FishnChips is a self-Compounding Virtual Deposit Contract (VDC) using a two token economic structure where FISH (token) are lifetime locked IOST in our immutable IOST smart contract establishing a starting 12 million IOST floor. This allows for a perpetual servi-node on the IOST block chain with no worries of ever dropping below the requirement to maintain block producing status. CHIPS (token) is our liquidity model, allowing holders the ability to earn dividends based on every sell or buy within the smart contract exchange without the need to freeze/vote. Block/Vote rewards are then used to purchase CHIPS from the VDC creating the self-compounding model which increases the floor and pays additional dividends to our FISH n CHIPS holders.
When you purchase CHIPS from the contract’s built in exchange there is an 11% Fee that is distributed to holders of CHIPS, Referral Rewards, Development Fee and the FRY investment fund. On every sale of CHIPS an 11% Fee is distributed to holders of FISH and CHIPS, Development Fee, the FRY investment fund and a portion goes to purchasing CHIPS and burning them. The fees break down as follow: On Buys: 6% Dividends to all FISH and CHIP holders 3% Referral Fee 1% Development Fee 1% FRY Investment Fund On Sells: 8% Dividends to all FISH and CHIP holders 1% Development Fee 1% FRY Investment Fund 1% Buyback of CHIPs and Burn (Half distributed to FISH holders)
FISH are the floor or foundation of the Virtual Deposit Contract. FISH are pledged to the servi-node for life and are what keep the servinode running in perpetuity. FISH cannot be transferred or sold. For this, FISH earn additional dividends from every sale of CHIPs in addition to the dividends they receive in IOST. Once you convert to FISH you are earning lifetime rewards or for however long the IOST network remains in existence. CHIPS are the liquidity option for the Virtual Deposit Contract. They allow for holders to sell at any time and while they are holding them to earn dividends paid in IOST on every purchase of CHIPs.
Current hourglass contracts are a zero sum game. Which means, basically, that someone has to buy in last in order for others to earn dividends. With FishnChips we do not require another buyer... ever. Since the FISH in the current contract exceed 12MM IOST the servinode is perpetual. It will always earn dividends from block producing and from voting, since these rewards go automatically back to the contract dividends will consistently be paid to our FISH and CHIPS holders, the floor and the price of CHIPS will always increase if no one was to sell.
No. The contract requires that FISH and CHIPS remain tied to your account for dividend distributions and they must be purchased or sold through the smart contract exchange.
No. The contract requires that you manually enter the contract each time you would like to withdraw your dividends, reinvest or convert them to FISH.
Dividends are issued on every buy or sell immediately upon execution. You may visit FishnChips.io as often as you like to collect or reinvest your dividends.
No. Although contracts on IOST do have the ability to be mutable we specifically designed this smart contract to be immutable by purposefully deploying it without the function can_update(). It will forever exist as it is on the IOST block chain producing blocks and voting rewards without the involvement of human interaction.
All IOST submitted to the contract exist in the contract. The contract has the ability to pledge the IOST to any servinode, if needed. This was a safety protocol built into the smart contract in case the servinode became corrupted, fell out sync, or if the security of the servinode was compromised. Although we feel that these things will likely never happen, it was determined to be a best practice for this safety protocol to be built in.
FRY is the core to all the decentralized applications designed and created by Guppys. FishnChips is one of several of Guppys.io dApps. For each dApp created by Guppys, holders of FRY will earn dividends either directly or through the FRY investment fund.