Foreword:
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Foreword:
Among them, accounting is the comprehensive, continuous and systematic recording and reflection of the economic business that occurs or is completed by enterprises and institutions. Supervision is to review and inspect the legality, compliance and effectiveness of the economic business that is accounted for.
Similarly, we will analyze PlatON's economic model from the perspective of accounting, and record and reflect the relevant economic businesses in the system comprehensively, continuously and systematically.
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1 PlatON economic model
One of the core issues of economics research is the rational allocation of scarce resources. The public chain is an open, free, and distributed system that everyone can participate in. A well-designed economic model can ensure the rational allocation of public chain resources on the premise of maximizing the interests of participants, and at the same time combine the interests of each participant with the public The overall interests of the chain are aligned so that it can contribute to the entire blockchain network while pursuing its own economic interests, ensuring the long-term stable development of the network.
In PlatON's economic plan, from an accounting point of view, the economic activities included mainly include: initial issuance, additional issuance, rewards, penalties, handling fees, miners' fees and other major economic activities. The generation of every economic activity involves the transfer of Token (in the public chain, Token is the main currency unit of measurement).
Similarly, from the perspective of accounting identity rules, in the PlatON network, any economic business will not change the balance of accounting equations. By using accounting identities combined with accounting bookkeeping methods (double-entry bookkeeping), the Various economic and business activities in PlatON are intuitively reflected.
Economic activity on PlatON:
From the comparison of the above pictures, we can find that if the entire system of PlatON is regarded as a large-scale commercial company, its economic model dominates various economic businesses, and all subjects participating in the system will be accompanied by Token changes, that is, corresponding economic activities have occurred.
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2 Accounting in PlatON
In accounting and bookkeeping, it is necessary to set up corresponding accounts before bookkeeping. Account setting needs to be defined in combination with accounting elements. In accounting, accounting elements are a simple classification of accounting objects, mainly including six accounting elements: assets, liabilities, owner's equity, income, expenses and profits. in:
Assets: Refers to the resources formed by past transactions or events, owned or controlled by the enterprise, and expected to bring economic benefits to the enterprise. In PlatON, assets mainly refer to Tokens held by various entities.
Liabilities: Refers to the debts undertaken by an enterprise that can be measured in currency and need to be repaid with assets or labor. In PlatON, we define Tokens to be issued as liabilities.
Owner's equity: refers to the remaining equity enjoyed by the owner after deducting liabilities from the assets of the enterprise, or the investor's right to claim the net assets of the enterprise.
Income: The total inflow of economic benefits formed by an enterprise in its daily activities such as selling goods and providing services. In PlatON, the block rewards obtained by the daily activities of miner nodes are part of the main income of miners.
Expenses: It is the outflow of economic benefits from daily economic activities such as sales of products and provision of labor services. In PlatON, the transaction fee for the subject to send the transaction loss is the fee.
Profit: The business success achieved by an enterprise in a certain period of time. In PlatON, validator nodes provide services, and the pledge rewards generated are the main body's profit, and the rewards generated by user entrustment are also profits.
A rule that every accountant knows, the accounting equation:
Expenses + Assets = Liabilities + Owner's Equity + Revenue
In order to clearly record and track the economic activities of each subject in PlatON, verify the correctness of the economic model, ensure system stability, data correctness, etc., and improve economic benefits, combined with the double-entry bookkeeping theory of accounting , starting from different subjects and setting up accounting subjects, we introduce the principle of accounting identity into the PlatON economic model.
Here is the flexible use of the basic functions of accounting: accounting and supervision. The occurrence of any economic business will not change the balance relationship of the accounting identity. Based on this principle, the entire economic model system of PlatON can be monitored and verified. By combining accounting-related knowledge points, the PlatON system can be well verified and the economic model of the entire system is further strengthened.
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3 Accounting subjects in PlatON
Accounting subject is the subject that classifies and calculates the specific content of the accounting element object. That is, the name given to each asset liability and owner's equity after classification. The main significance of its existence is:
The setting of accounting subjects provides conditions for comprehensive, systematic and classified accounting of economic business;
Accounting subjects are an important basis for accounting;
Accounting subjects are a means to strengthen management.
Now we will analyze PlatON's economic model from the perspective of accounting subjects. First of all, it is necessary to define the corresponding accounting subjects, so as to make good use of the characteristics of accounting functions and effectively reflect the continuity, system and completion of economic activities. According to the characteristics of economic activities of the PlatON economic model and the requirements of accounting standards, the following conditions need to be met when setting the name of the accounting subject in PlatON:
Be able to independently explain one aspect of the accounting elements, such as: whether it is an asset, an expense or an award;
It can systematically and comprehensively reflect the accounting elements, such as: the change of multi-party Token involved in the transfer satisfies the accounting identity;
The defined accounting subjects should be able to meet the needs of decision-making and management, such as: provide data support for sibling systems;
Combining the characteristics of the system, unity and flexibility are combined.
Accounting staging is the process of continuous business operation of an enterprise, artificially divided into consecutive time periods of the same length, so as to calculate and report the financial status and operating results of the accounting entity. In PlatON, we will use a block as the smallest unit to record the ledger. Of course, when programming related reports, it can be compiled according to the settlement cycle or a certain interval block height.
Accounting record method contact block diagram:
Before defining each accounting subject, let's first understand the characteristics of the accounting subject.
General classification subject: also known as the first-level subject, refers to the accounting subject that comprehensively classifies the specific content of accounting elements, and is the basis for general classification accounting.
Explanation: In actual situations, the following bookkeeping vouchers will actually generate a lot of economic activities, corresponding to more complex double-entry bookkeeping. Here we only list the simplest scenarios.
illustrate:
The following table defines the accounts:
illustrate:
In PlatON, it is classified according to the content of economic activities, the highest level of accounting subjects is four-level subjects, and the lowest level is one-level subjects. Each subject is defined to target economic activities in different scenarios in the PlatON economic model. Based on the defined accounts, it is then much easier to analyze the different economic activities.
At the same time, in accordance with the accounting standard: "If there is a loan, there must be a loan, and the loan must be equal", which can effectively calculate and verify the economic data of the entire PlatON to ensure the correctness and continuity of the system. If there is an abnormal phenomenon that does not satisfy the accounting identity, the problem can also be quickly located based on the accounting vouchers.
Nobita's Surprise
On the early morning of the weekend, the sound of birds chirping by the window woke up the sleeping Nobita. The grown-up Nobita has not enjoyed a quiet weekend for a long time. After waking up, he picked up his mobile phone, and PlatON’s WeChat official account pushed the first tweet in the morning. As a loyal fan of PlatON, he will never miss any article, just click to view it. The eye-catching title instantly woke up Daxiong who was in a daze: "PlatON's first network (Alaya network) is online today." So I immediately checked my mailbox to see if the node qualification I applied for before was approved, and Daxiong was lucky to get the qualification to be a verification node of the Alaya network.
After washing in a hurry, take out the computer -> power on -> visit PlatON official document deployment instructions. Purchasing cloud hosts, initial configuration, etc. according to the document requirements, completed the preparations before deployment.
First, there is a 10,000 ATP lockup in Daxiong’s pledge wallet address, and the official also provides a transaction fee (100 ATP balance) for the node to send the initial transaction. Daxiong uses the pledge address A to pledge his node to the Alaya network to become a validator node, and at the same time specifies the reward address as: B. The pledge operation is completed through a pledge transaction, the transaction consumes 0.0002 ATP, and the pledge amount is 10,000 ATP (locked funds).
After the pledge was completed, Nobita’s node successfully became an active validator after a round of settlement cycle confirmation. After a period of time, Nobita’s node successfully completed the packaging of N blocks and received a block reward of 10 ATP. So far, Daxiong has successfully become a node in the Alaya network, making his own contribution to the network while obtaining rewards.
analyze:
From the scenario described in the above story, starting from the PlatON economic model, a variety of economic and business activities have emerged. The main economic activities are:
Nobita obtained locked funds
Nobita got the balance funds
Daxiong sends pledge transaction pledge node
Daxiong's node produces blocks to get rewards
Next, we will introduce in detail the corresponding main parts of the economic activities. The main bodies involved in the above economic activities include: incentive pool contract, pledge contract, Nobita’s wallet address, and lock-up contract.
Incentive Pool Contract
Scenario: After Nobita's node generates blocks, the obtained block reward or pledge reward funds are paid out from the incentive pool contract, and the funds are transferred from the incentive pool contract account to Nobita's reward address account.
As one of the participants in economic activities in the PlatON incentive pool, its main economic activity scenarios are:
Block reward: After the node produces a block, the corresponding reward will be given by the incentive pool
Pledge rewards: In the settlement cycle, all validators participate in the distribution of verification rewards, which are given by the incentive pool
Punishment funds: Tokens that are fined by nodes due to illegal rules will enter the incentive pool
The accounting subjects corresponding to the incentive pool contract are mainly:
Therefore, from the analysis of the incentive pool contract as the main body, the economic activities generated by double-entry bookkeeping are expressed in the following form.
Accounting voucher description:
Block reward: Token flows from the incentive pool contract to the node reward address, the reward address is the one where the balance increases, and the incentive pool contract address is the one where the balance decreases;
Pledge reward: Token flows from the incentive pool contract to the node reward address, the reward address is the one whose balance increases, and the incentive pool contract address is the one where the balance decreases;
Through the above double-entry bookkeeping and recording of the accounting vouchers, it can be clearly seen that the inflow and outflow of Token held by the incentive pool can be traced to each specific economic activity.
Note: The detailed node ID and reward address are not recorded in the illustration. The subject in the real record will bind the node ID and address to track the direction of Token more accurately.
pledge contract
In PlatON, the pledge contract participates in all economic activities related to the pledge, and the main scenarios include:
Pledge/Unstake: Newly pledged nodes, the user's Token will be locked in the pledge contract
Entrustment/redemption entrustment: User entrusts, Token will be locked in the pledge contract
Accounting subjects are mainly divided into:
According to the above-mentioned assigned subjects, the main economic activities will be analyzed next.
Pledge or unstake
Explanation: In actual situations, depending on the scenario and status, the pledge and release of the pledge will actually generate a lot of economic activities, corresponding to more complex double-entry bookkeeping. Here we only list the simplest scenarios.
Accounting voucher description:
Pledge (balance): Token transfers from the Daxiong wallet address to the pledge contract. The party with the increased balance is the pledge contract, and the party with the decreased balance is the Daxiong wallet address;
Release the pledge (balance): Token is transferred from the pledge contract to the Nobita wallet address, and the party whose balance increases is the Nobita contract address, and the party whose balance decreases is the pledge contract;
Note: The detailed description of using the lock-up deposit for pledge is in the main part of the lock-up contract. Here, it is assumed that the balance is used for pledge to illustrate the economic activity relationship.
lock contract
Scenario: Nobita uses the locked amount for pledge operations, and the locked balance will be transferred to the pledge contract.
In PlatON, the lock-up contract participates in all economic activities related to the lock-up, the use of the lock-up amount, and the release of the lock-up. The main scenarios include:
Pledge/Unstake of Locked Amount
User Lockup
lock release
Accounting subjects are mainly divided into:
According to the above-mentioned assigned subjects, the main economic activities will be analyzed next.
Pledge/Unstake of Locked Amount
Accounting voucher description:
Unstaking (lock-up fee): Token is transferred from the pledge contract to the lock-up contract. The party whose balance increases is the lock-up contract, and the party whose balance decreases is the pledge contract.
Nobita meets Fat Tiger
The deployment was successful, the pledge was successful, and Nobita successfully became a node of the Alaya network. At this moment, he was in a happy mood and hummed a little song. Seeing that the weather was fine, Nobita decided to go for a walk, and went out bouncing around. Coincidentally, as soon as I went out, I ran into my former little friend, Brother Fat Tiger. Today's fat tiger looked in a particularly good mood, he didn't beat up Nobita as soon as he came up, but came over enthusiastically, saying that he wanted to show Nobita a mysterious thing. Fat Tiger took out his mobile phone, clicked into an APP-ATON wallet after a short operation, and proudly showed his ATP balance in front of Nobita.
After some understanding, I realized that Panghu’s ATP is a reward obtained by participating in community activities. Because of its high enthusiasm, it has obtained more rewards (including liquidity + lock-up). Nobita saw that Fat Tiger's Token was still lying in the balance account. As a senior node, Nobita had an opportunity to perform. He excitedly told Fat Tiger a few things:
ATP (flow, lock-up) can be entrusted to the verification node to obtain rewards;
When selecting a node, choose a node with a relatively high reward ratio, preferably a node with a reward ratio of 100%;
Rewards are issued once per settlement cycle, and you can see your rewards at the corresponding node in about 3 hours;
After the rewards are issued, they can be claimed on ATON, and the rewards after receiving can continue to be entrusted.
After listening to Nobita's prompt, Fat Tiger immediately operated on ATON. Screening according to the reward ratio, the Nobita node was selected (the reward ratio of the Nobita node is 100%). Select node -> entrust -> enter amount -> adjust transaction fee -> enter password -> send, Fat Tiger completes all operations in one go, and the next step is to wait for the reward. After completing the operation, Fat Tiger was only thinking about checking the rewards, so he went home happily.
After a period of time, Fat Tiger opened ATON again and found that he had already obtained the reward. At this time, he needs to collect the reward to transfer it to the address balance. Fat Tiger excitedly clicked to receive -> Receive all -> Adjust the handling fee -> Enter the password -> Pack and generate blocks -> Receive the account. Looking at the newly added balance, Fat Tiger excitedly called and told Nobita.
From the scenario described in the above story, starting from the PlatON economic model, a variety of economic and business activities have emerged. The main economic activities are:
Fat Tiger participates in community activities to get ATP - transfer
Fat Tiger entrusts Daxiong's node- entrust
Fat Tiger got rewards - reward distribution
Fat Tiger Receives Entrusted Rewards- Receive Rewards
Nobita's Node Gathering Entrustment Rewards - Block Production/Pledge Rewards
Fat Tiger uses the lock-up amount entrustment- lock-up entrustment
Next, we will introduce in detail the corresponding main parts of the economic activities. The main bodies involved in the above economic activities include: incentive pool contract, pledge contract, fat tiger wallet, entrusted incentive pool contract.
pledge contract
In the above scenario, the participation of pledge contracts in economic activities mainly includes:
Entrustment/redemption entrustment: the user entrusts, and the Token will be locked in the pledge contract;
Accounting subjects are mainly divided into:
According to the above-mentioned assigned subjects, the main economic activities will be analyzed next.
Balance entrustment or redemption entrustment
Accounting voucher description:
Entrustment (balance): Token is transferred from the fat tiger wallet address to the pledge contract. The party whose balance increases is the pledge contract, and the party whose balance decreases is the fat tiger wallet address;
Redemption entrustment (balance): Token is transferred from the pledge contract to the fat tiger wallet address, the wallet address is the fat tiger wallet address when the balance increases, and the pledge contract is the balance decrease party.
Delegate Incentive Pool Contract
In the above scenario, the economic activities involved in the entrusted incentive pool contract mainly include:
Block delegation rewards: block rewards, nodes will distribute part of the rewards to entrusting users in proportion, and Token is temporarily stored in the entrustment incentive pool contract;
Pledge delegation rewards: Pledge rewards, nodes will distribute part of the rewards to entrusting users in proportion, and Token is temporarily stored in the entrustment incentive pool contract;
Receive entrustment rewards: users receive entrustment rewards.
Accounting subjects are mainly divided into:
According to the above-mentioned assigned subjects, the main economic activities will be analyzed next.
--Block Rewards--
--Staking Rewards--
--Receive entrustment rewards--
Accounting voucher description:
Block rewards: Token flows from the incentive pool contract to the entrusted incentive pool contract. The party whose balance increases is the entrusted incentive pool contract, and the party whose balance decreases is the incentive pool contract;
Receive entrusted rewards: Token is transferred from the entrusted incentive pool contract to the user's wallet, the user's wallet address is the one whose balance increases, and the entrusted incentive pool contract is the one whose balance decreases;
lock contract
In the above scenario, the economic activities involved in the entrusted incentive pool contract mainly include:
User Lockup
Lockup Amount Entrustment/Redemption Entrustment
lock release
Accounting subjects are mainly divided into:
Lockup Amount Entrustment/Redemption Entrustment
--User Lockup--
--Lock release--
Accounting voucher description:
Entrustment (lock-up fee): Token is transferred from the lock-up contract to the pledge contract. The party whose balance increases is the pledge contract, and the party whose balance decreases is the lock-up contract;
Unentrustment (lock-up fee): Token is transferred from the pledge contract to the lock-up contract, the party whose balance increases is the lock-up contract, and the party whose balance decreases is the pledge contract;
User lock-up: Token transfers from the user wallet address to the lock-up contract, the party whose balance increases is the lock-up contract, and the party whose balance decreases is the user's wallet address;
Note: The locked amount here is set according to the scenario, and it should belong to the wallet address locked to Panghu.
common address
In the above scenario, Panghu is an ordinary user, and the economic activity scenarios involved are:
user transfer
Pay transaction fees
Note: In fact, the economic activities related to the user wallet address have been included in the introduced entities. Here, the user wallet address is used as a perspective to cut in.
Accounting subjects are mainly divided into:
The main transaction-related scenarios have been described in other parts of the article, and only the core transfer and transaction fees are analyzed here. According to the above-mentioned assigned subjects, the main economic activities will be analyzed next.
--transfer--
--Deduction of handling fee--
Accounting voucher description:
Fee deduction: Token is transferred from the user wallet address to the node reward address, the node reward address is the one whose balance increases, and the user wallet address is the one where the balance decreases;
accounting principles
