Note: This reflects the whitepaper as of June 16, 2021. As changes are made and the project evolves, you can view the changes on our live whitepaper

Abstract

The Altruism Protocol (Altrucoin) is a community-driven, automatic yield-generating token created on the Binance Smart Chain. The protocol was designed to produce decentralized charitable donations and to provide a safe, appreciating store of value for token holders with strong incentives for long-term investment and a clear use case.

Token Information

BSC LINK: https://bscscan.com/token/0xeDAF1F5B8078d4feb4E13c8d5A2c8dE1365be7b6

Core Values

  • Charity — Giving to impactful charitable causes to change the world for the better.
  • Decentralization — Ensuring no single entity or group has complete control of the protocol.
  • Community — Through decentralization Altrucoin will remain community-driven, built, and controlled.
  • Security — Creating a secure store of value for all our holders.
  • Growth — Producing yield generation and creating a sensible investment for our holders.
  • Transparency — Complete transparency in all aspects of the project.

What Sets Us Apart?

Our team has identified several issues with existing frictionless yield-generation tokens, and has devised solutions for each of them:

Altruism Protocol Ecosystem

Altrucoin

Altrucoin ($ALTRUCOIN) is the token used and created by the Altruism Protocol smart contract. It is a BEP20 token deployed on the Binance Smart Chain on 06/01/2021. The token was launched publicly using the DxSale’s DxLaunch decentralized launch platform with no tokens being kept by the development team. Altrucoin actively implements the DxSale’s DxLock wallet locking tool for liquidity pool locking. More details are available in the Governance, Security, and Audits section.

Binance Smart Chain

The Binance Smart Chain (BSC) is a blockchain created by Binance (the creators of $BNB and the Binance Exchange, the largest exchange in the world) with BEP-20 smart contract compatibility allowing for high-performance decentralized applications to be launched on the BSC. Applications that are launched on the BSC have their transactions verified and validated by the BSC for a small transaction fee. The BSC was created to facilitate fast, decentralized, multipurpose transactions with low transaction fees to using the network for verification.

Decentralized Exchange

Altrucoin was launched with Pancakeswap as the first public exchange. Pancakeswap is the largest decentralized exchange (DEX) built on the Binance Smart Chain. It allows users to swap between BEP-20 tokens along with many other functions. Pancakeswap gives the community a safe way to purchase Altrucoin in exchange for BNB, a full purchasing guide can be found here. In the future, Altrucoin will be available on a variety of major exchanges and DEXs.

Multisig Wallets

Using the Gnosis Safe Multisig application we have implemented Multisig verification on every wallet related to the Altruism Protocol and have built the initial framework for decentralized governance of these wallets into the smart contract from the start. Multisig verification requires that a minimum number of core team members approve every transaction. This added layer of security aligns with our core principle of creating a secure store of wealth for all our holders. Learn more here: https://academy.binance.com/en/articles/what-is-a-multisig-wallet

  • Charity Wallet Contract: 0x523F8b8949eaEa6909C6877459a74Af4C943271F
  • Development Wallet Contract: 0x9CCB1ceF587E5A7a87489b983AbbDB73c6EE2f89
  • Marketing Wallet Contract: 0x4B28560597fDD73b54f729055b0945A951056078

Charity Voting System

At launch, we will have a decentralized application available for all users to be able to vote on charitable requests. User votes are based on a snapshot of the blockchain at the time of the request and are weighted based on the number of tokens owned. To participate in the voting process users will only need to connect to the application using a web 3.0 wallet such as Metamask or Trust Wallet. The voting system can be found here: https://vote.altrucoin.io/#/

Tokenomics

We aim to build upon and simplify existing yield-generation tokens. We have implemented simple and transparent systems that incentivize long term investment by rewarding holders through the following mechanisms at launch:

  • Automatic Liquidity Pooling
  • Deflationary Token Burn Through Liquidity Locking and Manual Burning
  • Automatic Charity, Development and Marketing funding
  • Increased usability through planned tax rate reduction with holder yield supplemented by Defi earnings

Simplified fee breakdown:

  • Overall Transaction Fee = 10%
  • 50% of that 10% tax is distributed to existing holders (5% of total)
  • 50% of that 10% tax is distributed to the multisig protocol wallets broken down as follows (5% of total):
  • 40% is distributed to the Liquidity Pool Wallet (2% of total)
  • 30% is distributed to the Charity Wallet (1.5% of total)
  • 15% is distributed to the Marketing Wallet (.75% of total)
  • 15% is distributed to the Development Wallet (.75% of total)

Governance, Security, and Audits

Governance

Our goal has always been for the Altruism Protocol to have decentralized governance once it is sustainable and complete. That is why we have created a complete roadmap of the steps we will be taking to reach that point. More information can be found in the Roadmap to Decentralization section. Until that time, we have implemented many safeguards such as multisig ownership of the contract, repeated liquidity locking, and publicly disclosed identities of all team members.

Contract Ownership

  • We have chosen to maintain ownership of the smart contract so that necessary changes can be made in line with our roadmap (such as altering the transaction fee) until the time where decentralization can be fully implemented. The smart contract ownership will be controlled through a multisig wallet of publicly disclosed core team members.
  • We have taken steps and will continue to ensure that all protocol wallets and applications can be controlled by the community through a decentralized organization.
  • To ensure fairness and community say is taken into account during the time leading up to decentralized control, any major changes to the Roadmap to Decentralization will be voted on by the community using the existing charity voting system.

Liquidity pool locking

We have elected to repeatedly time lock our liquidity pool (effectively burning the locked tokens). This process will use the DxLock decentralized application created by DxSale with re-locking of the wallet once every 3 months. If any changes are made to this process it will be voted on by the community using the existing voting system. The liquidity pool tokens are not to be used for anything besides liquidity or permanent token burn using the 0 dead address.

  • Timed locking allows us to re-evaluate the landscape at timed intervals to see if changes need to be made. Any planned changes will be voted on for approval by holders, if no changes are to be made the wallets will be time-locked immediately after unlocking.

Security Audits

Internal Audits Pre Launch

Roadmap to Decentralization

Our roadmap can be found here: Roadmap

Charity Selection

Application Requirements for an Altrucoin Donation

The following documents must be included in your application:

  • Form 990
  • IRS Non-Profit Determination Letter

How Charites Are Chosen

The Altruism Protocol is a set of defi tokens built to bring together defi lending, token reflection, charity donations, staking, and decentralized governance.