- What will be the new supply/inflation of the LARYNX tokens? - @dalz
The miners will be theoretically unlimited. However, LARYNX miners do not force inflation. Game theory example. We have mined all of the Speak after the very long x amount of years. You notice your competition has not upgraded to gen Xth miners from this year. If you don't upgrade and they do not upgrade, then the miners do not decrease in rewards; they remain the same mining power. The mining power of older gen miners only degrades if a new-gen x miner purchases from the SIP. But, in practice, if there is a profit to be made by getting a new powerful miner, it will happen. Miners do not roll over, there will be a cap of miners sold per year, but no cap on a total supply. So if only 50% of the miners were purchased, all unpurchased miners from lets say 2021 will be destroyed and replaced by the next gen miners from 2022.
Also, every miner staked is basically burned. It's "powers up" the account with mining power that can never be unstaked. Therefore, miners' inflation rate is different from a normal inflationary token as the sink is just as big as the faucet.
The miners will be sold in a decentralized way, the style is akin to the "eos" ico that infamously raised so much capital. We like the daily auction of miners for a few reasons. No whale can come up and buy all the miners in one go. Daily auctions give all users ample opportunity to get miners via DCA. The everyday auction style is the best game theorized way to raise as much capital in a fair manner as possible—the breakdown for those not familiar. For example (numbers are not real), 100 miners auction off daily. If one person puts in 1 speak, and no one else does, they get 100 miners for 1 speak. If 100 people all put in 1 speak, each would get 1 miner. Also, this will mean SPEAK & HIVE will be taken off the market daily, 24/7 365 days a year, providing a stable atmosphere for the SIP.
Another question I haven't seen asked is how users will upload if you need Broca, and BROCA only comes from mining SPEAK, which is mined by downloading videos/images. The first month of mining will be BROCA; after 1 month, it switches to SPEAK permanently. This will introduce enough BROCA into the ecosystem to have the first videos/images upload, which produces the first SPEAK, which then SPEAK can be staked for BROCA.
- What will be the supply of the SPEAK and BROCA token and its mining rate?
The total supply of SPEAK will be X. ;) - We have some tangible numbers in mind; however, total supply is critical to get right, and at this stage, there is no need to rush it, even if we were already 100% sold on a total supply. We are and will continue to absorb a lot of community feedback to make the wisest choice.
Speak's initial mining will last x years—the same answer for the same reason as above.
The rate at which LARYNX mine speak is x.
Broca inflation rate is x. Broca will be uncapped.
As there is a capped supply of SPEAK, we can choose to do as BTC does with a halving or do a steady decrease each year. We are still debating this and appreciate any feedback here.
A lot of the technology we want to use is already readily available. Proof of access is a proven working model on Arweave, all opensource, we'll simply restrict it to videos/images and have no premine/ico ;). The SIP requires a dex that can payout fees, Uniswap, Sushiswap, and many others do exactly this and are open-source. Aside from some intricacies, most of the pieces are already developed code from centralized 2017 ICOs that raised millions with premine sales.
- Smart Contracts
The goal is to use smart contracts on Hive. We are very excited to see what Blocktrades comes up with. We are also very interested in anyone and everyone building a smart contract solution; we will use the most decentralized, robust one and be looking to help in this area as much as possible. But with so much work being done on this, we rather help an existing solution or one that is about to be built by a large group of people.
@bobinson asked:
- There has to be a decentralized, trustless mechanism which tracks the mining efforts and incentivizes the miners based on a distributed, decentralized, trustless consensus. This will ensure that not just the video/image hosting but the rewards also are immutable and free-as-in-freedom. How do we plan to achieve the same ?
- Have you thought about bringing NFTs to the mix ? The NFTs of today are not actually unique apart from their ids. The images representing the NFTs gets replaced by another one or the host goes down all the time resulting in the NFTs becoming a joke. Standards like ERC-721 has no mechanism to ensure neither uniqueness of NFTs or the immutability of the graphical assets which is used to represent assets. Providing immutable storage on the IPFS and then incentivizing could be a cool thing. Not even WAX can do this now.
- We will need a DEX or an exchange which can support trading, AMM, perphaps ability to talk to other chains .. just somethoughts
Actually 3 tokens, A miner token, a governance token & a gas token.
Yes, we are doing a claim drop to HIVE hodlers; we will give at least a 3-month heads up before the claimed drop starts to give everyone an equal chance to get HIVE if they wish to become early miners.
We will ensure a decentralized, trustless mechanism via Proof of Access. We will go into great detail in the white paper soon to be released.
Yes, images have already been added. The next step is to allow people to tokenize and make into NFTs.
DEX + AMM is the backbone of how the SIP will operate. We will need a fully autonomous one that acts like a uniswap that can then pool fees generated from providing liquidity to miners.
Bobinson continued:
- LARYNX: Airdropped to HIVE holders which will be permanently vested enabling mining. (stake and mine) - Yes.
- SPEAK : Initial Distribution = 0, SPEAK gets minted based on the mining performed by IPFS hosts who hold vested LARYNX. Rate of minting of a given miner will proportional to staked LARYNX.
Yes, + amount of the network you have downloaded. If you have 10% of the network downloaded, you earn rewards 10% for your mining; if you have 100%, you get a reward 100% of the time when mining. The same theory for bandwidth, however, bandwidth will be paid to use, IE those that supply bandwidth that is actually used get rewarded based on the amount used. The more bandwidth you provide, the more chances you will be rewarded when bandwidth mining flipped on from the dapp.
BROCA: Every user on the network will earn (?) BROCA and use the same to perform various operations like upload videos or images. Network bandwidth and disc storage space both will be measured and allotted in terms of BROCA ? Correct
Proof of Access : In this, what are the metrics ? Say, network bandwidth, storage space, latency etc could be measured.
Proof of Access is only for the data video/image storing. Bandwidth sharing will need a different mechanism like an oracle. To avoid confusion, Proof of access = miners, bandwidth provides = Service providers.
- How to measure node/host/SIP-node performance ?
To incentivize the miners we will have to measure and send the predefined performance metrics to the blockchain via trustless oracle mechanism. Each node can be an agent which sends instrumentation data to be received on the blockchain validator nodes. A decentralized mechanism on the chain can use this data to emit SPEAK proportional to the staked LARNYX. Daily cap will be allotted on the amount of SPEAK to ensure no attacks on the network.
Yep, we will need a trustless oracle that handles payments, and the daily cap is a great idea.
@marki99 asked:
- One thing I still don't understand perfectly is how miners will get paid. People stake SPEAK and earn BROCA. They then use BROCA to pay the miners. But miners earn SPEAK for mining, so now I'm confused. Does that mean BROCA is burned, and not paid to miners? Also, the first quote implies that BROCA is tradeable, but RCs are not tradeable on Hive. They can only be consumed for network usage.
Broca is an instant payment to the first miner that puts CIDs (video hashes) into the network for others to download. This is called Proof of access mining. So there is an incentive to be first because you'll get that Broca reward. The rest of the miners who download the videos and have the recall block will be eligible to mine Speak.