Thanks for your time in reading our proposal. Let me clear some things up and give a more guided walk-through of the proposal and what has been done, yet to be done, how it will contribute to Harmony, and how investors can see the benefits.
So first off, I’d just like to make note that as mentioned in the original post, we are not asking for any funding on the cloud mining hardware side of things - or any hardware in relation to the project. This has been, and will continue to be, a personal cost to myself, as I know how costly this hardware can be to buy and build. We realize the major investment needed to operate a commercial grade mining operation, and we don’t feel comfortable asking for such a high dollar amount needed to expand and scale up the one currently in operation.
But, what we do wish to display is the benefits of investing into SonicSwap and where these funds would be put to use - let me expand on this because there are many benefits with what we have built so far, what we plan to build, and how it’s all connected to the fundamental structure of not only Harmony, but the ability to bring more projects, validators, artists and gamers to the network. I will make this as comprehensive as possible to demonstrate this, and divide the first reply to the fundamental aspects we wish to expand on, leaving the Pixel Pigeons game and other games and utilities in development for another post.
So being that Harmony is a network that has a lot of utility based on bridges and interoperability, we have integrated our mining farm into the project as a way not only to create a sustainable long-term project, un-reliant on a constant new influx of users to create a profit, but also the bring more liquidity and awareness to Harmony as a whole - let me explain further.
With our mining farm and NFT passes (which is a completely new & unique form of passive mining) users can stake paired SONIC liquidity in pools to earn SONIC:
then the SONIC earned can be used to rent time slots on available mining rigs for their tokens of choice offered in the mining service.
once the mining pools payout threshold has been attained, the coins in their native form are then paid out to the users.
All SONIC used in the payment of the mining service is then burned, lowering supply, making it a sustainable farming method, rather then users just selling farmed tokens and devaluing the project’s token. Essentially, yield farmers can dump as much tokens into cloud mining as they wish, guilt free, without causing any negative effects to the SONIC token - quite to the contrary actually, this benefits the token’s value through the burns associated.
the next step in the process is where this benefits Harmony as a whole. By bridging the newly mined tokens from their native form over to Harmony, this brings in fresh liquidity to Harmony and also attention from other chains relative to the respective tokens available for mining. So it promotes new awareness, interoperability, Harmony bridges, speed and cheap fees in a sustained method beneficial to all.
Once the coins have been bridged, the users can then re-compound into the pools of those very same mined tokens ( in their bridged form ), to then earn even more SONIC to rinse and repeat, this method can bring long term sustainability to SONIC and Harmony creating long-term users rather then farm and dump users. ex. ONE/SONIC paired LP earns SONIC > SONIC is then used for cloud mining Zilliqa > SONIC used for time slot booking is then burned lowering supply > Zilliqa mined is then bridged back to harmony and staked into SONIC/bscZIL pool to earn more SONIC.
the same method above can be used for our NFT mining passes ( which have proven to be very popular with the community ) but, we do most the work and pay out the NFT mining pass holder’s wallets in the bridged form of the underlaying asset chosen, this gives a more hassle-free method to pass holders to skip the bridging process entirely. but gives the same benefits as the cloud mining does, with lowering supply through burns of SONIC used in the purchase.
The reason why we can offer this service is that I have been invested in PoW mining on a commercial level now for quite some time, and having all my equipment paid off gives us this privilege now to share this ability with our community. Next is where the solar aspect comes into play.
Now, because my initial cost of the miners has been paid in full quite some time ago, my costs associated with running the mining operation fall primarily upon the electricity costs accrued while mining. But with the slow transition over to being powered on solar energy, this investment has allowed me to lower my electricity costs even more so, as we gradually build up our solar panel PV array, DC to AC high voltage power inverters, solar charge controllers and battery banks. This will continuously lower overhead power costs, and most of all lift profits for the users of the service. this model can truly create a entirely self sufficient project, especially when it reaches 100% solar powered mining rigs, creating 100% profits on coins mined and 0% power overhead costs.
Now this brings us to the server rental services. This model may have some resemblance to the cloud mining model - in that all tokens used in the service are to be burned lowering supply, but this service can definitely prove to be a major asset to Harmony network as a whole by relieving a lot of the financial pressure on new node operators, or developers creating websites and dApps associated to the Harmony network, allow me to elaborate.
Our server rental service is to be a service offered - similar to cloud mining, in that users can stake SONIC LP and use the SONIC rewards earned to pay for their server rental, taking a lot of the financial burden off of new node operators…which unfortunately as a node operator ourselves, have come to realize that this can be a difficult and costly endeavor at times to create a new node, and without realizing any profits or securing enough delegates to achieve or maintain an elected position, we have bore witness to many validators being forced to ultimately shut down, but, with the model we are proposing, it could be the solution to this dilemma. It gives new validators the chance to use SONIC rewards from farming to pay for their server costs, eventually covering their initial investment into SONIC LP farming, making for an entirely risk free and rewards-profit-driven form of sustainably maintaining a validator node. This will strengthen Harmony as a whole, create more long term validators generating a profit on their nodes, all the while running on green energy provided by solar powered servers - in turn, lowering - and inevitably, completely eliminating overhead power costs associated with the servers entirely.
The same aspects can also be said for the GPU graphics rendering service we wish to implement as well. This service will be run congruently with our GPU mining service, in that it will utilize our available GPU mining rigs, to be rented for graphics rendering for many things such as
- generative 10k NFT collections
- promotional animation videos
- games built on Harmony and more.
All of these aspects bring even more attention to Harmony by creating a more sustainable method for developers and artists alike to be able to simply stake and earn SONIC, then use rewards to pay for services such as renting a server to build/launch a game or dApp, as well as utilize the graphics rendering service to make the process much more fluid, with less demand and constraint on processing power, as well as less time spent. With all these services offered in one place there’s a higher chance of user retention to the network, which means building a higher user base, more fees, more Harmony burned, and a more solid community of permanent projects, and builders leaving less artists or developers feeling the need that they must search elsewhere for the tools needed to build on Harmony.
So, in summary. What we wish to offer and currently do offer, is a means of creating a more sustainable way to allow the users and builders on Harmony to bridge, build, and thrive in the ecosystem, relieving financial burdens by simply farming SONIC used in the payment of services, bring in new liquidity & awareness from other chains through cloud mining, whilst operating on clean energy to both lower overheads costs and create long-term community members bolstering and securing the Harmony network through new dApps and validator nodes. These services provided can prove to be a priceless asset to the network as it grows, and we wish to grow with it! This is where the funding is crucial.
The funding will allow for my personal resources in the project to remain primarily on the hardware procurement and maintenance side of the business. This would then free up a lot of the financial weight on myself to be reallocated from paying the team member’s full time salaries, part-time contractors, tools needed, development of the games/dapp expansions planned, and then reallocating those resources into the scaling up of the services offered through our hardware, as well as the sourcing and purchase of more hardware with less worry focused of the long-term consistent payment of agreed salaries to the development team and other costs associated.
In regards to the comment of the comparison to SushiSwap. We cannot compare ourselves to SushiSwap in terms of reasons for preferential integration, firstly because SushiSwap is, and primarily functions simply as a DEX with yield farming ability, with no fundamental use cases supporting the Harmony network’s foundation such as offering server rentals for validator nodes.
Then secondly, we plan to offer many services with - in multiple cases, physical hardware backing these services and being offered to the community of users and builders alike, which SushiSwap simply does not offer. These are among others things to take note of including our NFT raffle system, which provides artists a way to showcase their talents and create a profit from their work, while supporting SONIC through the burning mechanism attached to the raffle system. Or from the payment system we have built which allows SONIC or ONE to be integrated and used in 3rd party e-commerce sites such as Shopify or Wix, this is currently in-use on our cloud mining page. Our payment system has proven to already work quite well in its beta version and ready to be used across many other future use cases and partnerships planned, such as merchandise and other real-world physical items for purchase on e-commerce sites, adding more utility for Harmony ONE, and more awareness!
As for the reason behind you not being able to swap for SUSHI on SonicSwap, this is due to there being no liquidity pair or staking pool for the swap pair you have mentioned on our DEX. Pairings and staking pools are first and foremost chosen, and voted on by our community. At such time the SonicSwap community has not shown an interest in creating a staking pool or liquidity pair for SUSHI - thus, there is no liquidity for the swap to be successful.
To address the UST and LUNA pools, these pools have been voted out by the community recently -in light of the current situation with LUNA-UST. We have just allowed for the proper amount of time to pass as we consistently do, to provide ample time for LP holders to un-stake and properly remove their liquidity before archiving the pools and removing them entirely.
So as a whole I’m sure it has been demonstrated, our metrics for success are based on the fundamental value our project can add to the Harmony network through unique services offered:
cloud mining, bringing fresh liquidity and awareness
SONIC PAY, through the ability to provide an easy payment system in 3rd party e-commerce sites giving more utility and awareness
server rentals, bringing more security through validators, with lowered financial burden
server rentals, bringing more developers and builders through hosting websites and dApps
GPU graphics rendering, bringing more artists, game developers and visual promotional influencers/marketers
conversion to solar power, to lower cost overhead and create long-term sustainable profits.
our games, in development to show some of the utility in real-time display, an example of the functioning ability of our servers and graphics rendering services in use, as well as another deflationary use case for SONIC.
Honestly, there is much more I could elaborate on with aspects relating to how our project can be, and will be, a major asset to the Harmony network with the opportunity to show how putting our hardware to work, to serve Harmony’s security and growth. This funding will greatly allow myself to reallocate my resources into the scaling of hardware to keep up with demand, whist having that peace of mind, that the minds behind the building of it all are consistently paid for their hard work.
Investing into SonicSwap is - by proxy - investing directly into bolstering the security and growth of Harmony network in a clean and sustainable way long into the future!
I apologize for the lack of the 5 milestones requested, but it is very late as I write this, I would need a few more hours to speak with the team to reach a more reliable and realistic milestone timeline and not to give any unrealistic goals.
but in general the next steps and milestones are as follows:
- NFT marketplace for the Pixel Pigeons minting
- finalizing the build and testing of PPFC game
- the contracts surrounding the game
- reviews and beta version launch
- development of the server rental service
- development of the graphics rendering service
- launch of final payment system version
- development of single unique single staking
- continuous scaling of hardware for our services
I’m sure I have failed to mention some other aspects of the utilities and the benefits they can bring to Harmony, but as I see my post continue to grow longer with my reply, I will end here with adding that - we have realistic ambitions and goals set for our project to prosper on Harmony long-term by providing the utility needed to secure and grow the network. We have no plans to go cross-chain and lose focus on Harmony, aside for our cloud mining, which is essentially only bringing in new liquidity/awareness to the chain through bridging and re-compounding on SonicSwap. We have proven ourselves as a trustworthy and engaging team, as I’m confident can be reaffirmed by other notable and trusted community members, as well as our commitment to serving/building the SonicSwap and Harmony ecosystems long into the future.
Rest assured, this grant proposal is to concretely secure our long-term growth, commitment to building, scaling and remaining relevant on the Harmony network for a long time to come!
Thank you again for your consideration,