Wing Mine - Upward Price Impacting Mining Pool

Discussion
1

Hello everyone,

I wanted to propose an idea for the WING community that could help create some upward price trajectory for the project long term and help create more liquidity for the WING Token itself. My idea is relatively simple but can help create a nice support system for the WING price and can help create another means of distribution for WING Token. I could also develop it if the governing community would be interested in potentially helping out.

I propose that we create a mining pool that people can contribute their mining power to that mines coins such as Bitcoin, Ethereum, and Bitcoin Cash. Instead of these coins being automatically distributed to the holder wallets per block, they are instead traded on the market to USDT, and then from USDT to WING at best market rate possible. This WING is then distributed to the miners based on their weighted contribution to the mining pool so every miner equally takes the grunt of any associated costs to swap from BTC/BCH/ETH to USDT and then to WING.

Additionally, miners are given additional amounts of WING based on the per second distribution rate of 0.06 WING. For instance, we could allocate 0.05 WING per second to the Flash Pool and 0.01 WING per second to the mining pool. All miners earn that additional 0.01 WING divided by their weighted contribution to the mining pool. (I.E. 100 TH/s in pool, one miner is contributing 10 TH/s in pool, he gets 0.001 WING per second)

This would result in the following if this were to be implemented:

1. Constant upward price trajectory due to constant swapping from BTC/BCH/ETH to USDT and then to WING.
2. Increased liquidity on WING and buy orders (takers) providing more profitable trading days for day traders and market makers.
3. Diversification of product offerings for WING that can increase audience and use case.
4. A way to “mine” WING without needing to buy it.

Would love to know thoughts.

2 Likes
2

What happens when users withdraw? Will the pool sell WING? If so, I don’t think it changes anything

3

They would withdraw their mined WING. It wouldn’t auto-sell anything.

  1. User connects their rig.
  2. User mines BTC/ETH/BCH.
  3. Instead of the BTC/BCH/ETH distributing to the miners wallets, it automatically swaps the mined currency to WING at best available rate, creating upward price movement.
  4. The platform then distributes this WING to the miners, which can be withdrawn at anytime, based on their weighted contribution to the mining pool.
  5. The miner withdraws their WING and can either stake it on the platform, swap it for ONTd and get ONT, or trade it for other currency on exchanges.

An example would be, 3 miners are mining Bitcoin:

Miner 1: 100 TH/s
Miner 2: 200 TH/s
Miner 3: 700 TH/s

The mining pool gets lucky and mines 1 block and is rewarded 6.25 Bitcoin. Which would be:

Miner 1: 0.625 Bitcoin
Miner 2: 1.250 Bitcoin
Miner 3: 4.375 Bitcoin

But, instead of rewarding this amount to the miners, the pool swaps the currency at best available rate for WING. This now creates 6.25 Bitcoin worth of liquidity on the market, and the pool would mitigate losses by placing some maker orders and some taker orders to grab WING at the best rate possible based on algorithm.

Now traders have more liquidity to enter/exit the market with since the pool is providing this liquidity (thus creating more support in the event of a large dump), and the miners are profiting by earning WING at best rate possible. It creates a new means for WING to be mined, and it “swallows up” more of the available WING and creates more of a reason to stake it if the miners have it.