Obs: Canary uses Diamond proxy pattern
Imagine you are a singer and you have turned your songs into NFT and you want to sell the copyrights of that song or you are a game designer and in your game the items are NFTs and you want the players to be able to rent the rights to use that item to another player or you have that one piece of NFT art that everybody wants to use but nobody wants to pay the full price for. It would be really nice to make a passive income with that right.
Canary is a rights protocol, with canary you can sell the rights to use your NFT to other people just by setting a small daily fee, max number of right hoders and max holding time. "But why would anyone want to buy rights to an NFT?" imagine you are a game developer and the items in that game are NFTs, it would be great if players could sell the rights of their items to other players temporarily or you want to use that cool art in your profile picture on social networks, so instead of paying full price for the NFT, why not just pay a small amount for temporary rights? this protocol could also have a big impact on the music copyright industry and many other applications. "but what happens to the owner of the NFT?" The owner of the NFT will receive the daily rate he has set, i.e. the owner of the NFT will earn from the daily rates and from the appreciation of his item because the more an item sells, the more it will be desired by other collectors. The NFT owner can also define a total number of rights holders and thus create scarcity for the rights to his NFT and of course we will support a parallel rights market where rights holders will be able to sell their rights to other collectors. that way the NFT owners will promote our platform for free because they will earn from the valuation and royalty fees on their NFT.
Deposits his Token in the Canary protocol defining the daily price of the right on that NFT, the maximum amount that any holder can hold an NFT right and the maximum number of holders that the NFT can have (to create scarcity).
Hold the NFT and generate an amount of rights token based on the maximum number of holders that the NFT can have, selling each rights token with a value based on the daily price that the NFT owner has set and the amount of days the right holder has set (Cannot exceed the maximum number of days that the NFT owner has set).
Has a rights token that can be used as a proof that he has the right to use the data of that NFT for a certain period of time, for that he needs to define the number of days he wants to use the rights token and pay the respective fee.
Canary Governance Protocol is an incentive based protocol in which all those eligible to vote have equal voting power thus preventing only those with more resources from centralizing power within the governance. "But if everyone has the same voting power why would I buy more governance tokens?", because your reward if you make a good decision is based on your voting power. "But who decides what is a good decision?", the market.
When a proposal is created, the current value of the governance token is stored (the current value is taken from a Oracles network). The voting period lasts for 1 week.
When the proposal is approved there is a delay of 1 week to see the response of the market and only after this period can be executed, the value of the token is checked again, if the governance token has appreciated in value (current value higher than the value at the time the proposal was created) then the decision is considered a good decision and all those who voted in favor get a part of the treasury as a reward for the good decision, otherwise all those who voted against receive part of the treasury as a reward. After proposal execution there is a delay of 2 weeks, it means that only one proposal can be made per month.
the reward is based on your voting power and is calculated as follows:
uint256 percent = yourVotingPower * 100 / totalPower;
uint256 reward = (treasury * 70 / 100) * percent / 100;where totalPower is the sum of voters that vote for the better decision. This means that the greater your voting power, the greater your reward if you make the decision that most pleases the market.
You can run the project just by clicking in the public link HERE or
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Clone this repositore
git clone https://github.com/esdras-santos/Canary- Inside the repositore type run:
flutter run -d web-server- Now just copy the link on the output and past it into your chrome browser (in this case
http://localhost:50736)
Diamond Address: 0xF1f2ba31c44bECa971600451ceD0090B11382441
DiamondCut address: 0x9f1303Ca0043875ceb88618f45C6502d471db28D
DiamondInit address: 0xD71Ff3CBD84888bA5053636570Fd2e8DFC72A36b
Diamond Loupe address: 0x9D4b3A071E7d1A2d59C98A0c93e4BD12E078a8c4
Diamond ownership address: 0xb4E366484217C69220a21A8aDF3152b5aCD0F049
Canary address: 0x91Faf1dDb5F533beC4A98388057a01e309d635ad
treasury address: 0xDC2e7b8AabF9aDB1233771964995310b920A2ec2
Governance Token (CAT) address: 0x9B006894E41541d0e699ceeDF179B14598dbdbD0
TimeLock address: 0x1232754302B691cE63D2439d2Af18f7d94Dfb604
Governor address: 0xC4f2aAD729960ce8457B6EFb902FC751A3cB5aC1
Fruit Collection address: 0x2afa0540bA5893A36D45e03725B16c11328e2C8e
in the second stage of the Canary when the price of our governance token (CAT) is registered in the price feed we intend to pass the ownership of the Canary protocol to our governance protocol, our governance protocol is an incentive based protocol in which all those eligible to vote have equal voting power thus preventing only those with more resources from centralizing power within the governance. "But if everyone has the same voting power why would I buy more governance tokens?", our incentive system will benefit you if you have more tokens.