Create on Perohub

Perohub Web3 Whitepaper

Perohub now enables artists to leverage Web3 technologies to financialize themselves.

Briefly, an artist can issue their own ERC-20 token whose price is pegged to their revenues on Perohub.

Tokens

Currently all tokens are minted on Base chain.

There are two kinds of tokens. PERO and ArtistCoins. PERO is platform token used to mint ArtistCoins, initial purchase ArtistCoins, and to receive dividends.

An artist can issue their own ArtistCoin and give it whatever symbol they like, as long as it hasn't already been taken on mainnet.

PERO

PERO is the platform token and is ERC-20 compatible, meaning that once it is minted you can trade it freely across the Web3 world.

PERO is used when:

  • An artist wants to issue his/her own ArtistCoin
  • A user wants to buy some ArtistCoin during initial sale
  • ArtistCoin holders receive dividends
  • Purchase Perohub contents when the artist has created a web3 wallet on Perohub

PERO will be sold through an on-chain IDO. Users can connect a Coinbase Smart Wallet on Perohub and buy PERO with USDC on Base. The IDO contract reads the Uniswap v3 PERO/USDC pool TWAP and calculates the PERO output from the current on-chain quote.

ArtistCoin

ArtistCoin is ERC-20 compatible, meaning that once it is minted you can trade it freely across the Web3 world.

Every artist can issue their own ArtistCoin, and ArtistCoins of different artists are different tokens.

For convenience, let's call ArtistCoin the collective term for all tokens issued by artists, and artistCoin for a token issued by one artist.

When an artist issues an artistCoin, they will have to set a revenue share to dispatch dividends to artistCoin holders. Perohub will make sure every time the artist withdraws, the share of the revenue will be distributed to the artistCoin holders denominated in PERO.

When dispatching dividends, Perohub will buy PERO from DEX instead of minting new PEROs to keep PERO price stable.

Currently Perohub only buys PEROs from Uniswap v3, where Perohub provides the initial liquidity.

During the initial token offering, users need PEROs to buy the artistCoin at a price set by the artist. After that, artistCoin can be traded freely in Web3 world.

Tokenomics

PERO was initially minted with a 10,000,000 token supply. Perohub can fund the PeroIdo contract with the PERO inventory intended for public sale; when a user buys, the contract transfers USDC to the treasury and sends the quoted PERO amount to the user's wallet. The IDO contract does not require Perohub to seed USDC into it, only PERO inventory.

PERO IDO pricing follows the on-chain TWAP from the Uniswap v3 PERO/USDC pool. The contract supports configurable per-wallet limits, per-purchase limits, hard cap, TWAP window, liquidity guard, and quote bounds to reduce low-liquidity or abnormal-quote risk.

All ArtistCoin holders will receive 2.6% more PEROs when distributing PERO dividends, to encourage people to hold ArtistCoins instead of PEROs, which also means, if PERO's demand can't catch up by 2.6%, the price of PERO will drop slightly.

This shouldn't be a trouble for ArtistCoin holders as 2.6% inflation will firstly go to those holders and the rest PEROs are bought from market.

After the public IDO inventory is sold out, the only way to mint PERO is through ArtistCoin dividend distribution, at the inflation rate of 2.6%.

After initial offering of artistCoin, the only way to mint new artistCoin is to execute a proposal on chain, which can be created by any one of the holders, and has to be approved with vote by over half of the artistCoins held.

Immutability

Most of the things we talked about earlier are immutable on-chain, including:

  1. PERO balance, transfers, etc., as it is an ERC-20 token
  2. ArtistCoin balance, transfers, as it is an ERC-20 token
  3. The only way to mint PERO is through dividend distribution with 2.6% inflation
  4. The only way to mint ArtistCoin is through proposal
  5. The proposal needs votes from over half of the artistCoins held
  6. The trade between PERO and ArtistCoin
  7. The purchase of PERO through the IDO contract and on DEX

Below is not on-chain:

  1. PERO IDO parameter maintenance and inventory funding are initiated by Perohub/the contract owner.
  2. DividendDistribution contract needs to be called by Perohub's server every time an artist (who has issued an artistCoin) withdraws. This is not guaranteed by blockchain as all revenue of artists come from fiat at the moment.

Perohub has deployed contracts below on Base

  1. PERO.sol 0x26b1ACd3B988e2b3F07297b7279cbF68b03b9243
  2. ArtistCoinFactory.sol 0xcaa1BFeF62e2925c43ED211c879C8FB01101d8c6
  3. ArtistCoinGovernance.sol 0xD4690ea94ADA3ae3f9F2B434831588Aad6b85449
  4. DividendDistribution.sol 0x28633D6c6132C74f3986801BdfAC2Be7a68a47d2
  5. PeroIdo.sol 0x205E35cbC458912488E42f6d7c3963d8a523b012

After the launch, those contracts will remain upgradable for a period of time in case there are uncovered critical bugs. After that those contracts will be totally immutable.

Roadmap

Stage 1

  1. PERO IDO
  2. Some artists may have already issued their artistCoins, you need PERO to buy their artistCoins
  3. Perohub seeds initial PERO <-> USDC liquidity on Uniswap v3
  4. Dividend distribution contract starts working with the Uniswap v3 liquidity pool. Dividend distribution does not buy PERO from the IDO contract; it uses DEX market pricing.

Stage 2

PERO IDO initial inventory sells out.

Stage 3

  1. Perohub plans to support NFT trading using ArtistCoin soon.
  2. Perohub may maintain an exchange between PERO and ArtistCoin, centralized or decentralized in the future.

FAQ

Is PERO an ICO or an IDO?

PERO is now sold through an on-chain IDO. You need USDC on Base to buy it, and completed on-chain transactions are irreversible.

Is Perohub doing ICOs or IDOs for artists too?

No, this would make Perohub a centralized exchange. Perohub is not prepared for it.

Where can I buy PERO or ArtistCoin?

You can buy PERO in the PERO IDO with Base USDC, or on any DEX where there is liquidity.

You can buy ArtistCoin on Perohub using PERO during it's initial sale, or on any DEX where there is liquidity.

How can I buy PERO or ArtistCoin?

You can set up your Coinbase smart wallet right on the Perohub website.

After you got a wallet, you can interact with related contracts on Base chain.

To buy PERO, you need Base USDC in your wallet. The Perohub frontend requests USDC approval first, then calls the IDO contract to complete the purchase.

What if I changed device or lost passkey

Coinbase smart wallet leverages biometric identities on your device, fingerprint, FaceID, etc.

Some passkey providers, like Google Password Manager or iCloud Keychain, may be shipped with cloud backup functionality. Be sure to back up your passphrases before changing your device if you set up your Coinbase smart wallet with the device.

Perohub doesn't keep your passphrase in any form. Actually no one does including Coinbase. It only rests in your device.

You won't be able to rely on Perohub to recover your wallet or passphrase. Perohub doesn't know it in the first place.

What if I transferred PERO or ArtistCoin to someone else by mistake?

It is irreversible by design; this is how blockchain works. Be cautious when you make any trade on Web3.

Risk

Cyber Security Risk

Any server can be hacked as reward is high enough. There is no exception for Perohub either.

Basically, Perohub doesn't keep any private key in any form on server. Perohub leverages Coinbase Wallet SDK to trade on behalf itself.

However, hackers could still be able to get SDK API key by hacking the server.

The PERO IDO can only sell inventory that has already been funded into the IDO contract. If the funding wallet or IDO owner authority is compromised before or during a sale, an attacker may steal unsold PERO, change sale parameters, or create market fear about PERO supply release. This would be an asset loss for Perohub; your wallet PERO would remain yours, but a sudden release of PERO could push the market price down.

Perohub also uses hot wallet to call dividend distribution contract on chain. If hacker got this wallet, he could mint PERO at 2.6% inflation rate, but with his own PERO. For example, the hacker had to pay 100 PERO to mint 2.6 PERO, which was very likely not to be a good deal.

Investment Risk

For ArtistCoin holders, you have to trust Perohub to dispatch dividends honestly to get PERO dividends. Beyond that everything can be verified on-chain; you don't have to trust, you verify.

And there is no guarantee the price of PERO or the price of any ArtistCoin will go up or down. It's highly up to market.

However, it's guaranteed that PERO's inflation rate is 2.6%, if there is any inflation(no dividend, no inflation).

Disclaimer

PERO is a utility token designed solely for in-platform payments and reward distribution. They do not represent equity, debt, profit-sharing rights, or any other ownership interest and are not intended to be securities or investment contracts under the U.S. Securities Act, the EU Prospectus Regulation, or any other applicable securities laws. Nothing in this white paper should be construed as a prospectus, an offer of securities, or investment advice of any kind.