RecoverToken, An ERC20 token for the community,by the community.

INTRODUCTION

With the advent of Uniswap, a new exciting era has dawned for the Crypto Community. A seamless way for smaller development groups to release a token with a real use case. However due to the lack of controls and human greed, this entire system can and has been exploited. A rug pull, exit scam and many other phrases, refer to the killing of a Token dishonestly whereby the investors are left with a coin, which is worthless and has no monetary value. The RCVR token was designed and created in order for the community to regain control of their lost funds and take part in the governance of the token to ensure its just usage and a fair and transparent ecosystem.

CHARACTERISTICS

  • Is an ERC20 based token, which has an initial supply of 1Million Tokens. These will be minted at contract creation.
  • The Token creator will mint 1million Tokens and then based on community decisions will lock a portion of the tokens (In Accordance with community votes) for a period of 1 year. The Token contract will hold the Tokens. We have implemented a mint function should more tokens be required for the migration/staking process. Please note there is a Burn function, which allows us to burn any surplus tokens. Due to the nature of the tokenomics, having a fixed supply initially could be problematic and this is done to ensure we do not run out of tokens. With governance and correct migration ratios, this should be able to be avoided.
  • The token will operate a migration from rugged/scam coins to RCVR in accordance with a quantity and percentage, which the community decides. E.g. 1000 EMN = 10 RCVR. This will be done for a fixed time and will operate for various tokens until the Migration pool has been depleted. The community will decide this migration pool amount. Voting for the next token can begin after the current migration period ends.
  • The RCVR token will operate two staking pools:

A SafeBet Staking Pool: This is a pool, which is pegged to the BTC/USD price (By default, can be decided by community decision at a later stage). It will be “rebased” every 15, 30, 45 or 60 minutes. If there is an increase in price, each staker will get 1% of their holdings added to their reward pot. Likewise, if there is a decrease in percentage then there will be a 1% decrease in the staker’s reward pot. This price aggregator is using Chain-link Oracles for its price feed. The initial stake is NEVER rebased. The option to use our Custom Uniswap Oracle is also available should the community want to do so for the safe pool.

A RiskyBet Staking Pool: This is a pool, which is pegged to the WETH/RCVR Uniswap price (By default RCVR, Token can be decided by community decision at a later stage). It will be “rebased” every 1, 5, 10, 15,30,45,60 minutes. If there is an increase in price, each staker will get 1% of their holdings added to their reward holdings. Likewise, if there is a decrease in price then there will be a 1% decrease in the stakers holdings. The difference here is that there is an additional multiplier, which is applied to the 1%.This multiplier is decided by the community . So e.g. 10 RCVR can become 20 with a 2-x multiplier. The initial stake is NEVER rebased.

  • Based on the community vote and whether it is desired, an additional burn of the tokens removed by a negative rebase will be burnt every 24 hours.
  • There will be a manual “force” rewards distribution option, which allows a user to force a rewards calculation at any time for a small fee in ETH. This ETH pool will go towards liquidity and the built in transaction timer which fires the reward distributions.

TOKENOMICS

The main goal behind RCVR is to allow the community to create a solid and rewarding ecosystem, which they decide, every facet of the rewards etc.

COMMUNITY VOTING AND GOVERNANCE

  • The community will be in control of the Token and will make all decisions as a unit. The developer will then implement these changes in accordance with the community’s wishes.
  • This voting will take place via a snapshot website setup specifically for RCVR
  • The fees for triggering a manual reward distribution and migration if adopted will go towards providing liquidity for the Token on Uniswap and other various required operations for the token. Marketing and “shilling” of the coin will be discussed with the Community.

TRANSPARENCY

The current development team will remain anonymous; however, we plan to be open and transparent to investors. We are hoping to achieve this by:

  • Once deployed on the MainNet, we will verify the RCVR contract on Etherscan in a single flat file sol project. This will hold ALL the libraries we use to show our full source code for the ERC20 token
  • We are going to operate on a strict governance from the community, and the community/investors will decided on all the details of the token itself e.g. burn rate etc.
  • We will carry out an AMA with all parties via Telegram BEFORE we disclose the mainnet smart contract and bring up the main recovertoken.net website. This will allow us to take comments on board BEFORE the horse has bolted so to speak.
  • The community can decide which will come first. Migration from Dead Tokens or Uniswap. We believe that having a Presale, is not a fair way to distribute the initial tokens. Our initial thoughts were to enable migration with a small fee for each migration e.g. 0.01 ETH, this can go towards the liquidity on Uniswap and the custom timer code used to trigger rebases. This will all be community decided. We run the risk of creating a migrate and dump ecosystem by listing on Uniswap first, so careful consideration needs to be taken to ensure that the value of the token is not “REKT”.
  • We plan to lock up funds should the community decide this is wanted.
  • A full contract audit will be carried out once adequate funds have been secured. Auditing can be expensive, however we want the community to have trust in our token, and having an audit can play a part in achieving that.

As the crypto space is an ever-changing one, new milestones and community requirements may be put into play, however as it stands, here are the current plans for the Token going forward:

Q1 2021

  • Deploy Contracts on Ethereum Mainnet
  • Configure Snapshot Governance page
  • With Community voting, decide to Go Live on Uniswap and with size xxx tokens.
  • Activate Staking
  • Activate the migration from scammed/rugged coins
  • Activate “Forced Rebase functions”
  • Carry out third party contract Audit

Q2-Q4 2021

  • Marketing and promoting the token
  • Website Tweaking and re-design
  • Implement Yield Farming with LP Tokens
  • Begin working on Community requests and “nice to have” features. This will only take place once core features are stable.
  • Look at partnering with other Tokens
  • Investigate ways to put the power in the communities hands and turn RCVR into a truly community owned token. Via Ownership transfer or how ever else the community decides.