Hello, today in my review I will tell you about the RING and KTON tokens, what they are, what they are used for and whether they have any future
let’s start with the RING token
RING
The native tokens for Darwinia Network is RING, RING can be used as gas for transactions. Gas include transaction fees, contract execution fees, network bandwidth charges, storage fees, and more.
RING — Price
Usage in Evolution Land
In Evolution Land, RING is used as currency to pay for service fees, trading taxes. Likewise, trading various resources, lands, buildings, and props will also use the RING as the accounting unit. Game revenue sharing is also distributed in RING. In short, the RING is the money; players use it to pay for services and taxes, buy goods, and receive payroll.
Where it is traded
RING INFLATION MODEL
After the Darwinia Network mainnet goes live, the total cap of the block reward is adjusted once a year. The total number of hard-cap for RING is 10 billion. The following figure shows the RING’s inflation model.
RING IN CIRCULATION
Main Sources of Circulating RING Supply
- Community Airdrop (Ethereum & Tron)
- Sold via Evolution Land Game as early-day funding mechanism (Ethereum & Tron)
- 1st Round of Private Sale (Ethereum)
RING is divided into three kinds of types: ERC20, TRC20 and Darwinia Network native RING before Genesis Generation
REVENUE MODEL
Network Expense
- Validators’ Incentive (Inflation)
- Fishermen’s Incentive from Adversaries’ Slash (self-sustain)
Network Revenue
- Cross-chain Asset Transfer Service Fee (per TX) as Revenue
- Verification Game Slash Tax as Revenue
- Revenue Pool is used to buy back RING and burn
Ring Allocation
- Financing: 30%, first round 10%, evaluation $10M, 20% remaining to be determined?
- Foundation: 20%, 5 years vesting period starts when mainnet launch?
- Team: 15%, 1 year vesting period starts after 1 year since mainnet lanuch?
- Business Development and Marketing: 15%
- Community: 20%, including airdrop
KTON
what is this token
KTON is essentially a derivative token of RING, which encourages long-term lock and commitment. RING staking participants can lock RING for 1–36s months and get KTON as rewards, compensating for the liquidity loss.
To encourage users to make long term commitments and pledge, users can choose to lock RING for 3–36 months in the process of Staking, and the system will offer a KTON token as reward for users participating in Staking.
- The initial supply of KTON is 0, and it can only be obtained by locking RING. There is no other distribution channel. KTON has no impact on the function of RING.
KTON — Price
where it is traded
Usage in Evolution Land
In Evolution Land, KTON is used as a governance token. Players can voluntarily lock their KTON into a governance contract (minimum 14 days lock time) to receive voting power. These voting power can vote for governance proposals within the continent to affect the evolution of the game. In return, these “governor” players will have the right to receive game revenue dividends (30% of all revenue), proportionally to their stake percentage of all locked KTONs.
In the game, some high-value Lands, high-rank buildings, and props are priced in KTON.
Algorithm of binding RING for KTON#
Users can lock a certain amount of RING for a predefined period of time in exchange for KTON in return. Basically bind 10,000 RING for 12 months to get 1 KTON.
1–36 variable integer months(30days) as the locking period are allowed. See the following table of rewarded KTON amount according to locked period.
STAKING MODEL
The Darwinia Network will distribute RING as an incentive to the participants of Staking. The process of Staking can also be understood as the POS mining process, where the miner obtains Staking energy by pledging tokens for POS mining. According to complexity, Staking can be divided into basic and advanced versions.
Basic
Users can stake RINGs for NPoS mining. If users unbound the staking RINGs, mining would stop, and the unbound RINGs will be fully transferable after 14 days.
Advanced
To encourage long-term locking and commitment, users can commit to locking RING for 1–36 months during the process of Staking RING, and the system will reward them with one KTON. They cannot unlock the RING during the commitment period (unless they pay three times KTONs as a penalty).
KTONs can also be staked in NPoS mining. If users unbound the staking KTONs, then mining will stop and the unbinding KTONs will be fully transferable after 14 days.
My conclusion
I believe that tokens have prospects in the future, because developers are trying, fulfilling their plans and investing more and more effort in the development of tokens and this can be seen from the numerous updates and new developments that developers introduce every month, I advise you to start following or investing in staking and getting rewards!
I have everything, thank you for reading my article — if you liked it, do not forget to rate it, thank you.
useful links Darwinia:
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