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RiDiDa Whitepaper

RiDiDa is a permissionless multi-chain NFT marketplace that facilitates the exchange of digital art ownership through NFTs, utilizing ERC-721 and ERC-1155 standards. The platform offers features like a Launchpad, Secondary Marketplace, NFT Validator, and governance through its $RiDi token, which allows users to propose changes and vote on platform developments. Transactions incur a 2% fee, waived if paid with $RiDi, and users can earn $RiDi through marketplace activity or airdrops.

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4 views11 pages

RiDiDa Whitepaper

RiDiDa is a permissionless multi-chain NFT marketplace that facilitates the exchange of digital art ownership through NFTs, utilizing ERC-721 and ERC-1155 standards. The platform offers features like a Launchpad, Secondary Marketplace, NFT Validator, and governance through its $RiDi token, which allows users to propose changes and vote on platform developments. Transactions incur a 2% fee, waived if paid with $RiDi, and users can earn $RiDi through marketplace activity or airdrops.

Uploaded by

shrmda786
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Introduction

RiDiDa is a permissionless multi-chain NFT marketplace that enables the exchange


of ownership rights to digital works of art using non-fungible tokens (NFTs). NFTs are
unique digital assets that are used to represent distinctive goods like collectibles and
original pieces of art. RiDiDa uses two NFT token standards: ERC-721, which
permits the manufacture of one-of-a-kind goods, and ERC-1155, which permits the
creation of multiple editions of an item. All the transactions at RiDiDa are governed
by well audited Smart Contracts and are recorded in a public ledger called the
Blockchain, which makes the entire process secure, transparent, immutable and
robust. RiDiDa offers a wide range of services such as Launchpad, Secondary
Marketplace, NFT Validator etc. $RiDi is the governance and utility token of RiDiDa.
RiDiDa levies 2% platform fees for each trade, with the buyer and seller both
contributing 1%. If $RiDi token is used as mode of payment, the fee is exempted.

PLATFORM FEATURES

LAUNCHPAD
For the launchpad request to be accepted, the following conditions need to be
fulfilled

● Finished or going to start a token sale / IDO


● Going to release a new NFT collection
● 1000+ community(twitter or telegram or discord)

SECONDARY MARKETPLACE

RiDiDa’s secondary marketplace includes many useful features, making the platform
a favorite for traders.
To sell NFT, you should visit the Profile page to browse all NFTs you have. RiDiDa
developed an extremely potent Profile that enables you to search and filter among
NFTs in your wallet and keep track of all transactions involving your NFT and wallet.

There are mainly 2 ways to trade an NFT on RiDiDa:

● Fixed Price Listing


● English Auction (with incentive bidding)
Buyers can browse variety of NFTs listed for sale/ auction and buy/ place bid by
paying the required amount.
RiDiDa levies 2% platform fees for each trade, with the buyer and seller both
contributing 1%. If $RiDi token is used as mode of payment, the fee is exempted.

NFT Verification

The RiDiDa team regularly examines the legitimacy of any newly posted NFT
contract, and the status of that verification will be indicated as a sign next to the
collection name.
The verified icon may mean either of the cases below:
● The contract address of the NFT matches one of the contracts that is created
by the NFT project team.
● The contract of the NFT belongs to its NFT project.
● The NFT is verified on other famous marketplace as well.
This is to prevent users from buying fake NFTs that are usually created by
scammers.
The unverified icon may be displayed for any one of the reasons below:
● We are unable to determine or contact the project team for this NFT;
● This NFT’s contract is malformed;
● This NFT can be fraud or fake;

Here is how a verified NFT Collection page looks


NFT VALIDATOR –

Users can validate any token using the NFT Validator. The NFT Validator has various
checklist to check several features of an NFT such as the standard, token URI,
Name, symbol etc.

NFT RANKING & ACTIVITIES


An activity is an occurrence in the marketplace. Almost all of your operations,
including Listing, Bidding, and Sale, will result in an activity. To track NFTs you've
already sold or bid on, you can search your own activity in your Profile page.

LIST OF ACTIVITY TYPES

● Listing as auction
● Listing as fixed price
● Listing cancelled
● Sale as fixed price
● Sale as auction
● Sale, buy accept
● Offer bidded
● Offer, buy offer
● Transfer

$RiDi token

$RiDi is an ERC-20 governance token and utility that gives its owners the power to
direct the course of RiDiDa's development. For instance, $RiDi token owners can
propose changes to the platform's trading costs or new features, vote on such
suggestions, serve as community moderators, and curate art. $RiDi token can also
be used as a currency while trading the NFTs, if done so, the trading fees is
exempted.

Maximum token supply for $RiDi is 30 million, of which 60% will be used to reward
platform users, 5% will be airdropped to NFT holders in the community and 35% of
the total quantity of $RiDi tokens will be distributed to investors and the RiDiDa team.

How to receive $RiDi tokens?

1. Utilize the RiDiDa marketplace to earn it.

For sellers and purchasers on the RiDiDa marketplace, who will get $RiDi via
weekly distribution in accordance with weekly purchases and sales volumes,
more over half of $RiDi's entire supply is set aside.

● Mining for market liquidity begins right now, on December 28, 2022!
● Every Sunday, counterparties that transacted on RiDiDa throughout the
previous week receive 75,000 tokens.
● As a result, issuance occurs every Sunday beginning on December 28, 2022,
for 200 weeks.
● 50% of the money distributed is split evenly between the buyers and the
sellers.

We retain the right to change the way that Marketplace liquidity is mined in order to
ensure that any potential attempts to game the system and skew the results can be
halted.

2. Buy it on Pancakeswap

We have added liquidity for $RiDi token on Pancakeswap(Decentralized exchange on


Binance Smart Chain).
● Go to the PancakeSwap Exchange page.
● Choose the $RiDi token
● Choose the token you want to use as the currency to buy.
● Enter the amountReview the details and click 'Swap'
● You're done!

3. Participate in the airdrop


We are offering a $RiDi airdrop to all RD holders as a way to debut the coin. All
buyers of RD NFTs , regardless of the platform they utilised, are entitled to 5% of
the entire supply of $RiDi.

Who is eligible to take part in the airdrop?

● Existing RD Holders will receive 5% tokens in airdrop in 10 transactions, 0.5%


each. In accordance with the Liquidity Mining principle, active users will earn
2% of the overall supply of $RiDi depending on prior RiDiDa marketplace
volume. 60% will go to both buyers and sellers.

● Remaining NFT owners will be announced.

PERKS OF HOLDING $RiDi TOKEN

1. Exemption of trading Fees

RiDiDa charges 2% trading fees from buyer and seller respectively but in case
$RiDi token is used as the currency, this fee is exempted.

2. Voting on system upgrades


Token holders' main claim to privilege is the ability to shape platform
development. Whatever the community wishes, it can happen.

1. Holders of $RiDi can submit and vote on proposals about:.

● RiDiDa trading fees


● New RiDiDa features to be developed or implemented by our team

2. Most votes will at first be "advisory votes" during the initial experimental phase
of $RiDi. Although technically non-binding, these votes will provide us with
indications of users' preferences for RiDiDa that, in most circumstances, we
expect to follow. Traditional corporate governance frequently uses such
non-binding votes; for instance, public corporations may conduct "say on pay"
polls to gauge public opinion on executive officer compensation. However, as
time goes on, we'll work with the community of $RiDi owners to establish a
more formal governance framework that will allow for the binding and reliable
implementation of more votes.

3. Moderating creators of the Platform

It's challenging to establish community-based moderation. To address that, we


are establishing a structure that functions similarly to Aragon Court or forming
a partnership.

4. Curating featured Network


Featured artworks/collections & Hot Auctions are handpicked by the
community.

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