Editor's Note: This article is from the Whale Research Institute, authored by J&C Capital, and reprinted by Odaily with authorization.
In the second half of the year, the entire market gradually entered a bear market, and the number of new public chain projects decreased sharply. The mainnets of the public chains that appeared last year and the first half of this year were launched one after another. The model, or the developer incentive plan, both affect the minds of developers and players. DApp developers hope to get more benefits, and users hope to find interesting applications in the bear market. Among them, high-quality game projects are favored by all participants. Competing in pursuit.
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Data source: Dappradar, Dappreview, time: January 10, 2019
Through statistics, we found that the data of three games is relatively abnormal. The number of single-user transactions of EOS Knights and TronGoo is very high. A single user of TronGoo has an average of 50 transactions within 24 hours, and EOS Knights has 38 transactions. In addition, TronGoo's 24-hour single-user average transaction volume is as high as $90. Based on the above abnormal data, it is not difficult to suspect that there is a brushing behavior. This is corroborated by the fact that in early December, PeckShield data detected that 37% of EOS real accounts accounted for 37%, 23% of group control accounts, that is, accounts controlled by the same person, and 39% of silent accounts existed. One of the reasons for the existence of fake accounts is that some lottery games are made of wool, and the other main reason is that a large number of active Dapps hit the rankings through swiping, thereby attracting more traffic.
Swiping behavior usually exists on the public chain without gas fees, which will create an illusion of ecological prosperity of the public chain. With certain marketing and market-making strategies, investors will have doubts about the actual development of the public chain and Token value. Misjudgment; the swiping volume also overdraws the ecological dividends in advance. The real developers and users do not enjoy the benefits brought by the growth of ecological value. With the Gas fee mode, we can greatly reduce such risk.
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Benefits of Gas Fee
1. Miners work hard for calculation and verification, and Gas fees are used as rewards
Whether it is Bitcoin, Ethereum, or other public chains such as NEO and ONT, nodes are required to act as transaction verifiers. The entire verification process includes the invocation of computing resources and storage resources. Gas fees are the remuneration paid to nodes. And for some public chains, the handling fee will even become the main source of income for miners, such as BTC. At this stage, the main income of miners comes from the rewards for obtaining the block confirmation right, but as time goes by, the mineable There will be fewer and fewer coins, and Gas fees will be the main source of income for miners.
2. Reduce network load
There is always a lot of network redundancy in the blockchain network. The status update of a node needs to be synchronized to the entire network after verification, and the size of the blockchain itself is also limited, so the network will hope to Only perform some simple tasks, such as a simple logic verification or store a final state, with the Gas fee, it can prevent users from performing some complex operations and make the network overloaded and paralyzed, which also poses a challenge to upper-layer application developers To meet the requirements, the developed Dapp needs to balance the complexity on and off the chain.
3. Prevent malicious attacks
The existence of gas fees can prevent DDOS attacks to a certain extent. If there is no gas fee, the attacker can construct a transaction that sends coins to himself, and this is unlimited. The continuous occupation of network bandwidth and computing resources leads to network Paralysis; the existence of Gas fees can also prevent infinite loop transactions. After Ethereum, most of the public chains that appear basically have the characteristics of Turing completeness (Turing completeness means that all computable problems in this system can be calculated, The biggest feature of Turing's completeness is that it supports loops). When loops are allowed, if there is no gas fee, there will be a type of attacker who initiates a transaction with an infinite loop. At this time, the network will fall into an infinite loop and the network will be paralyzed. With the gas fee, the attacker needs to measure himself The gains from malicious attacks and the consumption of Gas are usually not worth it.
4. The existence of Gas fees can largely avoid the problem of Dapp’s transaction volume
The problem of Dapp transactions without gas fees is similar to the principle of DDOS. It mostly occurs in public chains with mortgage models. When transactions do not require Gas fees, Dapps can achieve a large number of transactions and activities by manipulating a large number of accounts.
5. Gas fee can become the support point for the value growth of public chain tokens
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Disadvantages of gas fees
1. When the gas fee is not regulated by market supply and demand, and the price fluctuates violently, it will have a huge impact on the public chain.
Taking the Ethereum network as an example, when there is a lot of congestion in the entire network, users will try to increase their Gas Price so that their transactions will be confirmed first, which will lead to a substantial increase in the Gas Price of the entire network. In July this year, Fcoin transaction mining A large number of users transferred funds on Fcoin, and as a result, the Gas fee of Ethereum skyrocketed dozens of times. This Gas crisis not only had a huge impact on Ethereum itself, but also affected a number of Dapps developed based on Ethereum. In the face of congestion, developers had to postpone plans again and again, and even considered changing the chain.
2. The gas fee increases the threshold for both parties to the transaction
For developers, the use of bandwidth, computing power and storage resources on the network requires continuous consumption of tokens. Compared with the higher cost of mortgage mode developers, the cost of mortgage mode developers can be regarded as investment; for For users, there is no need to go through the cumbersome token purchase process when using services on the Internet, which greatly reduces the user's entry threshold. In addition, the free service model of the Internet is deeply imprinted in the hearts of users , when the performance and user experience of the two chains are similar, the Gas-free mode will be more attractive to users.
Here we introduce several Token economic models of the current major public chains, among which Ethereum and Ontology are gas fee models, and EOS and TRON are mortgage models without gas fees.
Token Economic Model of Ethereum
Ethereum uses a single Token economic model, namely ETH.
Executing contracts on Ethereum requires burning Gas. Gas consists of two parts: Gas limit (quantity) and Gas price (price).
Gas fee = Gas limit * Gas price
l Gas Price is the amount of Gwei, and Gwei is the smallest unit of Gas fee, which refers to the price that users are willing to spend on each Gas unit.
l Gas Limit is the maximum amount of Gas that a user is willing to pay for performing an operation or confirming a transaction. The default value is different for different periods and operations, and the Gas Limit can be set when performing an operation.
l 1ETH =109 Gwei
l After the transaction is completed, any unused Gas will be returned to the sender and exchanged at the original rate; no matter whether the transaction is successful or not, the Gas fee needs to be paid, because even if the transaction fails, the miners still perform checksum calculations for this.
Token Economic Model of Ontology
Ontology uses a dual-token economic model, including: ONT and ONG.
ONT is used as a governance token with a total amount of 1 billion. It is used to realize the governance rights of the Ontology network. The governance rights include the election of consensus nodes and candidate nodes.
ONG is used as a fuel token with a total of 1 billion, which is used to control Ontology network resources. The Ontology network will charge fees for transfers, smart contract deployment, and smart contract calls, which realizes economic incentives for Ontology network consensus or candidate nodes, and prevents resource abuse and network attacks. And this part of consumed ONG will be allocated to consensus nodes and candidate nodes participating in Ontology network governance according to certain rules.
In the Ontology network, ONG appears as a gas fee, and the whole is a deflationary model. 1 billion ONG will be issued to the ONT contract address, and 1 billion ONT corresponds to 1 billion ONG. Through a certain decreasing algorithm, about 18 years Gradually unbind to the ONT holding account within a certain period of time.
Ontology's Gas Fee Model
The Ontology fee model mainly adopts the compensation plus leasing model. For ONT holders, each block will unlock a part of ONG as the system usage fee. ONT network users use ONG in the Ontology system by consuming ONG. resource. The cost consumed by this part will eventually be allocated to the participating Ontology network managers.
The collection of Gas fees is jointly regulated by GasLimit and GasPrice. GasLimit is the number of steps the smart contract runs during the execution process, and GasPrice corresponds to the unit price corresponding to each step. The user's final fee is jointly determined by GasLimit and GasPrice. When the Ontology network is idle, all transactions in the transaction pool will be packaged in one block, and users can directly pay a lower GasPrice to complete the transaction. When the system network is congested, the transaction pool contains a large number of transactions, and the block cannot package all transactions at one time, the miners will sort the transactions according to the price of GasPrice, and the transactions with higher unit prices will be packaged into the block first , the transaction with a lower unit price will wait in the transaction pool until the transaction with a higher price is completed.
Ontology's Network Governance Structure
• ONT holders can participate in Ontology network governance. Holders become consensus nodes or candidate nodes in the Ontology network by staking or authorizing ONT to the governance contract.
• Consensus nodes are selected according to the number of mortgaged ONTs. Since consensus nodes contribute more to the Ontology network, they will receive more allocated incentives than candidate nodes.
• Consensus nodes and candidate nodes receive 50% of the governance contract distribution rights and interests every cycle, and consensus nodes will also receive additional compensation in the first year. Holders obtain consensus or candidate distribution income according to the proportion of Token.
Token Economic Model of EOS
EOS uses a single token model in the form of collateral.
EOS as a whole is an inflation model, with an annual growth rate of no more than 5%, representing governance rights and resource usage rights in the network.
Governance rights include the election of consensus nodes and candidate nodes. The right to use resources is to obtain CPU (CPU bandwidth), NET (network bandwidth) and RAM (memory) according to the mortgage model. The difference is that Ram is a market transaction model and is determined by market prices. How much CPU and NET are mortgaged and canceled.
NET and CPU are used to ensure that users use basic functions such as EOS network transfer. Every time the transfer function is used, NET and CPU resources will be consumed, and the more transfers per unit time, the more NET and CPU will be consumed. NET and CPU are obtained by mortgaging EOS. When NET and CPU need to be released, the mortgaged EOS tokens can be redeemed through the redemption operation, but you need to wait for 72 hours.
RAM is a resource that needs to be consumed for data storage, and it is a resource that must be used during Dapp development. RAM is purchased through EOS, and the purchase price of RAM is determined by the market. At first, the entire EOS network had a total of 64 GB of RAM memory. In July, the Ram mechanism was modified: on the basis of the original 64GB memory, each Blocks, RAM increases by 1KB; EOS produces two blocks per second, RAM will increase by 169M per day, and will increase by 60G per year; buying and selling RAM requires a 0.5% (five thousandths) handling fee.
Token Economic Model of TRON
TRON uses the single-token economic model of the mortgage model:
The total amount of TRX issued is 100 billion, and TRX represents the right to community governance and the right to use network resources. There are 3 types of resources in the TRON network: bandwidth, CPU and storage. Thanks to TRON's unique memory model, storage resources in the TRON network do not need to be purchased. Users need to obtain bandwidth and CPU resources by staking. TRON network has introduced Bandwidth point and Energy, where bandwidth is consumed by Bandwidth Point, and CPU is consumed by Energy.
Bandwidth Point
In order to ensure the smooth operation of the network, the TRON network grants each account a pool of free bandwidth points every 24 hours for free transactions made every 24 hours. To participate in transactions more frequently, it is necessary to freeze TRX for additional bandwidth points, or pay fees with TRX. Transactions are transmitted and stored across the network as byte arrays. The bandwidth points consumed in a transaction are equivalent to the size of its byte array.
Bandwidth points are the number of bytes available per day for an account. In any given period of time, the entire network handles a fixed amount of bandwidth. The ratio of bandwidth points in the account to the bandwidth capacity of the TRON network is equal to the ratio of the frozen balance in the account to the frozen balance of the entire network. The amount of bandwidth points held by an account is not always fixed, as the amount of frozen assets across the network and an account may change.
Besides queries, any other type of transaction in the network consumes bandwidth points.
Energy
The creation and running of smart contracts consumes CPU resources. It takes time for a smart contract to run in a virtual machine (VM), and the time consumed in the system is calculated in microseconds. CPU resources are consumed in the form of energy, which means 1 Energy == 1 microsecond. The total amount of CPU resources provided by the TRON network within 24 hours is 50,000,000,000 energy.
Energy can only be obtained by freezing TRX. Obtained energy = TRX frozen for energy / total number of TRX frozen for energy in the entire network * 50_000_000_000, which is a fixed energy equally divided by all users based on the total number of frozen TRX.
The creation and execution of smart contracts consume energy, while other normal transactions do not consume energy.
By analyzing the above four Token economic models, we will find that both EOS and TRON will be a cost-free model, which also confirms our previous guess that their DAPP data has the characteristics of a swap, and no Gas fee is indeed easy to appear The amount of data brushing; Ethereum and Ontology use Gas fees, so the data is more authentic and more credible. On the premise of real data, investors can have a correct and objective estimate of the development of the public chain and its value growth, and can prevent the crisis brought about by false prosperity. In this bear market, I hope we can think more rationally together.
