How Fair Protocol Works
Fair Protocol operates through two primary roles: Deployer and Minter, offering a flexible and straightforward process for creating and minting tokens on the Ethereum network. Let’s break down the workflow for both roles:
1. For Deployers
As a Deployer, you are responsible for initiating the token creation process. This role allows you to design the token’s characteristics and manage its availability for minting through Fair Protocol.
a. Define Token Information
Your first task as a Deployer is to set the essential details for the token you wish to create. These details shape the identity of the token and provide important information to potential minters:
Token Name: Choose a unique and recognizable name for your token. This name will represent your token in the crypto market.
Ticker (Symbol): Select a ticker or symbol, typically a short abbreviation (like BTC for Bitcoin or ETH for Ethereum) to represent the token.
Social Media & Website Links:
Twitter Handle: Provide the Twitter profile for your project, allowing users to stay updated with the latest news.
Telegram Group: List the official Telegram channel for community interaction and announcements.
Website URL: Share the link to your project’s website, where users can learn more about your token and its roadmap.
b. Open Minting for the Token
Once the token’s details are set, you can open the token for minting on Fair Protocol. This involves:
Smart Contract Deployment: Fair Protocol handles the technical complexities of deploying your token’s smart contract on Ethereum. You don’t need deep technical knowledge as the platform simplifies the process for you.
Mint Availability: Your token is now available for minting. Anyone interested in obtaining your token can mint it through the protocol.
c. Minting Closure
To ensure a fair and balanced token distribution, the minting process is capped:
800 Minters: For most token launches on Fair Protocol, the minting process ends when 800 participants have successfully minted the token. This prevents excessive accumulation by a small group of individuals and ensures fair distribution.
End of Minting: Once the 800-user cap is reached, minting ends, and no further tokens can be minted in this phase. The token then becomes available for market use, either through transfers or project-related utility.
2. For Minters
If you are a Minter, your role is to participate in the token minting process initiated by a Deployer. Here’s how it works:
a. Access Fair Protocol Website
Visit the Fair Protocol platform to explore available token minting opportunities. This is the hub for all token launches on the protocol. You can:
Browse Tokens: Review the tokens currently open for minting, including essential details like name, ticker, social media links, and total supply.
Select a Token: Choose a token that aligns with your interests, whether it’s a new NFT project, utility token, or community-driven cryptocurrency.
b. Mint the Desired Token
After selecting your token, follow these steps to mint it:
Minting Interaction: Click the mint button next to the token of your choice. The platform will guide you through the process.
Gas Fees: Pay a small gas fee to cover the Ethereum network transaction. Fair Protocol’s optimizations make these fees lower than what is typical on other platforms.
Receive Tokens: Once the transaction is processed, the minted tokens will be sent directly to your Ethereum wallet.
Key Features and Benefits of Fair Protocol
a. Simplicity for Both Deployers and Minters
For Deployers: Creating and launching a token is easier than ever. You don’t need coding skills or deep technical knowledge—Fair Protocol handles everything from smart contract deployment to token distribution.
For Minters: Minting tokens is simple and accessible for anyone with an Ethereum wallet. Whether you’re an experienced investor or a newcomer, Fair Protocol makes the process user-friendly and efficient.
b. Fair and Transparent Minting Process
Limited Minting Slots: By capping the number of minters (e.g., 800), Fair Protocol ensures that no single entity can control the majority of the token supply, promoting decentralization and equitable distribution.
Real-Time Updates: Users can monitor minting progress in real-time, knowing how many spots are left and how close the token is to reaching its minting cap.
c. Optimized for Cost-Effectiveness
Lower Gas Fees: By optimizing the minting and token creation process, Fair Protocol reduces the gas fees associated with Ethereum transactions, making participation more affordable.
Economic Efficiency: The protocol streamlines the token lifecycle, from deployment to minting, minimizing inefficiencies and ensuring a smooth experience for all participants.
d. Decentralized Control and Trust
Smart Contracts: Smart contracts ensure that the entire process is decentralized, secure, and tamper-proof. No intermediary can alter the rules or manipulate token distribution.
Transparent Governance: Since Fair Protocol operates on Ethereum, all transactions are recorded on the blockchain, making the process fully transparent and auditable.
Conclusion
Fair Protocol offers a seamless and fair platform for both token creators (Deployers) and participants (Minters). Deployers can quickly launch tokens with predefined settings, while Minters can easily participate in the minting process with just a few clicks. The protocol ensures fairness by limiting participant numbers and optimizing gas fees, making it accessible to a wide range of users.
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