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Onest Blockchain Whitepaper

Targets

  • Turning the blockchain worker system into a public funding system
  • Segregating of transaction utility and voting utility
  • Balance the reward and demand between transaction and vote utility
  • Create a liquid governance and worker system
  • Reward workers, loyal utility holders and voters with new VOTE
  • Allow a natural market selection of VOTE users

Utility Flow

utility-flow

ONS (transaction utility)

Every BitShares account can receive an equal wallet (1 BTS -> 1 ONS & LTM) on the new chain. ONS will no longer be used for the function "voting". ONS utility is used for blockchain transaction to reward only Block Producer (BP).

ONS-power

ONS-power is a new core function to lock ONS. Locked ONS can't be used as collateral or transferred to another account.

Removing ONS from locked ONS needs 30 days vesting time, until ONS becomes liquid again.

tau=150; // time constant in days to reach 70% of max ONS-power 
t=0; // total locking period in days
t_active = 0; // period in days, since last ONS-power update 

ONS_power = locked_ONS * (1 - e^(-t/tau))

if (new day) // increase time every day
{
t = t + 1
t_active = t_active + 1
}

if (t > 3 * tau) // limit locking time for calculation to 3*tau
{
t = 3 * tau
}

if (t_active > 100) // insure position gets updated at least every 100 days
{
t = 0
}

if (locked_ONS increased) // insure small funds can't be used to push active locking time
{
t = t * (locked_ONS_old/locked_ONS_new)
t_active = 0
}

if (locked_ONS decreased) // insure locking time gets reset, when funds are removed
{
t = 0
t_active = 0
}

VOTE (voting utility)

10 Millionen VOTE are daily emitted from the Reserve Pool:

  • 5.798 Million VOTE are distributed to WORK-power (active worker proposals, depending on net worker VOTE-power)
  • 3.202 Million VOTE are distributed to ONS-power
  • 1.000 Million VOTE are distributed to VOTE-power

VOTE-power

The voter defines the duration for the VOTE burn (max. 150d). The longer the time period, the lower the VOTE-power.

1 VOTE-power is generated, when 1 VOTE is burnt per day.

const. VOTE-power = (total burnt VOTE on voting) / (total days for voting)

The max. VOTE-power is limited by the available ONS-power of the voter account. For 1 VOTE-power 9.5 ONS-power are needed.

VOTE-proxy

The ONS-power account can select a proxy for the next 300 days, which receives the VOTE reward every day.

VOTE-whitelist

Whitelisted accounts, are able to perform any VOTE burn, independent of ONS-power, during the first 555 blockchain days.

VOTE use cases

VOTE can only be used once, by sending it to the VOTE Reserve Pool (burn).

Vote for or against a OIP (Onest Improvement Proposal)

A OIP has 30 active vote days, after the net VOTE becomes consensus.

Vote for or against a Worker

Each active worker earns new VOTE, depending on the net VOTE-power percentage, compared to the net worker VOTE-power.

Worker payout

Vesting is enabled after 14 days, when 20% of the total needed worker VOTE got released, during the first 20% of the worker time. Worker gets deactivated, when requirements for vesting is not fulfilled or is fully funded or is out of timetable (max. 360 days).

Worker refund

When an active worker doesn't accomplish the requirements for vesting, the collected VOTE are used, to give both VOTE parties a proportional refund.

When the rewarded VOTE from a worker are higher, than the total burned VOTE for the refund, the extra VOTE are constantly shared for next 14 days on the remaining active workers.

Vote for or against a BP

Active block producers are selected for each round by the amount of net VOTE-power multiplied with a random number between 1 and 2.

Missed n-blocks in a row halving

When a BP misses the block production (n=0, n+1), his net VOTE power gets halved for the next 3^(n-1) BP circles.

Vote for or against a committee member

Active committee members are selected by the net amount of VOTE-power.

Pay for block chain fees

Block chain fees can also be paid by using the equivalent amount of VOTE. No ONS-power is needed here. Referrals and registrars can earn VOTE via vesting balances. The equivalent amount is calculated by the ONS/VOTE market based on the MA(14d). This feature allows free blockchain use by staking ONS and earning VOTE.

Effects of VOTE

  • VOTE is a limited utility, which can be minted, collected, shared, burnt, traded and used as collateral on the DEX
  • VOTE enables everyone to profit from the governance and worker system, depending on his resources
  • VOTE enables a natural market selection and creates responsibility to use resources efficient
  • VOTE punishes unvoter, wrong voter or too low voter
  • VOTE enables every business, to fund workers with VOTE, without the need of chain consensus
  • VOTE defines the minimal devaluation of ONS
  • VOTE benefits from the ONS value through BP
  • VOTE increases the demand of ONS for voting