Proposal for development of Nyocoin rewards token on Polygon

Proposition for Development of Nyocoin in Polygon by fldr

This is a proposition to develop Nyocoin ERC20 Smart Contract with Nyolings and Nyoverse Soft-Staking ability which is truly multichain. It will include Nyolings NFT Soft-Staking and Administration Website that will work with all devices: Mobile, Tablet and PC/Mac and will have the same look-and-feel of the current Nyolings Website. There will also be a backend service that will be developed, which will handle weekly distribution of Nyocoin to holders that have initiated the soft-staking of their Nyolings on Ethereum and/or Polygon. Most of the Nyocoin usage will be gas-free for the user that happens via the staking website and via discord (nyobot), or whenever the gas fee will be needed to be paid by the user, it will be minimal.

Nyocoin ERC20 is not meant to be a financial instrument traded in DEXs with liquidity. Nyolings will not provide a liquidity for any DEX for the Nyocoin.

Nyocoin tokenomics: There will be no max supply (as in Ethereum). Initial supply will be the amount of current discord nyocoin circulating supply. Circulating supply will live according to usage of the nyocoin. Nyocoin Rewards will grow the supply and again using Nyocoin in Nyocoin Store or Auctions will shrink the supply back down.

Work will include transition from UnbelievableBot Nyocoin to Polygon Nyocoin with Discord commands added to Nyobot, also the new bidding system of Nyobot will be converted to support Polygon Nyocoin.

Nyocoin Smart Contract will be upgradable and will be co-developed with PaPi/Webomatic who is experienced on Smart Contract development (he is also in Nyolings discord). Upgradability means that later smart contract versions can have for.ex. Nyocoin staking ability!

Price for development: 1500 USDT ( ~ 0.93 Eth ) Rough estimate of when project finishes is at the soonest in 1 month and at the latest in 6 months

Price for upkeep and server fees of website, backend and discord bot : 500 USDT ( ~ 0.31 Eth ) per 1 year

Total Cost: 2000 BUSD

Possible future development opportunities

Nyocoin ERC20 Staking will be possible to develop for Nyocoin upgradable contract. Nyocoin owners will be able to stake the nyocoin erc20 itself within the same smart contract of nyocoin and earn staking APY for their nyocoin. Users will be able to buy merch or NFTs directly from the Store Website with Nyocoin. Possibilities to add support for payments using crypto tokens (like ETH or USDT) or even FIAT as payment.

Current Eth price is $1620 / 14th of Sep 2023 (used in calcs above)