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Decentralised systems and protocols often face one major problem rarely mentioned within the crypto-sphere. How do you entice users to use your platform if there is no centralised authority forcing them to do so?
Amid the chaos of the crypto-sphere the Schnoodle team, led by Neo, managed to develop Schnoodle’s Blockchain Automated Reward Kickbacks mechanism, or BARK for short. Along with Trustless Autonomous Governance (TAG), BARK is the second Cornerstone of Schnoodle, which, alongside the Four Pillars of Schnoodle, makes Schnoodle the first true autonomous DAO.
How does BARK work?
Through the use of sell swaps, BARK automatically redistributes wealth to SNOOD holders, without them ever needing to farm. BARK is consequently the key element of our reward-based coin, constantly rewarding loyal holders.
Inspired by RFI, BARK ensures only current holders of SNOOD are rewarded, and any fees from sell swaps are dynamically redistributed to their wallets. The amount of SNOOD received will always be relative to:
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The amount of SNOOD you currently hold.
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The total SNOOD supply.
The automated reward system is embedded in a smart contract, keeping continuity with Schnoodle's vision of being genuinely autonomous, decentralised and trustless. The team holds no power over who receives the rewards or how much.
All rewards are verifiable on-chain.
Take a deep dive into the mechanics of the BARK algorithm in their whitepaper.
How BARK helps Schnoodle
The BARK algorithm solves the aforementioned problem that almost all decentralised ecosystems face—attracting users and keeping them.
Essentially, BARK contributes to the wholly fair and unbiased Schnoodle ecosystem by taxing sellers, regardless of whether they are traders or liquidity providers, all while rewarding those who hold onto their SNOOD.
Taxing sell swaps and rewarding those holding SNOOD will push forward the vision of the DAO and attract more users.
If you think the BARK algorithm is incredible, check out their whitepaper, where you can learn about TAG and the Four Pillars of Schnoodle.
Whitepaper - Twitter - Medium - Website - Buy SNOOD - Discord
Author Bio
Tim first stepped into the crypto world in 2017 and has never looked back since. Now CEO of crypto and NFT marketing agency Lunar Strategy, he’s contributed to a number of respected crypto publications and is always into talking all things tech.
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