Update Greenstand-Token.md #146
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Removed TRing as ERC20 token. Removed notes Renamed a 100th of a Tring to a Seed.
bstetzer32
reviewed
Apr 3, 2023
| @@ -584,7 +581,7 @@ Globally ‘tree planting’ is currently being counted as a “pledge” or as | |||
| **TRing** | |||
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| TRing is the native currency of the Greenstand network. They are created by depositing Greenstand Tokens. The number of TRings produced per Greenstand Token is calculated using the Master Relative Value Index. A TRing is divisible by 100 to create Grain. | |||
| TRing is the native currency of the Greenstand network. They are created by depositing Greenstand Tokens. The number of TRings produced per Greenstand Token is calculated using the Master Relative Value Index. A TRing is divisible by 100 to create Seed. | |||
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https://academy.binance.com/en/glossary/wei
In my opinion, we should conform to the existing standard to the best of our ability. I will defer to your judgement, however.
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Thanks @bstetzer32 This is a good point.
We should certainly stick with the existing standard, although I believe it should be renamed.
Do you have any ideas there? - 10^18 is a big number.
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| **Seed** | ||
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| A Seed is 100th of a TRing. | ||
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There was a problem hiding this comment.
https://academy.binance.com/en/glossary/wei
In my opinion, we should conform to the existing standard to the best of our ability. I will defer to your judgement, however.
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| The TRing is divisible by 100 units called Grain. | ||
| The TRing is divisible by 100 units called Seed. |
There was a problem hiding this comment.
https://academy.binance.com/en/glossary/wei
In my opinion, we should conform to the existing standard to the best of our ability. I will defer to your judgement, however.
| @@ -434,9 +430,9 @@ Sealing nodes are compensated using minting and transfer fees based on the value | |||
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| A TRing is the native currency of the Greenstand network and is created by depositing Greenstand tokens. | |||
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| The Greenstand Token resides on the network as an ERC721 token. Any Greenstand Token may be converted into TRings as an ERC20. The number of TRrings created from this conversion is calculated using the Greenstand network’s master RVI. | |||
| The Greenstand Token resides on the network as an ERC721 token. Any Greenstand Token may be converted into TRings. The number of TRrings created from this conversion is calculated using the Greenstand network’s master RVI. | |||
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Suggested change
| The Greenstand Token resides on the network as an ERC721 token. Any Greenstand Token may be converted into TRings. The number of TRrings created from this conversion is calculated using the Greenstand network’s master RVI. | |
| The Greenstand Token resides on the network as an ERC721 token. Any Greenstand Token may be converted into TRings. The number of TRrings created from this conversion is calculated using the Greenstand network’s master RVI. This master RVI will be implemented into the Smart Contract(s) responsible for accepting the ERC721 token in exchange for TRings/Seed. If an organization wishes to create their own Smart Contract that implements a seperate RVI calculatuon, they will be able to deploy seperate contracts with other calculation methodologies. The nature of the ERC721 token will ensure that the authorized nodes will always receive their fair share of each ERC721 transaction, and the Greenstand master RVI will be continuously updated through consensus of authorized nodes to ensure that the master RVI is always the standard. |
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Removed TRing as ERC20 token to align with TRing Creation process.
Removed notes on Terminology and representation of the current system.
Renamed a 100th of a Tring to a Seed.