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Datamine

Cryptocurrency backed by Proof of Burn
Category
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Finance
Blockchain
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Ethereum
Currency
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DAM
Publisher
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Datamine Team
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What is Datamine?
Datamine FLUX is DeFi's first inflation-resistant currency built on Ethereum. Market equilibrium is established using a variation of Proof-of-Burn algorithm.

Datamine (DAM) Token
For the base Datamine (DAM) token we've kept it as simple and basic as possible. This token is a standard ERC-777 implementation and was deployed on Ethereum mainnet with fixed supply of 25,000,000 DAM. 16,876,778.9 DAM tokens were ultimately swapped and 8,123,221.1 DAM tokens were burned. To bootstrap the DAM/FLUX token ecosystem we chose to use a fair distribution of the two year old Bulwark blockchain.

All extensions on the base tokens are done through the new ERC-777 "Operators". This feature allows other ethereum addresses to operate on behalf of your account. Instead of another address, we've used this functionality to grant another smart contract operator role.

This means that we can write additional smart contracts to extend base functionality of Datamine (DAM) token. Our first cross-smart contract functionality written in this manner is FLUX, our second, mintable token.

FLUX Token
Let's go over the FLUX smart contract in detail skipping the entire OpenZeppelin ERC-777 base implementation and focusing only on the FLUX implementation.

The FLUX smart contract drives the business logic of Datamine, it's important that our business logic is open for the rest of the world to see. Let's jump right into the FLUX smart contract code. We'll go through code in logical blocks.

Security: Immutable State Variables
New to Solidity 0.6.5, let's take a look at our immutable state variables. We'll be assuming our usual 1 block = 15 seconds for all calculations. This makes our math easy and avoids Timestamp Dependence attacks.

If Ethereum block times change significantly in the future then the entire FLUX smart contract follows suite and the rewards might be accelerated or slowed down accordingly. During our Ropsten testnet beta phase we've experienced 1 minute+ block times.

Public State Variables
Here we will cover the logic of the FLUX smart contract and the contract's state variables. Here we must pay extra attention to security as these are the mutable variables. These variables are also marked as PUBLIC FACING for both ability to read their values in ABIs on our dashboard.

Events
All user interaction that modifies state variables produce events. This is crucial for Datamine Framework analytics as we rely on these events for multiple data points.

We're using Checks-Effects-Interactions Pattern for events to ensure any external calls are performed at the end and that events occur before these calls.

Timestamp Dependence
To keep the time math formulas basic we've based all of our math around the fact that 1 block = 15 seconds. This assumes that this number is variable and can change in the future. The goal of this is to stay away from timestamp drifting and to avoid time-based inaccuracy.

Note on EIP20 API Approve / TransferFrom multiple withdrawal attack Both DAM and FLUX tokens implement the OpenZeppelin ERC20 compatible function approve(address _spender, uint256 _value) public returns (bool success) As noted in Ethereum EIP-20: https://eips.ethereum.org/EIPS/eip-20
Information
Type
Yield Farming
Blockchain
Ethereum
Currency
DAM
Platform
Windows, macOS
Publisher
Datamine Team
Version
Beta Version
FAQ
Delegated minting permits you to select another Ethereum wallet address to Mint your FLUX tokens.

This allows you to keep DAM tokens offline in cold storage while using a web-based wallet to mint your FLUX tokens.
GAS fees allow you to process and validate transactions on the Ethereum blockchain. You need to pay a GAS fee to confirm your Datamine transactions.

Datamine's Ethereum-based smart contracts have actions such as: locking, minting, burning, all of which require GAS. We recommend setting your GAS Fee to Fast so that your transaction processes quickly.
Let's go over the FLUX smart contract in detail skipping the entire OpenZeppelin ERC-777 base implementation and focusing only on the FLUX implementation.

The FLUX smart contract drives the business logic of Datamine, it's important that our business logic is open for the rest of the world to see. Let's jump right into the FLUX smart contract code. We'll go through code in logical blocks.
For the base Datamine (DAM) token we've kept it as simple and basic as possible. This token is a standard ERC-777 implementation and was deployed on Ethereum mainnet with fixed supply of 25,000,000 DAM. 16,876,778.9 DAM tokens were ultimately swapped and 8,123,221.1 DAM tokens were burned. To bootstrap the DAM/FLUX token ecosystem we chose to use a fair distribution of the two year old Bulwark blockchain.
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