Economic model

Vision Network economic model is an organic whole composed of multiple sub-models

1. Voting model

1.1 User voting weight

  1. Vision Network weighted the votes of users (voters), voteCountWeight, and weighted a certain percentage according to the amount of user pledges. The current stage settings are as follows:
start value(contain) unit:VSend value(not contain) unit:VSvalue
01000voteCount * 1
100010000voteCount * 1.08(take the largest integer not greater than this number, the same below)
10000100000voteCount * 1.13
100000UnlimitedvoteCount * 1.16
  1. Vision Network calculates the number of votes obtained by the super node (witness) using the weighted number of user votes, namely sum (voteCountWeight)
    The number of votes obtained by the witness must not be greater than (witness pledge amount-FVFreezeLowest)/(FVFreezeLowestPercent/1000)

FVFreezeLowest represents the minimum pledge amount of FV, Vision Network is set to 2000 * 1000_000L (2000VS)
FVFreezeLowestPercent represents the pledge ratio conversion coefficient (the maximum number of votes that can be calculated according to the pledge amount), and the current Vision Network is set to 65

  1. Vision Network for users (voters) to add according to the freeze stage, vote weighted processing, ALLOW_VP_FREEZE_STAGE_WEIGHT after the opening of proposition 58 to take effect, according to the frozen file, freeze the corresponding period, give the corresponding weight. For example, the gear, the freeze period, the initial configuration of the weight is as follows: 1,35,100; 2,60,110; 3,180,120; 4,360,130; 5,720,150 identification The user's first stage freeze period is 35 days, the weight is 100, the second stage freeze period is 60 days, the weight is 110, the third stage is frozen for 180 days, the weight is 120, the fourth stage is frozen for 360 days, the weight is 130, and the fifth stage is frozen for 720 days and the weight is 150. If the user freezes 1VS, 2VS, 3VS, 4VS, 5VS in five stages, the user voting weight is (1100+2110+3120+4130+5150)/ (1+2+3+4+5) = 130, so the voting weightvoCountWeight = voteCountWeight 130/100;

1.2 Node pledges FVGurantee

In Vision, First Validator pledges VS in order to obtain the weight of votes. First, First Validators need to freeze 2000VS to obtain the voting order to obtain more voting weight, First Validators need to freeze VS to obtain more FV, each time Initiate a freeze, and the period will be extended by 23 days according to the current freeze time as the expiration time.

freezeBalance [OwnerAddress] frozen_balance frozen_duration [ResourceCode:0 PHOTON,1 ENTROPY, 2 FVGUARANTEE, 3 communityVoting] [receiverAddress]

The specific operation of the Vision node pledge is executed in the wallet as above, the freezing type ResourceCode is set to 2, and the receiverAddress is not required to fill in.

1.3 Ticket type and effective point

Description of the type of voting value obtained by the First Validator
The normal number of votes the user has. User voting will take effect immediately

The number of votes weighted by the user, and the weighting algorithm. Effective when the First Validator pledges FV and exceeds 2000VS

According to the vote count threshold calculated by the First Validator FV, voteCountThreshold = (fvguarantee balance - 2000VS) / 6.5%
The number of valid votes for the first validator to participate in the ranking is calculated as: min(voteCountWeight, voteCountThreshold)
if voteCountWeight > voteCountThreshold, First Validators need more FV deposit for the user's weighted voting to take effect.

2. Incentive model

  1. Concept: business cycle, pledge rate (maintenance cycle), pledge rate (business cycle), inflation rate
    Economic cycle: The economic cycle is based on the "maintenance cycle", and the number of "maintenance cycles" included in the "economic cycle" can be modified through the proposal. The business cycle is used to count and adjust the inflation rate and other economic model parameters.

Pledge rate (maintenance period): the total number of pledges in the entire network (entropy + light quantum + super node freezing) / total assets (block production + voting + liuqid min reward) + ( Galaxy Initial Account Amount-Galaxy Balance + Initial Avalon Account Amount - Avalon Balance + PrivateSale Initial Account Amount - PrivateSale Balance + Team Initial Account Amount - Team Balance + DAO Initial Account Amount - DAO Balance + Dev Initial Account Amount - Dev Balance + Promotion Initial Account Amount - Promotion Balance ) * 100%

Pledge rate (business cycle): the sum of pledge rates of each maintenance cycle in the current business cycle / the number of maintenance cycles

inflation rate:
When the pledge rate of the current business cycle is 0, the coinage expansion rate of the next period is 0; when the pledge rate of the current business cycle is greater than or equal to 60%, the coinage expansion rate of the next period is 6.89%; when the pledge rate of the current business cycle is less than 60%, the coinage of the next period Expansion rate is 23.22%

  1. Relationship and influence:
    The relationship between these 3 concepts is
    Calculate the pledge rate (business cycle) through the pledge rate (maintenance cycle)
    Calculate inflation rate by pledge rate (business cycle)
    The inflation rate directly affects the number of incentives for voting and block production, namely witnessPayPerBlockInflation, witness123PayPerBlockInflation, witnessStandbyAllowanceInflation

2.1 Block rewards produceBlockPay

The block incentives obtained by voters and Validators are converted into corresponding proportions based on the weighted votes or votes.
1.FV incentives for current block production:
FV incentive: witnessPayPerBlockInflation (system setting)(brokerage/100)
Voter incentives: Voters vote for the FV's voteCountWeight/sum (voteCountWeight obtained by FV)

2.former 123 Validators
FV incentive: witness123PayPerBlockInflation (system setting)(brokerage/100)
Voter incentives: Voters vote for the FV's voteCountWeight/sum (voteCountWeight obtained by FV)

2.2 Voting rewards 123 ValidatorPay

Voting weights obtained by FV/sum (voting weights obtained by 123FV) * witnessStandbyAllowanceInflation (system setting)

The number of votes obtained by 123FV: the minimum value of the maximum number of votes obtained for FV calculated for the voting weight of FV voteCountWeight and

2.3 Node Voting rewards CommunityVoting Pay

Vision introduces a community node voting mechanism. Each user can act as a node to receive votes from other users, or as a voter to vote for other community nodes. Users pledge VS to obtain CommunityVoting rewards. The community node address must be filled in when staking. Different from fv node voting, community node voting is only allowed to vote for one node, and after a vote, it is allowed to wait for 3 days after the unfreezing period to modify the node and add pledge. No time limit.

1. How to participate in CommunityVoting
Freeze the acquisition of CommunityVoting, which means that the VS you will be holding will be locked and cannot be traded. It will be used as collateral to obtain rewards.

FreezeBalance CommunityVoting

freezeBalance [OwnerAddress] frozen_balance frozen_duration [ResourceCode:0 PHOTON,1 ENTROPY, 2 FVGUARANTEE, 3 CommunityVoting] [receiverAddress]

The Vision community node voting mechanism supports and can only vote for one node. The specific operations are executed in the wallet as above. The freeze type ResourceCode is set to 3, and the receiverAddress is the community node address set by the current account, which is a mandatory parameter.
Frozen_balance is greater than 1vs, and receiverAddress exists when CommunityVoting is initially frozen.

Vision community node voting mechanism, if the conditions are met, the operation when modifying the node address is to set frozen_balance to 0, and the receiverAddress exists, and cannot be the old node address.
Vision community node incentives support repeated freezing.

unfreezeBalance CommunityVoting

unfreezeBalance [OwnerAddress] ResourceCode(0 PHOTON,1 ENTROPY, 2 FVGUARANTEE, 3 CommunityVoting) [receiverAddress]

The Vision community node votes to release the pledge. The specific operation needs to set the ResourceCode to 3, and the receiverAddress does not need to be passed in.
When the user unfreezes CommunityVoting or refreezes to obtain CommunityVoting reward,

2. Reward calculation and division
By freezing the rewards obtained by VS, the user's communityVoting reward in each maintenance cycle = block reward total number of blocks in the maintenance cycle user frozen volume / total network frozen volume * props ratio

3. Reward arrival and withdrawal
In the Vision network, communityVoting rewards will be credited in the following two scenarios:
a. When the user repeatedly freezes communityVoting or modifies the community node, the incentive settlement will be carried out
b. When the user unfreezes communityVoting, an incentive settlement will be carried out
C. When the user withdraw rewards by themselves

Users can withdraw incentives when there is an incentive balance in the account