1) Preface: What is ADMIRE?

ADMIRE is the confluence of: WWW frontend <->
Database-backed blockchain-controlled content <->Cross-Chain Limit Orders

ADMIRE Content Coin is a blockchain whose data store is in an SQL database, and uses “ADMIRE Token” on the Binance Smart Chain to interact with that back-end. Database software powers the majority of the internet: WordPress and Drupal to name a few. We can match the unaltered schema of those content management systems (CMS) to provide simplified blockchain-based redundancy, authentication and payment for anything able to be published online. 

ADMIRE can also read from, and with permission via smart contract(s), trigger writes to other blockchains. This enables cross-chain limit orders in a distributed exchange (DEX) scenario.

This whitepaper was written for the non-technical — the plainly written description of this project begins with “3) Project Introduction” and carries on from there.

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2) For The Technically Savvy: In Brief

• • ADMIRE is implementing a DeFi DEX with limit-order book: Specifically designed to stop exchange thefts and scams, maximize returns with limit orders and remove both emotional market trades and reduce the time spent price-watching. At no point will we have the ability to take anyone’s coins: We are enabled to trade one pair on one DEX at a specified price, nothing else. Permission can be revoked at any time.
  • Not a “poocoin”: ADMIRE will be where you go to stop-limit-sell such coins before they go to zero. (No disrespect to the actual poocoin, it’s a great project.)
  • Unruggable: First-of-its-kind multisignature community-controlled token. All key developer functions can be locked and require community signature approval. The token is used to interact with the underlying database functions — we obviously can’t mint other coins such as BTC, BNB or ETH, so our own token is required as “gas” for our system.

• No Slow Rugs: Multi-level developer and community key redundancy and anonymized, encrypted key distribution. One person knows the identities of a second person with the encrypted developer key file, a third person with the decrypt password. Same for the community key and server SSH keys. 

• A real company in a 1rst-world country: Tertiary key storage at a legal services firm that establishes the company, with clear instructions when it may be disclosed.

• • Triggering Actions: SQL databases can trigger external events when a condition is met. This is how we enable price-determined, smart-contract-controlled limit orders. 
  • The underlying private (for now) blockchain aims to replace SQL shards with blockchain-replicated nodes. Enterprise-grade syncing of shards is a nightmare. Our blockchain will also record cross-chain information for only what we care about: What ADMIRE holders interact with, specific tables of CMS systems, and all data from our content management plugin. All our deployed servers carry Tensorflow cards, the intent is AI-based hashing of webserver hits for relevant data can become the consensus work. Simple idea, complex development required to make it public, distributed and trustless.
  • Development Team Identities Can Be Revealed: Key community and governance board members have the ability to disclose KYC-verified identities. We feel this is a fair solution to protect us and the community: Some people are dangerous, some obsessive, some both; as an all-female team we don’t want to broadcast our home addresses.
  • Free-to-use LAMP plugin: Linux, Apache, MySql, PHP (LAMP) powers the vast majority of content management systems. We’ll offer simple integration for any store/content interface including one-time and recurring crypto payments.

• Highly Secure, Anti-Flash-Loan Token: We have the ability to interact with whitelisted contracts only. On-chain account blacklisting for major thefts. The entire chain can be paused if there’s a major underlying blockchain hack, accidental fork or other issue. If the community believes the development team is abusing these powers, multisignature control/authorization can be enabled.

• This is a charity-enabled coin: The charity rate is adjustable, initially set to zero. The charity auto-deposit wallet is adjustable and lockable, and will point to a multisignature wallet that cannot be withdrawn without community-approved vote on both the recipient and amounts. There’s a lot of money to be made in crypto, the dev team (which has 50% of the vote; the community has an equal vote) will always want to donate at least 0.01% to charity. But, like everything else with ADMIRE, it’s a joint decision with the community.

• This is a “taxable” coin: Initially set to zero. Both the “deflation” rate and destination wallet/contract are programmable, permission to change is, of course, multisignature community controlled. If the dev team needs more funds, or the community wants to fund an outside project, this can be enabled via vote.
• Crypto has brought out the worst people, and the worst in people. The core goal of ADMIRE and our open-source token ecosystem — free for anyone to clone, including airdrop and crowdsale instructions to easily launch their own project — is to build a better system: Trust the multisignature code, not the individual people.

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3) Project Introduction

This project will earn revenue from trade fees on our DEX, and implanting a trade “ticker” on our free-to-use CMS plugins. We may eventually require a “proof of stake” amount of ADMIRE be held in users of our content services. We plan to match the lowest fees in the industry on our DEX — we’re targeting a small percent of a huge volume of orders. 

Our second use case is providing open source plugins enabling cryptocurrencies to authenticate, control content and as payment methods to existing publishing platforms. Initially we’ll focus on a WordPress plugin that is content-enabled and simple to use — enter your supported chain (initially Binance Smart Chain) wallet address, mint NFTs, produce underlying blockchain-access-controlled content, and click “publish”. That app will embed a ticker for prices of coins enabled on our DEX, and a link to trade — or “swap” in crypto-speak.

All other projects can provide liquidity on our DEX and integrate our app into their publishing platform(s), using their token as currency. In addition to earning a small percentage of limit-order or market swaps, we may stipulate a minimum “stake” of holding ADMIRE tokens in the content publisher’s wallet. The ADMIRE team is of a complimentary mindset, not competitive: All content sites and every other cryptocurrency project are potential partners and customers, not competitors. We look forward to working with, learning from and integrating into our DEX/app all willing projects.

Once complete, the third use case will be offering our chain-agnostic layer-2 implementation as “software as a service” to companies needing help integrating blockchains into their content and/or sales platform. Concurrently a “do it yourself” API to access the underlying blockchain without running a full node will be offered.

Our fourth application use case focusing on self-generated and self-published content websites that integrate cryptocurrencies. These sites will initially be unified under the upcoming https://{username}.admire.blog platform using ADMIRE tokens issued on Binance Smart Chain, and will be free for content providers to use. So-called “NSFW” content will not be allowed at launch. Any changes to this policy will be left to a governance vote after the underlying chain is finished and multi-chain voting is functioning.

The coin name “ADMIRE” isn’t an acronym and doesn’t mean anything — we just thought “ADMIRE Yourself” would be a catchy, positive slogan for a content-focused coin.

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A. ADMIRE: Filling Market Gaps

• Current blockchains aren’t very useful: you can buy stuff with them, but can’t easily publish on-chain content, you can’t cryptographically secure access to commerce, and they aren’t functionally able to scale massive amounts of web-enabled data (photos, words, videos, etc). ADMIRE can, and we are building an easy-to-use blockchain interface designed to do just that: publish, secure, and control payment-enabled, authenticated websites. Distributed redundancy is a welcome side-effect. Garmin(1) or any other “ransomware” victims are applicable use cases: blockchains store every iteration from inception to present, and can be “rolled back” to a prior date if the current state is corrupted, hacked, deleted or held for ransom. 
• To accomplish this we’re tightly integrating into existing content management systems’ SQL schema. Again, any SQL database-based website or commerce service can run on top (technically: concurrently in the same DB) of ADMIRE and reap the security and redundancy benefits of our blockchain-as-a- database-service.

B. What Can ADMIRE Do For Our Targeted Users?

• Asset security: It’s the whole point of a DeFi DEX. A distributed exchange that can accept and execute limit orders directly targets traditional custodial exchanges: Mt. Gox, Cryptopia, the current scam HitBTC is (sadly, very successfully) running, none of that is possible. This is trustless — your keys, your coins — and is “semi-custodial”. The contract only gives us permission to swap, for instance, BUSD/BNB on the chosen DEX at the set price. We can do nothing else, we cannot “rug pull,” or keep the funds for ourselves.
• Reduce impulsive and emotional trading to increase profits: Limit orders are useful to maximize profits while reducing both time invested in watching/waiting for your target price, and further separates emotion-based market swaps. It’s far easier to set a target price and let it come to you than sit around waiting. 
• Anonymity: Swap those ADMIRE coins (or any other tokens we add) anonymously. We have no ability to force KYC, the technology doesn’t allow it. Conversely, to comply with anti-money-laundering, we can halt trading of individual accounts of known fraudulent users.
• Earn (and keep) passive income by pairing interest-earning cryptocoins to provide “liquidity”: This is how we “mint” (the crypto version of printing dollars) new coins. We keep a small percentage of the profits, you keep the rest of the profits and ADMIRE coins minted. In the crypto world, providing “liquidity” is akin to providing capital to FOREX pairs, and you earn fees on each trade between currencies, or  “swap” between “coins” in crypto-speak. This is not “yield farming”, it’s “liquidity provisioning”.
• Contract your minted ADMIRE coins for monthly service/content viewing rights. If you’re providing capital to the “profit farm” it  will automatically deposit, or “harvest” into your wallet at scheduled intervals so, as long as you’re “profit farming”, you’ll continuously have ADMIRE coins to spend.
• Purchase artwork, and any and all content attached to that art, as “non-fungible tokens”, or “NFTs”. NFTs have a lot of hype now, but in our system, they can link and control access to anything that can currently be published on the world wide web.

C. What Can ADMIRE Do For Publishers?

• Everything is free to use! The free app will tick a price streamer for our DEX, which is how we earn revenues.
• Register with social login (Gmail/Telegram/LinkedIn) and create your (free) site on the platform.
• One-click-connect your crypto wallet.
• Upload content.
• Post your work product — goods, services, content,live chat, anything legal.
• Set your fee structure(s): one-time, weekly, monthly recurring.
• Accept payment through crypto with very little fees (0.03%).
• The drastically lower fees on this platform means content producers can afford to pay better royalties.
• NFTs are the access key to any web-available content. If you can publish it on the web, you can make it available only to the holder of a specific NFT.
• Passively dual-earn ADMIRE coins for hits generated on your content (consensus is currently derived from hashing current webserver workloads).

D. A Token, And Token Ecosystem?

We can’t mint other coins such as Bitcoin from our blockchain, thus, we need our own representative token. 

Tokens are incredibly easy to work with and represent much more than traditionally thought: They need not have monetary value and can represent control (governance voting) and access to an entire content ecosystem. ADMIRE is launching an eponymous token and will enable simplistic launching tools for anyone to avail themselves of — no coding required to launch their own platform, and integrate it with ours. Our token, and thus anyone basing off it,  is:

• Highly Secure, multi-signature-controlled from the outset: No rug pulls. The commonly-used smart contract programming language doesn’t natively support this, we’ve taken the time to write in multisignature control: One for the devs, one for a community-elected key manager. The developers need authorization from the community for any critical actions on ADMIRE. This is designed to thwart “rug pulls” for anyone that bases a project off our code.
• Multi-level Key Redundancy: No Slow Rugs. Described in (3)(k)(8). The developer and community keys have two levels of redundancy to prevent both key loss and “slow rug pulls” where the developers drain liquidity and abandon the project.
• Flash-loan attack and “Evil Contract” impervious: The base token and all contracts can be enabled to only interact with whitelisted smart contracts; all others’ transactions will be rejected.
• Pausable Chain, Individually Blacklisted Addresses: In case of a BSC-wide attack, our entire chain can be paused and halt all trading and functions. This is needed to stop double-spending when (and if) we swap to our own distinct SQL-based blockchain. Individual addresses can be halted as well. Controversial, and everyone wants immutable blockchains, until it’s them that’s stolen from. Blacklist and pause ability are multisig controlled; if the community thinks we’ve abused those powers, they can turn them off without our consent.
• “Anti-Whale” There’s an adjustable and multisig controlled block of any trade over the configured percent of total supply. We’re focused on steady growth, not price manipulation for short-term profit(s). Can be turned off entirely. 
• Charity-Enabled: This token has an adjustable charity rate, locked via multisignature, and the charity wallet is also multi-sig.
• Transparent, Proven Token/Economics: This is covered in detail below, but “burning” coins leaves them on-chain, but they are unusable. The “total market value” of a coin is determined by (Total Supply X Market Price). If there are millions of non-tradable coins they’re counted in and artificially inflate the “Total Supply”. Burning is a trick to artificially increase value, and obfuscate the real problems: oversupply and lack of demand.
• Adjustable “deflation” tax rate. Set to zero at launch, changeable via multi-sig. This is another gimmick — diverting, for instance, 5% of every transaction enriches the largest holders, typically the team. As a separate function of tokens, the team can (and does) “mint” tokens to increase supply, a portion can be redirected to the development fund so there’s no need to also take a percentage of everyone’s assets by a “deflationary” swap/trade fee. 
• Still, “deflationary” taxes can reduce day-to-day usefulness of a coin, making it more a store of value — a good thing for NFT artists — than a currency. For this, ADMIRE’s token has an adjustable “Tax Rate”, or deflationary percentage. If the community so votes, we can move to a deflationary model.
• An Open-Source Ecosystem: Any project launching off our codebase can point, click, submit rate changes, as well as turn on/off multisig authority. No coding required.
• Anonymizer service: ADMIRE will stress both educating people not to use their main wallet — your lifetime’s cross-chain digital footprint is immediately available to any site you “connect” your wallet to — and provide anonymizing services.
• Security-Event Triggered Notifications: Since our platform is all about triggering actions based on changing market conditions, we can also trigger security alerts around key functions of the contract. For instance if more than 100,000 coins are “minted”, it triggers a security alert emailed to the community.

In Conclusion: ADMIRE is the “missing link” needed to actually bring blockchain technology to day-to-day life. Yes, we’re doing it with adult content, and there’s a good reason for that: The community as a whole tends to be progressive and open-minded to monetizing new content delivery platforms. History shows(2)(3)(4) “NSFW” content drove the acceptance of online credit-card payments. Beyond adult content, we’re only aware of one profitable publishing site in the early years of the web. 

Our seed funding provider wrote the code to make that original, non-porn site profitable — 26 years ago. No other project has that depth of coding/management experience to guide them in pioneering new platforms. She will be verifying with early investors who sit on the governance board and have a proven track record with confidentiality. One can see why even our end-user token is being issued with privacy as a main concern.

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4) Market Problems Solved

Blockchains are fabulous at getting a group of unknown-to-each-other instances to agree and publish the truth of an event. That works well with virtual money. So, yes, you can buy stuff. Content publishing? Not so much. General web usefulness? Almost non-existent. We aim to change the “not very useful” nature of blockchain technologies, and the first use case is adult content publishing. With that in mind, we feel this platform both adds value to, and helps reform, an oft-abusive industry. Being “by women for women” means we’re also stressing that this project stays focused on providing a long-term, positive atmosphere for both admirers and providers, and we will use on-chain community governance to moderate and dictate the rules of conduct.

A. Value

Value is inherent in the fact that cryptocurrency payments are nearly instant, irreversible and highly anonymous. Further, the ADMIRE token has been programmed with the least amount of fees in the industry. Thus content providers receive their payments immediately with near-zero cost. The credit card transaction systems currently popular are, typically for the first 90 days, a promise to pay that can and often are arbitrarily reversed without the consent of the party that has already produced and delivered the work product (in this case, content). Cryptocurrencies payments are “immutable”, meaning they cannot be reversed, charge-backs are not possible. To be clear: once a viewer decides to interact with a performer, that arrangement is final, and our fee structure (described in “Economics”, below) is two orders of magnitude less than often charged. That’s 100x less of a fee percentage, yet we’ve laid out a long-term, profitable and sustainable strategy: A small percentage of a whole lot is still a whole lot, the economics here are large scale and conveyed via total blockchain token value, not profiteering.

B. Industry Greed/Profiteering

Credit card customers are exposed to usury-level interest rates — so high they’re illegal in most US states and many countries worldwide — and they are the clients of credit card companies. Not the merchants. The increasing fees credit card companies charge merchants — upwards of 4% for small companies, 10-11% for NSFW content — combined with a client-focused chargeback system that enables “rug pulling” money from merchants who’ve already provided the service means the realized fees of using credit cards range from about three to upwards of 15%. 

Cryptocurrencies are a better way, and profitable companies can be centered around fees an order of magnitude lower: The cost of “minting” cryptocoins is effectively zero – our underlying content systems uses existing web page “hits” as a proof-of-work consensus – there’s no need for physical and human infrastructure to handle payment errors, chargebacks, and disputes, as such the operating costs of ADMIRE will be substantially lower: crypto transactions can’t be reversed, there’s nothing we can do and no point staffing beyond an AI robot to say “no one can reverse any crypto transaction, if you’d like to file a complaint to request mediation or submit reasons why fraud has occurred and the merchant should be removed, contact us at….”.

There are no chargebacks — be sure you want to send the coins for something of value in return, or don’t do it. Accordingly, return policies with re-stocking fees (if any) will be timelocked and enabled via smart contract. Everything can be accounted for: Damaged or used product on return, for instance, can trigger another set fee. Escrow contracts can be enforced for merchants with a history of failure to refund. With code, anything can be accomplished.

We aren’t naive enough to think ADMIRE will change the global merchant system, but we certainly can be part of the solution of empowering value and fairness in commerce while helping consumers secure their funds.

C. Privacy

Connect your crypto wallet to any website and they can immediately determine your cross-chain transaction/purchase history, and see all NFTs you own; when IPFS catches on, your filesystem space will be known as well. As “ENS” — Ethereum Name Service, such as yourname.eth — catches on, your real name will be revealed as well.

At no time should you use your FIAT-to-Crypto wallet address for anything other than a gateway to the real world. To further enhance end-user privacy we will offer anonymizing “tumblers” — deposit BNB or BUSD, get a “ticket”, use our address-generation tool and import new wallet addresses to your existing platform, and withdraw ADMIRE (or BNB/BUSD) to that brand-new, untraceable address. An analogy: If you live at “10 Oxford Street” you can use an anonymous tunnel underneath the virtual ADMIRE office building to exit at a different address like “21 Cambridge Way”, and from there head to and from our digital “clubs” – no one can then follow you to your “home address” to track your lifetimes’ worth of transactions.

D. Anonymizing KYC

Another NSFW example: All performers are required to verify they are of lawful age, and sign informed consent agreements to post content. The need to constantly provide identity documents to companies with unknown security practices is troublesome, and prevents a lot of providers from taking advantage of all available publishing opportunities. Our content platform is trustless, can easily integrate with blockchain-based identity services, meaning providers can “KYC” with a registered company that verifies their age and consent while remaining anonymous to ADMIRE coin administrators. For the technically minded: Sharding is a long-standing database concept — it’s simply one row of any database — and ADMIRE is a database overlay of blockchains: Thus verification companies can sign with their public key a hash of the users’ wallet address and checksum of the entire identity shard for each provider. We need only their verification of public wallet address (and the public key) to that checksum for identity.

E. Smart Contracts + Royalties

We’re focused on self-produced and self-published content, and smart contracts can permanently control the payment distribution between, for instance, NFT artists and the performers that art is based on. While the underlying layer-2 cryptocurrency payment solutions can be integrated into any current website (and will be offered to legitimate ones), the ADMIRE team is focused on self-producing and self-publishing content. We are committed to revenue generation via profitable economics of the ADMIRE coin, not exorbitant fees charged to each performer, and we can mandate smart-contract payout wallets that distribute royalties to the production company and each performer on whatever fee basis is agreed upon. Additionally, we can mandate a minimum payout percentage to be split among performers — they’re “smart” contracts, after all.

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5) Technology

We’re coders – okay, geeks – so this is the exciting part for us. In keeping with the theme of looking to history first, bear with us as we describe how we came to this point – it’ll all come together to explain why this project has far more value than just another token/blockchain: The world doesn’t really need another blockchain, it certainly doesn’t need another failed blockchain project, but ADMIRE will bring real utility, real usefulness to an ever-more-digital world.

A. Triggers

Tired of custodial exchanges stealing from us, this project began as a collaboration to build a decentralized finance exchange that can take price limited buy/sell orders. Just like a regular exchange, but non-custodial: Users never deposit coins (so they can’t be stolen) and the exchange can never hold your coins (like the criminals at HitBTC are doing now, and so many exchange “exit scams” have in the past). Users sign a limited-scope smart contract enabling us only to swap at a fixed price. That is, when the price of whatever coin you chose reaches the specified value against another coin, we’ll use the authority granted via the contract to swap your coins at the price you chose, with a built-in fee of, for example, 0.1% back to the exchange. At any time, you can withdraw consent by removing permission from the contract. So it is “semi-custodial” — at no point could this exchange hold your coins against your will, and the exchange can’t simply take your property.

To accomplish this, we are programming a system to affect external actions via database triggers. Databases are like giant spreadsheets, and multiple spreadsheets can be tied together to interact with each other. Imagine one spreadsheet called “Bitcoin” and it has columns “Bitcoin Balance”, “1.0 BTC/US Dollar Value”, and “US Dollar Balance”. Imagine another spreadsheet called “Joe” with the same columns. To swap US Dollars from one spreadsheet to another at a specified US Dollar value for 1.0 bitcoin, we’d use database triggers. These are simply internal database actions – {if} the value of the field labeled “1.0 BTC/US Dollar Value” in the spreadsheet “Bitcoin” exceeds 40,000, {then} “trigger” adding 0.5 “bitcoin” to the “Bitcoin Balance” column of spreadsheet “Joe”, {while} subtracting 20,000 from “US Dollar Balance” from the “Joe” spreadsheet and adding that amount into the “US Dollar Balance” column of the “Bitcoin” spreadsheet. This is how exchanges work so effectively. In this example, user “Joe” put in a buy order “if bitcoin’s value is 40,000, buy one half a bitcoin and pay for it with 20,000 US dollars in my account”.

Non-custodial exchanges on the “DeFi” ecosystem are sorely needed, and we have personal experience with how bad the current system is – Mt. Gox, Cryptopia, HitBTC, all exchanges that’ve lost funds of our developers.

B. Securing that DeFi Exchange

Moving those SQL databases to a blockchain would securely distribute the complete history of trades, while using a consensus mechanism ensures non-trivial amounts of work are put into enacting and authenticating each block of the chain. Data is distributed, and distributed nodes can be brought online and synchronized by simply starting a new blockchain node (Vs. replicating the database and setting up master/slave or co-master relationships). So we began to look at replicating databases via a blockchain.

Private blockchains are surprisingly easy to write, and each needs a form of currency to supply “gas” to “pay” for transactions – thus a cryptocoin is a side-effect of launching a blockchain.

There are excellent distributed databases: Apache’s Cassandra primarily, Google’s Firebase and initially we were working with RethinkDB, which is a database specifically designed to push actions, facilitating the execution of smart contracts.

C. LAMP? A Roadblock

A roadblock came up: The vast majority of end-user applications run on what’s called a “LAMP Stack” – Linux, Apache (web server), Mysql (now MariaDB database) and PHP – good old “Personal Home Page”, which one of our developers has been using since it’s first release decades ago. Another example: WordPress, the most widely-used content management system (CMS), runs on LAMP, and that’s not going to change. So, too, Drupal and Joomla, other popular CMSes.

If the goal is to release incredibly easy-to-use services that can be integrated into existing websites via a one-click installer of an open-source plugin, LAMP is the way – changing these massive content systems to a different back-end isn’t going to happen. Writing a MariaDB-based blockchain that will seamlessly replicate and distribute the existing database structure is realistic. So we switched to controlling MySQL/MariaDB backends with our blockchain.

D. Layer 0,1,2,3? Does it matter?

Initially we were writing a distinct blockchain – that would be “Layer 1” — that could reside in a massively sharded SQL database. Given the speed of MariaDB – which can easily dwarf any existing blockchain in transactions per second(8) – it does make some sense to run it underneath another functioning blockchain as a “layer zero” service so the front-end application can just read the database without modifications or “connectors” to interact with blockchain nodes. But that’s both inefficient, unnecessary (we only care about the transactions of our front-end users, not the whole planet’s worth) and limiting: A layer zero solution would tie us to one single blockchain.

So we’re up to “layer 2”, or running on top of existing blockchains, and we get to implement functions based on one simple question: “What do we care about enough to provide redundancy?”. In the database world, not much. Chat logs/sessions/times? Hugely demanding load, but not really relevant to anything, so we don’t care and won’t incorporate it. We care about what content our ADMIRE users interact with, and what other coins they use, for whatever reason. This means our “layer 2” solution, from which a cryptocoin is a side-effect (but can be owned/traded like any other), can have connectors added to interface with any blockchain the end-users want, or whatever is most popular. Basically, add a spreadsheet “Bitcoin” to the database with the proper values and we can trigger events for the end-users on that chain, and record/replicate/secure our users’ transactions – we just don’t care about the rest of the worlds’ transactions, why spend the effort to validate/store them?

Of course it’s not that simple. A web-enabled event/call needs to be available for this to function. As of this writing, that’s easiest on so-called “smart contract” networks like Ethereum, Binance Smart Chain, Polygon/Matic, QTUM, and so on.

E. What’s the Value of a Private Blockchain?

Nothing.  The value is in the cryptocurrencies the end-users use. So, as it stands, the underlying blockchain is only there to mint and secure the use of ADMIRE tokens on the Binance Smart Chain.

F. Consensus

This is a complex problem: Bitcoin started on a variant of the spam-blocking hashcash. That was reworked to “proof of work” to make it really expensive to “cheat” the system. This is the basic concept of blockchains – solving the “Byzantine General’s Dilemma” in a trustless way. An example: I don’t trust you, you don’t trust me, that Bob guy? He’s a nut, neither of us trust him, but Susan? And Jason? They’re pretty upstanding, we all trust them. Everyone puts up proof of significant work – say, one million dollars — into the pool to ensure we all put the correct answer of “1+1” into the ledger – with the caveat that if you lie, you lose your million dollars and it’s redistributed to those whom voted truthfully. I might not trust you (but not sure if you’re dishonest), I’m pretty sure Bob will lie, but I’m sure Susan and Jason will put the correct answer, so I put “2” into my version of the ledger, and we all compare notes. Turns out Bob, realizing he’d done an immense amount of work to even be in the pool, has put the correct answer. We all get our “work” validated and keep the rewards – a million dollars is really hard to earn and is a substantial amount of “proof of work”, but reading the answer of “1+1=2” was trivially easy.

So anything that requires extensive work (computationally expensive in proof-of-work, financially for proof-of-stake like Cardano and QTUM; DASH is a hybrid PoW/PoS), has consequences for wrongfully applying that work, and is really easy to verify, will work to generate consensus.

In the world of web servers and content hosting, there’s already a massive, glaringly obvious amount of work being done: Web server “hits”. If we’re developing a content integration blockchain, it seems obvious to utilize all that existing workload to reach consensus. Which brings us to:

G. Proof of Content/Views

This is really just “proof of existence” mixed with “proof of history” right now. Serve up a web page request, and logging the full details into the database proves the existence of that work. It’s an obvious use of existing web server resources – there are over 1.8 billion websites serving content to 4.7 billion connected people(12) – and can be used to verify true usage statistics then reward content providers who use the underlying system to “mine” ADMIRE coin. Yet the system is fraught with problems. Some of them are egregious.

Proof of Content/Views only works because all the nodes are trusted. First, it’s trivially easy to source-route/fake and randomize traffic addresses and browser types to run up massive amounts of (fraudulent) hits. Without making the “work” of validating to whom you’re serving content to, the system is ripe for abuse. While it’d be wonderful to encapsulate all page view data from every site on-chain for analytical reasons, it’s simply an overly massive amount of data to pass around, which leads to how to “hash” every 1000 pages views (or any arbitrary amount) and submit that to consensus. 

“The best minds of my generation are thinking about how to make people click ads.” –Jeff Hammerbacher

To bring it to public use, all machines we’re deploying have Tesla cards for tensorflow work and some form of machine learning that churns out useful information from the web servers’ logs should be the “hashing” algorithm of consensus. That is, useful information of why “who buys what and when, from which types of content providers” would be immensely useful to the ongoing success of the content-for-sale industry. Might as well take the huge amount of “work” being put in to serve that content, hash it via tensorflow into useful information, and provide that as a consensus model.

In short, this system works now only because it’s private – each server is fully trusted – and there’s ample space and network capacity to pass around the full page view logs. This is a primary reason for the pre-sale: more minds are going to be needed to collaborate on and implement a functioning, trustless, secure system.

H. Content Farming

Cryptocoins are minted during consensus, they’re needed to pay the “gas” costs of block signing the included transactions and reward those who work to secure the chain. Thus, if a performer has a hugely popular site, she’ll be generating a lot of site “hits” (page views), logging them shows history, and combining that can put in a lot of work to secure the underlying chain. This will reward her with ADMIRE coins for the work, thus we’ve dubbed this side of minting tokens “content farming”. 

To be clear: “Content farming” It’s a unique-to-us phrase to represent minting tokens to pay for securing the chain via popular content.

I. Profit Farming

This is modeled after GooseDefi’s auto-compounding vaults that pay dual rewards in the liquidity pair staked and Goose’s native stablecoin, and is how we will mint tokens in a very-low-emission manner. 

The concept is to both earn profits on staked tokens (like buying a certificate of deposit) while also minting ADMIRE coins.  In short, if you want to “farm” ADMIRE tokens (as opposed to just paying for them via direct swap)  you would pair USDtether with BinanceUSD in a “liquidity pair” on PancakeSwap.finance or on our own Distributed EXchange (DEX). This pays a certain percentage per year — let’s say it’s 6% — which is a great return for FIAT currencies. ADMIRE keeps 10% of your profits, and ADMIRE coins are minted for every Binance Smart Chain block and can be “harvested” from your liquidity pair. 

It’s far less complex when seen in action: https://www.goosedefi.com/vaults  Stake whichever coin you want in the auto-compounding (DRIP, in stock terms) “vault”, and imagine the payout is in ADMIRE coin, not GUSD. 

ADMIRE coins farmed this way can be auto-harvested to deposit to your wallet. In this manner, you’ll continuously have the cryptocoins needed to support monthly “subscription” content on admire.blog. All while earning a profit on your stake.

K. Security

“Keeping everyone out of your servers is easy — don’t let anyone in” –ADMIRE Devs

Stating the obvious here: with all remote services except the few vital ones (such as the web server itself) unavailable, there’s no way in. 

Smart contracts are another story. Again, a historical view: PancakeSwap was audited by Certik when the Syrup pools were hacked(10). PancakeBunny was audited by HaeChi when their liquidity pools suffered flash loan attacks. Audits have missed recurring issues with smart contracts, and are primarily focused on “rug pull” situations, or the ability of the development team to drain liquidity from a project. By removing tools to change the terms of a project, these audits have actually further enabled the prevalent “flash loan” attacks that have resulted in far more value stolen than “rug pulls”.

1) Multisig! Multi-Signature Control

We developed our token to be multi-signature-controlled from the start. This means moving liquidity requires consent from the community. This is a huge benefit, for instance, all control wallets for liquidity will not be “time locked” — who wants to be stuck in a depreciated pool like PancakeSwap V1 for years on end? — rather, one ID-verified developer and one elected-by-governance, KYC-verified member of the governance board (the initial investors) will both have to sign changes. This is what a “multisig” wallet is, and prevents any one person from taking from the project.

2) Contract Migration 

Enabled initially. Inclusion in “version 2” of ADMIRE pools/contracts/NFTs to be determined via governance vote. Migration code is removed via audits to prevent “rug pulls”. If the key holders are known/not anonymous (thus there’s recourse) removing the highly controversial “migration” code means developers can’t immediately mitigate attacks by dumping/changing pool contracts. It hamstrings the only reactionary line of defense, and also means all liquidity providers must manually “unstake” and “restake” to newer pools.

A happy medium is coding in and leaving available a freeze clause to stop token interactions and be able to re-initialize them if needed. (Ref: ERC20Pausable.sol)

3) Disabling Flash Loans 

ADMIRE’s token can enable, via multisignature vote, only interacting with approved “whitelisted” contracts. We can enable interfacing with our liquidity provisions and distributed exchange, to name a few. All other contracts cannot interact with our token, and all liquidity pools and other contracts inherit this protection without modification. That means “arbitrage” and “front-running” aren’t possible. Both are vampiric forms of profiteering that provide no work product to the community, so good riddance.

4) Contract “Anti-Whale” 

The base token is coded to fail on transfers of X amount of tokens or more, liquidity pools can too. The limit amount is programmable, and open for vote after the initial governance board is established.  This limit is individually-account-adjustable, and that ability is controlled by community multisignature.

5) Contract Audits

We plan on full audits and full transparency — there’s some really brilliant people doing audits. We feel their expert work should be used to validate truly secure code — both scams and legitimate sites have lost substantial funds even after audits(11), and many scams have used audits as rubber-stamp marketing tools. Very few people actually read the full audit, and almost all “rug pull” sites with audits had serious red flags brought up by the auditing firm. But very few people read it, they just saw the “Audited by…” publicity and assumed the project was legitimate.

A better plan is to not release faulty contracts in the first place: We’ll do everything we can to first secure the contracts before release. We’ll compensate well-known programmers to review our contracts, and will be asking existing projects that have survived hacks and modified their code to prevent future ones to consult on ours. Then we’ll audit.

6) Servers: Encrypted Hardware

We’re geo-distributing our own hardware/servers. Running cryptocurrency servers on a Virtual Private Server or Cloud instance means the hosting company can see into the container. It’s not very secure, as any malicious actor at the cloud company can view/copy/alter any code on any instance they host.

We’re locating five actual servers around the globe, each has remote console redirection so full-disk-encryption, “Secure Boot” and “trusted platform modules” are enabled. If we lose control of a server, the disks simply can’t be mounted and read without the decryption password. If the cases are opened and the boot partition tampered with, alarms sound (and we won’t enter the decryption password upon reboot).

7) SE/Linux 

Security-Enhanced Linux is a well-understood technology we implement with password entry removed(13) — approved ED25519 keys/accounts only(11). No one has passwordless root access beyond the lead developer. User accounts as needed, sudo and su removed.

8) Key Integrity

A second person on the core team has an encrypted file containing the migrator key/one multisig key contract/treasury key, and lead development wallet/key. One person on the social media team has the password to decrypt. A second person on the governance board has an encrypted file with the second multisig key. A second person on the social media team has the password. All are unknown to each other. The project’s lead counsel has the identities and clear instructions on when and to whom to release information.

Tertiary redundancy can be established by leaving all keys, encrypted, with a key-management service of the governance boards’ selection, with the decryption password entrusted to a legal services firm specializing in trust management.

9) Liquidity Timelock: Multi-Signature

Traditional timelocks are false security: Timelocks delay, but don’t stop, the ability of the development team to drain/steal liquidity.

Multisignature-locked liquidity is far better than a timelock. Obviously, when the timelock expires projects are free to steal at will without community involvement or consent. A multisignature lock means the community is 50/50 equal partners with the development team. If the community wants it locked forever, it stays locked forever.

If the dev team and the community realize there’s a better way to provision liquidity — DeFi changes rapidly, the quick migration from Pancakeswap V1 to V2, Uniswap went three versions in a year — we can mutually agree to move and re-lock it via the multisignature-controlled wallet.

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6) Economics

In designing the “tokenomics” of ADMIRE coin, we first looked at the history of “money”, then spent extensive time reviewing past failures (including our own) while researching the functional value of previous currencies in adult sites.

A. Socialized Value

While it’s a word that carries deep emotional reactions, all things of value are “socialized”. Currencies — FIAT or crypto — are only worth what we mutually agree they’re worth, or we simply won’t use them to exchange for things of value. Yes, there’s deeper echelons to the agreement of an exchange — force can be used to decide value via making a group of people use the currency. Regardless of the reason, at the time of transaction value is mutually agreed upon. If you don’t like the value, don’t swap between disparate items, or in the crypto world, simply use another coin. Thus, the first goal in designing “tokenomics” is ensuring that people want to use it, which will only happen when fair economics meets constant demand. We addressed these two concerns by only minting coins via “profit farming” and “proof of content/views”, or “PoC/V”. Both were described at length in section 4, but the gist of it is “profit farming” means you’ve proven you have “skin in the ADMIRE game” and are rewarded for it while concurrently earning profits on your stake, while content providers’ secure our underlying chain and earn ADMIRE by providing both content and views of that content.

We next looked at the history of currencies.

    B. Banks: A Promise to Pay, Breaking the FIAT Link.

FIAT currencies stored in banks aren’t yours. They’re a promise to pay that can be “rugged” at any time. Fake fees can and have been mass-deducted. Online, it’s also heavily tracked, and you’re tagged everywhere you virtually go. Thus it’s unlikely we’ll implement a direct ADMIRE-to-FIAT gateway — there’s USDT, USDC and DAI for that.

We are stressing dis-associating your NFT/online transactions from the address you use to purchase cryptocurrencies from FIAT. This means anonymizing your wallet accounts. Once you connect your wallet to any service, they immediately have your entire history across all chains that use “ethereum virtual machine” smart contracts. Ethereum, Polygon, Binance Smart chain to name a few. Blockchains never forget, this is why we’re stressing breaking the link from fiat with an anonymizing service.

C. Credit Cards?

Credit cards as a primary source are out: They aren’t anonymous, users are whipsawed by the errant “morals” of bankers — Visa and Mastercard “rug pulled” use at Pornhub due to their 4,151 reported cases of abuse(5) despite the fact that Facebook had 20 million(6). Credit is a promise to pay for at least 90 days that can be rescinded/”rug pulled” after the work product has been fully delivered.

The simplest solution is removing direct credit card purchases of ADMIRE as a primary means to acquire our coin. Purchase cryptocurrencies elsewhere and swap for ADMIRE coin, which is then immutable and irreversible. This mandates a fair-use coin/token with near-zero “burn” and “slippage”.

D. Addressing Demand

In late 2016, ADMIRE’s lead developer cloned Monero, wrote the consensus, installed a stratum pool and mined the “genesis” block for an adult-oriented project seeking to integrate cryptocurrencies into adult platforms.

The project failed. For two reasons: Primarily, the group of men behind the project lacked both the coding skills to integrate the coin into a front end and the capital to pay developers. Secondly, the world wasn’t ready for the complexities of such a privacy-focused cryptocurrency. Still isn’t: even viewing receipt of monero sent to another wallet is complex. From this our lead dev learned three things;

1) The underlying blockchain needs to be easy-to-use and, at the end-user experience, fundamentally simple to interact with. Point, click, done.

2) Projects need to be capitalized from the start – while ADMIRE has self-funded and can continue, rapid capitalization means rapid development. Obviously, a dozen specialized developers can produce a working product much faster than one broadly-focused programmer.

3) All projects need a decisive leader, but small, insular groups tend to by myopic, easily miss obvious opportunities and simply lack the insight of enthusiastic group input.

Point one is addressed in “Technology” above, while (2) and (3) led us to the following proposed financing schema:

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7) Financing

Again, we looked at the history of cryptocoins, and compared that with their underlying companies: The recent run-up in DOGE coin brings up a very salient point: That coin’s market cap is in the 10s of billions. Of that, the lead founder reportedly bought a used Honda automobile. Meaning: The value of an all issued coin doesn’t mean the underlying company has any worth at all. Look at the most-valuable coin – the Bitcoin Foundation is funded by grants and gifts from for-profit companies. Overall coin value pushed close to one trillion US dollars, the lead company’s value? Zero. At least from the point of Earnings Before Interest, Taxes and Amortizations.

Contrast that with “self-funding” coins like DASH, where a percentage of all new blocks goes back to the treasury, and governance is determined by a quorum of highly vested “masternode” stakeholders. Forked from bitcoin, DASH has done ground-breaking work (but it still isn’t very useful – you can buy DASH coins, but not publish websites or content and it never gained wide acceptance as a currency) and is the basis for many “forks”. A clone of that dubbed Energi (NRG) mints a million new NRG a month, 10% back to it’s treasury, a whopping 40% to its owner, 10% to Proof-of-Stake “stakers” and 40% back to the masternodes that secure the system. Despite enriching one person greatly over the stakeholders who fund and secure the network, NRG persists, the “company” behind the coin generates ongoing revenue and they’ve used that 10% treasury fee to fund impressive development.

PancakeSwap was a “fair use” launch, which was initially popular, but the sites’ Syrup pool smart contract was soon hacked (and it was Certik Audited). PancakeSwap lacked capital, so users weren’t refunded from the liquidity drain.

On the other end of that are “pre-mines” and “Initial Coin Offerings”. Ethereum via it’s EthSuisse foundation sold their pre-mine in an ICO to raise the capital to continue – one thing is certain: If your lead developers can’t afford to live/eat/survive, they’ll burn out and abandon the project.

Even when they don’t, the case of PiRL – an ethereum-virtual-machine compatible, hybrid Proof-of-Stake/Proof-of-Work chain that did innovative work in 2017/8 – is instrumental. It was a fabulous idea – Ethereum still hasn’t released Proof-of-Stake – but failed, being starved of capital and media attention.

Still, pre-mines, ICOs and all fundraising comes with serious community complaining(7) and seemingly a lot of ill-will. Some of that is justified – many now-failed projects raised substantial sums via ICOs(9) – and lead us to believe the best solution for long-term success is a controlled, low-volume pre-mine: enough capital to complete the codebase and launch a self-funding, low-emission, high-demand site/and thus coin. In addition to providing capital, the pre-sale should also try and attract long-term partners who have a vested interest in the success of ADMIRE Coin, who control the initial governance and will help secure the site by electing a KYC-verified, “multi-sig” keyholder as well as backup keyholders in the unlikely event either or both multisig holders are unavailable.

Keeping in mind that the gross value of the functioning token will always greatly exceed the value of the underlying company, and that ADMIRE Token is initially a governance token with no value, our current planned method of funding are:

A. Fundraising Protocols

• Initial “pre-mine” minting allocation: 40,000,000 million ADMIRE tokens to wallets/uses detailed below before token minting authority turned over to governance-controlled multi-sig wallet. Unlimited total supply, “minting” after initial distribution only via demand-controlled profit mining and “content farming” via consensus.
• Governance Round: 1.0 Million coins @0.05 cents each. KYC required, immediate distribution (required for governance voting). We’re looking for 50 people @20,000 coins/$1000 each, hard cap at 100,000 coins/$5000 for one person/entity/company. Automatic inclusion in any and all airdrops. $50,000 raised, direct sale.
• Seed Funding Round: 2.5 Million Coins @0.125 each. No KYC. Fifty percent frozen until liquidity opens, 50% for one year. A cap of 100,000 coins/$12,500 for one person/entity. Automatic inclusion in any and all airdrops. $312,500 raised, less fees if using an incubator site.
• Crowd Sale: 20 Million Coins @0.20 cents each. Twenty-five percent frozen until liquidity opens, 75% for one year. A cap of 200,000 coins/$40,000 for one person/entity. $4.0 million raised, less fees if using an incubator site.
• One hundred thousand coins for CoinMarketCap airdrop: 10 coins each to 4,000 winners, $20,000 value. Fifty percent frozen until one month after liquidity launch, 50% for one year. 
• Four hundred thousand coins for to-be-announced airdrop campaign before liquidity launch. Fifty percent frozen until two months after liquidity launch, 50% for one year.
• Approximately 80,000 coins for airdrop @10 coins each (regardless of pre-sale purchase amount) per round of airdrop to pre-sale participants. Immediately available. If there are two airdrop campaigns, each pre-sale participant will receive two drops of 10 coins each.
• One million ADMIRE coins to the lead developer. Frozen at least until liquidity launch.
• One hundred thousand ADMIRE coins to the lead designer/co-founder. Frozen at least until liquidity launch.
• Two hundred thousand coins available to be split among social media team leads. Vesting quarterly over three years, paid at the end of the work period.
• Seventy five thousand coins available to United Kingdom/New Zealand company lead. Ten percent available immediately, the rest frozen at least until liquidity launch, unlocked in whole or in part by governance vote.
• Three hundred fifty thousand coins to be split among seven additional developers: Solidity, SQL, Golang, WordPress/LAMP. Vesting quarterly over three years, paid at the end of the work period. Developers are compensated with seed revenue distribution, coin allocations to be determined by governance.
• One hundred thousand coins for liquidity pool provisions/distribution to match on BSC the number of coins minted on other chains (Polygon/ETH/RUNE), $50,000 from pre-sale funds to pair.
• One hundred thousand coins available via lending pool: Anticipating a governance vote establishing that some admire.blog features might be fee-based, lending pool to be borrowed against and repaid via content farming/cumulative hits. For instance, if a recognized performer wants a signing fee, it can instead be a loan against content “hits”, or content farming as coins will be minted on a cumulative hit basis.
• Total planned allocation: 16,153,000 coins
• Treasury wallet: 3,395,000 coins. Two percent available at all times with 48-hour timelock-to-repeat to lead developer for emergency use cases. The rest controlled via multisig wallet and governance vote. Treasury use cases to be determined via governance vote.
• We anticipate extreme volatility with ADMIRE token in the first year, and are targeting a stable year two price of $5, year three of $10.

B. Seed Revenue Distribution

1. Approximately 4.1 million net is planned to be raised after incubator site fees. After specified duration, all costs assumed by ADMIRE coin profit and content farming treasury emissions.
2. Twenty percent or $850,000 to the developers’ wallets. This project has been self-funded, including hard-asset costs (servers, infrastructure costs). Distribution among three initial devs to be determined internally, the intent is three years of base salary for employment contracts with non-competes: That’s about $94,000 each – no one is getting rich off the pre-sale – although it’s more likely $200,000/$66,500/$16,833 lead dev/COO & Lead designer/NZ Company lead (which is part time).
3. $900,000 Software developers, three years. Bonuses detailed above in allocation of reserved-for-outside-developers ADMIRE coins.
4. $175,000 Marketing.
5. $105,500 to geo-distribute five industrial-grade servers, plus hosting and spare parts for three years. Minimum specification: Dual Xeon v4 or newer (or AMD EPYC), 512GB RAM, Machine Learning (Nvidia Tesla) card, 120TB storage, enterprise-grade NVME bcache drive for HTTPS content caching.
6. $55,000 Professional services — accounting, filing fees, tax/ICO attorney.
7. $50,000 to seed liquidity pools on Binance Smart Chain, both our own distributed exchange and PancakeSwap V2.
8. $60,000 Social Media Managers, three years.
9. $60,000 Health insurance subsidies, three years. This is America, it’s cheaper to subsidize health care and pay developers on contract (1099) basis.
10. $54,000 Office and studio lease, three years. ADMIRE needs a filming studio if we allow (really, do not “disallow”) NSFW content.
11. $1,791,000 Treasury, ongoing operations expenses:
    • Taxes. We’re running a legitimate business. 
    • KYC verification costs. 
    • Treasury fund for studio development (it’s very likely we’re going to have to on-board the vast majority of performers ourselves, that means self-produced content with hired actors/actresses). 
    • Additional staffing — likely three full-time programmers, Golang/LAMP/React-Solidity and 
    • Possibility of one full-time operations/studio/social business manager.
    •  Travel expenses, 
    • Additional hardware for content production, 
    • Fees/costs/niggling expenses that businesses incur.

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8) Tokenomics: More Detail Than Section 3(D)

A. Why (Yet Another) Token

Because we can’t mint Binance USD or any other coin but a native one to perform consensus of our underlying chain — remember, “cryptocoins” are a side-effect of a blockchain, and we need control of ours. Considering that consensus on the underlying chain mints our native coin, we can then “mint” tokens on the Binance Smart Chain for each performer based on her percentage of the total hits per block/epoch/round. 

Second, ERC20 tokens aren’t fungible in the classic sense — you can walk into the IRS and pay your taxes with a $100 bill that Pablo Escobar used to ingest cocaine. No one keeps track of every serial number of every bill, so the US Dollar is “fungible”, the history of each bill unknown. Cryptocurrencies store every transaction of every coin in a public ledger, thus your entire history is available. We want to implement randomization into the swapping of ADMIRE coins, and habituate people to anonymizers and privacy tools — if we allow NSFW use cases, it’s best not to watch adult content from the same wallet you deposit to Coinbase or other exchanges. They already arbitrarily lock accounts — use a VPS from Africa or Romania and log into Coinbase.com, they’ll lock you out automatically.

Additionally, no one can block the use of our own token on our own sites — more technically, no one can block the use of our contracts interacting with our sites’ offerings.

B. Deflation Rate

None. It’s usually a scam to enrich the largest holders — typically the development team —  by redistributing a percentage of every transaction to all coin holders. That is, every holder gets X percent of their total stake, if you have 100 million and I have one, you’ll get 0.9999999 of every coin redistributed and I’ll receive 0.0000001. It follows that the largest coin holders stand to gain the highest gross amount. 

It’s an especially bad idea for the day-to-day use transactional coin: Take $29 out of your wallet and burn it. Go ahead and light it, reading this whitepaper can wait…

…that’s the amount lost with 12% “slippage” required to send 100 USDtether to another person via a “deflationary” coin with a “slippage” of 12%. That is, you buy $129 worth at 12% slippage and receive $113.52.  Crypto-to-fiat exchanges don’t support deflationary coins so there’s no way to get them to fiat or something widely useable — the receiver has to convert it back at a 12% loss, thus there’s a total of 29% loss since the 12% per transaction loss is compounded. 

For those unfamiliar with “DeFi”, slippage is a decentralized finance (DeFi) term for the amount of loss you have to allow when buying a particular coin. If the deflationary and burn rate is a total of 12%, you have to set your “slippage” — or the percent you’re willing to lose — higher than that, at least 12.3%, with the 0.3% going to the liquidity providers.

Bitcoin is “deflationary” because it has a fixed and depreciating supply increase with huge demand. SafeMoon has a huge deflation rate because it’s meant to be a store of value, not a day-to-day transactional currency. 

C. What’s the Burn Rate?

No “burns” – It’s an economically unsound idea attempting to obfuscate a lack of demand for coins with massive oversupplies. Take 10% of your earnings and stuff it in a transparent, unopenable box where you can look at it sitting there for the rest of eternity.

But you can’t spend it. You’ve just devalued your earnings potential by 10%. And you have to sit there and look at it. In this regard, sending coins to a “dead” address leaves them on-chain and orphans spendable resources.

Who wants to burn such a huge percentage of your money? It gets old, fast, and no one will use it for long: How about you keep all your money and everyone else burns 10% of theirs? You’re then effectively 10% richer. Hence, the cryptocurrency you deal in should have near-zero loss per transaction.

It’s also a “shell game” and PR stunt: Consider the case of “yield farms” — they can mint 11 coins per block and publicly announce they’re burning 28,800 coins per day to hype their “deflationary” tactics. Sounds like a lot, but some quick math shows:  There’s 28,800 Binance Smart Chain blocks per day, so if they’ve minted 11 per block and burned one per block, that’s a net increase in supply of 2.8 million coins per day. Hence, it’s a shell game — burn 29000 in one hand, keep 2.9 million hidden under the other — and PR stunt. 

A better solution: Don’t over-emit excessive amounts of coins relative to demand.

D. Token/Pool Fee Structure

Simply put, any currency has to be both in demand by providing real value, and people have to feel confident in using it without loss. So we designed ADMIRE coin’s exchange with an initial 0.24% transaction pool rate — the lowest in the industry, and it is adjustable — that goes back to the providers of liquidity who “profit farm” ADMIRE.

E. Redistribution Tax Rate: 0

Set at zero at launch, but it is programmable. If the dev team needs more resources, the community can approve the change via governance vote, and has multisig power to stop any rate changes/increase.

F. This is a Charity-Enabled Token

The charity rate is initially set to zero. The receiving wallet isn’t defined. Both can be programmed in the base token and locked via multisignature community control.

G. This is a Pausable Chain/Token

The entire chain can be paused in the event of a mass, chain-wide theft, inadvertent fork or other major catastrophe. If we migrate to our own native chain, to prevent double-spending the chain has to be permanently paused, a snapshot taken, and coins migrated 1:1. Permission to pause the chain is community multisignature controlled.

H. Large Transfers Disabled/Whitelisted: AML Compliance

Known as “anti-whale” provisioning, ADMIRE has a programmable maximum transfer amount. Keeping all transfers under our home jurisdiction’s anti-money-laundering (AML) amounts means known-your-client (KYC) regulations don’t apply.

For those wishing to transfer very large amounts on a daily basis, accounts are individually whitelistable after verification.

The “anti-whale” rate is programmable and multisignature controlled/locked.

I. Individual Account Blacklisting

ADMIRE token can blacklist individual accounts. This is for KYC/AML compliance, however, we’re taking a reverse approach: We believe 97% of people are honest, and will only enforce KYC on the problematic accounts, via court order, or in coordination with law enforcement. Because “anti-whale” provisioning is in place to stop huge transfers, most should be under the regulatory AML limits, no KYC required. We feel this is the most reasonable solution to protect identities, however, if the community feels the dev team is abusing this power, multisignature approval can be enabled.

J. Consensus Profit Redistribution

We are redistributing coins minted via our consensus mechanism to shareholders, website hit generators and the treasury — that’s how “proof of work”, “proof of stake” or any other consensus model work. The distribution to treasury Vs. traffic providers Vs. holders will initially be set by the development team, then will be continuously evaluated and re-factored by governance vote. Like everything else with ADMIRE, it’s community controlled.

K. Highly Secure, Anti-Flash-Loan Token: 

As stated in Section 2, we have the ability to interact with whitelisted contracts only. To prevent “flash loan” and “evil contract” attacks, we can prevent sending to, or receiving from compiled (or in-compilation) contracts. Normal wallets aren’t contracts, they remain unaffected.

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9) Goals/Example Use Cases

A. Stop/Limit-enabled Distributed Exchange

Limit trading is the missing link of distributed exchanges, and sorely needed. People are addicted to day-trading, and it’s easy to see why trading houses like Robinhood and Scottrade are rich: A 0.1% fee to transact on an exchange doesn’t sound like a lot, but trillions of trades per year makes for billions in fees. We hope to implement price-based triggers of trades using the lowest fees in the industry to attract volume to scale.

B. WordPress/Joomla/Drupal Plugins

ADMIRE token’s popularity will directly increase with it’s ease of adoption and use. So one-click install of plugins for the most popular content management systems, starting with WordPress and WooCommerce. Individual users should be able to self-host and integrate all the features into their sites, with the default of accepting payment in ADMIRE tokens, although any BSC token can be supported.

For those needing a simplified or free host, admire.blog is free, and will implement templated layouts and simplified tools for one-time or monthly recurring purchases.

C. Auto-Harvesting to Wallets

Yields from liquidity vaults should auto-deposit to the provisioner’s wallet. Thus, they’ll always have coins to make.

D. Time-Based Auto-Payments 

Transfers of ADMIRE coins for monthly recurring fees.

E. NFT Tokens As Access Control

Purchase a providers’ NFT, gain access to whatever web-enabled content agreed upon.

F. NFTs As “Gift Cards”

Smart contract enabled, emailed receipts of NFT purchase(s) that contain the key to mint that NFT to the recipient’s address.

G. Loans Against Content/Views

Anticipating that the governance board determines some features of ADMIRE.blog are fee-based, enable loans against future content views for zero upfront costs for new content providers. Or traditional loan use: Purchase ADMIRE low, repay when high.

F. Darknode Anonymizer

Deposit BNB, receive a private key to withdraw ADMIRE to a different (new) wallet address, with no link between origin/destination. Simplify the process of generating a new mnemonic and importing into Web3 wallets.

G. Finish Consensus

Right now we just generate 1/18th (1 -e^18) of a coin per hit, add them up, put them in a block. The “work” is the existing Apache web servers’ hits. It is not a production solution. Like bitcoin, some adaptation of a hashcash-style algorithm needs to be adapted to a hybrid proof of existence/proof of history, those hits need to be logically condensed on input to the database to conserve space and only store what’s relevant, then hashed and proofs provided.

H. Integration of the Underlying Chain

Proof of Content/Views now is simply taking X% of minted ADMIRE tokens on the Binance Smart Chain, dropping that amount into the database and distributed to content providers’ on a percentage-of-total hits scheme. The underlying SQL-based chain needs to either directly control the token, a swap to the actual coin underneath, or some hybrid solution where a fixed swap pool is maintained for ADMIRE Tokens on the Binance Smart Chain to be swapped 1:1 (hence, fixed-rate pool) with ADMIRE Content Coins generated by however we finalize consensus and distribution rates.

I. Finalize and Register ADMIRE Corporation

Form a New Zealand company, hire authorized counsel, establish tax authority and basis in New Zealand and publish the details of that company and contact information for registered counsel. Ongoing operations will have structure and accountability. 

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10) Conclusion

There are immediate use cases to form a viable, functioning company providing a work product beyond “buying stuff” with crypto: A general-purpose website application that can attract advertising revenue, and as-yet-to-be-decided fee percentages of content as well as licensing the underlying SQL replication blockchain — unless we decide to make it available as an open-source solution, which is the lead developers’ preference.

Given that the forward-facing token is always of more gross value than the underlying company, we’re issuing ADMIRE Tokens on the Binance Smart Chain. These are governance tokens of no initial value, as such we are not in any form offering any type of security. To be clear: the underlying blockchain is private, not incorporated into a company and has no value associated with the ADMIRE BSC Tokens beyond driving the platform to make the tokens in demand.

The women working on this project have years of experience integrating bitcoin into content sites, and with that experience comes a hard fact: The average person is extremely resistant to accepting crypto, a universal complaint is “well I bought some and lost half” because they lose the private key or are using phone-based custodial apps and then misplace or break the phone. Having failed to start with a 12-word mnemonic phrase that’s written down in multiple places, these are all basic problems we’ll need to spend extensive resources on patiently educating about the use of both crypto and accepting cryptocurrencies. 

If you’re considering joining our team, we sincerely hope you’ve read this entire whitepaper and have come to believe there’s huge potential for this project in our chosen market. If you believe in this project we’d love to hear from you! 

Contact: Initially in telegram: https://t.me/ADMIRE_Content_Coin

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11) Citations

1. https://www.cshub.com/attacks/articles/incident-of-the-week-garmin-pays-10-million-to-ransomware-hackers-who-rendered-systems-useless
2. https://www.theguardian.com/technology/1999/sep/30/onlinesupplement
3.  https://www.wired.com/story/brief-history-porn-internet/
4. https://w3qc.org/are-adult-websites-still-a-profitable-business/
5. https://edition.cnn.com/2020/12/14/business/mastercard-visa-discover-pornhub/index.html
6. https://www.vice.com/en/article/7k9an4/facebook-pornhub-child-abuse-content-ncmec-report-2020
7. https://www.reddit.com/r/cardano/comments/8vhby3/the_cardano_treasury_paper_refers_to_the_dash/
8. https://mariadb.com/resources/blog/benchmark-mariadb-vs-mysql-on-commodity-cloud-hardware/
9. https://cointelegraph.com/ico-101/top-10-icos-with-the-biggest-roi
10. https://medbid.medium.com/disclosing-pancakeswap-the-first-scam-and-cover-up-on-binance-smart-chain-f729d76dd0ed
11. https://medium.com/acryptos/sorry-for-exploiting-the-syrup-bug-54e623536138
12. https://websitesetup.org/news/internet-facts-stats/
13. https://stribika.github.io/2015/01/04/secure-secure-shell.html
14. https://www.yahoo.com/entertainment/study-reveals-crypto-biggest-investors-132102315.html
15. https://www.theatlantic.com/culture/archive/2010/06/pity-the-male-porn-star/340729/
16. https://www.coindesk.com/compounder-developers-implicated-alleged-smart-contract-rug-pull
17. https://www.planetscale.com/blog/horizontal-sharding-for-mysql-made-easy
18. https://vitess.io/
19. https://www.cncf.io/case-studies/slack/
20. https://medium.com/@ChrisLundkvist/exploring-simpler-ethereum-multisig-contracts-b71020c19037
21. Assembly backdoor: https://ethereum.stackexchange.com/questions/9627/deploying-a-contract-from-a-multisig-wallet