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RE: EOS - dApp Chintai

in #eos6 years ago

One other thing to note on their site (sorry for the long quote)

"WHAT WILL BE EXPECTED OF A BP IN TERMS OF SUPPORTING CHINTAI?
Chintai will be funded by BP's to cover the operational costs of running the business. There will be an auxiliary fee mechanism incorporated into the leasing engine as well in times of a deficit, but the business will be primarily BP funded."

So they say its feeless and that the block producers will support running the business but I'm curious on this "Auxiliary fee mechanism" and the talk of "In times of deficit."

In the whitepapers, i didnt find anything about the "Auxiliary Fee" however they did talk about the deficit portion:

"In order to prevent a critical dependency by Chintai on BP funding, we propose that functionality is built into the Chintai lease contract in the event of a cycle funding deficit to enable a percentage of all EOS allocated to the lessors to be awarded to the dApp itself – this is set to zero as default when fully funded. During a funding deficit, this activates for a lease cycle equivalent to: X funds for period received, e.g. X + 10 funds for period required, then 10 is equally taken from every stake as a fee to fill. This is essential to ensure that Chintai can fully fund ongoing development requirements, never fails and is capable of withstanding a Sybil attack."

Not quite sure I fully understand it but it appears at any time that they identify they are in a deficit (which is not fully defined) they can engage in capturing a portion of lease revenue. Hmmmm.... part of me understands that they have to obtain money to keep the lights on but taking out of my pocket on when "feeless" is tossed all around about this isnt necessarily a slap in the face, but definitely a annoying flick in the nose haha.

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Good points and glad you asked. Chintai have already secured a sponsor (EOS Dublin) so they will receive funding from them. You are right if they lose funding from EOS Dublin they need a way to cover there costs. The model will be similar to how exchanges charge you for trading, a small portion will be taken by them.

I have reached out to the Chintai team to get some solid figures and will update soon.

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