Understanding the Bitcoin, Ethereum, Ethereum Classic, Ripple and Litecoin WINGS allocations
Why 5 Cryptocurrencies
WINGS is the first project we know of to directly accept 5 cryptocurrencies. We did this for a few reasons:
- With some projects over the summer we saw people complain that they were not able to give larger amounts of ETC, XRP or LTC because ShapeShift has limits due to liquidity and slippage. While we do have a technological partnership with ShapeShift, we wanted to enable larger donors to participate easily.
- The WINGS Foundation wanted to have some financial stability, and given that some of these crypto-currencies go up when bitcoin goes down, we thought they would provide a higher level of stability to treasury management rather than hoping that one coin just continues to appreciate steadily over time.
- It goes without saying that BTC is the king of crypto, and with our planned support for RSK, a smart contracts system for Bitcoin, it is a natural preference.
- We intend to support Ethereum and Ethereum Classic as they have smart contracts systems and many projects wanting to use those networks.
- Ripple we chose because of their work on the InterLedger Protocol and long term price stability. WINGS intends to have cross-blockchain support for project DAOs to get funded in all sorts of crypto-currencies. We recognized the good work Ripple has done on this front and wanted to ensure that WINGS Foundation has stake in this system should we receive the funding to enable cross-blockchain support
- Why did we pick Litecoin? Good question. Primarily, because it has maintained a relatively stable value over the years, and because being WINGS we like chickens (read about why Litecoin is called chicken).
Reaching allocation parity
Currently the backing campaign is in a status where many people have asked why their WINGS estimate is much higher for a lower BTC value of ETC, ETH, LTC and XRP. The answer is simple: the amounts for these four alt-coins collected are underweight to their respective allocation.
The 75 Million WINGS allocated to donations that the WINGS Foundation is contractually obliged to put forward to the community have sub-allocations for each alt coin:
- BTC is 70%
- ETH is 15%
- ETC is 6%
- XRP is 5%
- LTC is 4%
The bold red numbers show the amount of a particular alt-coin required to reach parity with the total amount of BTC donated. Thus, currently one can see a significant under-funding in ETC, XRP and LTC donations, thereby resulting in higher than anticipated estimated WINGS for the alt-coins.
Making this easy to digest
The team is investigating ways to complement the WINGS backing campaign dashboard GUI in order to make it easier to determine how much each coin is out of parity.
We also are open to offering an EGGS bounty for a community member who can build an easy visual tool that would show this. If you do so please make sure to use the pricing API from coinmarketcap.com and email us at support@wings.ai to discuss further.
Participate in the WINGS backing campaign
A kind reminder that the WINGS campaign is now live and reaching nearly 1500 BTC of support. Join the community of over 1000+ who will be new WINGS DAO members in 2017! Https://fly.wings.ai
