SpkNetwork: Going To Lock Up Millions Of HIVE

in LeoFinance3 years ago

We keep getting a few tidbits coming out about the SpkNetwork. As this happens, the potential for Hive keeps growing. Understanding how some of the different pieces are going to operate is paramount to seeing what will take place. This is especially true at the core level.

For months, we discussed the Service Infrastructure Pool (SIP). It is a new concept that is going to radically alter the path of cryptocurrency. We are going to see an entirely new model of funding introduced which also provides value to an existing token. Soon, the days of burning tokens will be obsolete as it is literally torching money. The SIP instead focuses upon growth while also putting existing value to work.

image.png

What makes this so revolutionary is the fact that it is going to lock up a lot of Hive. This will also be used to offer a funding mechanism that can, at the community's discretion, be used to advancement of the entire ecosystem.

To understand the power this is going to provide, we need to see how it will work.

LARYNX Token

The most recent podcast of Community Token Talk provided us with a few more tidbits as to what will be implemented.

According to Hiveblocks, the current supply of Hive is as follows:

hivesupply.png

As we can see, there is just shy of 357 million Hive at the moment. This can obviously change but the important point is there is going to be a 1:1 claim drop to those holding Hive (not sure if main exchange accounts will be eligible). This means, if all tokens are matched, there will be just shy of 357 million LARNYX mining tokens issued.

The miners are not sold so there is nothing added to the SIP* from the distribution. This is how the SPEAK token is created. We will see those holding HIVE start to accumulate this token as mining takes place.

What changes the tokenomics a great deal is these miners lose power each year. Thus, those with older miners will not see the same effectiveness as those who get newer ones. How are new miners acquired? They have to be purchased.

This is the activity that starts to fill up the SIP.

SPEAK Token

Here we see what is produced by the miners. The SPEAK token is where the governance for the system comes from. Individuals with this will have stake in the system and be able to influence decisions based upon their holdings.

Obviously, the more miners one has along with how recent they are, the greater the chance of getting SPEAK tokens. Here we see how people are incentivized to keep investing in LARYNX miners on a consistent basis. Every year or two, those who are serious about the platform will want to upgrade at least a portion of their miners.

We found out a few new items in the latest podcast. One of them is a previously unannounced SPEAK tax. This is incurred each time someone moves a SPEAK token. The idea is for people to stake SPEAK and leave them. This helps with the stability of the system.

Each time SPEAK is moved, a small tax is applied which is then sent to the LARNYX tokens that are staked. It is another to reward those who stake miners, helping to enhance network security.

Positive Economic Loop

The result of all this is there is an economic loop that keeps growing.

People are incentivized in two ways to hold LARNYX tokens. Since they diminish in effectiveness, people have a reason to keep investing HIVE into the network. Each time this happens, it is locked in the SIP, removing it from the open market.

What we see is a reversal of the early adopter situation. Those who get in early benefit for a year or two. However, as newer, more powerful miners come to market, those who upgrade will end up getting a larger portion of the "tax revenue". Again, the incentive is there to keep the network strong.

A major benefit to this is that, each day, people are going to be investing HIVE into the SIP. There is no other way to pay for the LARYNX. Those who are most interested in maintaining the network receive more of the rewards.

Here is where it gets very interesting. The purchase of LARYNX is an auction based system. Each day, whatever number of tokens are available is bid upon. Hence, the totality of HIVE spent can vary.

For example, let us presume on the first day, two people bid, one putting up 90 HIVE the other 10. Thus a total of 100 HIVE enters the SIP for the LARYNX offered. We can easily see how the miners are split.

Now, on the second day, another gets involved. The people from the day before bid the same amounts. However, the new person puts up 900 HIVE. This means that person get 90% of the miners with the other two getting 9% and 1% respectively.

We can see that even though the number of LARYNX might be the same, the money that flowed into the SIP did a 10X. Over time, as the network gains in value, the daily bidding should increase. This will start to lock away more HIVE as time passes.

Network Value

It is evident that increasing the value of the network is imperative. This comes through growth and activity. As more applications are developed, we see the ability for users to engage with the different aspects of the platform.

At present, @threespeak is the only application we can see being offered when things go live. However, just because we cannot see something does not mean it is non-existent.

Another tidbit dropped in the podcast is the fact there are a few more applications that will be available when the network goes live. No further details were provided yet we see that it will be more than a one-trick pony.

Of course, there are many facets to what is being developed. What started as decentralized video storage is now much expanded. We are going to see a protocol that enables a wide range of services such as DeFi, image storage, NFT creation, and token generation. All of these features will feed into growing the network both in applications and users. Naturally, this should equate to move value being driven there.

What does this do for the governance token? We can only speculate but it likely will increase the demand for it. After all, those communities and businesses who are part of the ecosystem will want to have a say. While direct purchase is one option, the other is the mining. This sets off the entire process described in this article.

Basically, hundreds of millions of LARYNX miners are going to require upgrading every couple years. How much HIVE will be needed to upgrade all of them? Will they go for 1 HIVE each? Half? A third? It is impossible to say. What we do know is that the more value on the network, the higher the price is.

Just this aspect of the network alone is going to lock up millions of HIVE in the SIP. We see the discussion about the need for decentralized social media and DeFi services that are outside the reach of regulators. It looks like the SpkNetwork is a protocol that will enable this. As more applications are produced, individuals are going to be able to move away from the controlled environment that we presently see.

In conclusion, this is going to be an enormous sink for Hive. The token is going to find its way into the SIP and immediately start going to work, generating more revenue. Through the transaction fees within the liquidity pool, other ventures can be funded. This completes the cycle since we how have a decentralized, self-funding apparatus that is controlled by the community.

As they say, then it is a matter of rinse and repeat.

Couple this with the other advancements such as Splinterlands recent success and the need for Resource Credits and we can see how Hive is going to encounter a liquidity problem. This means that the is only one direction for things to do on the open market.


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I share the same thoughts as you. This thing is built to eat Hive every day for the rest of its life, which is forever theoretically. The daily auctions allow the system to absorb the largest amounts of energy from speculative waves. Short-form sales, "timing" matters; this thing will be available every day in every climate. Just look at how some of the similar releases went, 4bil+ to EOS in 1 year of daily auctions, whose funders turned into BTC and just hodl. No founders here; the community gets all of that money; I really do think this thing could get pretty wild and become a standard on how people do these things moving forward.

Hive may need to increase the inflation rate down the road if this just keeps locking it up. Or are there ways for it to come back into the market again, say by funding new projects or paying rewards on Defi LPs?

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Hive is set to decrease in inflation every block until it reaches just under 1% yearly inflation. Keep in mind Hive is highly divisible and RCs are shared by usage.

Excuse my ignorance/curiosity: how does Hive's divisibility help with inflation?

The question was pertaining to increasing inflation because if there is a lot of Hive locked in the SIP, then we could face a liquidity crisis.

The fact is, with 3 decimal places, we really have 3X as much Hive potentially. Of course, the price would have to increase substantially to even out.

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3 decimal places is 1000x, not 3x. it's just a change in significant digits, not a quantitative change though. still if it does permanently burn a lot of stake, it could create massive pressure for the price to equilibrate to the new effective supply...

LOL yes you are correct. Thanks for that.

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Based upon the Light Paper, payouts from the SIP take the form of BROCA and SPEAK. That is how the infrastructure providers and other participants are rewarded.

Keep in mind that this is the base layer SIP. Any community can have its own SIP consisting of BROCA and their native token. Hence we have a gateway into whatever projects the community (or any community) wants to fund.

That is how I understand it at least.

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It is always good to put money to use instead of burning it. Why torch capital when it can generate a significant return. As you pointed out, Block.One understood this. Of course, that didnt benefit the community, just a few insiders.

The SIP will benefit everyone who is a holder of SPEAK as well as HIVE.

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We hope that this will also incentivise other open source developers / teams to think or and integrate more sinks / use cases for the sip so that the eco system can provide peer to peer / autonomous services

There literally can be layer upon layer built. That is the wonderful aspect to all of this. We could see thousands of SIPs forming around every project imaginable.

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I agree.
We are currently putting adding Thunkgaria to the project on our roadmap.

great like to see it in action soon


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BOOM1.jpg

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Read how this all have started with Toruk

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Plop, is this a curation message?

However, just because we cannot see something does not mean it is non-existent.

Definitely. Having the raw material to build up applications is vital. The rest will unfold naturally.

I'm curious though how the mining process will actually work and how the decentralized storage will happen.

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It is explained a great deal in the Light Paper. It is a mining algorithm similar to H-E miners.

As for the hosting, that too is rewarded when using HDD space on your device tied into IPFS. There are other infrastructure services that can be rewarded also.

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That means I can lend HDD space on my device?

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Yes you can. There is a part of the Light Paper that covers providing infrastructure.

In fact, it was the basic tenet. If you are part of the gardening community and at risk of being displaced by the different social media companies, you can start a community, have a token, and the other gardeners can host the content.

Of course, to host the videos about gardening will require some form of reward.

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Sorry for being stupid, but what token do we get for holding HP?

LARYNX

This can obviously change but the important point is there is going to be a 1:1 claim drop to those holding Hive

SPEAK

This is how the SPEAK token is created. We will see those holding HIVE start to accumulate this token as mining takes place.

We get both?

LARYNX miners will be airdropped to Hive holders.

You get LARYNX which are miners that mine SPEAK.

Hence if you claim your LARYNX you will start mining for SPEAK. In the end you will get both but only the LARYNX are part of the drop.

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Do you have to get some Larynx first before getting airdropped more depending on how much HP you're holding?

Depending upon your Hive (liquid or powered up).

It is a 1 for 1 drop. My understanding is that it will be over the course of 12 months, and have to claim each month. So it is for those who are truly interested.

But the more Hive you have, the more LARYNX you will get at the time of the snapshot.

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Over 12 months, really? Like SPS? That will be interesting. Will there be a monthly snapshot then? Or just one at the beginning and it will get dripped out over 12 months?

Also, how will that affect the miner efficiency? Will the first months LARYNX start to deprecate earlier than the 12th month's LARYNX?

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We like to think of it like a factory releasing updated models of physical miner rigs once a year or so. After that day the old miners are still cool but a little outdated. And the factory can only get the new mining rigs out at a certain rate each day

In the virtual, can get them out quicker. LOL

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thanks, now I get it 👍😎

So this L token, is mined?... but if it not going to be Proof of Stake functioninging... I really did not understand the piece...

You said for some the Speak token a tax would be charged that will go to the L token... ?

Sraching my head... all I understood was more HIVE will be locked for this mining upgrade and that will be positive on HIVE's price but every thing else av=bout these speak with the L token and Speak or SIP token did not understand.

Why are they mining, that stuff is obsolete I thought

It is not PoW, it is DPoS.

And the miners are like on Hive-Engine, virtual miners.

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Just to get a better understanding...You say that milions of HIVE is going to be locked up in the network, where does this HIVE come from..??..people locking it up in the SIP as an investment..or??
No matter what, this...plus other DAPPS that are creating high demand for HIVE, is going to push the HIVE price even higher....another, often overlooked factor is ressource credits (RC), which will keep up the demand...HIVE is the place to be in the future, no doubt about that!

Just to get a better understanding...You say that milions of HIVE is going to be locked up in the network, where does this HIVE come from..??..people locking it up in the SIP as an investment..or??

To buy either miners or advertising on the network, one needs to use HIVE. It goes into the SIP and is broken into HIVE, BROCA, and SPEAK. This helps to provide liquidity for the other two tokens.

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That makes sense😀 Thanks for making it clear!

Happy are those with a great chunk of HP
it will serve them well.
#SPKnetwork is another play in the book of this blockchain community.
I would love to see DEFI in that network
as well since this is the hot stuff out there
with NFT.

!BEER

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Really good news and can't wait for this to happen. This is another reason why having Hive stake is important as 1:1 ratio is very decent if you have a good Hive stake. Many of us have a head start into this already by just what we are holding.

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Yes and those are miners so they will help to generate SPEAK tokens.

A lot of good things about this project coming forth.

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I will spend my Hives and buy miners - for this I will be credited with SPEAK management tokens. The price of Hive will rise and those who have Hive will sell it and earn a lot of money. And I will sit with my manners and management tokens and cry.
Is that how it works?

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Well, consider this a sacrifice for the benefit of the community ;)
At the end someone has to lose so that others could win

Why does someone have to lose so others can win?

Isn't it possible for multiple tokens to go up simultaneously.

Markets arent a zero sum game.

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Maybe you're right and it's possible, time will tell. Everything depends on the success of this spk network or platform.

Well, first of all, you don't HAVE to spend a dime on anything. You can sit back and collect your miners (LARYNX) for free from the airdrop and watch them mine you SPK tokens. So if you do nothing (other than complain) you will still have all the HIVE you started with, PLUS 1 for 1 LARYNX miners, PLUS whatever SPK tokens those miners mine you.

I find it hard to see what you have to complain about but if that's what makes you happy...

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Isnt there something about a gift horse?

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U will also have to provide infrastructure along side locking in ur LARYNX miner tokens in order to get SPK.

what do you mean by infrastructure?

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Yes except for the crying part. Well that might be part of it depending upon how you are.

Keep in mind that the LARYNX tokens that mine SPEAK will have value. As will the SPEAK tokens. It is possible that SPEAK appreciates more than HIVE.

We really have no way of knowing. There are always choices to be made.

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I understand you-but I think I'll watch from the side! Thanks

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That is a viable option. We cannot be in everything and each have to make our own choices.

That is why the concept of opportunity cost even exists.

Besides, if we all did the same thing, markets for most things would crash.

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Wow, that is a lot to chew on! I am not really sure I am even wrapping my head around how all of the mechanics will work properly. I guess what I need to focus on is that it is good for Hive. Ultimately, that is what I care about the most!

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My head spins as I try to assimilate everything 😃 but am sure we will get around it when released.
Having to deal and understand practical stuff often easier that theory.

Looking forward to this!

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I totally agree with you there. Get it in my hands and I will be good to go. Try to explain it to me blind and I will struggle.

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A lot of difference mechanics especially since they keep adding to them.

It seems like the situation is a bit fluid. Nevertheless, it will benefit all on Hive a great deal. This is one of the things I am counting on to radically alter the perception of this blockchain.

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Yeah, the idea of three or four different tokens for one platform is a little mind blowing. I get it though. We have kind of moved that way a little bit with Leo and WLEO and BLEO and CUB. It is just very interesting. The good thing is, it seems as though they are putting a lot of time into making sure it is right.

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Wait until there are SIPs built upon the SIPs.

Each community can have its own SIP.

Care to go further down the rabbit hole?

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yeah, but WHEN?

At some point. That is above my pay grade and my crystal ball is in the shop getting fixed.

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Haha. The schedule is done with what is left to do, we will post that gives the dates every soon.

We will start testing on key elements that have already been built very soon, we are doing this in parallel, we can start getting this thing ready right away and the community can help with testing.

I am sure there will be a lot of people jumping on board to help out with testing.

We are all looking forward to progress on this. It is going to be huge.

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We certainly hope that hive community can help demonstrate not only how it is able to defend against attack but how it is able to assist with testing and decentralisation of beneficial systems

Count me in.

This is phase one of my 3 part plan to take down the governments of the world.

So it is all coming together.

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haha. epic gameplan task ;P

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Lol. We are realising a blog shortly to start putting prelim dates to things. This is new tech tho, so dates can shift

LOL well you know the community. If you put a date, it is like it is in granite.

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I don't entirely understand the LARYNX and SPEAK token, but I guess this means more avenues to have an increase in cash inflow.

The result of all this is there is an economic loop that keeps growing.

I'm believing that's what this means.

And this entirely has to do with Hive and not HP, so would it make sense to liquidate just to be a part of this?

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It depends upon what you believe in terms of potential. Powering down and buying more LARYNX is one option. But keep in mind, the claim drop is based upon your HIVE and HP. There will be a snapshot taken. So if you have 10 HIVE (or HP), you will get 10 LARYNX. From there you can mine the SPEAK token.

Plus there will be an option to turn your SPEAK into SPEAK Power to get more rewards.

A lot of different options available.

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I love this!

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Stick around. We will make you a ton of money regardless of whether you want it to happen or not. 😁

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Where LARYNX will be built ? Is this another blockchain, or hive-engine token , or other blockchains like binance or eth token ?

It is going on Peerplays which is the same code base as Hive. Hence it can be incorporated into the base code if the community decides.

However, to access many things on the platform will require a Hive account.

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It's nice to see them locking up HIVE and I didn't know about the speak tax but it makes sense. Do we have any idea when it will get released?

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Nope.

Not any indication given other than Dan's comment above.

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if that happen hive price hopefully increase the cause of hive locking


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It will not only have an influence upon the supply of Hive on the open market but also will create a scenario whereby it is put to use to generate funding for other purposes.

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Agree it could happen as you say and it might open a new opportunities for hive uses

This can't come soon enough. I recently had one of my videos deleted by Youtube. It actually does not bother me so much that they can delete a video from their servers, it is more that there is no accountability from them.
Having Maths and the community govern a system is much better.

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I agree that it cant come soon enough. Sadly, we all are at the mercy of the developers.

This will really change things on so many different levels. A lot going into this and, the best part, it is all community driven.

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What is being built on the hive blockchain will explode and attract the attention of many in a very short time.

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Wait until you see the hunt for resource credits. Not only is Hive going to be locked into the SIP, the need for resource credits will go through the roof.

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This sounds amazing! Is there any idea on how much and how fast the miners will deprecate? Will it start happening immediately? Or will the initial miners get a year or something to collect before they have to start worrying about upgrading?

Also, as those miners deprecate, do they eventually go to zero and basically get "burned"? Or are they going to try and keep a fixed amount? I mean, how do you trade the miners if some are worth 90%, 80%, 70% or whatever, depending upon how "old" they are? Will you just be able to pay to "upgrade them back to 100%" or something?

Obvious I know you don't have all the answers yet, but you've got a LOT more than most of us. :-)

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From the Light Paper:

As shown in the figure below, each year the efficiency of the LARYNX Miner Tokens drops slightly in order to mimic the relative efficiency improvement to the latest physical mining rigs in the real world. This creates continuous demand for the latest LARYNX tokens, and encourages additional permanent staking into the SIP.

image.png

So no idea what the percentage rate of mining deterioration each year.

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Okay, thanks. From the looks of this diagram it doesn't seem like the initial miners will go to zero. They'll probably just become a smaller and smaller percentage of the overall mining pool.

So I wonder if they'll just sell new miners to cover the deprecation...?

For example, say there are 100M miners (just to make the numbers even) when it comes out. And say they will each mine 1 SPK per year...so 100M SPK at the end of year one. At that point, those 100M miners go down to 80% efficiency so they'll only mine 80M SPK in year two. Will the company then auction off 20M LARYNX2.0 miners that all mine 1 again? And then in year 3 you've got 60M from the initial miners, 16M from the LARYNX2.0, and then another 24M LARYNX3.0 could be sold each mining 1 SPK per year.

It will be interesting to see how they do that...

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We await input from insightful community members such as urself on this. We will propose initial numbers but ultimately members with SPK will be able to set the variables themselves

I guess part of the question will be how many LARYNX you eventually want out there and how long do you want to take to get there?

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Yes. Miner efficiency will fade away to a low fixed level at a certain point. Some will sell to allow for funding of new miners, others will keep them as collectors items just like in the real world, others will keep them staked and mining in the network

What you should do is make every 1000th or even every 10,000th initial LARYNX miner an NFT. Then they could ultimately become tradable as real collectors items. :-)

Put them on HIVE's NFTShowroom and watch them climb in value. Especially considering they'll still be actively mining LARYNX, albeit in very small amounts.

Or, better yet, you could make the NFT ones NEVER DEPRECATE. So you'd always have at least roughly 330k of them out there (33k if you do every 10,000th) that would maintain their mining power.

Obviously this would require more work for you guys, but it's a pretty cool idea if I do say so myself. 😎

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These types of ideas are great! We have tried to gamify the tokenomics of the SPK network as much as possible but ideas out of left field like these are great and worth considering. We would like to think that some point all miners will also be nfts, as well as all content and each account. But that’s later. Gamifying as u suggest can be leveraged to create incentivised positive behaviour with a lottery outcome. One of the best gamification methods out there

Just make sure you call it "The Dagger Effect". lol

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Oh shit, it’s on chain now. It’s gonna have to stick

It's way too complicated for an average user. But some people will make a ton of money.

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It's really not very complicated at all. If you own HIVE, you'll get airdropped 1:1 LARYNX miner tokens for free. Those miners will then start mining you SPK tokens. If you do absolutely nothing, you should get free LARYNX and free SPK tokens. Up to you what you want to do from there. Sell them or HODL.

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The users will have the different applications to utilize if they do not want to be a part of the infrastructure.

Part of it, from what I read, is there will be rewards for watching videos.

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Since I wont be posting many videos most likely but know of others that will that helps on that front. As a viewer though I'm curious how do I generate revenue. Is it it's own token, curation rewards etc?

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There will be a proof of brain token and community tokens to reward content consumers. Also holding a minimal amount of miners and storing ppls videos on ur local IPFS node (inbuilt into the desktop app) will earn u some rewards

There will be a proof of brain token and community tokens to reward content consumers.

This is a major shift.

Reward people for consuming content. Like @brianoflondon's Value4Value but reversed. See if he can do that. Rewarded the users for each minute they watch a video.

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I know one project (I forget the name atm) but they are distributing a currency called watch time or something like that where creators are rewarded based on total view time. But rewarding viewers in this way is a great idea. There would need to be something backing the currency for this however; I.e. advertisers buy this token and are able to guarantee that these time viewed tokens translate into ads viewed that they are willing to hold the currency for, or that at a certain time viewed token the user unlocks and improved experience or privilege in the eco system

Well, like you say, there will have to be reasons to actually BUY the token. It's all well and good to give people rewards all over the place but there needs to be someone on the other end that has a reason to buy the ones people want to sell. Because they WILL want to sell them.

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For sure. We hope the community can help us come up with and build many sinks for these tokens. It maybe that the pob token for SPK will be tied to broca (gas / resource credits on SPK network some how) so that demand fit the pob grows as the network effect takes hold, but we have not fully thought about that yet

What about video creators, will they earn the token ?

In reading through the Light Paper, there is about 8 different ways to get rewarded. They laid out a bunch of different ways for people to be involved.

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Will HBD holdings factor into the distribution or will that need to be converted to count?

There does not appear to be any consideration given to HBD. So if you want to enhance your claim of LARYNX, it will have to be converted to Hive.

You do not need to power it up. Liquid Hive counts also.

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I wonder what kind of impact that will have on HBD...

I noticed it was almost $0.07 below the peg today. I haven't seen it drop like that lately. I had hoped that meant we at least had the floor stable.

Any thoughts on what's happening with it or what's being kicked around?

I think the overall market sentiment. Everything seems to be moving in a downward direction.

The peg is still not set. We have much too little liquidity. On @penguinpablo's latest report, most of the HBD is on one exchange.

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Hmmm... Ever since the interest rate went to 7%, then 10%, I've ben squirrelling away a dollar here/dollar there, but I've really been wanting to dump more into it... :( just not enough for all of it. I would have thought the increase would have created a lot of similar considerations.

Is the liquidity factor the entire issue, or is it just the bulk of it?

On a side note, completely unrelated, if you haven't checked BEE chat on peakd lately, I'd consider it a favor if you'd delete our conversation without reading. I had something of a manic episode recently and I'm sorry to say you were the unfortunate recipient of a barrage of babblings I doubt yoiu have the time or patience to indulge or appreciate...

Anyway, I'd !LUV to make it up to you with some !PIZZA
Hope it's a start, lol.

@taskmaster4450le! I sent you a slice of $PIZZA on behalf of @sinistry.

Learn more about $PIZZA Token at hive.pizza (4/10)

I’m getting excited @theycallmedan. Seems that @taskmaster4450 is becoming the foremost expert on the implications of the SPK Network. Great to see people like him understand and develop upon these ideas. Important to have smart cookies with deep understandings to steady the ship and bring well though out fresh view points! Thanks for taking the time to digest this stuff @taskmaster4450

I cant sing, dance or code but I can research the different nuances of the #SpkNetwork and how beneficial it can be.

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thank the intro and learn lots

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Bang, I did it again... I just rehived your post!
Week 75 of my contest just started...you can now check the winners of the previous week!
15


Hey @taskmaster4450, here is a little bit of BEER from @pouchon for you. Enjoy it!

Learn how to earn FREE BEER each day by staking your BEER.

Exciting!

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Check out the last post from @hivebuzz:

Hive Power Up Month - Feedback from Day 15

Hey Task, just a quick question, sorry if been answered somewhere else:
So LARINX will be airdropped to Hive holders and SPEAK (the governance token) will be airdropped to Hive Power holders? No? Still kept in prod? Bit confused here. Ty in advance

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interesting. Let’s get in DMs to discuss the further