avalanche Network. We will offer multiple NFT designs, which you will be able to view directly inside of the staking Dapp or in our gallery. There will not be a limit to these NFTs. They serve a utility and purpose; they will not have inherent value themselves but will act as a way to gain full community access.
3 The price of each NFT will be 500 RUGPULL. We will initially release 3 NFTs with more to come in the future. We may need to adjust the price of the NFTs at some point, but we feel this is a good starting point.
4 You will be able to single stake these NFTs just like any token, receiving your rewards in TDG.
Staking Dapp NFT Purchase Distributions
As stated earlier, 75% of every single NFT purchase will be burned forever. This will decrease the supply of RUGPULL tokens. The other 25% will be distributed between our core team and freelance detectives, artists, and writers. These people have offered to help Rugpull Prevention in some way and they have shown that they are willing to help the overall project, and in most cases, willing to do it at a discount or free. Our core team felt that we should share the fees with those that have helped us along our way. This group of people is referred to as RP Team 2 and is a closed team of 10 members (our numbered teams will play an important role in a decentralized way in the future, but we cannot share that information yet).
To make it easier to understand, let’s say that the total distribution is 100 RUGPULL tokens. Distribution to RP Team 2 will be as follows:
Lead Developer — 20 RUGPULL
Founder, Chief Advisor, NFT artist — 15 RUGPULL each
6 Freelance Detectives — About 5.8 RUGPULL each
The Detective’s Guild Details
For now, we can only share the basic concepts of some ideas we have for our DAO to protect our developments and ideas. I cannot share the main mechanics of the Guild as it has not been developed yet, and we think teams with more developers could build quicker than us. We are creating a new concept, something that has never been done before, which for now is only an idea. We hope to have the first foundation of these ideas implemented in 2021, expanding upon these foundations in 2022.
1 We want our Guild to be a DeFi safety playground. New and experienced users will be able to educate, equip, and defend themselves against different types of scams.
2 You will be able to participate in the community in different ways by holding the community token, unlocking areas such as a chat group, participating in on-chain voting for Detective Scores, and everything that you have come to expect from a governance token with the addition of many different Dapps that will encourage group participation and enhance DeFi safety.
3 As the guild grows, our team will give more power to the people. This means we will take every step we can to become fully decentralized as the project progresses.
4 The guild will create learning opportunities, bounties, forums, specialized research, incubation such as our Know Your Developer program, and exclusive deep dive opportunities.
5 We will encourage every single developer to build for our platform through decentralized incentives.
6 Rewards for good actors in decentralized reward system.
7 The addition of DeFi safety tools will also be connected to the DAO. Some of the tools will be their own DAPPs altogether and will incorporate the use of RUGPULL tokens in multiple ways.
8 The possibilities are endless; there is so much good that we can spread in a decentralized way.
How Long Will it Take?
It’s going to take a while to build this DAO, so we can only give estimates. We are building multiple aspects of the Rugpull Prevention project alongside development. We do not have the funds to hire developers, and we are not willing to create Ponzi schemes to support our funding.
Yes, the journey will be a long one, but if we build our project the right way, it will all be worth it.
With that said, TDG will not have a use case at first and there may be some time before it gets its first use case. We have intentions on building out our community first, and will be looking further into ways to create a decentralized group that will verify holding TDG as a requirement to join our community. We will still support our previous communities, but our verified community will take priority at that point.
We would like to thank everyone involved the Rugpull Prevention community. Without your support, the project would cease to exist. Together, we are doing something that has never been done before. With the help of the community we have been able to uncover many different frauds affecting the Avalanche Network (and even some off of our network).
We act as neither judge nor jury; we leave it to the community to decide upon the truth. We hope to be a driving force which helps to change the culture of the cryptocurrency world into one that focuses on safety, ethics, and morality alongside the financial freedoms that DeFi can offer.