A reliable economic system is a basis to run a metaverse application. Ethanim provides the standard digital assets creation and circulation protocol for metaverse applications. It allows users to freely create and trade digital assets in the metaverse with eternal ownership.
Ethanim uses a secure and reliable economic model that has been made secure by industry proven node verification method. The main goal is to identify the set of nodes that are the most difficult to “lie”, i.e. the difficulty of executing unexpected programs without being identified. It also solves the problem of managing redundancy in executing remote proofs among nodes by introducing a matrix that transfers trusted relationships using mathematical multi-partite operations. By using the matrix, Leviathan only needs to select a few nodes with the highest values as voting nodes to execute consensus program on target transactions, which greatly improves consensus efficiency.
By executing the VRF algorithm, the consensus nodes randomly assign validators to credibly verify the RSM, and decide whether the RSM can continue to operate and the snapshot data can continue to be outputted based on the verification results. Meanwhile, the consensus mode packages the hash index of the application snapshot file into the blockchain ledger, and will undertake the retrieval of the application snapshot in the external file system when it receives the application recovery request.
In cryptography, a verifiable random function (VRF) is a public-key pseudorandom function that provides proof that its outputs were calculated correctly. The owner of the secret key can compute the function value as well as an associated proof for any input value. Everyone else, using the proof and the associated public key (or verification key), can check that this value was indeed calculated correctly, yet this information cannot be used to find the secret key.
EPU is a utility token and unit of value in Ethanim and it is the core of Ethanim’s economic model. The Ethanim blockchain platform and the metaverse applications on top of it are enabled to function properly with EPU, and the ecological value of Ethanim will be expressed by EPU.
There are mainly three user groups:
- Application developers: Building DApps on Ethanim will generate fees which will be paid by EPU.
- Platform users: Like Ethereum and other blockchains, EPU is used by individual DAO members to pay for the use of metaverse applications on the Ethanim platform or to stake to earn interests.
- Miners: Miners need to stake EPU to run consensus nodes, validators, and storage nodes.
The Ethanim will offer EPU as a reward to each party that contributes and provides resources to the system. And it also encourages applications to build their own token economic models to reward the corresponding nodes.
Miners are the basic components of the Ethanim system and keep it running properly. Miners with different roles receive tokens in the following ways: Consensus Node, GPU Mining Machine, Storage Nodes, Validators.
Users are the foundation of Ethanim’s ecology. It is a principle of Ethanim’s economic model to enable users to obtain EPU in more and more low-threshold forms, and users can obtain EPU in a number of ways including but not limited to the following: Validation Mining, Community Contribution, Using applications, Authorized staking.
Developers are the key builders of the Ethanim ecosystem, and Ethanim provides developers with more and more flexible incentive schemes than traditional approaches: Application Development, Hackathon Participation, Code Contribution, Originality Bonuses.
There are two components of the Ethanim economic system that can induce deflation, namely, “costs” and “forfeitures”
Using the Ethanim platform is supposed to pay for the resources used, often referred to as “GAS”. But the paying experience is always unpleasant, and no one wants their tokens to keep decreasing as they use the system. So Ethanim’s default fees are deducted from the pending revenue staked by the user, and if the pending revenue does not cover the fees, the user can choose to increase the number of tokens staked or extend the staking time to get more revenue to cover the fees, so the vast majority of users can use the system for free.
The resources that require payment are mainly divided into two parts:
- Data Storage
Fees generated from storing the application’s code, files, and data will be paid with $EPU rewards and can also be paid with token rewards provided by the applications and users don’t need to do any payment.
- Execution of game DAOs
Execution such as transferring money on the main chain, executing smart contracts, running applications by computing nodes, image rendering, etc. will also incur costs, the amount of which is determined by the complexity of the computation and can be paid preferentially by the pending revenues from the user’s participation in staking. The application also can pay on behalf of the users.
Each cost of execution is calculated as a “base cost” and a “burning cost”, with the base cost being paid to the resource provider and the burning cost being permanently destroyed to offset system inflation.
To maintain the security of the system, proof of challenge is available between Ethanim nodes.
As opposed to being rewarded for honest work, if a malicious node is run or dishonestly uses the application, it will be punished and the system will forfeit the staked tokens.
The forfeited tokens will be divided into two parts, partly to reward the reporting user and partly to be completely burnt, the ratio will be decided by the community governance vote.
The economy of a sustainable system will continue to grow in size, and EPU, as a utility token, also bears the responsibility of maintaining the stability of the economic system and node rewards, and will necessarily need to meet the demand for an increased number of tokens.
Therefore, EPU will predictably enter an inflationary state, but due to the existence of the burning mechanism, when the platform is heavily used, EPU will likely be burnt in large quantities and the system will enter a deflationary state.
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