Alchemy World Smart Contract Mechanisms Tutorial

Alchemy World is a cryptocurrency collection project deployed on Ethereum. Most of the transaction instructions and token circulation instructions are executed by smart contracts deployed on the blockchain. The smart contract mechanism helps players to execute NFT exchange and token economic model operation, therefore it determines the value and scarcity of Rich-Key. In this article, we will lead all alchemists to familiarize themselves with various smart contract mechanisms in Alchemy World and understand how alchemy world works.

1. Alchemy World NFT Exchange

Rich-Key — — NFT in the Alchemy World, supports the use of Ethereum smart contract exchange and extraction. When someone send ETH to extract and exchange Rich-Key, the command to issue a certain proportion of Fire Token to the exchange contract address will be automatically executed by Alchemy World contract.

2. Execution of Exchange Contract

After players login Alchemy World through Meta-mask or a wallet that supports the WalletConnect protocol, players can initiate an NFT exchange request on the exchange page. The player sends the corresponding ETH according to the contract, and completes the transaction process through the wallet plug-in. Then, the smart contract receives a request from the player and randomly returns Rich-Key and Fire passes of different levels to the player’s contract address according to the current exchange rate.

3. Exchange ETH for NFT Contract

In the exchange contract, there is a smart contract mechanism in Alchemy World, the exchange ratiois 1:10=ETH:NFT, which stipulates that the player exchange 500 ETH for NFT for the first time, 0.1 ETH is worth 1 NFT, then the player can exchange Get 5000 NFT.

4. Exchange NFT to Get Fire

The NFT exchange smart contract in the Alchemy World stipulates that when a player obtains NFT through 500 ETH for the first time, the user can get 5000 NFT according to the first NFT exchange ratio 1:10 (ETH:NFT), meanwhile, the smart contract will issue 500,000 Fire to the player according to the ratio of 1:100 (NFT:Fire).

Remarks: Each player can redeem up to 10 NFT at a time. The exchange ratio of NFT to Fire will be reduced as the number of exchanges increases.

The ratio of ETH to Rich-Key and free Fire In smart contractis as follows:

Remarks:The minimum exchange amount is 0.1ETH, and the exchange value is a multiple of 0.1, exceeding or less than the number will return ETH to the original address (a maximum of 10 copies each time)

5.Destroy Fire to dig Fe

The contract mechanism for destroying deflation is a major innovation in the alchemy world. In the smart contract, we stipulate that 100% Fe can only be obtained through mining. Early users can destroy Fire to dig Fe in a certain exchange ratio in the V1 Genesis Mining Pool. Initial 1000 Fe, second week 500 Fe, third week 250 Fe, fourth week 125 Fe, APY will be halved every week.

6. Swap and Casting NFT with Fe

At present, most traditional NFT is mainly collections or investments. NFT in alchemy world not only have a certain collection investment value, but also, as an important part of the economic model. NFT can perform swap and casting instructions through smart contracts to improve the growth space of NFT value.

NFT swap contract: By interacting with the contract, the user selects the NFT to swap, then send the NFT to the contract address, the contract will resend back the corresponding Fe to the user account.

NFT casting contract: By interacting with the contract, the user selects the NFT to be casted, sends the Fe needed for casting, and the contract returns the corresponding NFT to the user account.

7. Fe Transaction (Destruction/Bonus)

The Alchemy World has carefully designed an economic models of deflation mechanism to ensure that the project runs for a long time. The ecology will not be destroyed by the excessive proliferation of tokens, so as to guarantee the interests of players and lay a foundation for the subsequent economic ecology of DeFi.

Note: In case of Fe transfer, 10% of the transfer amount will be deducted, 5% Token will be destroyed directly, and the remaining 5% will be transferred to the address of bonus pool.

Smart contract action: 10%Token will be deducted as long as there is any interaction with the contract, such as extracting revenue/transferring money /UNI trading