All the commonly used systems for creating DAOs and DeFis providing fundraising services in the crypto realm work through tokens and hashrates. The reason for that is their reliability and the ability to raise funding quickly and easily. That may have been true until now, but UncleMine is here to prove that mining assets can also be used for fundraising. It is certainly curious to see someone attempt this as the current knowledge on crypto assets fundraising does not support it.
How Does UncleMine Work?
With the previous history not supporting the cause, one does wonder how UncleMine has managed to turn mining assets into a potential source of liquidity for users. It is well known that mining assets do not have liquidity, and using them for fundraising is tricky at the very least. Decentralized verification is also impossible, making it difficult to integrate them with traditional DeFi systems. However, UncleMine has created a system that is both verifiable and capable of generating liquidity. Here are some of its fey features that make it possible.
- The system focuses on generating trustless zero-knowledge proofs of mining power which they can then store on-chain using layered and scalable storage. The verification nodes also help turn data into smart contracts which are supported on multiple blockchains.
- NFT creation is also a key feature that UncleMine is providing, where NFTs are created against verifiable mining power. Users can also buy and sell these assets on their marketplace.
- There are several applications built on the standard Oracle API that the UncleMine system uses, allowing for DApps of all kinds to run. These can include Initial Miner Offering, Multi-Power Mining Pool, Computing Power DAO, and much more.
- The platform also has a governance layer with limited community NFTs that provide users voting power and other key benefits.
UncleMine is the creation of a team of highly experienced blockchain developers, software engineers, finance, and crypto markets specialists, NFT developers, and more. The project also has the backing of several large investors to keep the project development running smoothly.
How to Participate?
UncleMine is planning to hold an Initial Dex Offering of its Solana-based UM token on 21st Feb 2022. The IDO will be conducted on SolRazr.
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