Summary

There are two ways to mint a Brain:

For those participating in the burn method, BasedAI is issuing an ERC-20 called Brain Credits. You burn Pepecoin to get Brain Credits, you burn Brain Credits to get a Brain.

Each Brain will always cost 1000 Brain Credits, which means the maximum supply of Brain Credits is 1000 * 1024 Brains or 1,024,000 Brain Credits. However, for every 1000 Pepecoin burned, the price in terms of Brain Credits increases by 200 Pepecoin. For example:

For example:

• First 1,000 Brain Credits requires 1,000 Pepecoin.
• Second 1,000 Brain Credits requires 1,200 Pepecoin.
• Third 1,000 Brain Credits requires 1,400 Pepecoin.

Cost of Brain Credits

Fixed: Redeem 1000 Brain Credits for 1 Brain

Variable: Burn 🔥 Pepecoin For Brain Credits

Expected Brain Yields

Brains staking $BASED on mainnet are expected to generate ~13,200 $BASED for the first year, not including additional $BASED earned by others staking $BASED to that Brain nor fees for individual using services provided by the Brain--taking these into account it's estimated to be 30,000 to 80,000 $BASED. There are a maximum of 1024 Brains that can be minted. For a full emission schedule review the BasedAI whitepaper section 3.1 (https://arxiv.org/abs/2403.01008).

Brains are an ERC-404 on Ethereum which is both an ERC-721 and its own ERC-20 comprising 1,000,000 ownership tokens. The rewards earned by that Brain are split based on the percentage of the Brain token owned, with a minimum of 0.01%. For example, if you own 30,000 tokens of Brain #10 you would get 3% of Brain #10’s rewards.

Housekeeping

A web address will be provided for staking your Pepecoin and a contract address will be provided which if you are burning Pepecoin will automatically convert the Pepecoin sent to Brain Credits, burning the Pepecoin in the process and issuing you the Brain Credits.

Credit Pooling

Brain Credits can be both pooled and transferred (traded). So if an individual finds themselves less than 1000 Brain Credits they can pool their credits together with others to jointly acquire a Brain, or purchase the remaining Brain Credits from another individual/sell them to a willing buyer.

Gas-Optimized Contract

The Brain Credit contract has several gas-protecting components including shielding nonce iterations to mitigate some of the effects of a "gas-war".

Warmly,

Based Labs