Ingex June update II

https://ift.tt/phk2q3e on from last week’s update, this one will be focused on where everything currently is at and what’s on the immediate horizon.As mentioned previously, the project had gone into hibernation for a few months as I had to focus on health issues. Now that I’m in a relatively better position, things are ramping up again, and the first thing that is going live is the code repository for our validator front end, Hydranex. It is essentially the main interface that validator nodes that are part of the Ingex zk-oracle network will be using for attestation.One of the main reasons for releasing our validator front end before the other components of the roadmap is to make us eligible for grant funding from Optimism and similar ecosystem foundations. Unfortunately all of the major grant providers we’ve looked at take quite a bit of time for approval, usually in the ball park of months, so the quicker we get the process started the better.We also have our site and dev docs mostly ready, but have run into a hard roadblock: Our funding since late last year has come from our two small NFT sets that we launched. The Genesis set sold out, but unfortunately the follow up Standard set has not done particularly well so far, and so as a stopgap I’ve been using my own personal funds to keep the project going in the meantime. I am no longer in a position to do that, and need find a short-term solution to cover the operational costs for earlier mentioned aspects. Once the code for Hydranex (our validator front end) is published, we can apply for grant funding from foundations like Optimism. The grants, together with the launch of our ERC-20 token, will be more than adequate for the long-term, but that still means we have to find a solution for the short-term in the meantime.We’re addressing the near-term funding situation by issuing a 1 of 1 NFT that will allow the project to move forward. One of the pieces of feedback I’ve been getting privately is that the way the existing Genesis and Standard sets work is confusing, and so this simplifies things a bit.This will not dilute the existing NFTs as the quantity on offer in the Standard set has been reduced in order to fully offset this NFT.To reiterate from earlier, this NFT is 1-of-1, meaning it is the only one that will be issued and only a single wallet can hold it. It is not part of a set, and no other similar NFTs will be issued in the future. In order to not dilute the other NFTs, eight of the NFTs part of the existing Standard set have been removed from sale.The holder of this Key Contributor NFT will receive:6% of the supply of our upcoming ERC-20 upon launchA flat 2.15% earned each time a user validates through our zk-oracleGovernance rightsOther major benefits that will be revealed at launchThe NFT can be sold at any time and isn’t subject to a lock-in period.Might also be worth comparing how the passive 2.15% earned per validation compares with our two main sets:Token SetRevenue ShareRevenue Share (Per Token)Ingex Genesis (sold out)8%0.25%Ingex Standard6%0.18%This results in a far higher revenue share, even when standardising it to a per token basis.The Key Contributor NFT can be obtained here. As mentioned, there will only be one in circulation, so it’s being offered on a first come, first served basis.Finally, for a comparison of how the Ingex zk-oracle compares to optimistic oracles like UMA (https://ift.tt/xcyN7m5), refer to the January update. via /r/altcoin https://ift.tt/mF32A9c