You signed in with another tab or window. Reload to refresh your session.You signed out in another tab or window. Reload to refresh your session.You switched accounts on another tab or window. Reload to refresh your session.Dismiss alert
Currently Waves supports only a 'static' asset distribution model, where the issuer creates an asset with fixed quantity (and if necessary increases the supply with another re-issue tx). It's an asset owned by the issuer and distributed by the issuer to its shareholders/customers/users. It's basically a 'pre-mined' asset, centralized by design.
I was thinking of another class of assets with a dynamic and decentralized distribution model, a 'mineable' asset, where the token is distributed to miners as reward for securing the network.
Anyone can create a new 'mineable' asset, same process as with current assets, but the distribution is delegated to the network and follows a specified 'mining reward policy'. The issuer only starts the process by creating an asset issuance tx with the specified monetary/reward policy. With a mineable asset, you can basically create an altcoin on top of Waves.
The distribution could be mixed, you can have an asset with an initial fixed supply plus a dynamic reward (ex. 100M tokens plus a reward of 10 tokens every new block for 1M blocks).
The purposes are different:
-giving an incentive to run a full node and secure the network. Miners not only get the fees in mined blocks, but also all token rewards of mineable assets
-creating assets with decentralized distribution models, such as altcoins (but there could be many other use cases)
-creating assets/altcoins with inflationary/deflationary models
-ICOs launching on Waves could contribute to secure the network by adding an inflation reward to their assets (this way not only Waves users but also ICO users would be incentivised to setup a Waves node; it's in the best interests of any projects running on Waves to have a secure network)
The monetary policy could be specified, for example, tx type 3 by adding a new field or replacing the reissuable field.
Here is just an idea for a 'policy' field:
null for premined (as current assets) ex: "policy": ""
"x:n" n tokens every block starting at block x ex: "policy": "350000:10"
"x:n:b" n tokens every block for b blocks starting at block x ex: "policy": "350000:10:100000"
"x:n:s:b" n tokens every s blocks for b blocks starting at block x ex: "policy": "350000:10:10:100000"
"x:n:s:c:d" n tokens every s blocks starting at block x; n = n / i every d blocks ex: "policy": "350000:10:10:2:525600"
To prevent spam, issuing a new mineable asset should be more expensive than regular assets, 1K-10K waves???
Use case examples:
I want to create an altcoin with a fixed market supply of 1M coins and distribute it to network miners over a period of 10000 blocks (approx. 7 days), ie automatic distribution without central party:
"policy": “350000: 100 :10000"
I want to create an altcoin with the same monetary policy of bitcoin (starting with a 50 coins reward every 10 minutes, halving every 4 years)
"policy": "350000:50:10:2:2102400"
I want to launch an ICO on Waves and distribute 100M coins to participants plus 10M to network miners in 4 years
The text was updated successfully, but these errors were encountered:
We are working on something similar on a Waves fork but also still depends on premined assets that is locked within an account, till it is mined. But before multisig or smart contract comes out it is by design centralized, still
"it's in the best interests of any projects running on Waves to have a secure network" again same misconception. You should think of them as greedy, self-serving businessmen by default.
Currently Waves supports only a 'static' asset distribution model, where the issuer creates an asset with fixed quantity (and if necessary increases the supply with another re-issue tx). It's an asset owned by the issuer and distributed by the issuer to its shareholders/customers/users. It's basically a 'pre-mined' asset, centralized by design.
I was thinking of another class of assets with a dynamic and decentralized distribution model, a 'mineable' asset, where the token is distributed to miners as reward for securing the network.
Anyone can create a new 'mineable' asset, same process as with current assets, but the distribution is delegated to the network and follows a specified 'mining reward policy'. The issuer only starts the process by creating an asset issuance tx with the specified monetary/reward policy. With a mineable asset, you can basically create an altcoin on top of Waves.
The distribution could be mixed, you can have an asset with an initial fixed supply plus a dynamic reward (ex. 100M tokens plus a reward of 10 tokens every new block for 1M blocks).
The purposes are different:
-giving an incentive to run a full node and secure the network. Miners not only get the fees in mined blocks, but also all token rewards of mineable assets
-creating assets with decentralized distribution models, such as altcoins (but there could be many other use cases)
-creating assets/altcoins with inflationary/deflationary models
-ICOs launching on Waves could contribute to secure the network by adding an inflation reward to their assets (this way not only Waves users but also ICO users would be incentivised to setup a Waves node; it's in the best interests of any projects running on Waves to have a secure network)
The monetary policy could be specified, for example, tx type 3 by adding a new field or replacing the reissuable field.
Here is just an idea for a 'policy' field:
null for premined (as current assets) ex: "policy": ""
"x:n" n tokens every block starting at block x ex: "policy": "350000:10"
"x:n:b" n tokens every block for b blocks starting at block x ex: "policy": "350000:10:100000"
"x:n:s:b" n tokens every s blocks for b blocks starting at block x ex: "policy": "350000:10:10:100000"
"x:n:s:c:d" n tokens every s blocks starting at block x; n = n / i every d blocks ex: "policy": "350000:10:10:2:525600"
To prevent spam, issuing a new mineable asset should be more expensive than regular assets, 1K-10K waves???
Use case examples:
"policy": “350000: 100 :10000"
"policy": "350000:50:10:2:2102400"
The text was updated successfully, but these errors were encountered: