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2021go

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RSS3 Mainnet Economic Model

Summary:#

Logical Architecture#

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  • The mainnet consists of DSL and VSL.
  • DSL (Data Sublayer) includes all nodes and can be understood as the data business layer.
  • VSL (Value Sublayer) consists of dApps, which are hubs for developers and users to access the RSS3 mainnet. The RSS3 ecosystem unfolds from here.
    In simple terms, DSL is similar to the backend of Taobao, and VSL is equivalent to the Taobao webpage. The latter is responsible for transactions between sellers and buyers, while the former ensures the execution of all business logic.

Economic Architecture#

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  • The mainnet consists of decentralized nodes and dApps, with nodes divided into regular nodes and public nodes.
  • Regular nodes require staking of RSS3, and stakers can receive node rewards.
  • Public nodes do not require staking and do not participate in any form of incentives. Their main purpose is to serve the public interest.

Stakers#

  • Staking RSS3 to a node will yield corresponding RSS3-N Chip NFTs (familiar to DeFi players). The amount of RSS3 staked must be a multiple of Chips, and any excess will be refunded.
  • Chips can be used to redeem RSS3, with a waiting period of 22.5 days or 30 mainnet epochs (my guess—presumably Chips can also be directly traded in the future).
  • The staking tax rate (reward for stakers) is set by the node operator.

Node Operators#

  • Node taxes are settled every epoch. If the tax amount is less than or equal to 25 times the total staked amount, the node receives the full tax amount. Otherwise, the excess beyond 25 times is allocated to the public interest pool.
  • The minimum staking amount for regular nodes is 10,000 RSS3. Otherwise, all taxes will be allocated to the public interest pool.

Public Interest Nodes#

Users can stake RSS3 to public interest nodes to increase the trust value of public nodes. However, there will be no direct staking rewards. Public nodes determine the tax revenue based on the average tax rate of all regular nodes, and all tax revenue will be donated to the Open Information Grant.

Additional Rewards#

  • Each year, 3% of the total RSS3 supply, which is 30 million, will be used for network rewards (operational rewards, staking rewards, and trust rewards).
  • These three types of rewards correspond to node operators, regular node stakers, and public node stakers.
    Specific details will be announced by the official later.

Penalties#

  • When a node reports inaccurate data or fails to process requests, it will be downgraded.
  • If a node is downgraded four times within an epoch, it will be penalized.
  • The penalty includes deducting 2% from the staking pool (staked RSS3) and 10% from the operational pool (receives taxes and rewards).
  • Once the penalty starts, the node's trust score is reset to 0, and it will be unable to receive any network requests until the current epoch ends.
  • 50% of the penalty proceeds will be directly destroyed, 10% will be used to reward the reporter of the node, and the remaining will be donated to the public interest pool.
  • Regular nodes can appeal the penalty within seven epochs. If the appeal is successful, the penalized tokens will be refunded.
  • Public interest nodes will only be downgraded and will not receive token penalties.

RSS3 Token Inflation#

Basics#

  • In the first year after the mainnet launch, there will be no additional issuance, and the total supply will remain at 1 billion. The circulating supply will change based on token releases and node penalties.
  • Starting from the second year, there will be an annual inflation of 3%, which corresponds to the network rewards mentioned above.

5-Year Circulating Supply Curve#

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From February 2022

More details to be announced by the official.

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