Token Special Topic
This topic introduces the knowledge related to digital tokens, including the issuing mechanism and distribution mechanism of Eco, the original token of Ecocall blockchain.
What is Token?
A token is an equity certificate in digital form. It represents a kind of rights, an inherent and intrinsic value. Token can represent all rights and interests that can be digitized, from ID cards to academic diplomas, from currency to bills, from keys, tickets to points, cards and coupons, from stocks to bonds, accounts, ownership, qualifications, certifications, and other human society's proof of rights. The token has strong encryption characteristics. The authenticity, tamper-proof, and privacy protection capabilities of the token are guaranteed by cryptography. Each token is a right protected by cryptography. This protection is more robust and reliable. The token must be circulated and must be able to flow in a network so that it can be verified anytime, anywhere.
Token is the most important element of the blockchain, and it has a natural incentive mechanism. Blockchain can exert its maximum value only if it has a pass. If there is no token, the advantages of the blockchain may not be fully utilized.
Tokens are the most beautiful flowers and fruits produced by blockchain technology. The two are inseparable. The most important thing about tokens is the ability to confirm assets and transactions in an economic entity.
What is ECO?
ECO is the native token of EcoBall, the underlying blockchain system that uses the GPoW+XPoS hybrid consensus mechanism, the first in the industry, and serves as the transaction settlement medium in the EcoBall blockchain system and the equity certificate on the blockchain.
Any transaction on the EcoBall blockchain needs to consume a certain amount of ECO, similar to gas fees. For normal transactions, the cost of consumption is negligible; but for malicious attacks, a large amount of fuel will be consumed, making the attack unable to continue for a long time, so the normal operation of the blockchain system can also be protected through ECO.
The EcoBall blockchain system can also issue other tokens, which are equivalent to application-layer tokens. Through transactions, assets can be circulated on the chain, thus constructing a value circulation system.
ECO issuance mechanism
EcoBall network safety is jointly maintained by GPoW GBU miners and XPos verification nodes (possibly PoA in the early stage). They cooperate with mining, generating blocks and earning ECO, and sharing the output ECO and handling fee rewards.
Block time The interval between block generation is 10 seconds, that is, a block is generated every 10 seconds.
Mining rewards for each block, GPU mining rewards 50 ECOs, verification nodes rewards 5-20 ECOs (related to the total amount of Staked on the entire network), and 12 ECOs for developers, scientific research funds, and foundations each, Halved every 4 years.
Handling fee distribution.GPU miner: verification node = 50%: 50%.
ECO distribution mechanism
The ECO distribution mechanism is based on the predetermined ratio, as shown in the following table:
|item||ratio(%)||quantity(10^8)||Where is it used?||note|
|mining reward||70||14.7||mining rewards, node rewards||4 years halving|
|founding team||5||1.05||system build and develop|
|market&operation||7||1.47||market operation and promotion|
|developer||5||1.05||system Iterative Upgrade||new block reward|
|research fund||4||0.84||core technology research&develop||new block reward|
|foundation||3||0.63||project daily management||new block reward|