The situation at launch of the real token is now currently
approx 10% to those holding MAID
5% put in reserve for investors
That is it now
The 5% for core devs is an ongoing thing where farmers are receiving 100% of the farming reward and 5% of the farming reward is sent for core dev rewards. This is 105% of farming reward (numerical value) is rewarded at the time of the GET.
Then add in the APP dev reward (if the app has the feature turned on - not all APPs will turn it on) of 10% of GET reward value for the APP gets. This represents <10% of GET reward value overall. This figure maybe as low as 0.05% overall or may approach the 10% if every GET is done for APPs with the reward feature turned on.
Thus it now becomes Total reward payout is between 105% and 115% of the farming reward value
Remember that the ongoing rewards given out will end up being 20 or 50 or 100 or … times the max supply of SNT.
It is not sensible to think of SNT as being limited by the max supply. The coin is recycled and effectively each coin can be given out 1000’s of time. The limitation is that there has to be less than the max supply at any one time.
Wrong. This can be 7000% or 70000% or more. The figure is an unknown quantity.
Even the 10% for MAID holders will eventually find its way to be recycled many times. So it too will be available for rewards at the rate of 105% of reward amount for each GET. (Well most of the 10% as some will hoard or lose)
This is wrong too
It is
Farmers get 100% of farming reward
Core Devs get 5% of farming reward value
APP Devs can get 10% of any one farming reward value (This reward only occurs if the APP has feature turned on and the GET is for the APP)
And the share of “all” tokens is meaningless and I do mean meaningless for the running system. The total rewards to be given out is unknown, it is infinite for a healthy network. The total amount given out will far exceed the max supply since there is a steady stream of coins returned to the Network “till” in a healthy network. It is possible in the first year that 6 billion coins are given out in rewards and 5.5 billion spend on buying resources.
So that means saying a specific % of token is used for this or that is misleading at least and deceitful at worse
If this is true then it needs to be communicated through official channels (I.e. safenetwork.tech, this forum (posted by @maidsafe), and the white paper that’s currently on MsidSafe’s GitHub).
For now, exchanges will believe what is published. I can’t tell a story that deviates from that unless the official websites and the white paper change.
The system is unique in the crypto world and fiat world.
It is really just one entity that buys and sells resources and it gives tokens for work done and receives coins for buying resources.
There is a max supply of tokens and that is either held by entities or it is held by the network. The only time we can refer to any amount of token as a %age of max supply is at launch of the token. After that it will turn into smaller and smaller %age of coins given out by the network. \
SNT is basically a infinite resource for calculating %ages
As far as I can tell the info is for launch. If not then it needs to be modified.
Because of the uniqueness, people find it very difficult to get the thinking right.
The papers talk of the %ages as launch %ages OR as %age of reward amount. Too many people equate the %age of reward amount with %age total supply overall, and this is the issue.
There was huge discussions a couple years ago because people did not understand that %age of reward value does not equate to %age of total supply overall.
Exactly. Which is why I specify initial distribution at launch. Also, you’re coming off as pretty belligerent. No one’s your enemy here. We’re just trying to help out.
Farmers get 100% of the farming reward amount. The farming reward amount is calculated by algorithm
Then core devs get 5% of that amount
And app devs sometimes get 10% of any particular GET depending on a few factors.
The get is from an APP that has dev rewards set
It is inaccurate and misleading to try and say that the farming reward is the whole of the reward and farmers get some, core devs get some etc. NO farmers get 100% of the farming rewards which is clearly in the papers.
No need for trying to explain it any other way other than what the papers do. 100% for farmers, 5% for core devs and 10% for appdevs if it applies for any particular GET
The reason is that the whole is virtually infinite and not some %age of max supply due to recycling
However, the human brain does not work that way. This may be an explanation for programmers, but for normal people it is a bad explanation … From the point of view of an outside observer, the network distributes tokens.
The tokens distributed every second are an exact number. This number is perceived by the human brain as 100% of a total. How these 100% are achieved is irrelevant to a human. What percentage of these 100% goes every second to farmers, how much to programmers, I think is what we need to explain.
I understand that you want be 100% accurate. In this case you can call 100% only part farmers will receive for each GET or 100% of all coins rewarded for the same GET. They are both correct if you know what 100% represent.
So then explain it as the Network will payout from 1.05 to 1.1 times the calculated reward value. 1.0R to the farmers 0.05R to core Devs and upto 0.1 for APP devs (as an average)
For an ongoing network then its impossible to give any sort of %age of max supply that will be paid out via each reward type. It is effectively limitless.
The network is more like a single employer system that pays for work done and receives payment for purchasing resources. Paying for work done is based on a unit with a value of R. Farmers get R and core devs get R/20 and APP Devs (if registered) get R/10
And buying resources is at the rate of 1 unit with a value of P
Never try and make farmers get %age of payout because that does not reflect how the payments are done and is misleading. Just say famers get R, core devs get R/20, etc. Like @happybeing was saying and he was correct
Exchanges want to know whether the token economics
Indicate sound business judgment (i.e. were/will funds be reserved to finance functions necessary to sustain the ecosystem like development, marketing, advisors, etc.
Are generally equitable/distributed (e.g. do the founders hold most of the coins? Were many allocated to closed-room investors in a pre-sale, etc.)
Raise regulatory implications
It’s fine to include more technical definitions of ongoing token distribution as a rider (i.e. in the whitepaper, which needs to be current and accurate). However, before digging in to that, exchanges want a quick overview of (percentage-wise) what proportion of tokens were/are reserved for different parties/uses at launch.
Exchanges typically ask questions like what’s in the OP (taken from Coinbase’s application). Here are some examples of questions from other applications. These are a fraction of the token-specific questions each application asks, which are in turn a fraction of all the questions on each application.
Binance:
How much was raised during the ICO? For what percentage of supply?
When was the ICO launch date and what was the duration of the ICO (number of days)?
Did the ICO have a hard cap? If so, what percentage of the hard cap was reached?
How were the funds raised during the ICO used? What is the planned use for such funds going forward?
Please provide your current projected runway with funds raised, and an 18 month FTE (full-time employee) plan, if applicable?How many people participated in the ICO?
Was there a limit on tokens that can be purchased by one individual the Project’s ICO? If so, please provide the individual cap.
Were tokens/coins issued outside of the ICO? If so, were such issuances pursuant to a private placement or offering? Please describe the circumstances.
How much worth of tokens are you willing to reserve for post-listing marketing activities on Binance.com?
What is the current market capitalization of the token/coin (based on the current date of submission)?
What is the total token/coin supply? How much is currently circulating?
KuCoin:
The total supply of tokens. If the total amount of tokens is not fixed, please provide how your token supply could change according to various conditions
What is the actual circulating amount of your tokens to be listed at the exchange? Please specify the amount attributable to your team, community airdrops, and the amount released from various stages of lockups.
Please describe function and purpose of your project tokens
Please describe project token distribution plan
Will the issued tokens be locked or partly locked? If so, for how long and what are the conditions for unlocking?
Please specify the insitutions participating your seed/angel/cornerstone/presale rounds, and the amount they have committed in each round in fiat or tokens, respectively
Time of private sales for the project tokens
Plan for the private sales of project tokens and how much was completed
Pricing of tokens in private sales, and the percentage of private sales to the total amount of tokens issued
Hey @JPL the primer is going to be used in place of the outdated white paper for exchange listings but we want to be consistent on the token (and utility) narrative. Is there a chance you could update any reference to Safecoin —> Safe Network Token (SN)?
