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What are SOLE credits?SOLE credits are a decentralised digital currency that can be used to purchase products and services instead of using traditional fiat currencies.
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What are SOLEMB credits?Holding one of the 20 SOLEMB credits in your wallet ensures that every 31 days you automatically receive a percentage of any SOLE credits that have been received by the DAO Treasury wallet. The percentage you receive depends on how many SOLEMB you hold in your wallet - for example if you hold 2 SOLEMB you will receive 0.4% of the SOLE held, if you hold all 20 SOLEMB you will receive 100%
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What are $RIP tokens?$RIP is the No.1 dogecoin on Fantom with best Liquidity. Features Reflection Fantom Doge ($RIP) is a reflection token, which means your $RIP tokens will be increased automatically. When someone trades $RIP, 5% of the total amount will be distributed to $RIP holders. No impermanent loss (IL) at all. Automated Liquidity Acquisition Liquidity Depth is one of the most important parts of meme economy. The deeper liquidity is, the lower slippage would be. $RIP's Liquidity will be increased automatically at each trade. 5% of the slippage will be used for adding on Spookyswap's $FTM/$RIP Liquidity. Fair Launch 100% of the $RIP token has been added to the Spookyswap Liquidity pool. For LP token, it has been sent to the black hole address. Rug Free The LP token has been sent to the black hole address. That means no one can rug pull the liquidity pool. The smart contract's ownership has been renounced. No one can change it. The smart contract has been audited by Solidity Finance. Find out more about the $RIP token at https://fantomdoge.org/.
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What is the SOLE Genesis Event?SOLE will be created via the Genesis Event. To create $SOLE, participants in the Genesis Event will need to input $FTM, the staking coin of the Fantom blockchain, into our minting dApp. In order for 1 $SOLE to be created, the minting dApp needs to receive exactly 100 million $RIP tokens which are then 'burned' (sent to the 'Blackhole address' of the Fantom Network. Tokens received by the Blackhole Address are irretrievable and in effect burned, meaning they are removed from circulation. There are a fixed total supply of 1,000,000,000,000,000 $RIP tokens, meaning that if it requires the burning of 100 million $RIP to produce 1 $SOLE - the maximum supply amount of $SOLE that can potentially be created is 10 million (if the total supply of all $RIP is burned). Once launched, the Genesis Event will last 7 days.
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What is the Sole Price Index (SPI)?This is the minimum amount 1 SOLE is worth and increases at a rate of 8% per year. The starting rate is £1.00 GBP (Great British Pound), was started on 1st November 2022 increases yearly, which means on the 1st November 2023, 1 SOLE will be worth £1.08 GBP by all platforms that adhere to the SPI. Every SOLE Bank agrees to give 1 SOLE credit a minimum value of £1.00 GBP on their platform in-line with the SPI but can independently decide to give it more value.
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What is the DAO Treasury?The DAO Treasury is a digital wallet that nobody can open. It is also where any SOLE collected during 'Resoled Drops' is sent. The only way SOLE received at the DAO Treasury can leave the account is by a programmed command that automatically distributes the SOLE to wallets that hold SOLEMB. This distribution is programmed to happen once,every 31 days.
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What is the Minting Dapp?The minting dApp (Decentralized Application) is the smart contract that receives $FTM to auto-buy and burn $RIP (currently available on https://spooky.fi/#/ on the Fantom Network) and mint (create) $SOLE. The launch of the dApp will be announced on partner platform https://resoled.app.
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What are 'Resoled Drops?'Through our partners at Resoled (https://resoled.app) we will be operating monthly exclusive events where participants can purchase hypebeast products using ONLY the SOLE credit. Any SOLE received during these events will be sent to the DAO Treasury wallet.
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What are SOLE Banks?SOLE banks are accounts that receive a payout from the SOLE DAO Treasury account, once every 31 days. Users of SOLE can buy SOLE directly from SOLE Banks by visiting their respective websites.
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What are SOLE Digital Wallets?A SOLE digital wallet is an Ethereum wallet that accepts ERC-20 tokens. We recommend using either Trustwallet or Atomicwallet, both of which can be downloaded from either the Apple appstore or Google Play.
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What happens if I lose the password to my SOLE digital wallet?When you create your digital wallet, you will be shown a seed phrase - that ONLY you will know. You MUST store this in a safe and secure location for 2 reasons: 1 - If somebody else finds this seed phrase they will be able to unlock your wallet and steal your SOLE and it is impossible to reverse this action. 2 - If you forget the password to access your wallet, your seed phrase enables you to open the wallet and reset the password. If you lose the seed phrase, it is impossible to open your wallet and any SOLE held there will be lost forever.
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What is the fixed total supply of SOLE and SOLEMB credits?SOLE has a maximum total supply of 10,000,000 but the final total supply will be determined at the end of the Genesis Event dependent on how many SOLE is created. SOLEMB has a total supply of 20.
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What advantage do SOLE credits have over traditional money?Our hypebeast partners make available to the public that which is hard to obtain. However, some items are just TOO good to be obtained with something as simple as money. For some items only SOLE credits will suffice.
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How do I register as a SOLE Bank owner?Simple - Obtain SOLEMB and hold it in your digital wallet.
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What does 'Decentralised Currency' mean?A decentralised currency is a type of money that has a fixed total supply - meaning that nobody can create more of it.
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Why advantage do Decentralised Currencies have over Fiat Currencies?Fiat currencies' total supply are not fixed but are determined by a central bank (i.e. Bank of England). This means they have the ability to print more money. The problem with this is that it can result in a drop in a currencies 'Purchasing Power.' Put simply, 'Purchasing Power' is based on public opinion and is based on the economics of Supply vs. Scarcity. As every hypebeast knows: there is more value in owning something only a few can obtain than something everyone else has. If there is too much money supply, its value is lost - whereas if there is a finite supply than value is maintained. Decentralised currencies total supply cannot be increased once the supply is set.
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What is the easiest way to re-sell SOLE?We recommend using fiat currencies to sell SOLE to buyers via your registered companies business bank account. Selling it this way as a 'Digital Product' enables you to easily pay company tax in accordance with your country's company and tax laws. You can use an online PSP (Payment Service Provider) to receive the payment in a fiat currency of your choice and then send the SOLE credits to the digital wallet address of the recipient.
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What does 'DAO' mean?A DAO (Decentralised Autonomous Organisation) is a governance structure that resembles that of a traditional corporation with shares determining voting rights, except it runs on blockchain technology and is governed by smart contracts. Traditionally, in a company, whoever has the most shares can execute certain functions within a company and they generally determine the direction of an organisation - for better or worst. A DAO enables its members to do these actions by holding credits that enable them to unlock certain features of a smart contract. Smart Contracts are the names of apps that run on blockchain technology and have unique features to traditional apps such as, once they are launched on a blockchain their code cannot be changed and theoretically they will run forever, as long as the blockchain computer remains. The DAO Treasury is automated and managed by a smart contract which has the following, unchangeable commands programmed into it: 1. Every 31 days, pay any SOLE held to any digital wallet that holds SOLEMB 2. Payout a percentage, based on how many SOLEMB the digital wallet holds i.e. If it holds 1 SOLEMB payout 1% of any SOLE held; if it holds all 20 SOLEMB payout 100% of any SOLE held.
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