The Maximum supply is 15MM, which is similar to how the maximum supply of Bitcoin is 21MM, even though only 17MM bitcoins exist right now. Only 6MM PPY will exist at the launch of the blockchain, but the reserve pool is needed in order to pay witnesses, just as the bitcoin "reserve pool" (the difference between the current supply of 15MM and the final supply of 21MM) is needed to pay bitcoin miners. Witness pay is performed automatically when each block is signed, and consensus vote of all PPY holders is needed if any other other funds were ever to be moved from the reserve.
Seed crowdfunders received 20% of the max supply of Peerplays token. The message was there will never be more peerlays tokens available.
Now you say these investors receive ~33% of the final allocation (last mumble) but actually it is only ~13%.
I think that is a broken promise.
How fast can the reserve fund drain out?
An on-chain "reserve pool" is a requirement for almost every blockchain consensus technology that exists right now. All blockchains must pay the block signers, and this pay comes from a pool of tokens which are reserved, meaning that they don’t exist until certain parameters are met. In the case of Bitcoin, Ethereum and other Proof-of-work blockchains, the new tokens are released to the miners from this reserve each time a new block is signed. As I mentioned earlier, Bitcoin's "reserve pool" is an additional 40% of the total bitcoins that exist right now (21MM minus 17MM).
For most proof-of-stake blockchains, tokens from their “reserve pools” are released in a similar fashion (block rewards), but some proof of stake blockchains also allow holders to utilize on-chain work proposal systems. Dash, for example, owes a good deal of their recent success to their holders’ use of Dash’s on-chain work proposal and voting system to fund the development of related infrastructure.
There are also examples of Blockchain communities with stakeholders who have voted to severely restrict the use of their on-chain work proposal systems, so that few if any new tokens have been created. For example, did you know that the maximum supply of BitShares is actually 3.6 Billion? You probably didn’t know this, because virtually none of these “reserved” tokens (a fraction of a percent in the past 2 years) have ever been used to support work proposals. This is simply the choice of Bitshares stakeholders - there is nothing inherently right or wrong about this.
It is not our place to limit the freewill choice of the Peerplays token holders to utilize work proposals to whatever extent they wish. If the majority of PPY holders do not vote on proposals, then none of the reserved tokens will ever exist. I hope this helps bring more clarity to this issue.
I am very familiar with BitShares, the reserve fund (the need for) and the actual maximum supply of BTC and BTS as well as the history of broken promises on Graphene based projects.
Don't get me wrong, I'm a strong supporter of Peerplays but you are starting a new Graphene chain again with broken promises.
I'd like to remind you that the reserve fund should be 5% and not 60%.
The Maximum supply is 15MM, which is similar to how the maximum supply of Bitcoin is 21MM, even though only 17MM bitcoins exist right now. Only 6MM PPY will exist at the launch of the blockchain, but the reserve pool is needed in order to pay witnesses, just as the bitcoin "reserve pool" (the difference between the current supply of 15MM and the final supply of 21MM) is needed to pay bitcoin miners. Witness pay is performed automatically when each block is signed, and consensus vote of all PPY holders is needed if any other other funds were ever to be moved from the reserve.
Seed crowdfunders received 20% of the max supply of Peerplays token. The message was there will never be more peerlays tokens available.
Now you say these investors receive ~33% of the final allocation (last mumble) but actually it is only ~13%.
I think that is a broken promise.
How fast can the reserve fund drain out?
An on-chain "reserve pool" is a requirement for almost every blockchain consensus technology that exists right now. All blockchains must pay the block signers, and this pay comes from a pool of tokens which are reserved, meaning that they don’t exist until certain parameters are met. In the case of Bitcoin, Ethereum and other Proof-of-work blockchains, the new tokens are released to the miners from this reserve each time a new block is signed. As I mentioned earlier, Bitcoin's "reserve pool" is an additional 40% of the total bitcoins that exist right now (21MM minus 17MM).
For most proof-of-stake blockchains, tokens from their “reserve pools” are released in a similar fashion (block rewards), but some proof of stake blockchains also allow holders to utilize on-chain work proposal systems. Dash, for example, owes a good deal of their recent success to their holders’ use of Dash’s on-chain work proposal and voting system to fund the development of related infrastructure.
There are also examples of Blockchain communities with stakeholders who have voted to severely restrict the use of their on-chain work proposal systems, so that few if any new tokens have been created. For example, did you know that the maximum supply of BitShares is actually 3.6 Billion? You probably didn’t know this, because virtually none of these “reserved” tokens (a fraction of a percent in the past 2 years) have ever been used to support work proposals. This is simply the choice of Bitshares stakeholders - there is nothing inherently right or wrong about this.
It is not our place to limit the freewill choice of the Peerplays token holders to utilize work proposals to whatever extent they wish. If the majority of PPY holders do not vote on proposals, then none of the reserved tokens will ever exist. I hope this helps bring more clarity to this issue.
I am very familiar with BitShares, the reserve fund (the need for) and the actual maximum supply of BTC and BTS as well as the history of broken promises on Graphene based projects.
Don't get me wrong, I'm a strong supporter of Peerplays but you are starting a new Graphene chain again with broken promises.
I'd like to remind you that the reserve fund should be 5% and not 60%.
We are not talking about small adjustments!