Onigiri Bank is a smart contract built on the . A smart contract is a self-executing computer protocol that digitally enables, verifies or enforces the negotiation or performance of credible, traceable and irreversible transactions without third parties thereby making them more secure and superior to traditional contract law.
Furthermore, they reduce transaction costs associated with contracting. Moreover, they are supposed to be trustless, though nowadays many scammers take advantage of this to steal money, property and confidential information from their victims, so always do your own due diligence, please before you dive in.
As I am typing this article, Onigiri Bank already have more than 145 investors, more than 690 ETH in the smart contract, and more than 628 ETH LockBox balance, but they only opened less than a week ago. Before the end of this month they will be on as well.
The way it works is this: You deposit your ETH into LockBox using Metamask (minimum ETH deposit is 0.025 ETH and there is no maximum limit), and as soon as you deposit, 84% of it goes into your Lockbox and 12% goes to contract (if referral is used 11%) and 4% goes to general fees.
What’s the LockBox? It is where your ETH sits and is available for you to withdraw it at any time without any charges. If you deposit 1 ETH into the LockBox now; 0.84 ETH goes into your LockBox and you can withdraw it any day any time even when the website is off you can withdraw using etherscan; 0.12 ETH goes to contract (if referral is used 0.11 goes to contract) and 0.04 ETH goes to general fees. Once your ETH is in your LockBox, only you can withdraw it.
Thus, the maximum amount of ETH you can lose is only 16%. You can lose it by depositing now and withdrawing before you break even on the 16% (which takes about a month), or you can lose it when the platform just dies down and the rewards available amount goes to zero before your one month break even point or you can just lose it by not bothering to withdraw and/or compound your daily reward earnings.
Reward earnings are added to your daily reward earnings every hour. The amount of ETH you earn every hour or every day depends on the amount of ETH stored or sitting in your LockBox. 0.99 ETH and less earns you 0.6% per day, 1 to 50 ETH earn you 0.96% per day, 51 to 100 ETH earn you 1.2% per day, 101 to 250 ETH earn you 1.44% per day and 251 ETH and above earn you 1.8% per day. The more ETH you bank, the more interest you earn.
You can withdraw your hourly or daily reward earnings any day any time and even when the website is offline (using etherscan when Onigiri Bank website is not working). Daily reward earnings withdrawals attract a 5% charge where 3% stays in the contract and 2% goes to general fees.
Yes, you can compound your hourly or daily reward earnings any time. However, whenever you compound, 84% goes into your LockBox to give birth to more ETH babies for you and 16% goes to the main contract. Please, please keep this in mind. Whenever you deposit, compound or withdraw, you use your Metamask and pay for gas. Please don’t withdraw or compound ETH amounts that are less than your gas payment in ETH or US dollar value because you will be making a loss. Compounding or withdrawing once or twice a day is better depending on your daily reward earnings.
Who are the project founders? Onigiri Bank was founded by Bunga and Ivan. Ivan is a highly skilled and experienced solidity developer. Bunga is an experienced, highly skilled UI developer and YouTuber.
How much can you make in this project? If you deposit ETH into your LockBox today in such a way that the LockBox balance is 1 ETH, and compound the earnings once a day for 12 months, your earnings will be as shown below:
The figures above shows earnings of a person who just started with 1 ETH in the LockBox and just compounded once everyday for 12 months without depositing any more ETH. However, you should remember to take off 16% from the daily earnings you are compounding each day which makes you have about 26.19 ETH after 12 months. Not bad, especially with the price of 1 ETH going up like crazy.
Published at Wed, 15 May 2019 23:09:44 +0000
![Re: [ann] bitconnect coin - decentralized cryptocurrency](https://ohiobitcoin.com/storage/2017/04/Nm7gfB.jpg "Re: [ann] bitconnect coin - decentralized cryptocurrency")
