DAOBet will operate a Blockchain based on DPoS (delegated proof-of-stake), with predetermined inflation to ensure democratic governance and consistent self-funding to maintain the integrity and stability of the DAOBet ecosystem. Driven by the native token - BET - the economics structure encourages usage of the blockchain and related activities - as well as participation in governance, through our staking and voting mechanisms.
The DAOBet blockchain native token - BET - has an initial total supply of 167,270,821 BET. These tokens - used as the main medium for the gaming ecosystem - provide a means for decision-making and governance (including block Validator elections), while also playing a role in the platform’s resource management by restricting usage of processing power, network bandwidth, and storage capacity in the Blockchain.
Network nodes, which are responsible for producing new blocks on the chain are called Validators. Validators are elected by token holders (or delegators) through the on-chain voting process. Those who receive the most votes (top N of them, where N is from 21 to 100) participate in block production. To cast a vote, a delegator should stake some of its tokens, where the voting power depends upon the number of these tokens.
Participants in the DAOBet ecosystem will not be charged fees or transaction commissions on smart-contract executions. Instead, those who wish to build distributed applications on top of the DAOBet Blockchain or participate in other activities must stake a certain number of tokens. The corresponding amount of blockchain resource is calculated, based on the stake value.
Resources, allocated by stake can be:
- CPU - The measure of computational complexity
- NET - Number of bytes transferred and stored
- Voting - Special resource type, associated with the Validator election process voting power
The minimum lock-up time is 2 weeks, during which staked tokens cannot be transferred or spent in other ways, but still remain in possession of the user.
Total token supply will grow gradually through a process of inflation, which is used as a self-funding source that supports blockchain activity and development. The inflation rate -which is automatically calculated by the blockchain - depends on the total number of staked tokens in the following way:
- 20% if the total staked token amount is under 33%
- From 20% to 10% (grows gradually) when the staked amount sits between 33% - 66%
- 10% for a staked amount of more than 66%
Tokens created by inflation are rewarded to Validator nodes after imposing 20% tax. The tax goes to the Blockchain Fund, which is controlled by those who contribute to the network operations - including the Validators and blockchain developers). This way, Validators earn 8-16% of the total annual token supply. The block reward for Validators starts at 0.53 BET per block - which is produced every 0.5 seconds.
To encourage participation in the DAOBet ecosystem, we will be deploying a staking system for those who wish to build a decentralized application or partake in other related activities. Through systematic inflation, based upon the number of tokens staked, we can increase the token supply - in turn expanding the reach of DAOBet Blockchain.
Via DPoS, we provide all participants with the capacity to partake in the blockchain operations, while ensuring efficiency through a system of delegators and Validators. This enables a self-regulatory system that rewards effective participation. Block-producing nodes also contribute to the efficacy of random number generation processes, increasing security and unpredictability.
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