Decentralised systems and protocols often face one major problem that is 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?
To solve this issue, the Schnoodle team has been steadily working on curating the BARK distribution system, one of the two Cornerstones of Schnoodle. BARK is essential in building the first true autonomous DAO by leveraging smart contracts to create a trustless and automated ecosystem.
How does BARK work?
BARK automatically rewards users who hold SNOOD without having to participate in moon farming. Redistributing fees received from sell swaps and rewarding loyalty is the aim. BARK is thus one of the foundations of their reward-based coin, enticing users from across the crypto landscape towards the first true autonomous reward-based coin.
The two conditions below ensure only current SNOOD holders receive the correct amount of rewards, creating a fair ecosystem and one that rewards loyalty. Rewards are based on:
- The amount of SNOOD you currently hold.
- The total SNOOD supply.
All reward kickbacks are integrated into a smart contract so no SNOOD holders are left out of the loop. This is what truly autonomous rewards look like.
A tertiary benefit of creating a trustless system is that all information about rewards are stored and verifiable on-chain.
Deep dive into the mechanics of the BARK algorithm through their whitepaper.
How BARK helps Schnoodle
By taxing sell swaps, BARK helps curate a naturally unbiased and fair ecosystem for holders and those transacting in SNOOD. It is ‘natural’ as open source smart contracts are the ones making decisions, not biassed humans.
Even though many people have never heard of a sell swap tax, such rules help their ecosystem grow and attract more users, which helps solve the problem that was mentioned at the beginning of the article; the problem being, enticing users onto the platform.
Ultimately, the Schnoodle team aims to move attention away from themselves and towards the community, building a brighter future for the crypto-sphere. Once Schnoodle’s community grows beyond its already considerable size, founders, developers, and key figures will simply become community members as governance protocols take over. A DAO is all about the collective and not the individual, with Schnoodle already far above its peers in this regard.
Learn more about Schnoodle and their aims and visions through their whitepaper and keep in touch through their social media channels. Are you ready for the first true trustless DAO?