You are viewing a single comment's thread from:

RE: Tokens & Mining Philosophy

in #speak3 months ago

Giving free miners to Hive holders offers a fair token distribution, and SPEAK only reaches the open market if it has been minded by providing resources to the network. Every SPEAK in circulation only exists because it improved the network's infrastructure, which is very cool when you think about it. We believe Hive is one of the fairest, broadly & diversely distributed assets on earth.

So there are 2 tokens SPEAK and a token that we get by mining aka providing resources to the network ?

Giving free miners to Hive holders offers a fair token distribution,

This means the mining-token will be airdropped to HIVE holders and they will be the primary participants in the mining ?

Queries:

  1. 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 ?

  2. 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.

  3. We will need a DEX or an exchange which can support trading, AMM, perphaps ability to talk to other chains .. just somethoughts

Sort:  

We've talked since you posted this, but I'll like to answer these questions anyway for anyone else who might have them.

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.

Thanks @theycallmedan

A table explaining the 3 type of tokens and their functionality can be good. Let me try to note down few points that I have understood. (I may be wrong ... )

Actually 3 tokens, A miner token, a governance token & a gas token.

LARYNX : Airdropped to HIVE holders which will be permanently vested enabling mining. (stake and mine)

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.

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 ?

Proof of Access : In this, what are the metrics ? Say, network bandwidth, storage space, latency etc could be measured.

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.

A quick question for someone not that techie: What is exactly a claim drop? Like a webpage where we will be able to send/burn hives and get those Larynx?
Thx and congratulations on the idea and display. After some years really dark for free speech and freedom in general, 2021 can be definitely an inflection point.

No don't burn Hive . Stake Hive. You will receive the tokens for the amount of Hive staked if I am not wrong.