Staking

Everyone's Invited

Staking is a feature that lets the holder of a token allow anyone to mint copies from it. Staking is optional and lets the holder show support to the artist. Staking signals you want more people to mint a particular song, and encourages others to mint a copy from your copy, which gets you referral points. Referral points might be used for things in the future, depending on the contract.

There are 2 states to a token being staked:

Off - No one can mint a copy except the owner of the token.

On - Anyone can mint a copy from the token.

Referral Points

Each time a copy is minted from a token, referral points are earned. Minting a copy adds one referral point to that token. Thus, minting ten copies accumulates ten referral points. By staking, others can mint from your token, helping you earn more referral points than if you did all the minting yourself.

Currently the referral points aren't on chain, because it would have cost more gas on mainnet to do that and I'm not sure how much people care about referral points.

Future Referral Point Plans

The intention is that for the ETH layer 2 version of The Contract Wizard that I will try to get the referral points to be tracked on chain instead of just off chain event logs, since layer 2's have much cheaper gas.

I also want to allow the contract owner to share the mint with the referral wallet, so staking could reward holders with both referral points and pure ETH from a tiny split of the mint, if the owner allows it.

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