BNB redistribution token
Whitepaper
Introduction:
The WorkFirst Whitepaper aims to educate readers on our vision, strategy and roadmap. Below we illustrate in detail our unique redistribution mechanism.
It's an engineering achievement unheard of until Tiki in the BSC ecosystem. We are happy to improve upon their protocol and are excited to showcase the new use cases that this will enable.
Safemoon was the one to bring awareness around RFI and HODL rewards. WorkFirst will carry the innovation forward. We will share our vision with the world: the improved auto-claim BNB reward mechanism.
Right into it:
WorkFirst is the next evolution of a yield-generating contract on the Binance Smart Chain (BSC): you get rewarded in BNB instead of tokens.
The token contract employs a static rewards system—15% of every transaction is split in three:
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12% BNB is redistributed to holders
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3% is used to fuel the liquidity pool exchange growth
In order to fully understand the BNB redistribution, we need to educate you on the reflection concept:
Classic redistribution
This is a concept that was popularized by Safemoon. The mechanism incentivizes token holders to hold in order to earn dividends from the transactions (buys and sells). Redistribution is based on percentage (in the contract), current token balance and number of holders.
TL; DR: You receive more tokens automatically.
BNB redistribution
Popularized by HODL and GhostFace, a transaction fee is applied to every single buy /sell order, tokens are then swapped in realtime for BNB and added to a POOL (similar to how liquidity pools work). Holders can then go to a website and manually claim the BNB earned at specific time (daily / weekly / etc..). The BNB they can collect are based on their token holdings % and the current pool size.
TL;DR: You hold, then go to the website and request your BNBs
WorkFirst redistribution
Claiming manually is unintuitive for a couple of reasons:
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Need to connect your wallet manually to the website
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Time constraints as you need to return frequently to manually claim your BNBs
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Educating holders is complicated. It's difficult for them to understand the value until they go through the full claiming experience. More difficult to market.
We created a unique system that auto-claims for every single holder the amount due. We call it WORKFIRST.
The way it works for holders: You buy tokens and hold them, every 30 minutes you'll automatically receive BNB in your wallet. Not a single action is required.
Your WorkFirst tokens amount is persistant and won't change.
Behind the scenes:
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The contract keeps track in an array of all token holders
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The contract keeps an index into the array for processing
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Every transaction processes a certain number of users, depending on the transaction size (bigger token transfers can process more, since the gas will still be proportionally less than the value of the tokens)
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The token is based on a Dividend-Paying Token Standard, which means all BNB the contract gains will be split equally proportionally to the token holders.
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When a user is processed, the contract checks how many withdrawable dividends they have, and if it is above the minimum threshold for auto-claims, will either automatically claim those dividends for BNB, or automatically buy back tokens for them.
This system is fully automated and doesn't add minimal gas fees proportional to value transferred. The number of holders processed through each transaction is dynamic and based on transaction size. Holders will receive dividends from the queue based on their position in the array. It's a fair system, fully automated. Minimum token balance is 10,000 WorkFirst tokens to receive BNB distributions.
What if I don't want to wait?
We will set up a function on the contract for impatient holders so they can claim manually.
WorkFirst Launch
The protocol will be launched on Friday July 30th, 2021.
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Private presale
Presale link will be sent in the telegram group.
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Private presale phase: Everyone can participate.
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DEX public listing
Following the presale, WorkFirst tokens will become available for purchase on PancakeSwap Exchange.
Token Information (provisional)
Network: Binance Smart Chain (BEP-20)
Ticker: WKFT
Contract address: To be announced
Decimals: 9
•TOTAL SUPPLY : 1,000,000,000
•TOKENS FOR PRESALE : 500,000,000 (50%)
•TOKENS FOR PANCAKE LISTING : 440,000,000 (44%)
•TOKENS FOR MARKETING WALLET: 50,000,000 (5%)
•Hard Cap/Soft Cap : 1000BNB/500BNB
•Presale Rate : 500,000/BNB
•Min./Max. Contribution : 0.2BNB/10BNB
•Presale Ends : 7/30 at 8PM (UTC)
•Pancakeswap Listing Rate : 450,000/BNB
•Liquidity Locked: 90% - Unlock Date : 12 months
Security of WorkFirst
Locked Liquidity
Initial liquidity will be locked for a minimum of 12 months to provide holders with peace of mind that the token can always be exchanged.
All will be locked right before launch on pancakeswap.
The token contract will be given right before launch in telegram group.
Other features
Anti-Dump Logic
Price protection features such as max tx on sells are included. Any transaction selling more than 0.1% of total supply will be rejected. This prevents massive one time sells that drastically alter the token price.
Extra 3% Sell fee
Swing trading is a common practice that can affect price action. To incentivize holding and reducing pump/dump dynamics, we added an extra 3% sell fee on top of the initial 15% transaction fee.
Total sell fee = 18% (12% BNB redistribution + 6% Liquidity pool)