Intro to Suidaiya
What it is & How it Works
⚡️ Introduction
Suidaiya is a digital collectible crafted from rare Sui objects, which naturally exist within the Sui blockchain but are typically challenging to discover.
We are taking inspiration from Bitcoin’s mining activities. In Bitcoin, miners aim to find a block hash that is lower or equal to a target hash, usually starting with a series of zeroes. These elusive block hashes require significant computational effort to find, enhancing the security of the blockchain and assigning value to the discoveries.
In Suidaiya, we adopt a similar concept from Bitcoin as a tribute to Satoshi's design, making the minting of a Suidaiya NFT more fair and intriguing for blockchain enthusiasts and cryptographic geeks. Instead of searching for a block hash, Suidaiya miners, or hunters, are seeking for some special Sui objects whose object ID contains a series of leading zeros. Upon finding these objects, Suidaiya miners will be able to mint a Suidaiya NFT that embeds such a special Sui object. The Suidaiya NFT can then be freely exchanged while ensuring the special Sui object remains unaltered.
Suidaiya miners would need to engage in PoW (Proof of Work) to search for these special objects, which theoretically assigns underlying value to Suidaiya NFTs.
Background of PoW NFT
Suidaiya is the world first PoW-minable NFT. We have introduced the concept of PoW mining into NFT minting, aiming to experiment with and explore a more decentralized, fair, and competitive mechanism for launching NFTs. We are a small group of cypherpunks who are dissatisfied with the current methods of launching and selling NFTs. We find practices such as whitelisting, pre-sales, and team reservations to be lacking in transparency, requiring trust in the team behind the NFT brands, which goes against the principles of decentralization. Suidaiya NFTs are governed by code and cryptography, leaving no room for black box operations.
🤔 How does this work?
Sui's storage is centered around objects. Each Sui coin is an object that contains a 32-byte globally unique ID. This object ID is derived from the digest of the transaction that created the object and from a counter encoding the number of ID's generated by the transaction.
Sui coins with leading zeros in their object ID are considered rare, e.g.:
0x0000000020119106c5b3975355506a23a10162c37ffc21060b4674a15ee2bc09The lower the target hash, the more leading zeros will be required, and hence the harder it is to find these object ID's.We provide a miner script that allow you to search for these rare Sui coins, on your laptop, on a VM or with any machine that can run this script. The goal is that initially anyone should be able to run a miner, but over time this may become more difficult.
Once you have mined a rare Sui coin, you can wrap it into a Suidaiya collectible. It is more secure to wrap your rare Sui coins into a Suidaiya collectible, as your valuable SUI coin could be lost if you do some operation on it, such as accidentally trade it. This is due to how Sui transactions work, objects can be merged or splitted, resulting in a new object ID each time. That is why we opt to add a security mechanism into the wrapper contract to protect the underlying Sui coins. Moreover, there can only be 21,000 Suidaiya ever minted, as there is a limited supply of Suidaiya's.
💡 You can always unwrap the Suidaiya collectible back into your original asset, so you never need to worry that you lose the underlying asset value.
Notice that the Suidaiya limited supply of 21,000 is a nudge towards Satoshi's Bitcoin limited supply design.
📈 Difficulty, Supply and Rewards
💡 Important to know is the concept of difficulty, just like in Bitcoin's Proof-of-Work, which follows an exponential curve. The more Suidaiya are minted, the more difficult it will become to mint the next Suidaiya.
Mining difficulty
Similar to the Bitcoin's mining difficulty, the minting difficulty determines the minimum threshold in order to mint a Suidaiya.
The minting difficulty is a global network parameter, which decides how many leading zeros are required to mint the next Suidaiya.
Difficulty will start with a very low number, such that most users are able to find them within a few thousands of computation cycles.
Difficulty will be adjusted according to the number of supply increase over a fix time period in the past. This mechanism is to ensure there’s a controlled supply curve over time.
For more information on minting Suidaiya's, visit Suidaiya Minting below:
$Daiya rewards
$Daiya Token is a governance token used to reward users for minting Suidaiya collectibles. The supply of $Daiya follows the exact same function as the mining difficulty. The more rare the $Suidaiya, the more reward you are eligible to receive.
When you mint a Suidaiya, you will receive proportional $Daiya rewards according to the rarity of the minted Suidaiya. Next ,you can decide to stake your $Daiya tokens into the Daiya Vault in order to earn a share of the platform fees. This is what we call Real Yield, as the rewards are a share of the protocol fees, and rewarded in $SUI tokens, making it much more sustainable.
🖖 How to get started
Check your wallet to see If you already own rare Sui coins (check if they have leading zero's), in that case you may be eligible to receive the airdrop! 🚀
You can decide to run a miner on your own computer. We will also be launching our incentivised testnet soon! So be sure to be part of that Incentivised Testnet ⛏️
Start trading Suidaiya collectibles in one of the supported marketplaces. 🎁 (Coming soon)
Stake $Daiya into the vault and start earning $Daiya from fees and royalties. 🏦 (Coming soon)
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