UpDawg - A Decentralized Proof of Reserve token

Project Name: UpDawg

Project Track: DeFi

Team Name: uDawgDAO

Team Member(s): 2, @astitv @AiMAce

Dorahacks BUIDL Link: Click here!

TRON DAO Forum Link: Click here!

Project Info:

Website - https://udawg.org/

Smart contract - Click here!

Twitter - @udawgdao

Project Repo: GitHub Contract Repo

Demo video: Watch here!

Project Test Instructions:

Even though the UpDawg smart contract is already live on TRON MainNet, you can still test it out on TestNet! Here's how:

1. Ensure that you have a TronLink wallet installed and set up on your device.
2. Open your TronLink wallet and navigate to the network settings. Change the network from the default TRON MainNet to Shasta TestNet.
3. Once you have switched to the Shasta TestNet, visit the website udawg.org/dapp in your web browser.
4. This will allow you to access UpDawg on the Shasta TestNet, where you can test its functionality without using real TRX tokens or interacting with the TRON MainNet blockchain.

NOTE - Any action you take while using UpDawg on the Shasta TestNet will not affect your real TRON MainNet wallet or tokens.

Inspiration:

At UpDawg, we believe in creating a truly decentralized token that offers a secure and stable store of value for its users. We were inspired to create this token after noticing that many smart contracts on the blockchain provide additional powers to their deployer/owner, which goes against the principles of decentralization.

We were also motivated by the prevalence of ICOs for coins/tokens with no real value backing them. This is why we aim to address these issues by creating a deflationary Proof-of-Reserve token that is backed by TRX, providing transparency and security for our users.

We understand that any form of manipulation, such as price manipulation or insider trading, fee exemptions to a set of accounts, can harm investors and damage the integrity of the cryptocurrency market. That's why we are committed to ensuring the security and stability of our token.

We encourage all investors to conduct their own research and due diligence before investing in any cryptocurrency. It's important to be aware of potential risks associated with the token and the broader cryptocurrency market.

We are dedicated to creating a strong and trustworthy microeconomy around UpDawg, and we believe that by working together with our community, we can achieve this goal.

Project Details:

UpDawg is a decentralized deflationary Proof-of-Reserve token. It is backed by TRX, one of the leading cryptocurrencies in the market, and operates on the TRON blockchain.

A small portion (TAX) of each exchange transaction is automatically destroyed or “burned”, reducing the total supply of UpDawg tokens over time and increasing the value of the remaining tokens. This mechanism helps to maintain the scarcity of the token and potentially increase its value compared to the TRX reserve.

UpDawg provides transparency and security by allowing users to verify that each UpDawg token is backed by an equivalent amount of TRX. This helps to ensure that the token maintains its value and that users are protected against potential market risks.

Get Started :

Go to udawg.org/dapp , connect your wallet, trade UDAWG against TRX or Claim/Donate/Burn UDAWG tokens.

How we built it?

UpDawg smart contract was built using Solidity.

To interact with the smart contract, the team used Node.js to develop the backend server of the decentralized application (dApp).

The dApp's frontend user interface was created using HTML, CSS, and JS.

Project milestones:

• 1st October 2022 - UpDawg smart contract deployed on TRON blockchain with launchpad in effect.
• UpDawg launchpad concluded on 31st October 2022, enabling the exchange of UDAWG/TRX on dawgDEX
• uDawgDAO starts increasing UpDawg’s TRX reserve via buying and burning UDAWG tokens - January 2023
• 🐶 UpDawg Bark : A anonymous TRON public chat UpDawg has launched a new feature named "Bark", which allows users to connect with others in a public chat room anonymously. To access this feature, users need to connect their Tron wallet on the UpDawg Bark platform. Once connected, users can join the Bark Public Chat room and engage in conversations with other online users.

What’s Next for UpDawg?

uDawgDAO is currently working on a platform that will utilize the UDAWG as its utility token, unlocking a variety of functionalities and possibilities for its holders. The team behind uDawgDAO is dedicated to delivering a top-notch product that will contribute to the TRON ecosystem.

20% of exchange TAX distributed to uDawgDAO will be returned to the TRON community. UDAWG HODLers will automatically become uDawgDAO members, and members will have the right to create and vote on proposals for this fund.

The proposals can be of any kind, such as burning a certain portion of the fund or creating Revenue Streams such as NFTs, an eStore, a social media platform, an exchange, or any other good project out there struggling for recognition.

More information will be released in the near future, so stay tuned for exciting updates!