Elon's Reserve System
Elon's Reserve System
— the world's first cryptocurrency controlled by Elon Musk —
The ERS Ecosystem issues the ERS token, which is the world's first cryptocurrency controlled by Elon Musk. If you are wondering why this is a good idea, consider the following.
Today, many countries have fast-growing inflation rates (Oct. 2021: Europe >4%, Russia >8%, Brazil >6%, Turkey >19% or Argentina >52%). The USD, the world's most traded fiat currency, is facing an inflation rate of over 7% — a 30-year high. Thus, from day to day the USD loses value with the effect of everything getting more and more expensive (tendency increasing). This has to do with the excessive money printing of the US Federal Reserve System (FED). In fact, 40% of all USD have been printed in the last 12 Months. Some people already see the beginning of a hyperinflation cycle, i.e. the collapse of the USD. If this seems exaggerated to you, keep in mind, the FED can edit the money database whenever they want, i.e. print unlimited amount of USD. Since the USD is exclusively controlled by the FED and the FED might be heading for an abyss, maybe it is worth thinking about giving control to someone who we trust. Trust in the sense of being able to handle cognitive challenges, knowing how to manage large amounts of money, as well as being a dog-loving tech mastermind on a mission to save the world. None other than the richest man alive, Elon Musk himself, seems to be suitable for this task.
As a result, Elon's Reserve System (ERS) is our response to the problem outlined above and Federal Reserve System vs Elon's Reserve System the journey we take. The ERS Ecosystem is a 5 layer architecture, which binds Elon Musk's Twitter commands to the execution of ERS token functions resulting in creating or destroying token stocks (minting/burning or inflation/deflation). Every newly minted ERS token is emitted through the ERS Treasury, a smart contract acting as a vendor. We believe that giving Elon Musk full control of money supply is a great idea to accelerate the advent of a better monetary system. If you are missing full decentralization here, that is by design, because Bitcoin already does that job pretty well.
ERS Layers
The ERS Ecosystem is deployed to the BNB Smart Chain (BSC) and consists of 5 layers, one above the other with cross dependencies between them. Starting from the bottom, the base layer is the ERS token itself. The ERS Treasury acts as a vendor to hold and sell, and sits on top of the token. Layer 3 is an oracle interface to provide an on-chain API for Elon's Twitter commands. Elon's Twitter itself resides at layer 2. At the top, the ERS Ecosystem sums up the stack with an NFT collection. For more information, check the details on each layer below.
NFT Collection
LAYER 5
This is not only about mentioning the term NFT, to ride the wave 2021 NFT madness. We plan to create an NFT collection of Elon's interaction with the ERS Ecosystem. Each NFT, also to ensure authenticity, will be an integral part of the system. Apart from the creative art expression, every NFT hodler will gain special voting rights on our journey to migrate the ERS Treasury (Layer 2) to a full-fledged DAO.
Elon Musk's Twitter
LAYER 4
We all know Elon loves to express himself via Twitter. He shares personal information about his family, he shows us his good sense of meme based humor, and most of all, he also lets us take part in important financial decisions (Elon's poll). So why not use his favorite medium of interaction to control the monetary supply of a new cryptocurrency? Utilizing the Twitter API with an oracle bridge, Elon's Twitter commands trigger create/destroy (mint/burn) functions on our ERS token contract. All he needs to do is tweet: "ERS++" to mint a fixed amount of new tokens or "ERS--" to burn a fixed amount of existing tokens. Additionally, Elon can also interact with Twitter polls we provide for critical decision-making.
Oracle Interface
LAYER 3
In case you are wondering how we feed real-world data into the blockchain — oracles are the answer. Our oracle interface acts like a bridge between the BSC blockchain and the real-world off-chain data from the Twitter API. Think of it as an on-chain API for the ERS Token's smart contract functions to trigger the mint/burn actions required to alter the token supply. All data provided by the oracle is an immutable copy of Elon's Twitter commands and is thus available for future smart contract use. Our oracle is built on top of a Chainlink service that aggregates the data and submits it for on-chain usage.
ERS Treasury
LAYER 2
All ERS supply commands commissioned, result in ERS token adjustment of the ERS Treasury's balance. Every mint triggers a genesis transfer of ERS tokens directly into the balance of the ERS Treasury. Every burn triggers a decrease on the balance sheet. Supply adjustments affect only token stocks of the ERS Treasury balance (not any privately owned ERS). As a result, the ERS Treasury handles three tasks: (1) hold an Elon approved balance of ERS, (2) allocate funds to selected markets and (3) act as a vendor to directly sell ERS on the basis of a predefined exchange rate. Starting with the presale period, all available ERS token will be sold at a fixed price. For client protection while bying ERS from the ERS Treasury, the ERS/BNB exchange rate (of initially 40,000 ERS per 1 BNB) can only be modified if there has been no exchange activity for 10 days or longer. Additionally, we have integrated a donation pattern in favor of the address of the highest exchange transaction ever recorded. Thus, all regulated function calls inside the ERS Treasury contract will donate 1337 ERS to that address. The implementation as well as the smart contract's address of the ERS Treasury can be verified with suitable blockchain explorers.
[0xC7ad41d81A33c03dCf9069C86f4A2295e2Bd27BB]
ERS Token
LAYER 1
The backbone of the ERS Ecosystem is the token it runs on. The ERS token is the world's first and only cryptocurrency controlled by Elon Musk. By design, Elon controls single-handed the token supply. The only limitation are 0 <= supply <= max cap (420M). Within that range, Elon can create/destroy (mint/burn) a fixed amount tokens (42M) as many times he feels to do so. A supply change can be triggered every 42 days. The ERS token is based on the ERC20 standard. It is created with an initial supply of 42M and has 18 decimal places to align it with its underlying blockchain currency BNB. Its implementation as well as the smart contract's address can be verified with suitable blockchain explorers.
[0x64e8e0E385CeEB851CB19d62A5A12Dd988A0Ecc2]
Tokenomics
420M
MAX CAP
The ERS token will have a maximum supply cap of 420,000,000 token. Each will have 18 decimals places, an ERC20 specification that aligns it with its underlying blockchain currency BNB.
42M
INIT SUPPLY
The initial ERS token supply will be exact 42,000,000, i.e. 10% of the max cap. The initial supply will be the only supply until the bootstrapping period is completed, and Elon Musk starts to mint new tokens.
80%
PRESALE
The ERS presale starts immediately with mainnet deployment via direct token purchase through the ERS Treasury contract. 80% of the initial supply, i.e. 33,600,000 ERS, will be available for purchase. Each ERS token will start at a price of 0.000025 BNB, about 0.01 USD.
20%
RESERVE
A financial reserve of 20% of the initial supply, i.e. 8,400,000 ERS, is retained by a private wallet. These tokens will be locked until needed for exchange liquidity, marketing strategies, airdrops, burning or remuneration of the development team.
FAQs
Do you have any questions? We are happy to help.
When did the Presale start?
ERS was launched on the twosday tuesday 22022022 (22nd Feb 22) at 22:22 UTC.
How to get ERS ?
We use MetaMask as our wallet app of choice. You can exchange and securely store ERS tokens with MetaMask or any other wallet provider. Get ERS in 5 easy steps:
This is optional. Verify the ERS Treasury smart contract address [0xC7ad41d81A33c03dCf9069C86f4A2295e2Bd27BB] on BscScan, a trusted BSC blockchain explorer.
Get MetaMask Wallet for BSC blockchain interaction. This is your gateway to ERS. Either use the mobile app or a browser extension.
If not done already, setup your MetaMask to connect to the BSC blockchain. Official Tutorial
Send some BNB to your MetaMask BSC address. BNB is needed to purchase some ERS in the next step.
Now, using MetaMask, send some BNB to the ERS Treasury address from step 1. Within presale you will receive 40,000 ERS for 1 BNB (start price of 0.000025 BNB, about 0.01 USD).
OR
Use MetaMask and swap some ERS using PancakeSwap, our DEX of choice. (available after enough BNB liquidity has been raised)Verify received ERS by checking your address with MetaMask or BscScan. Congratulations, now you own ERS.
Where to trade ERS ?
We will be listed on PancakeSwap after mainnet deployment. If enough BNB liquidty has been raised, ERS can be traded all night and day. But we are still in the very early phase of a crypto launch. So, if things go well and the community request demand for ERS token, we are sure to be well-prepared for any circumstances (e.g. liquidity or listing fees) along the way of getting listed on a major DEX/CEX exchanges.
Will Elon ever take action ?
Who else, if not Elon Musk? But of course, the ERS Ecosystem has to cross a certain threshold of user interaction first to be noticeable to him at all. If Elon notices us, things will go parabolic, that is for sure. We are confident that together we can make this happen. On Twitter, we are taking action every day.
Shouldn't this be launching on Ethereum?
True, but according to our Twitter poll, the ERS community (7 people ¯\_(ツ)_/¯ ) decided to launch the system on the BNB Smart Chain (BSC) , previously named "Binance Smart Chain", instead. And we listen to our Twitter base.
