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Andromeda：Metaverse Commerce Ecosystem

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Tips: This document is still in the draft stage.

1 Background

Metaverse, a long-standing but little-known concept, breaks into the limelight in 2021. It is widely considered as a new generation of network platform after the Internet. The metaverse is not the next generation of the Internet, just as the Internet is not a 3G, 4G or 5G communications network.

Communication networks and telephones empowered offline retail, and the Internet, computers and smartphones empowered e-commerce, so the metaverse, along with new interactive experiences, will certainly empower new business forms. We will call this new business form in the metaverse the Metaverse Commerce Ecosystem.

The global Covid-19 pandemic that began in early 2020 has suddenly and profoundly changed the course of world civilization. Global transportation was blocked, social isolation was imposed, the physical space for people's activities was confined to their respective places of residence, and the adoption of online meetings, online social networking, telecommuting, and all sorts of networked solutions designed to replace the traditional ways of the physical world was being accelerated suddenly. Human society as a whole has been put on a high-speed train to digital existence.

This historical momentum bred and gave birth to the blockchain boom in the second half of 2020 and the first half of 2021. With Bitcoin entering the vision and portfolios of Wall Street institutions and public companies, an unprecedented boom in the Ethereum ecosystem, and a Cambrian Explosion in the NFT market that quickly became one of the hottest and most talked-about areas of innovation during this phase, blockchain gave authenticity, persistence and scarcity to the digital world, thus making a native digital economy possible. It is against this backdrop that the metaverse is rapidly emerging.

Since the 1980s, people have been thinking about what the next generation successor to the Internet would be. The term "metaverse" quickly replaced the term "cyberspace" as the buzzword for this future vision and concept. The term "metaverse" originally came from Neal Stephenson's 1992 science fiction novel "Snow Crash". The word metaverse is a combination of the prefix meta- (beyond) and the stem verse (universe). It is clear from the construction of the word that the concept of metaverse intends to paint a picture of a new generation of future web platforms, namely a perceptible virtual universe of persistent, shared, 3D virtual spaces linked together.

The metaverse is a fusion, the interfusion of a virtually augmented physical reality and a virtual space with physical persistence. The metaverse is not a single thing; it is the result of the ongoing convergence of many mutually independent tools, platforms, and worlds supported by shared infrastructure, standards, and protocols. The metaverse would be made up of the creative work of millions, or even tens of millions, of people, each of whom could add their own elements to it through artistic creation, content creation, program development, game design, and other ways of adding value. The metaverse economic system would be an unprecedented, massively participatory, and equitable economy in which all people could participate in making money and reaping the rewards.

According to Baszucki, CEO of Roblox, a gaming platform founded in 2004, a metaverse needs to have at least eight elements - identity, friends, immersion, low latency, diversity, anywhere, economic system and civilization. This means that people can achieve experiences close to or even beyond the real world through a "virtual identity" in a subspace.

The four technological cornerstones for building the metaverse are Blockchain, Game, Network, and Display. Blockchain technology provides the decentralized infrastructure, while DeFi and NFT enable the assetization and value transfer of virtual items in the metaverse. Games provide rich interactive content for the metaverse and enhance user interaction. Network and computing power developments guarantee a low-latency, near real-time transmission and communication experience. The development of display technologies, such as augmented reality (AR) and virtual reality (VR), further enhances the immersion and experience of people participating in the metaverse. The metaverse is not just a game, but an organic fusion of the four elements of BAND. It will build a new world of the new generation of network platform after the Internet and migrate all the business models that happen on the Internet to the metaverse as it is.

With the rapid development of the Internet and mobile Internet over the past 30 years, the number of Internet users in China has made a huge leap. At the same time, online payment, offline logistics and other related infrastructures have rapidly developed and improved, and online commerce has rapidly emerged, profoundly changing people's lives.

Internet

According to the 47th "Statistical Report on the Development Status of the Internet in China" released by the China Internet Network Information Center (CNNIC) in February 2021, the size of China's Internet users reached 989 million, an increase of 85.4 million from March 2020, and the Internet penetration rate reached 70.4%.

Also according to a related report from the World Economic Forum, China has made great strides by more than doubling its share of total retail sales from 2016 to 2020, growing from about 20% to 44%. China is leading the world in e-commerce development. Chinese e-commerce accounts for more than 50% of total global Internet retail sales.

Along with the further development of the Internet and the digitization of finance, e-commerce and trade on the Internet have come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust-based model. Because online platforms and financial institutions act as credit intermediaries, they inevitably have to deal with some of the resulting problems, such as dispute mediation and transaction reversal. The need for trust spreads when there is a possibility of reversal of a transaction. In order to deal with these issues, platforms and institutions need to collect privacy from many users that would not otherwise be required. The possibility of fraud creates the dependency on third parties, and there is no mechanism for making payments over communication channels without relying on trusted third parties.

Blockchain

On October 31, 2008, a man under the pseudonym Satoshi Nakamoto published "Bitcoin: A Peer-to-Peer Electronic Cash System", proposing a solution to the above problem. In his paper, he called this solution Bitcoin. on January 3, 2009, with the launch of the main Bitcoin network, an epoch-making industry was born. That industry is the so-called blockchain industry today.

Between 2013 and 2014, Russian-Canadian programmer Vitalik Buterin, an activist in the Bitcoin community, was inspired by Bitcoin and proposed a vision to develop a "next-generation cryptocurrency and decentralized application platform". On July 30, 2015, the first version of Ethereum, codenamed "Frontier", was launched online.

NFT

In June 2017, Larva Labs, an America-based studio, launched a blockchain art collectible project called CryptoPunks. The project placed a total of 10,000 carefully designed, distinctive pixelated avatars, each of which is verified by a unique, persistent and indelible Token on the Ethereum blockchain, for free to the Ethereum community. This non-homogeneous, non-interchangeable and unique blockchain token is the NFT (Non-Fungible Token), as it has come to be known. At that time, the concept of NFT had not yet been invented, and the standard of NFT had not yet been formulated and published.

In January 2018, OpenSea, currently the world's largest marketplace for NFT crypto art collectibles, was launched. It has the widest range of categories, the largest number of transferable digital collections, and the best prices. in mid-March 2021, OpenSea closed a $23 million Series A round led by a16z. a16z believes that OpenSea provides a link between the consumer and infrastructure layers of the digital commodity economy, and is an important public facility in this new world of digital ownership. They have seen a 100x increase in transaction volume in the last 6 months. By late April 2021, OpenSea had more than 100,000 users who had traded at least once.

Inspired by the CryptoPunk project, the Ethereum community started to discuss and draft of the NFT standard in the second half of 2017, and wrote the first draft and the second draft on September 20 and November 9, respectively. By January 24, 2018, William Entriken and others from the Ethereum community jointly completed the first NFT standard on Ethereum, ERC-721. since then, NFT technology was officially born. CryptoKitties, a blockchain game in the theme of cat-breeding, which was unveiled at the Ethereum Waterloo Hackathon on October 19, 2017, is widely considered to be one of the earliest NFT projects to adopt the ERC-721 standard.

In October 2020, American digital artist Mike Winkelmann, who goes by the stage name beeple, debuted his crypto artwork at auction on the well-known NFT auction site Nifty Gateway. Prior to that, he had been quietly and consistently creating digital artworks on a daily basis for nearly 14 years. A total of three NFT works were released in the first auction, each priced at $969, and the bidding time was limited to 5 minutes. Nifty Gateway added nine extra servers to handle the surge in traffic so the site didn't crash. Within five minutes, the sale was up to $582,000.

In December's auction, beeple's work earned $3.5 million from the sale, with an additional $500,000 from the secondary market. beeple receives 90 percent of the proceeds from primary sales and an additional 10 percent from secondary sales. the December auction was just 20 pieces of Beeple's 13-year "Everydays" series.

From February 25 to March 11, 2021, Christie's, the world's leading art auction house, opened its online auction for beeple's NFT "Everydays: The First 5000 Days". The work, which was assembled from 5,000 images, is an artistic NFT by beeple commemorating the 5,000 days he continued to create one work a day since May 1, 2007. The work was sold for a staggering $69,346,500, which established beeple as the number one crypto-artist on the ranking list.

On May 11, 2021, nine CryptoPunk NFTs sold for a whopping $16,962,500 at Christie's evening auction, and on June 10, 2021, CryptoPunk #7523 successfully sold for a record $1,175.4 at Sotheby's, the world's leading art auction house. #7523 became the most expensive CryptoPunk ever sold.

NFT artworks have successfully landed in the world’s top auction houses and successively set sale records. This is not only the success of a series of beeple or cryptopunk works, but also a sign that the entire NFT market is moving towards the mainstream, accepted by people with large capital, social status and significant influence, and received attention and favor from Wall Street and listed companies.

Metaverse Enlightenment

In late 2017, after playing CryptoKitties for a few months, Trung Nguyen, a 25-year-old Vietnamese programmer, got an idea to develop his own blockchain game, taking elements of CryptoKitties' success, such as true ownership, an advanced genetic system, and adding more competitive Pokémon or Neopets-like gameplay. A few months later, Axie Infinity was born, and in mid-2018, the beta version was launched. Unlike many projects that require funding, Axie Infinity started with enough money to sustain the developers for a full year by pre-selling Axies NFT.

From April to June in 2021, Axie Infinity went through explosive growth with the launch of the exclusive Ethereum sidechain Ronin, the release of the "Play to Earn" documentary, and the breaking of the million pokemon count mark. Daily active users (DAUs) jumped from 38,000 at the end of April to 252,000 (most of the new users came from the Philippines and Venezuela), and the total revenue of the community treasury grew from less than $1 million in about two months to more than $14 million at the end of June. By the end of the year, the community treasury is expected to have 15.6 million AXS and 26,600 ETH, which translates to about $300 million in current prices. These assets can be distributed by AXS token holders' governance decisions on how to divide them up, spend them or by pledging them for mining.

More importantly, Axie Infinity is also a very positive narrative. Axie Infinity offers an unprecedented opportunity to earn money for a large number of players from third world countries such as the Philippines, Indonesia and Venezuela, who are unemployed and at home due to the covid-19 epidemic and in financial distress, and who need to feed themselves without leaving their homes. Axie Infinity is leading the "play to earn" revolution and has been regarded as a metaverse gaming success story by the industry.

The concept of metaverse has largely remained at the level of imagination since its introduction, while the maturity of blockchain has paved the way for its landing, and the untimely arrival of the epidemic era has put it on the fast track. In the post-epidemic era, a large part of people's abruptly changed lifestyles will be fixed and become the new normal and habit. Scenes and activities that were moved online may no longer return offline, and people's living space, time and money will increasingly be done online. Common sense will change, perceptions will change, and a new social consensus will be born. This new consensus is that the virtual world is not false and unimportant, but a new state of human existence. In this new state of existence, business, as an important part of human civilization's activities, will inevitably become one of the core tracks in the metaverse.

2 Technological Innovation and Business Development

During the Renaissance period of the 14th-16th centuries, Venice was a very important commercial and artistic center of Europe. In 1494, the Italian mathematician Luca Pacioli, a close friend of the famous painter Leonardo da Vinci, published in Venice a textbook on mathematics, "Summary of Arithmetic, Geometry, Proportions and Proportionality". In this book, Pacioli elaborated for the first time on double-entry bookkeeping, for which he is honored as the "father of modern accounting". It was with advanced double-entry bookkeeping techniques that the modern corporate system was established, and the geographic discoveries of the late 15th century brought unprecedented commercial prosperity to Europe.

In the 1860s, the capitalist production in Britain began to replace the factory handicraft industry with the rapid development of productivity, and this process is called the "Industrial Revolution" in history. At the end of the 18th century, the Industrial Revolution gradually spread from England to Western Europe and North America. Later, it gradually expanded to other parts of the world. After the Industrial Revolution, the entire capitalist and market economy flourished, and new and high technology was applied to globalized production and trade, which has created great wealth for all mankind to this day.

Today, we are at the turning point of the leap from material civilization to digital civilization. The digital civilization and the new business civilization, carried by digital, located in the bit world, are coming.

Bartering

Before the birth of commercial trade, with the slow increase in productivity, the need for exchange naturally arose if there was a rich portion of the products obtained by people's productive labor. This primitive exchange, because of the need for double contingency, and thus the transaction is very inefficient.

The bartering process is different from commercial buying and selling in that no money or currency is used as the instrument of exchange, and therefore there is no credit problem.

Traditional Retail

With the development of human civilization, the expansion of social activities, the further increase of productivity, and the birth of commerce, man invented money and extended the borders of commercial trade to the whole world.

The expansion of commercial activities and globalized trade led to the unprecedented development of industry and commerce, bringing about a great abundance of commodities. With this great abundance of commodities, retailing flourished. Merchants integrated and linked global supply chains to sell goods produced in any corner of the earth to another corner far away in the world.

E-commerce

The predecessor of the Internet can be traced back to the ARPANET launched in 1969 by the Advanced Research Projects Agency of the U.S. Department of Defense. In 1990, Tim Berners-Lee, the "father of the World Wide Web", proposed the idea of the World Wide Web and developed the world's first Web browser. The Internet began to become an information service that was accessible to everyone and free of charge.

The first wave of the Internet in the 1990s saw the birth of many dazzling Internet companies, including Amazon, today's world-famous e-commerce platform, which was founded by Jeff Bezos on July 5, 1994, in his garage in Bellevue, Washington, the fifth largest city in the United States. Today, Amazon has grown to become one of the world's largest e-commerce platforms, and Bezos was once the richest man in the world because of his massive Amazon stock holdings.

However, the e-commerce platforms that have become giants themselves are still built on the centralized technology and protocols of the traditional Internet. While users enjoy the convenience brought by these traditional Internet platforms and centralized protocols, they also have to give up their data sovereignty and personal privacy due to the nature of their centralized control, allowing these platforms to collect and use their personal privacy data at will.

Today, Internet commerce and e-commerce ecosystem are at the turning point of the times. According to Charles Handy's The Second Curve theory, Internet e-commerce is now at the peak of the first curve, and it is downhill from there. At this point the industry needs disruptive changes to find the second curve and create a new technological framework, a new asset paradigm and a new business civilization.

This new technological framework is blockchain technology with decentralized protocols as the cornerstone. This new asset paradigm is the digital asset built on blockchain technology, which is native to bits. The new business civilization is a metaverse of digital assets, decentralized applications, and a global ecosystem that is on the ground and thriving. We call it Metaverse Commerce.

3 Metaverse Commerce Civilization

Today, the boundaries of human economic activities have expanded from the traditional physical world and atomic world to the information world and digital world, and even to the metaverse being bred and formed. Social, entertainment, game and business are all landed and flourished in an interconnected and long-lasting metaverse, evolving a new form of digital economy.

Before the birth of blockchain technology, information on the Internet could only be information, but could not be an "asset". Since information on the Internet can be arbitrarily copied at nearly zero cost, it does not have any scarcity and therefore cannot have any economic value of its own, and therefore cannot be an asset.

Blockchain technology imparts non-replicability to digital entities, thus giving them scarcity and value in the economic sense, and making digital assets possible for the first time in human history. This digital asset, instead of being just a reference to some physical asset in an atomic world, has an original value on the blockchain. For this reason, we also refer to this digital asset with its inherent scarcity and economic value as a bit-native asset.

The original bit-native assets were homogeneous or fungible (fungible). Typical representatives are various cryptocurrencies, and tokens, such as the ERC-20 token on the Ethereum blockchain, or the NRC-6 token on NewChain.

As the industry has evolved, non-homogeneous, or so-called non-fungible bit-native assets have been defined. Typical representatives are NFT (Non-Fungible Token), such as the ERC-721 token on the Ethereum blockchain, or the NRC-7 token on NewChain.

With blockchain technology and bit-native assets, Metaverse Commerce Protocols can be built on this basis to create a new business paradigm. Bit commodities, represented by NFT, are a natural fit with Metaverse Commerce Protocols. Therefore, we will see the success of CryptoPunk, the recognition of beeple's artworks by traditional auction houses, and the gradual introduction of digital assets represented by NFT to the mainstream public and high-end people. This series of new business paradigms will all shine in the metaverse. Metaverse provides the best landing environment for the new business civilization in the digital era, realizes the global borderless common participation, co-creation and common governance, and lays a solid foundation for the new digital immigrants all over the world to build a new commerce ecosystem in the metaverse together.

The future is here, and the combination and innovation of NFT, blockchain technology and metaverse will play an important enabling role in the colorful and personalized scenarios of digital art, online business, IP digitization and assetization, creating huge business value and economic benefits.

Digital Tribes

In metaverse, with the development of technology, influx of users and economic boom, self-organized "real" digital tribes will evolve and form around related topics in the dimensions of interests, hobbies and industries. Typical examples include Axie Infinity, Decentraland, and Sandbox.

Metaverse digital tribes are fundamentally different from traditional Internet communities and circles. The latter are purely virtual information and accounts, while the former are assets and avatars that have the same persistency as physical reality. Among these digital tribes born in the metaverse, the empowerment of open infrastructures such as blockchain technology allows for extensive and persistent interconnection and interoperability at the level of experiences and assets.

The license-free nature of blockchain and the free flow of digital assets are particularly well suited for economic empowerment and drive in digital tribes. Blockchain and the tokenomics are naturally decentralized and private domain. On the blockchain, each user holds his own data sovereignty and the property rights of private domain traffic, which is secured by blockchain technology to be authentic and valid, and will not be deprived or tampered by any third party at will. Thus, it provides the best soil for the prosperity of digital tribes.

Digital Assets

With open standards such as ERC-721 or ERC-1155 on Ethereum, or NRC-7 or NRC-50 on NewChain, users can actually own a whole new type of digital item, such as a CryptoPunk, or a piece of art from beeple. We can think of this brand new digital item as a digital asset, or as a bit commodity.

The assetization of data is an irreversible trend, and the digitization, programmability, and assetization of IP is also in the process of rapid development. We can see not only various digital assets, but also a wide variety of bit goods including digital artworks. The native value of digital assets and bit goods can be transmitted over long distances, at low cost, and in near real-time via the Internet with the help of blockchain, much faster and cheaper than transporting physical assets and goods, with little time and space constraints and artificial controls.

The change from physical goods to bit goods is disruptive and revolutionary, and as a result, traditional e-commerce is bound to be replaced by a new metaverse of commerce. This change will have a profound impact on human business civilization and social life.

Native Bits Goods

Native bit goods have only a digital form and no physical form, and their existence, uniqueness, and validity are proven by the blockchain. As a result, the value of native bit goods is also native to the bit world.

In the case of a crypto-collectible CryptoPunk, or a crypto artwork such as a piece of beeple, for example, a native bit commodity consists of two organic parts: the first part is the collection or artwork itself in digital form, in media such as images, audio and video, etc.; the second part is an NFT non-homogenized token located on the blockchain, in which an immutable hash pointer is used to reference the corresponding digital collectibles or artworks. The former provides appreciation and collection value, while the latter acts as a value carrier, providing economic value and exchangeability.

Redeemable Bit Goods

Redeemable Bit Commodity is a mapping of on-chain token and physical world valuable assets using NFT and IoT technologies, thus completing the chain of physical world valuable assets. The value of the commodity still exists in the physical world under the chain, but after the NFT is on the chain, it can effectively increase the transparency and effectiveness of social resources.

For example, for industries such as art toys and luxury goods, using redeemable NFT technology on blockchain can effectively improve product authenticity guarantee and enhance inventory transparency and credibility. In organic agriculture, the technology can be used in combination with IoT technology for traceability of agricultural products to achieve one NFT for one thing and full supply-chain tracking of production and marketing. Real-time data collected by IoT devices are updated to the blockchain through Oracle technology to achieve automated synchronized tracking of data on and off the chain.

After consumers purchase redeemable NFT goods, they can complete the off-chain logistics of physical goods and obtain the corresponding goods through the redemption operation. After the redemption is completed, the on-chain NFT will change its status to avoid repeated redemptions.

Ownership and Persistency

The digitization of assets and blockchain technology empowers users to directly own, control and manipulate their assets. The user's ownership of digital assets on the blockchain is secured by cryptographic technology and is not restricted by or dependent on any third-party institution to exercise the retention, control and transfer of the assets.

Due to the permissionless global interconnectivity of blockchain, digital assets located on the blockchain can be circulated and traded freely around the world without any liquidity borders or barriers. For example, transferring a beeple's NFT artwork from Christie's auction to the auctioneer's crypto wallet requires only a small on-chain fee and can be done in a matter of minutes. In contrast, if a world-famous painting, such as Van Gogh's Sunflowers, were to be transported from the Christie's auction site to the American buyer, the transportation costs, security costs, insurance costs, and time costs, among others, would be far greater than the remote transfer of digital assets.

A very important feature of the metaverse is the persistence of digital assets. Based on blockchain and other infrastructures, the original virtual goods are able to get rid of the control of third-party centralized companies or platforms, and will not disappear due to the collapse of centralized companies, but will exist forever. It is this characteristic, which is absolutely different from the traditional information Internet, that makes the metaverse the soil and environment where digital assets can truly exist.

Digital Economy

It is a historic opportunity given by the times to join the metaverse and participate in the groundbreaking digital economy and new business civilization.

The native transaction method rooted in the metaverse has lower transaction costs. Digital assets and digital goods circulate freely in the metaverse without the restrictions of geographical distance and artificial boundaries in the real world, breaking the traditional boundaries of space and time, greatly liberating production relations, releasing huge productivity, and creating a metaverse economy tens of thousands of times larger than the Internet economy.

Metaverse Commerce is built on top of a decentralized blockchain infrastructure, and the peer-to-peer nature of the protocol eliminates traditional centralized platforms, thus greatly reducing transaction costs.

Decentralization is a more efficient trust mechanism reached by consensus. Traditional centralized models increase transaction costs and proliferate requirements for private data and trust due to the reliance on centralized platforms, thus reducing the business efficiency of the entire system. In contrast, the metaverse native decentralized model eliminates the reliance on traditional centralized platforms, reduces transaction costs, decreases the requirement for privacy data and trust, and improves the business efficiency of the entire system.

Empowering individuals and SMEs

Blockchain, digital assets and Metaverse Commerce are the most powerful tools and instruments to empower individuals and SMEs. With the help of blockchain technology, anyone can simply and easily create their own metaverse commerce entity at low cost.

In Metaverse Commerce, commercial entities can rely on blockchain technology for the digital assetization of credits. Unlike the traditional Internet database credits, blockchain tokens or credits issued on the blockchain are real digital assets that can have total scarcity, non-tamperability, public witness, global trading and open access.

Metaverse can provide actual business scenarios for business entities to circulate tokens: by combining blockchain tokens or credits into specific business scenarios of private domain traffic, and presenting, using and circulating them through user interface technologies such as DApp (H5), applets and even AR/VR, the tokens or credits are given actual business value.

4 Andromeda Protocols: Metaverse Commerce Protocols

The Andromeda Metaverse Commerce Protocols have an unparalleled openness that facilitates trading and interoperability with various metaverse games and ecosystems.

Based on Ethereum ERC-20, ERC-721, ERC-1155 and Newton NewChain NRC-6, NRC-7, NRC-50 and other basic protocols, Andromeda Metaverse Commerce Ecosystem has built a large number of NFT digital asset trading protocols, called Andromeda Protocols. The protocols are a set of protocols, specifically containing several sub-protocols as described below.

Andromeda Metaverse is a decentralized, cross-chain network that supports NFT for minting, trading, and financing. All protocols are permissionless open and censorship-resistant, facilitating integration and interoperability with various metaverse games, as well as transactions. All protocols can be set with fee switches to generate revenue when necessary to support the value of governance tokens.

Pricing and Trading Protocols

Abstract

The Pricing and Trading Protocol is an on-chain protocol that progressively discovers the value of NFTs and can provide the ability to trade NFTs between users, which consists of a combination of contracts. Users need authorization to allow the protocol to transfer NFTs with established contract logic before they can buy or sell NFTs. the protocol includes royalties, protocol fees, and transactions that support trading of any NFT that meets the NRC-7/ERC-721/ERC-1155 standard.

Specification

The royalty is an interface provided by the protocol, and the protocol is able to pay creator royalties if and only if the specified interface is supported in the NFT; if it is not set, the royalty is passed to the protocol itself.

function royaltyFeeInfo(address token) external view returns (address recipient, uint8 permil);

The interface for setting royalties requires the implementation of this interface, which returns the following information:

  • recepient: address type, the address of the recipient of the royalty
  • permit: uint8 type, maximum value is 255, the percentage of royalty, base is 1000, then the maximum royalty is 25.5%

The protocol fee is the fee required to pay for using the protocol, which can be changed by the DAO, with an initial value of 5%. The interface is as follows:

function protocolFeeInfo() external view returns (address recipient, uint8 permil);

The interface returns the following information:

  • recipient: address type, protocol fee receiving address
  • permit: uint8 type, maximum value is 255, cost percentage, base is 1000, then the maximum value is 25.5%

The trading protocol will have a variety of different trading strategies, and the trading strategies will need to have interfaces that implement the following:

interface IStrategy {
    function canExecute(
        uint256 deadline,
        bytes memory params,
        address bidder,
        uint256 bidPrice
    ) external view returns (bool);

    function canBid(
        uint256 deadline,
        bytes memory params,
        address bidder,
        uint256 bidPrice,
        uint256 bestBidPrice,
        uint256 bestBidBlock
    ) external view returns (bool);
}

Among them, canExecute determines whether the order can execute the trading function in this strategy; canBid determines whether the order can be called under this strategy.

Trading strategies are divided into the following types:

  • Fixed Price Trading

    • Sellers place orders to sell at a fixed price
    • Buyer buys at that price

  • British Auction

    • A British auction is an incremental auction
    • The NFT seller sets the minimum price, reserve price (default is the minimum price), and expiration time
    • Buyers will bid against the NFT, and the protocol guarantees that only incremental bids can be made and that the highest bidder cannot withdraw
    • When the auction closes, only when the highest bid is not less than the reserve price, the highest bidder can get the NFT

  • Dutch auctions

    • Dutch auctions are reduced-price auctions
    • The user sets the highest and lowest price and sets the bidding time, and the price of the NFT decreases linearly from the highest price to the lowest price according to the time until someone buys or the bidding time ends (aborted)
    • The protocol ensures that only one user sells at the same moment, so there will be no auction increase after two users call for bids at the same time

  • Perpetual Auction

    • The user sets the initial price and markup and then transfers the NFT to be under control of the protocol
    • Once the perpetual auction has started, anyone can buy the NFT at the markup set initially
    • The perpetual auction stops when and only when the last bidder withdraws the NFT from the protocol after the sale

  • Support for user bids

    • Buyer users can place a bid on any specified NFT
    • The owner of the NFT can agree to the price and sell it to the buyer at that price

Some of the parameters of this protocol can be governed, i.e., the protocol owenr for DAO contracts. The parameters that can be governed and their descriptions are as follows.

  • Changing the protocol fee
  • Adding or removing trading strategies

Proxy Protocol

Abstract

The proxy protocol enables anyone to turn their own NFT goods into open inventory, so that others can represent the NFT goods in a permissionless manner, with the flexibility to specify the agent's price, and a share between the agent and the owner after a successful sale in accordance with the distribution agreed in the smart contract.

Specification

  • Create Open Inventory
function createOpenStock(assetAddress, nftId, amount, floorPrice, revenueSplit, ceilingPrice, validThru);

The owner of the NFT commodity creates an open inventory. Pass in the contract address, number, and quantity (for NRC-50/ERC-1155 multi-version NFT) for this NFT.

At the same time, you can also specify a minimum target price (floor price) to limit the bottom price of agent sales; specify the profit-sharing ratio; and specify a maximum target price (ceiling price), when the agent sells above that price, the excess goes entirely to the agent and no further profit-sharing will be made.

Finally, specify the expiration date (block height). Expires automatically.

Once the inventory is created, it is publicly visible on the blockchain. The owner cannot retrieve this NFT during the validity period.

  • Withdrawal of inventory
function withdrawOpenStock(assetAddress, nftId, amount);

At expiration, the owner can withdraw the inventory and retrieve the NFT.

  • Proxy inventory
function mintShadowNFT(assetAddress, nftId, amount);

The proxy inventory process is really a process of casting one or a batch of "shadow NFTs" based on an open inventory.

These shadow NFTs can be arbitrarily minted and placed on any platform agents are accustomed to for pending sales.

Shadow NFTs replicate the metadata of the NFTs in the inventory and thus have the same appearance. The only difference is that after purchasing a shadow NFT, the buyer needs to redeem the "original" NFT from the inventory contract.

Shadow NFT has an unique purchase method, through which orders can be placed in accordance with the inventory creator's requirements to constrain the minimum price, profit sharing ratio and maximum price, and instantly complete the profit sharing.

Shadow NFT contract will instantly record and index the current inventory balance at the time of order placement, if the inventory is insufficient, the order will fail. This avoids the problem of overselling when multiple agents are present.

  • Redeem
function redeem(shadownNFT);

After purchasing a shadow NFT from an agent, the user can retrieve the "original" NFT from the inventory contract and destroy the corresponding shadow NFT.

Blind Box Protocol

Abstract

Blind box trading, also known as random distribution protocols, is a way to avoid trading knock-offs, increase liquidity, and a way to play around with how to discover valuable NFTs. The Andromeda Blind Box protocol allows for the sale of a batch of NFTs, and the user will not know the contents of the specific NFTs purchased until after the batch is sold.

The blockchain can secure the fairness of the blind box. NFTs will be sorted after they are made, and users will get the user number user_index after they buy NFTs, and get the random number start_index on the chain after the sale is over, so the actual number of NFTs that users get is: index = (start_index + user_index) % total

Specification

Blind box purchase process：

  • NFT Production and Packaging

    • Number the NFT and get its sha256 hash
    • Calculate the total hash value: hash = Keccak-256(hash0 + hash1 + .... + hash10k)
    • The contract is deployed while the total hash is specified

  • User purchase

    • User purchase to get user_index, but at this time the corresponding NFT index is unknown
    • User purchase can be sold in the secondary market at any time, but the specific content of the goods sold at this time is unknown
function buy(uint256 number);
  • Publish content
    • Publish the content and generate start_index at the same time
function publish() {
    start_index = random();
}

Synthetic Commodity Protocol

Abstract

The Synthetic Commodity Protocol is a combination of multiple NFTs to create a new NFT, which allows the NFT holder to program, recreate, and add some useful functionality to the NFT digital asset it holds. It can be used in the field of digital artwork signature, commercial contract signing, etc. The NFT holder licenses its NFT to a specific contract and locks it, inviting other NFT holders to recreate the NFT, casting a NFT digital asset with new characteristics.

Each industry has different synthetic needs, and we will give corresponding standard protocol solutions for different industry application scenarios.

For example, in the field of contract signing, according to the contract signing standard contract developed by Andromeda, business company A sends the signed NFT, business company B sends its signed business contract NFT together to the smart contract, the contract receives the original document, automatically generates a new contract that cannot be tampered, and records the document hash in the chain.

For example, in the game field, the virtual life game, users can set-up virtual avartar via NFT equipment, and in special scenarios two in-game players can synthesize a common pet with a specific NFT, which genetically belongs to these two players only.

Specification

Raw NFT: NFT that needs to be consumed or needs to be synthesized

Synthetic NFT: New NFT synthesized based on one or more raw NFTs

Synthetic NFT needs to have the transfer permission of the specified token of the raw material NFT. Synthetic NFT needs to transfer the raw material NFT to the contract of synthetic NFT and record it when it is synthesized (minted).

The mint interface for synthetic NFT is as follows:

function mint(address[] tokens, uint256[] ids, uint256[] amounts) returns (uint256 id);

The tokens, ids and amounts arrays must be the same length and correspond to each other. A new synthetic ID will be returned.

Liquidity Protocol

Abstract

The NFT liquidity protocol is a protocol for converting low liquidity non-fungible tokens (NFT) into high liquidity fungible tokens (FT) through pooling.

Users transfer NFT to NFT pools, which mint fungible tokens called Pool Token (NRC6) according to 1:10,000 and return them to the user. each Pool Token is a different NRC-6 token. the Pool Token can be combined with other DeFi protocols such as newswap or repaid to get back the NFT in the pool.

Specification

  • Pool Creation
function createVault(name, symbol, assetAddress) returns (vaultId);

Anyone can create a new pool based on a specified NFT contract or by specifying the ID of some columns within the contract.

The following fields are required to create the pool：

  • NFT's contract address
  • The name of the pool, which is also the name of the created NRC-6 token
  • The symbol of the pool, which is also the symbol of the created NRC-6 token

The NFT contract address cannot be changed, and by default all IDs can be added to the pool.

  • Quality Assurance
function setIsEligible(vaultId, nftIds[], true/false);
function setRange(vaultId, start, end);

The pool administrator can mark eligible NFT IDs by qualifying the list, range, or taking the inverse. It is also possible to leave the NFT ID unqualified and include any ID under the specified NFT contract by default.

  • Pool Release
function finalizeVault(vaultId);

Once the pool administrator has finalized and "released" the pool, no further changes can be made to any of the parameters and the pool will be available for external manipulation.

  • Mint Pool Token
function mint(vaultId, ntfIds[]);

Once the pool is released, anyone can deposit qualified NFTs into the pool, and each NFT receives 10,000 Pool Token of the corresponding pool.

  • Redeem NFT
function redeem(vaultId, numNFTs);

Anyone who holds Pool Token in the pool can redeem one NFT for every 10,000 Pool Token. Redemption is done in a blind-box manner and NFT cannot be specified.

Universal Credits Issuance Protocol

Abstract

Trading nodes can simply and quickly issue digital assets on the Andromeda Client side and maintain their own fan group through credits operation. The reasonable release and application of credits will drive the growth of the fan group and can maximize the interests of all parties.

The issuance and management of digital assets within a trading node is operated by the node itself, and the issuance of credits is one of the important means for trading nodes to obtain incremental users. Trading nodes can exchange credits with various marketing tools such as airdrop, locked mining, shopping incentives, NewSwap pricing swap, etc. in exchange for new increments of users and transactions.

For example, a trading node issues a certain size of credits, which can be sent to the ecosystem through the airdrop strategy protocol provided by Andromeda, and users who receive the credits are then converted into private domain traffic for the node.

For example, a trading node can use the liquidity mining protocol to create a pool of credits to customize locking NewChain's NRC-6 tokens to mine for credits, and the credits generated by these active minings will eventually be flowed back to the trading node for consumption.

Specification

The following parameters are basically required for integral distribution.

  • Name: Name
  • Symbol: Symbol, usually three characters
  • totalSupply: total number of issues
function createToken(string name, string symbol, uint256 totalSupply) returns (address);

The release profile of the credits can be customized, generally in the following ways：

  • One-time release
  • Linear release

Distributed Credit Protocol

Abstract

Instant Credit Protocol is an on-chain real-time credit enhancement protocol that enables physical point-to-point transactions by staking digital assets to a smart contract at the beginning of the transaction for credit enhancement, and can also be used for reliable promissory notes for convertible NFTs. The pledge of credit-enhancing assets is released immediately after the transaction to free up liquidity and thus maximize the efficiency of the use of collateralized assets.

Specification

  • Create Transaction
function placeOrder() inState(State.Inactive) condition(staking == 2 * price);

Anyone, acting in the role of a purchaser or redeemer, can create a transaction by invoking a smart contract. Typically, this action occurs when a purchaser clicks on the user interface to place an order for an item, or when an exchange party redeems an exchangeable NFT.

When creating a transaction, the creator needs to stake an equivalent secured asset (NRC-6 token) of twice the selling price to the smart contract to augment the credit for that transaction he or she initiated. In the case of an NFT exchange, the NFT is staked, and since one times the value has already been paid when purchasing the NFT, it is only necessary to pay an additional one times the value at this point to reach a double staking.

The purchaser or redeemer needs to stake the collateral assets to increase credit and thereby achieve a commitment to bind off-chain performance. Moreover, the purchaser or redeemer needs to stake a collateral asset of equal value to the counterparty, i.e., the seller or acceptor, i.e., twice the equivalent of the selling price. This is because if the buyer or redeemer only stakes the equivalent secured assets of double the selling price, its credit enhancement is only half of that of the seller or acceptor, and if the buyer or redeemer defaults and does not perform the final confirmation of completion after receiving the items, the loss of the buyer or redeemer is also half of that of the seller or acceptor, and thus cannot effectively ensure the good faith performance of the buyer or redeemer.

If the credit enhancement requirement is reduced by half, i.e., both the purchaser or redeemer and the seller or acceptor are required to stake only the equivalent collateral assets of double the selling price, then for pay-as-you-go scenarios, if the purchaser or redeemer does not make a final confirmation of completion upon receipt of the item, the purchaser or redeemer has no loss, while the seller or redeemer suffers a double loss of the item and the staked assets, and thus cannot effectively ensure good faith performance by the purchaser or redeemer.

  • Abort Transaction
function abortOrder() onlyBuyer inState(State.Created);

The originator of the transaction may abandon the transaction and release the staked collateral assets before the seller or obligor intervenes in the transaction.

  • Accept Transaction
function acceptPurchase() onlySeller inState(State.Created) condition(staking == 2 * price);

The seller or acceptor can intervene in the transaction by clicking Accept. Acceptance of the transaction requires pledging to the smart contract the counterparty's equivalent collateral asset (NRC-6 tokens), i.e., twice the sale price.

The seller or acceptor needs to stake the collateral assets to enhance credit and thereby achieve a commitment to bind the off-chain performance. Moreover, the seller or acceptor needs to stake the equivalent of the counterparty from the buyer or redeemer, the equivalent of twice the selling price of the collateral assets. This is because if the seller or acceptor only stakes the equivalent secured assets of double the selling price, its credit enhancement is only half of that of the buyer or exchange party, and if the seller or acceptor defaults, the loss of the seller or acceptor is also half of that of the buyer or exchange party, thus it cannot effectively ensure the good faith performance of the seller or acceptor.

After the seller or acceptor intervenes in the transaction, the transaction is locked. The seller or acceptor can start handling off-chain logistics related matters and wait for the acceptance and confirmation from the buyer or redeemer.

When a dispute arises between the parties, it can be resolved by their own negotiation or through an arbitration protocol. Since both parties have a double value stake, there is ample incentive for both parties to push the issue to resolution.

  • Confirm completion
function confirmReceived() onlyBuyer inState(State.Locked);

After the buyer or redeemer receives and inspects the goods, they click to confirm receipt and end the transaction. The smart contract sends the locked-in payment (if any) to the seller or acceptor party and returns the remaining collateral assets of both parties to the seller or acceptor party and the buyer or exchange party respectively.

Such an protocol is designed so that the seller or acceptor does not need to prepare the collateral assets to cover the entire inventory in advance or to credit the entire inventory before the transaction actually occurs, thus greatly reducing the financial pressure and burden on the seller or acceptor.

At the same time, the secured collateral and decollateralization of the credit enhancement assets occur continuously on the chain in real time according to the status of the transaction, thus maximizing the funding efficiency of the credit enhancement assets of the seller or acceptor.

Typically, the seller or acceptor is better positioned to meet the requirements of the protocol by simply preparing sufficient collateral assets based on actual concurrent transaction volume statistics and increasing reserves in advance of the seasonal peak season.

5 Andromeda Civilization

Andromeda NFT is present in three dimensions and its native space is built on top of NewChain. In the four-dimensional space, it is possible to cross-chain NFT on NewChain to Ethereum, HecoChain or BinanceSmartChain, etc. through the wormhole protocol (NewBridge).

The Andromeda metaverse will continue to evolve and civilization will progress. From the beginning of the blue planet (Genesis), gradually explore outward (Star Trek), to conquer the Andromeda galaxy and develop the entire Andromeda civilization.

Genesis

When Chaos was firstly separated, Qian-Kun began to be laid out. The light and clear air floating upward became the sky, and the heavy and turbid air condensing downward became the earth. Sky, earth and everything were created to be the so-called First Planet (Planet #0). The great Qian Yuan is the beginning of everything. The First Planet awaits those who have the destiny to develop its civilization. Civilization begins with construction, and construction cannot be done without land. There is a lot of undeveloped land on Planet #0 waiting to be occupied by the earliest arrivals.

Corresponding attributes and interoperable methods need to be designed, with the following core credits:

  • Adjacent lands can be combined; forming larger lands.
  • Different stores (on top of land) can form "chains".
  • External links can be added for such NFTs.
  • Presentation: 3D or website (username.andnft.org).

Land:

  • Land is divided into 1000 * 1000 equal size grids.
  • Adjacent grids of land can be combined.
  • Synthesized land can be split up at will.
  • Each synthesis requires n * 10000 AT, and the AT consumed is placed in the governance pool, where n is the number of synthesized lands.
  • Each time you split a land, you consume 2n * 10000 AT, and the consumed AT is put into the governance pool, where n is the number of lands before splitting.

Land use and display：

  • The land is displayed as 3D models, and users can import various 3D models of buildings they set.
    • The system provides a batch of building models by default, including but not limited to caves, tree houses, thatched houses and brick houses.
    • When importing 3D models to the specified land, you need to consume 1 AND and n * 10000 AT, and the consumed AND and AT will enter the governance pool, where n is the number of land.
  • On top of the 3D building, you can display images, thumbnails of external links to the website, and you can also display products for sale.
    • Each time you display pictures, links or products, you need to consume 10000 AT, and the consumed AT goes to the governance pool.
  • Chain stores can form a chain, and the chain stores can replicate the 3D model of the main store and display items in equal proportions.
    • Chain stores need to pay a certain AND to the main store while consuming n * 10000 AT, and the consumed AT goes to the governance pool, where n is the number of land.

User Identity(DID)

  • Each user of the planet needs to have an identity, which is based on the NewID system.
  • Each user can customize their own user image (avatar).
  • User identity system (NewID) using the NFT approach.
  • Ability to sign online and offline (determine the owner or permit to sign).

At the beginning of Genesis, only some of the land was developed. As civilization develops, more and more land will be developed. The land will be expanded from time to time with the development of civilization until the whole planet is developed.

Star Trek

The inhabitants of the blue planet have created their own civilization. Human beings, eager for adventure, were fascinated by the deep universe, and they thought all the time about being able to travel in space. With the development of technology, people developed the first generation of spacecraft, starting a new chapter of human exploration of the galaxy.

Basic Elements

The smallest indivisible unit of the Andromeda Metaverse Commerce is the basic element. There are only N (e.g., 5, oxygen, nitrogen, silicon, aluminum, and hydrogen) basic elements at the creation of the metaverse commerce, and the basic elements can be increased by governance.

The basic elements are NFTs in compliance with the ERC-1155/NRC-50 standard, and there is currently no upper limit for the quantity of the basic elements.

  • Genesis elements
    • 5 kinds
  • Generation method
    • Generate basic elements through mining by staking NEW/AND positions
  • Uses
    • Basic elements can be combined to produce specific items (ERC-1155/NRC-50)
    • Arbitrary combination of any type and any quantity is possible

Planet

The Andromeda Galaxy is made up of numerous planets.

  • Each planet is an NFT
  • Planet properties:
    • Galactic coordinates
      • Galactic coordinates are the only coordinates in the metaverse
    • Planet size
      • There is a universal gravitational force between the stars
      • Planet size determines the planet's orbit (rotation) and speed
    • Age
    • Elemental ratios
Planet Element Ratio

The ratio of planet elements determines the use value of this planet, and only planets that conform to a specific ratio of elements can have a specific function. Based on the ratio of planet elements, they are broadly classified as follows.

TypeElement RatioSizeDescription
StarsHydrogen: 100%30-100Provide energy (luminescence)
PlanetsAt least two elements20-30Needs to be around a star with some probability of life
SatellitesAt least two elements10-20Around the planet, only ore and no life
CometsAt least two elements1-10Random mining resources (airdrops). Where system uncertainties come from (bug mechanism). Can bring new elements to a planet via comets, or can destroy a civilization
Black HolesNo limit100+Ability to absorb individual planets (destruction mechanism)
  • Stars
    • 100% elemental hydrogen (fusion)
    • Diameter size not less than 30
  • Planets
    • Around stars
    • Elemental ratios of at least 2
    • Size generally between 20-30
  • Satellites
    • Generally before 10-20 in size
  • Comets
    • Airdrop mechanism, variation mechanism (biological variation is the source of biodiversity)
    • Random mines (airdrops)
    • Size generally between 1-10
  • Black Holes
    • Destruction mechanism
    • Size is generally above 100
    • Can absorb or destroy various stars in close proximity
Planet Civilization
  • Only planets with a specific ratio of elements can nurture civilizations
Planet Land
  • Mining Volume
    • The size of the planet determines the maximum volume of mining
    • The amount of ore is random, some lands are not mineable
  • Land area and land quantity
    • Planet size determines the total land limit
  • Usage of Land
    • Mining
      • Land of all planets can be used for mining
      • Mining can be done when and only if the land has mines
    • Commerce
      • Only civilized planets can establish commerce
      • Used to develop commerce

PlayToEarn

  • Mission system
    • Task acquisition elements
  • Land exploration
    • Land exploration requires consumable items
      • Item synthesis requires elements
    • The amount of ore also items to mine, there will be consumption
  • Interstellar travel
    • Star travel needs to consume a lot of energy (elements)
  • Star Wars
    • Self-running of planets also spawns planet economy (only serves NFT between planets)
    • Planets can create various weapons
    • Planets can freely match each other for battles
    • The winner of the battle gets rewards

Andromeda Civilization

After generations of expansion, the Andromedans gradually spread from the first planet to the entire Andromeda Galaxy, and finally conquered the Andromeda Galaxy and established the splendid Andromedan civilization.

The technology tree is advancing extremely fast, the Andromedans transcend Andromeda Galaxy and set off for the borders of the universe, renewing a new saga that is even more brilliant and full of unknowns.

6 Economic Model

The Andromeda Metaverse Commerce Ecosystem constructs a rich and fascinating economic system by creatively combining dual tokens (AND and AT) and the hybrid design of the Metaverse Commerce NFT. Among them, AND, as the governance token of Andromeda Metaverse, is mined using PoS model; AT, as Andromeda universal credits, is mined using PoA model; and Metaverse Commerce NFT creatively assets the design elements in Andromeda Metaverse to drive the prosperity of the whole economic system.

Economic Model

"Pool 1" Liquidity Market Making Trading Pool

Initialization issues:

  • Create an AND/NEW pair in NewSwap as "Pool 1". Distribute AND tokens to the secondary market via NewSwap.
  • Anyone is free to buy AND from the pool and to add liquidity to the Pool 1 for market making.
  • The Pool 1 provides liquidity mining, to mine AND, increasing the depth of market making in Pool 1, and completing the distribution of AND.

"Pool 2" Community Treasury And Governance Pool

The "Pool 2" holds the AND automatically bought back by the protocol and serves as the Community Treasury, which can be controlled by all AND holders through on-chain governance.

7 Andromeda Commerce Ecosystem

Based on the Newton metaverse infrastructure, and the Andromeda Metaverse Commerce protocol, by means of combining various metaverse applications, a new metaverse commerce ecosystem can be established.

No matter how scenarios change, how platforms develop, from the traditional physical world, to the Internet information world, and then to the metaverse digital world, business is always a vital core component of an economy.

Any application scenario and track, whether it is gaming, entertainment, social, fashion, collection, or art, is bound to have a derivative demand for commercial activities. All activities are accompanied by the production and transaction of assets. The only difference is that in the metaverse, all assets are digital assets and all transactions are peer-to-peer transactions on the blockchain.

As a result, all the series of business activities around the digital assets in the metaverse constitute the unique metaverse commerce ecosystem - Andromeda Commercial Ecosystem.

8 Multi-Network Support

There are multidimensional spaces in the universe, and different spaces require wormholes to traverse. In the Andromeda universe, the default space-time is based on NewChain, but can be transported to other chains such as Ethereum, HecoChain or BSC through the NewBridge protocol.

Blockchains are interoperable and independent of each other, and the NewBridge protocol can link the independent chains, increasing the activity of Newton's native token and increasing the user base of the Andromeda metaverse.

Technology Implementation

The multi-network technology implementation is mainly based on NewBridge protocol. NewBrdige is the cross-chain mechanism of Newton NewChain, which realizes the parallel transmission of value between Newton and other mainstream public chains, maximizes the use of NewChain's advantages such as low cost, speed block and low operation threshold, and improves asset liquidity.

The NewBridge protocol supports NRC/ERC-20, NRC-7/ERC-721 and NRC-50/ERC-1155 tokens across chains, and when it supports a token, it creates shadow tokens on different chains that have the basic functions of the native token and can participate in each chain's respective The token has the basic functions of the native token and can participate in each chain's respective ecosystem.

NewBridge contains Core, SecureVault, Monitor and API, where Core ensures the main logic of NewBridge protocol; SecureVault keeps the coins supported by NewBridge and controls the in/out of the system; Monitor is the monitor of each blockchain, which needs to be adapted to different chains and monitor the operation status of each chain; API is the interface provided by NewBridge system to the outside world, which is convenient for the third party DAPP to access and cross-chain freely.

NewBridge protocol users need to specify the chain to receive, the acceptance address, the coin contract, the number of coins, and other basic information, and transfer the coins to be cross-chained into the NewBridge protocol, pay the cross-chain fee, and then receive the cross-chain token at the address specified on the corresponding chain.

At the same time, the NewOracle protocol provides interoperability and reporting of various types of information between networks and outside the network, and is the perceptual nervous system of the metaverse.

9 AND DAO

AND DAO is short for Andromeda Decentralized Autonomous Organization, the governing organization of the Andromeda Protocol, which is composed of all AND holders.

During the launch phase, the Andromeda Foundation will be established to coordinate and lead various efforts in R&D, operations, business cooperation, token design and exchange.

As the project unfolds and matures, the work coordinated and led by the Foundation will be transferred to AND DAO in an orderly manner, realizing the decentralization of the entire Andromeda metaverse.

AND DAO achieves democratic autonomy for all AND holders through an effective on-chain voting governance mechanism. It includes a series of governance procedures such as proposal, discussion, polling, voting, etc., to realize the use of financial treasury, R&D decision, product adjustment, arbitration of on-chain affairs, operational growth, etc.

Towards DAO, the governance of Andromeda metaverse commerce goes towards distributed business and shared governance, and realize the vision to build together, share together, and govern together.

Governance

AND DAO's governance system includes several infrastructures as follows:

  1. AND token contract with built-in governance protocol and authorization mechanism
  2. the Governance contract, which is responsible for managing governance proposals and voting
  3. Timelock contract, which delays the execution of on-chain actions such as moving community treasury
  4. Community Treasury contract, responsible for locking the community treasury
  5. Governance forum for users to discuss governance issues
  6. Off-chain voting site, which completes the necessary steps such as temperature check and consensus check before the official on-chain voting
  7. Formal governance portal for all AND holders to vote on-chain according to the one-token-one-vote principle

The governance process is as follows:

  1. Forum discussion stage
  2. Temperature check stage
  3. Consensus check stage
  4. Formal proposal stage
  5. Proposal implementation stage

Arbitration

It is used to resolve potential dispute issues that may arise in exchange, etc.

The Andromeda arbitration node will undertake the adjudication of disputes throughout the distributed economic activity, and the arbitration fee is charged at 2% of the transaction amount and distributed to the nodes involved in the arbitration.

Due to the special nature of NFT transactions, the transaction is closed when the transaction is completed. Disputes can only arise in the exchange link of redeemable NFT, for example, a user purchases a box of redeemable fresh food, there is a problem in the delivery link of the merchant, and the transaction is double-deadlocked. At this point either party to the transaction can apply to the Arbitration Committee for arbitration. We will ensure that the dispute is decided fairly and justly through a set of arbitration protocols.

After arbitration is initiated, the arbitration contract will automatically host the transaction deposit in the distributed credit, and according to the size of the transaction subject, the contract automatically selects the arbitration node to participate in the voting arbitration, and the arbitration node will vote on the award based on the transaction behavior and the information of proof that occurred between the two parties on the chain, and the award will be final at the moment. The cost of each award is charged at 2% of the transaction amount, and the cost is automatically deducted from the stake of the losing party.

Growth

Traffic is getting more and more expensive and difficult to convert, and it is difficult to meet the efficient growth of existing business activities with simple traffic acquisition. The Andromeda tokenomics model allows for the rapid establishment of transaction nodes, growth nodes, and arbitration nodes.

Growth nodes and arbitration nodes need to have NFT identity cards and lock a fixed number of ANDs to participate in the common governance of the economy, such as the update of the Metaverse commercial protocol and the incentive management of Andromeda credits.

Trading nodes can carry out their own business activities and private domain marketing through the solution provided by Andromeda. The idea of trading nodes getting traffic changes to using Andromeda's economic model to get more loyal users, each user of the node is a private domain fan, the nodes themselves master their own operational data, and business activities are not coerced by the centralized platform.

Andromeda offers the simplicity of generating transaction nodes with a single click, providing differentiated services and solutions for different levels of transaction nodes.

By transforming the centralized protocol into a decentralized protocol, "ecosystem partners" and entrepreneurs are recruited to become "Andromeda nodes" and use various tools and solutions in the Andromeda ecosystem to build their own business platform, promote and sell Andromeda solution solutions, and earn commissions through the agent sales system.

Disclaimers

This document is an overall description of the Andromeda Metaverse Commerce Ecosystem and the corresponding tokens (including AND, AT or other tokens that may be issued in the future) and is intended for disclosure purposes only and does not require any signature, acknowledgement, consent or response by any person.

This document does not constitute any form of investment advice or invitation to buy or sell, nor is it a contract or promise of any kind (although the disclaimer and risk warning are legally valid). No person shall have any right to assert any claim against Andromeda Metaverse Commerce Ecosystem or its affiliates based on this document.

Any person shall acquire the corresponding token solely for the purpose of using the corresponding token function and accessing the Andromeda Metaverse Commerce Ecosystem services, and not for speculation, money laundering, terrorist financing or any other illegal purpose. Any person shall acquire and hold the corresponding token solely for himself/herself and not as an agent of another person.

Any person acquiring the corresponding token shall, in the case of an individual, be an adult citizen of his or her country of residence and nationality with full civil rights and capacity; in the case of an organization, be a legal person legally established and validly existing in accordance with the relevant laws and regulations of a country or region and not subject to bankruptcy, liquidation or receivership proceedings.

The Andromeda Metaverse Commerce Ecosystem or its affiliates have full autonomy to deny access to the corresponding tokens to any person.

In no case shall the corresponding token represent the following things or rights:

Equity, voting rights, profit-sharing rights or other interests of Andromeda Metaverse Commerce Ecosystem and its related parties.

The right to make decisions or participate in decisions regarding the business operations, management, or transactions of Andromeda Metaverse Commerce Ecosystem and its affiliates.

The right to make claims or demands against Andromeda Metaverse Commerce Ecosystem and its affiliates.

The right to demand repurchase or redemption by Andromeda Metaverse Commerce Ecosystem and its affiliates.

The right to securities or to be registered as securities.

Options, call rights, put rights, purchase options with respect to any security, commodity or asset.

A negotiable instrument or related certificate.

An asset used for investment or speculation.

Risk Warning

There are risks associated with the use and possession of the corresponding tokens as described below. Although Andromeda Metaverse Commerce Ecosystem will do its best to mitigate these risks, there is no guarantee that they will necessarily be eliminated. Any person should be aware of and voluntarily assume the following risks before acquiring the corresponding token:

Theft, disappearance, inability to retrieve or loss of control of the corresponding token due to theft, exposure, loss or other mismanagement of the private key of the wallet in which the corresponding token is stored.

Significant breakthroughs in cryptography and decryption technology resulting in digital cryptographic token systems as a whole that no longer perform their stated functions or fail.

The Newton NewChain, Ethereum or other blockchain network platform on which the corresponding token smart contract is deployed is permanently or temporarily unavailable due to a crash, paralysis, blockage, stall or other failure of the corresponding token.

A vulnerability in the smart contract code of the corresponding token resulting in an abnormal change in the number of corresponding token or other unintended negative changes.

There is no third party necessarily willing to purchase the corresponding token, and there may not be a market for the corresponding token or a price at which it can be traded.

Any loss incurred by the holder of the corresponding token as a result of the holder's failure to understand, misunderstanding or forgetting the technical background information of the corresponding token or other negligence.

Certain functions of the corresponding token cannot continue due to bankruptcy, liquidation, dissolution, insolvency, receivership or other termination events of the Andromeda Metaverse Commerce Ecosystem or other affiliated parties.

This document is effective immediately upon publication and may be reissued by Andromeda Metaverse Commerce Ecosystem as modified and updated from time to time.

Andromeda Metaverse Commerce Ecosystem and its affiliates reserve all rights, including the right to interpret this document in its entirety and any part thereof.

References