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Timelock Rewards Info
SovCube is a platform that provides access to a collection of timelocking contracts, offering a unique approach to token time-locking.
This documentation aims to provide a comprehensive understanding of SovCube's functionalities, its integration with the BSOV ecosystem, and how it enhances token value and stability. Whether you're a new user or an experienced one, this guide will assist you in making the most out of SovCube's features.
In a crypto landscape plagued by countless rugpulls and uncertainties, we introduce a system that is rugpull-resistant. Our innovation is not just about security; it's designed to potentially usher in a new era of hyperdeflation.
BSOV Token, known for its inherent deflationary nature, forms the cornerstone of this concept. By introducing SovCube Timelock Rewards and enabling users to lock their tokens, we set in motion a cascade effect. The circulating supply of BSOV Token will dramatically decrease, potentially reaching unprecedented lows.
In a world where traditional fiat currencies are characterized by inflation or even hyperinflation, we stand in stark contrast. BSOV Token with SovCube Timelocking is a testament to our commitment to creating a currency that defies the norm, offering a secure, anti-inflationary alternative in the cryptocurrency realm.
Begin your journey with SovCube by setting up your wallet like Metamask and filling it up with BSOV Tokens. This section will guide you through connecting your digital wallet, navigating the SovCube interface, and understanding the basic functionalities. Learn about the initial steps required to start using SovCube effectively, including securing your wallet and understanding the dashboard layout.
The current user interface of SovCube is only tested using the Metamask wallet extension on Brave Browser, so first you will need to download this software and create a new wallet.
When creating your Metamask wallet, you will receive a freshly generated mnemonic seed phrase. The seed phrase is 12 english words in a specific order. You will need to physically write these words down on a piece of paper or two. YOU HAVE TO KEEP YOUR SEED PHRASE SAFE! NEVER SEND YOUR SEED PHRASE TO ANYONE, AND NEVER KEEP IT STORED ON YOUR COMPUTER OR ONLINE.
You can read more about Getting Started with Metamask
After you have setup your Metamask wallet extension, you will need to get yourself ETH for transaction fees, and BSOV Tokens. You can either buy ETH and BSOV using the Metamask Wallet, or if you have already bought them, you can transfer them from another wallet or cryptocurrency exchange.
First you will need ETH which works as gasoline for the Ethereum Blockchain. Then you can go to Trade BSOV page, and buy BSOV Tokens. With ETH you can send transactions and interact with smart-contracts on Ethereum. BSOV Token is a smart-contract built on Ethereum, so you will need ETH to interact with BSOV Token.
You can see more info about buying BSOV Token at this page:
BSOV Token - Buy, Sell & TradeAfter you have installed Metamask, created your wallet, acquired ETH and BSOV Tokens, you now have everything you need to interact with SovCube.
First you will need to click "Launch dApp" on the SovCube website.
Then click the blue button called "Connect to Wallet". This will open a window in your Metamask extension, where you will approve connecting your Metamask wallet to the SovCube website.
Read about all the features of the SovCube dApp.
The "Timelock Tokens" function allows users to lock a specified amount of tokens for a period set by the contract. If the user timelocks their tokens, the tokens will be locked until the Lock Time has expired. The Lock Time is determined by when the contract was deployed, and the lock time parameter in the contract.
This means that since e.g. Contract 2 has a 1000 day Lock Time and was deployed 15th of February, the timelocked tokens for all users are unlocked 1000 days from the 15th of February.
To receive Timelock Rewards, you will need to timelock tokens into Contract 2.
There are no incentives to timelock your tokens into Contract 1.
Lock Time is a global variable that applies to all users, and is set on the day of the deployment of the contract. It means that all the users have to wait until the Lock Time expires before they can start withdrawing their tokens, following the weekly withdrawal rate.
The "Regular Account" is where the user-initiated timelocked balance ends up, so whenever you use the "Timelock" function, the tokens end up here. They are locked until the contracts' Lock Time has expired, and can only be withdrawn according to the weekly withdrawal rate set by the contract.
The "Incoming Tokens Account" is where all claimed Timelock Rewards and timelocked tokens that were sent by other users end up. If users send you tokens through the "Send Locked Tokens" function, they end up here, and after you click Accept Incoming Tokens button, they end up here.
Note that when accepting incoming tokens, the Lock Time of the Timelocked Tokens in the "Incoming Tokens Account" is reset to 1000 days, regardless of how much time you have left on it.
The "Withdrawal Process" enables users to retrieve their locked tokens after the Lock Time has expired. This function provides a seamless way to unlock and access the previously timelocked tokens, making them available for further use or transfer.
Contract 1 has a weekly withdrawal rate of 1000 tokens.
Contract 2 has a weekly withdrawal rate of 100 tokens, and also has an additional account called "Incoming Tokens Account", that shares the same weekly withdrawal rate as the Regular Account.
"Unclaimed Timelock Rewards" is a balance that represents rewards that users have earned but have not yet claimed. You gain tokens to this balance whenever you timelock tokens with Contract 2. To claim tokens from this balance, you will need to press the "Claim Timelock Rewards" button.
The "Claim Timelock Rewards" button allows users to retrieve and claim rewards from the "Unclaimed Timelock Rewards" balance, that are earned through timelocking tokens in Contract 2. After you click this button, the balance of "Unclaimed Timelock Rewards" will be transferred to the "Incoming Tokens" balance.
"Accept Incoming Tokens" is a button that refers to the process of receiving tokens after claiming the Timelock Rewards or if you have been sent timelocked tokens from other users who used the "Send Locked Tokens" function.
After clicking "Accept Incoming Tokens" button, the balance in "Incoming Tokens" will be transferred to the "Timelocked Tokens" balance in the "Incoming Tokens Account".
After the tokens have been transferred, the Lock Time of the "Incoming Tokens Account" will reset to the initial 1000 days, regardless of how much time you have left of your Lock Time in the Incoming Tokens Account.
"Send Locked Tokens" allows users to transfer tokens that they have already timelocked in their regular account. The locked tokens are sent to the "Incoming Tokens" balance of the recipient users you send it to. They can only access these tokens after clicking the "Accept Incoming Tokens" button, and after they have waited the initial 1000 days that are set after accepting.
You may send timelocked tokens to several different addresses, and several different amounts in a single transaction. To send timelocked tokens to several different addresses with several different amounts, you would need to enter one address per line, and one amount per line.
The amounts and addresses correspond to the line they are at.
For example, if line 1 is [ADDRESS1] and line 2 is [ADDRESS2]
and then in the amounts field you type in line 1 [200] and line 2 [500],
it means that 200 tokens will be sent to [ADDRESS1] and 500 tokens will be sent to [ADDRESS2].
Dive into the technical aspects of SovCube with an overview of its smart contracts. This section is designed for users interested in understanding the contract mechanics, featuring explanations of contract functions, security measures, and how to interact with them directly for advanced operations.
Contract 1 was deployed the 2nd of August, 2019, and had only a 180 days lock time, which expired the 29th of January, 2020. Contract 1 has a weekly withdrawal rate of 1000 tokens per week, but even so, very few tokens have been withdrawn as of writing this (17th of January, 2024). You can still timelock tokens in Contract 1, but there is no incentive to do so.
| Function | Timelock & Withdraw BSOV Tokens |
|---|---|
| Contract Address | |
| Deploy Date | 2nd of August 2019 |
| Current Amount Timelocked | BSOV |
| Lock Time Expiry Date | 29th of January 2020 |
| Withdrawal Rate | 1000 BSOV per week |
Contract 2 was deployed the 15th of February, 2024, and has a 1000 days lock time. Contract 2 has a weekly withdrawal rate of 100 tokens per week, but also had an improvement with 3 added functions called Timelock Rewards, Send Locked Tokens and Incoming Tokens Account.
The Rewards Reserve Contract is a contract that interacts with Contract 2 and acts as a reserve for the Timelock Rewards. 300,000 BSOV Tokens have been deposited by the creator of SovCube, and these tokens are designated for the users of SovCube. This contract fetches the amount of tokens that have been timelocked in Contract 2, and calculates how many Timelock Rewards should be sent to the users.
Find quick answers to common questions about SovCube in this comprehensive FAQ section. It covers a wide range of topics, from basic queries to more complex issues, helping you resolve common problems and understand SovCube's operations better.
Yes, we call them Timelock Rewards. If you timelock your BSOV Tokens in Contract 2, you will receive Timelock Rewards. The earliest users will double their BSOV investment.
No, in SovCube we do not stake; we timelock and receive Timelock Rewards! Timelocking involves voluntarily locking your tokens for a specific duration, accompanied by a Slow-Release mechanism with a predetermined withdrawal rate per week. Unlike staking, SovCube does not support traditional staking practices, where tokens are deposited to earn dividends and can be withdrawn at any time or in a very short period. In SovCube, Timelocks are intended for more extended durations, and the associated Timelock Rewards remain secured and inaccessible for 1000 days after being claimed and accepted by the user.
BSOV Token is a deflationary and PoW-mineable ERC20 token that was created in June, 2019. BSOV Token's transaction burn of 1% encourages holding and is part of its deflationary mechanism. SovCube interacts with BSOV Token and uses it as its base currency for timelocking and Timelock Rewards.
A lot of the BSOV Token supply is locked in SovCube, making BSOV Token even more deflationary. Another thing that makes BSOV Token even more deflationary is that the PoW-mining has stopped due to a "Bricking-bug" in the smart-contract code of BSOV, that completely stopped PoW-mining forever. You can read more about the "Bricking-bug" here.
0x26946ada5ecb57f3a1f91605050ce45c482c9eb1
To buy BSOV Tokens go to the BSOV Token website or directly to the Trade BSOV page for more info.
Join the SovCube Telegram for help, support and meeting the SovCube community. Connect with the SovCube community and get support for any challenges you face.
The SovCube website and dApp is completely open source, and is available for any developers to deploy and use, even if the SovCube.com website goes down.
Visit the SovCube Github Repository to read the code and deploy it yourself!
By accessing and using the SovCube website and decentralized application (dApp), you hereby acknowledge and agree to the following terms:
SovCube, its developers, and associated entities disclaim any responsibility for the accuracy, completeness, or suitability of the information and materials provided on the SovCube website and dApp. The content is provided for informational purposes only and may be subject to change without notice.
Users of the SovCube website and dApp assume all responsibility and risk for the use of the platform. This includes, but is not limited to, any reliance on the information available, the consequences of financial transactions, and interactions with smart contracts deployed on the SovCube blockchain.
The content on the SovCube website and dApp does not constitute financial, investment, or legal advice. Users are encouraged to conduct their own research and seek professional advice before making any financial decisions or engaging in transactions on the SovCube platform.
SovCube does not guarantee the performance, availability, or functionality of the website and dApp. The platform may be subject to disruptions, downtime, or other technical issues, and SovCube is not liable for any losses or damages resulting from such occurrences.
The SovCube website and dApp may contain links to third-party websites or resources. SovCube is not responsible for the content, accuracy, or availability of such external sites and resources. Users access and use them at their own risk.
Users acknowledge the inherent risks associated with interacting with smart contracts on the SovCube blockchain. SovCube is not responsible for any losses or damages resulting from vulnerabilities, bugs, or exploits in smart contracts.
Reference to any specific commercial product, process, or service on the SovCube website and dApp does not constitute or imply an endorsement or recommendation by SovCube, unless explicitly stated.
By using the SovCube website and dApp, you agree to release SovCube and its affiliates from any liability or claims arising out of your use of the platform. This disclaimer is subject to change without notice. It is your responsibility to review and understand the terms regularly. If you do not agree with these terms, please refrain from using the SovCube website and dApp.