NFuseT (NFT Redemption) Matrix

Integrations | Deployment Proposals
1

Summary

NFuseT would like to apply for USDT and FUSE token Grant to:

• MODIFY existing ethereum/tron/bsc Matrix smart contract

• Add NFT minting to reward participants

• Add functional NFT Redemption for NFT holders

About:

Tobiyah Tafari, currently multiple 5 figure earner of current Matrix called Forsage on Ethereum mainnet, tron and bsc. Looking to partner with s1mart contract developers and UI designers to build upon on existing matrix contract. The existing contract is tested for over 1 year, with over $2 billion USD in ETH, TRON, and BSC paid out to contributing participants.

Motivation/Rational

Forsage, even though wildly successful, has also faced a high amount of scrutiny due to the exchanging of assets without any tangible product or service. NFuseT would like to simplify the contract to accommodate an easier and lighter matrix but with the addition of NFTs playing a major role for participants. The added NFT component would deem this system more as a game where participants compete to collect rare NFTs that could be used to redeem Fuse tokens.

Why Fuse?

Fuse had many advantages to other blockchain EVM compatible such as Low transaction fees, cheapest contract deploy costs, and almost instant confirmation.

Objective(s)

• Testing existing smart contract

• Removing a large portion of the code and keeping only one aspect of the smart contract.
• Adding the Minting of NFTs when specific commands are complete

• Testing the Artificial Intelligence of ID#1 to be utilized as the redemption pool for specific NFTs.

• Creating Artwork for redemption NFTs
• Testing functions of all relative NFTs

Deliverable(s)

• TBA

Budget

5k USDT or 50k FUSE grant to build full integrations and documentations

• UI operation

• NFT Redemption from ID#1 Pool

Contributor(s)

Tobiyah Tafari (Co-Founder) seeking small group of developers for smart contract modifications, additions and UI devs.

Additional Notes: Subject to change, open to suggestions. More details available for developers who are looking to help. Simple yet extremely unique.
Thank you for your time.

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Thanks for the proposal.

I agree Matrix and Forsage have come under scrutiny - it does appear to be a ponzi scheme (earnings are generated from referrals paying to join).

Can you expand on the changes you are intending to make to the contract such that it doesn’t rely on new joiners to generate funds - i.e. move to a position where value is generated from the product or service, rather than only by incoming funds.

Thanks :+1:

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Thank you for your response and I would be happy to expand more on the changes to make this more of a game than just a matrix solely based upon earnings.

However I would first like to note that earning for participants is a component within the system that would be represented more ethically within this caliber of smart contract.

First, we can compare Forsage to what we are trying to accomplish in difference.

Forsage** : the first member of Forsage, is called ID#1, this account/wallet is controlled by the creator of the system. Hence they are the biggest beneficiary and biggest earner.

NFuseT** : the first member or ID#1 is not controlled by the creator or any persons. ID#1’s wallet, is considered to be the Jackpot funds, and funds within can only be redeemed with the exchange of corresponding NFTs within the system. Similar to that of a stable coin pool, members can only withdraw from Jackpot by exchanging NFTs, which there are a variety of rare NFTs that will allow members to redeem a percentage of the pool Jackpot, with 50% being the largest percentage that can be redeemed from the pool. Also, the rarity of the NFT that allows a member a 50% redemption of the Jackpot pool, is 1 of 1, meaning there will only be one of these NFTs, and the member must complete a significant amount of cycles in order to obtain it. Once redeemed, the next member to complete this same task. Will then be able to acquire said NFT. (More details are available.)

Forsage** : there is no service or product attached with the referring of new members or for the initial payment into the game/smart contract.

NFuseT** : All participants will be able to mint their own NFT image with their first and only out of pocket intial deposit/payment into the game/smart contract. The uniqueness of this NFT will consist of a dimensions restricted display/profile image, and their corresponding sign up ID # and username of choice.

Also, members will be able to acquire rare NFTs through the process of the number of cycles they complete within the system. These NFTs are what participants can use to redeem from the Jackpot pool. (Additional details may be shared with devs.)

Forsage** : even though 100% of all funds are distributed to the members participating in the system, The initial deposit is split between 2 separate matrix structures. In addition, Forsage has over 30 separate buy in levels, which 99% of all participants cannot afford the higher end of levels. There is no product or service for a member, for example, who pays 51.2 ETH (currently valued over $150k usd). The only benefit the member has, is the ability to receive 51.2 eth deposits from members who can afford to pay.

NFuseT** : NFuseT only has 1 matrix and 1 level. There is only a 1 time deposit, and the member is given their own custom image NFT with this payment. Once this first payment is made, there are no more direct payments from users wallet towards the contract.

Forsage** : Forsage doesn’t really have any other service provided to members. There is only the opportunity to earn.

NFuseT** : Our NFTs have more than 1 utility. Other than being able to use our NFTs to redeem Fuse from the Jackpot pool, here I will share the rarity of the NFTs and their additional utility.

There are a total of 7 types of NFTs within the platform.

  1. Personalized ID NFT image.

  2. Redemption NFT (Additional details TBA) |
    Rarity: 1,000,000 pieces |
    Redemption %: 1,000,000 ÷ amount of Fuse within Jackpot (Example: 1,000,000 this nft ÷ 1,000,000 fuse = 1% Redemption or 1,000,000 this nft ÷ 17,732,321 fuse = approximately 0.0563% redemption of Jackpot pool) |
    Requirements to acquire: cycle 1 time to acquire. Acquire more on every 10th cycle.

NOTE: Jackpot Redemption is not activated until Jackpot pool as acquired 1,000,000 fuse or more.

  1. Redemption NFT (Additional details TBA) |
    Rarity: 10 pieces |
    Redemption %: 5% of Jackpot pool |
    Requirements to acquire: receive upon 50th cycle.
    Additional Utility: Front page advertisement.

  2. Redemption NFT (Additional details TBA) |
    Rarity: 5 pieces |
    Redemption %: 10% of Jackpot pool |
    Requirements to acquire: receive upon 100th cycle.
    Additional Utility: Front page advertisement.

  3. Redemption NFT (Additional details TBA) |
    Rarity: 1 piece |
    Redemption %: 20% of Jackpot pool |
    Requirements to acquire: receive upon 500th cycle.
    Additional Utility: Front page advertisement.

  4. Redemption NFT (Additional details TBA) |
    Rarity : 1 piece |
    Redemption %: 30% of Jackpot pool |
    Requirements to acquire: receive upon 1000th cycle.
    Additional Utility: Front page advertisement.

  5. Redemption NFT (Additional details TBA) |
    Rarity: 1 piece |
    Redemption %: 50% of Jackpot pool |
    Requirements to acquire: receive upon 2500th cycle.
    Additional Utility: Front page advertisement.

Total amount of Redemption NFTs: 1,000,018 pieces

Holders of these rare NFTs do not need to redeem immediately. They can choose to hold the NFT while the Jackpot continues to increases, as well as the price of Fuse continue to increase, and redeem whenever they feel fit. They must consider giving up their front page advertising rights if they choose to use their NFT to redeem from Jackpot pool.

There are definitely more details, but keeping under wraps until later date , to be discussed with devs. The redemption NFTs will all be images of specific stone art to correspond with the rarity of each one. Looking forward to share more as discussed.

Thank you again for the opportunity to elaborate more.

I would also like to close by saying, value is always based upon volume of usage and incoming funds, but this way, it makes it more fun, more ethical, and includes the usage of rare NFTs that have added Utility.

EDITED (OCT 1, 2021): NFTs for Telegram (and Chat) Group Memberships: Exclusive chatroom access given to members who hold any of the Redemption NFTs. (Adopted from: NFTs for Telegram (and Chat) Group Memberships | by kurt braget | Medium)

Again, everything is subject to change and suggestions as well.

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Greeting again. I made a few edits to the above post.

Added Utility includes front page advertising and exclusive chat access for redemption nft holders.

As previously stated, everything is subject to change and open to suggestions if any, to make this ethical.

Thank you again and looking forward to hear some feedback.

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THanks for the comprehensive reply.

I’ve got a better understanding of the contract. But I’m not sure what a cycle is? Is this the number of people someone brings to the network? e.g. they deposit for their first NFT, then refer 10 people, they get a redemption NFT (number 1).

Once NFTs 5-7 are claimed, they no longer available. The highest incentive level is then 100th referrer (NFT number 4)?

Can NFTs be sold / transfered?

Are NFTs redeemed for Fuse burned?

What is the proposed entry cost?

Do you already have developer(s) lined up?

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Screenshot_20210914-221336_Samsung Internet
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This is the one and only structure of the matrix. A cycle is completed both by directly inviting members and indirect invite of members. So these positions can be filled by personally inviting people, or if your upline sponsor invite people, and if your personals invites bring in people. But as long as these 6 positions are filled, its hence considered 1 cycle. The payment of the last position flows up to your sponsor to start the structure again.

Here is a list of the NFTs:

  1. Personalized ID NFT : (image of choice, id #, and username) only utility is access to account. This can be sold however if you wish to give away account access to someone else.

  2. Copper Redemption NFTs : 1,000,000 pieces and number coded. Utility: chat room access. Only requires 1 cycle, regardless of personal invites. Continue to receive more copper NFTs on every 10th cycle (i.e. 10th, 20th, 30th, etc)

  3. Bronze Redemption NFTs : 10 pieces and number coded. Utility: chat room access front page advertising rights. Receive upon the 50th cycle. (Can only be obtained if person has 10 personal invites)

  4. Silver Redemption NFTs : 5 pieces and number coded. Utility: chat room access and front page advertising rights. Receive upon 100th cycle. (Can only be obtained if person has 10 personal invites)

  5. Gold Redemption NFT: 1 piece. Utility: chat room access and front page advertising rights. Receive upon 500th cycle. (Can only be obtained if person has 50 personal invites)

  6. Carbon Redemption NFT : 1 piece. Utility: chat room access and front page advertising rights. Receive upon 1000th cycle. (Can only be obtained if person has 50 personal invites)

  7. Diamond Redemption NFT : 1 piece. Utility: chat room access and front page advertising rights. Receive upon 2500th cycle. (Can only be obtained if person have 100 personal invites)

Yes. They can be sold and transferred.

Yes, and once burned, they will be open to be minted again by the next member to fulfill requires to access them.

100 fuse

At the moment I’m looking for devs for assistance to bring this to fruition. I have someone and a team in mind though and awaiting their response.

Also please keep in mind , ive highly considered that many would see the structure of the matrix is a pyramid or ponzi scheme. And this is exactly why the intial cost of 100 fuse gives members the ability to mint their own novelty NFT that would give them access to the platform. Also, with restrictions on having to personally bring in people to access to rare NFTs, this will eliminate the possibility of people who simply joined early, if they don’t do anything they won’t be rewarded. In this case, for example, someone who joined and has ID# 100000, could out perform ID # 15, and get rewarded for their involvement. So essentially, the pyramid is broken, where person B can benefit more than person A.

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Here are some more details to compare with Forsage Tron.

This is forsage tron contract: TRONSCAN | TRON BlockChain Explorer | 波场区块链浏览器

Here is an image of UI for Forsage Tron back office. You can see all the different levels for x3, x4 and xgold

Screenshot_20211004-164756_Klever
Screenshot_20211004-164756_Klever972×12229 421 KB

Way too many, 99% cannot afford to risk the higher levels, or even to have that much. Also, members don’t get anything in return except the fact that they can potentially earn from that level. This is much more a pyramid because of all these levels.

Please see following reply for next image

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I would be cloning the contract but extracting and removing a bulk of the code. As seen in image below, ill be removing all levels with x, and keeping the level circled in green:

20211004_165553
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With this in mind, adding the nfts to the equation. The initial 100 fuse deposited, grants that wallet the ability to mint their own custom nft, with svg, png, jpg or gif (an image with dimensions restrictions)

Members actually receive something for the 100 fuse other than participating in project. And there is no more risk to spend fuse out of pocket (so to speak).

Further details are up above in previous replies.

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I would also like to edit the budget for Devs. 5k USDT or 50k FUSE is actually too much as the code isnt that complicated and upon doing independent research, would be fairly easy to implement.

I would like to propose grant for a lower amount of only 2k USDT or 20k FUSE.

Budget would be to pay DEVs for smart contract modifications and NFT additions, NFT artwork, and simple UI creation.

Thank you again for the opportunity.

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UPDATE/EDIT:

In attempt to make NFTS more exclusive and simpler, these changes have been made:

Change Copper Redemption NFTs to 10,000 pieces only. Each member can only require 1 Copper Redemption Piece on there 10th Cycle Only. Redemption % is only 1% of Jackpot.

Total amount of Redemption NFT Pieces Total: 10,018 pieces Only.

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11/13/2021 Updates:

Gitbook Docs: https://nfuset.gitbook.io/

Matrix structure already complete.

Work needed to be complete:

  1. Random qr code image nft generator to mint nft upon registration. Use nft as key to login to web account back office.

  2. Jackpot Redemption Protocol - to interact with 10,018 NFTs.

  3. Monthly Fuse rewards for top 10 most invites

  4. app.fuse.fi swap LP rewards

Please contact on telegram for more details @TobiyahTafari

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any more details on this?
it all sounds very well thought out.
looking forward to seeing this come to the fuse network

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@T0xbiyah hi! Not sure how I missed this post but this is something that can help us boost community engagement and attract new members into the telegram/discord groups - very eager to learn about the current status of this proposal and perhaps some progress since the last post. :pray:

Please let me know how we can help move this forward and whether the required budget initially outlined still applies - cheers!