What exactly are LARYNX Miner Tokens?

in SPK Network5 months ago (edited)

larynxspk.png

Initial LARYNX Rules on the SPK Caim Chain (EDIT):

The current state of LARYNX Miner tokens is not what it will be in the future. LARYNX currently follows these rules and will progress to the rules mentioned below:

  • These are claim tokens. Claim here, check this blog for instructions.
  • You can: hold them, send them, trade them.
  • If you are running a node, stake them to earn fees to help others trade them.
  • Four-week power down. 25% per week.
  • The fees earned by node operators are a share of the DEX trading fees

Nodes that earn a share of the dex fees have to be in consensus. To be in consensus the node has to stake more larynx than the governance threshold on the SPKCC Monitor page.


What LARYNX is moving to:

If we go to their definition on the SPK Network Light Paper, you will read something very close to this:

LARYNX Miner tokens should be thought as, as physical miner rigs, but in a digital form. The only way SPK Governance tokens can be earned is by staking LARYNX Miner tokens and running SPK Network Peer to Peer infrastructure nodes. When staked, LARYNX Miner Tokens are locked permanently so as to identify legitimate infrastructure miners, willing to stake value into the network. The more LARYNX burned for mining, the more profitable/efficient the mining becomes.

LARYNX Miner Tokens can be obtained by either:

  • Sending HIVE to the SIP (Service Infrastructure Pool) - a percentage of the HIVE is auto sold for SPK, and a percentage is sold for BROCA. These currencies are then respectively staked into the SPK-HIVE BROCA-HIVE and SPK-BROCA Liquidity pool pairs in the SIP permanently. The HIVE is exchanged using Auto Market Makers in the liquidity pools above.

  • A fixed amount of LARYNX Miner Tokens is auctioned off each day by the SIP. The users who send the most HIVE to the SIP that day for Miner Token purchases proportionately receive the most of that day's Miner Token supply.

  • Burning LARYNX tokens for mining results in the tokens being permanently locked into accounts from which they cannot be withdrawn.

  • The other option is to buy LARYNX Miner Tokens off the open market.

New LARYNX MODELS

Each year, the relative mining efficiency of old versions of LARYNX Miner Tokens drops slightly in order to mimic the relative efficiency improvement to the latest physical mining rigs in the real world. This creates a continuous demand for the latest LARYNX tokens and encourages additional permanent staking into the SIP.

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Illustration made by @ryzeonline

About the Claim Drop

Each HIVE blockchain token holder is eligible to claim their LARYNX miner tokens based on the amount of HIVE and HIVE power held in their wallet on January 6th, 2022. Unclaimed tokens will be distributed via proposal fund by community vote.

Claim Drop will start tomorrow, Sunday, March 20th. Stay tuned SEE HERE.

You will be able to claim 1/12th of your miner token balance each month for 12 months based on the amount of Hive you had in your account on January 6th, 2022.

Unclaimed tokens will go into the LARYNX DAO account, which will be distributed based on community proposal and either stake weighted Hive Power or SPK Governance token vote (TBD).

What LARYNX Miner Tokens Should be Seen As

LARYNX Tokens are essentially digital mining rigs. We anticipate a lot of reshuffling in the market over the first 12 months of distribution while users who want to carry out serious mining operations in the SPK Network secure their positions in the token.

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About the SPK Network:

The SPK Network is a decentralized Web 3.0 protocol that rewards value creators and infrastructure providers appropriately and autonomously by distributing reward tokens in such a way that every user, creator, and platform, will be able to earn rewards on a level playing field.

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"Unclaimed tokens will go into the LARYNX DAO account"

When are tokens considered unclaimed? At the end of each month or at the end of the 1 year claim period? So if I skip a month of claiming can I still claim for the previous month and current month without losing or do I need to claim each month?

Posted Using LeoFinance Beta

Really interested by the response too !!

from what I gathered today, you need to claim tokens monthly otherwise that months tokens will become unclaimable when the next months tokens become available

Posted Using LeoFinance Beta

from what I gathered today, you need to claim tokens monthly otherwise that months tokens will become unclaimable when the next months tokens become available

Posted Using LeoFinance Beta

Wow so if I don’t want to mine but want to hold onto the tokens for a while to see what the market does… do they degrade? Do I have to do something to upgrade them? How about once they are staked? What does that scenario entail?

I think they are still as efficient as before but the new tokens are more efficient so the share of the previous level larynx will be lower when the new takes their place :/

An amazing moment that gives the start of Speak Network getting decentralized from the gecko and building up a community that will ensure the thriving of the project.

Posted Using LeoFinance Beta

Thanks, I'm slowly starting to understand the tokenomics of the project! Might have to give that light paper another go, though!

Posted Using LeoFinance Beta

Can we get a node guide for absolute dummies? I tried running one on testnet and couldn't get all the way to the end.

It would be awesome if we could get a step-by-step guide that instructs you where to start and how to get the job done from start to finish.

Posted Using LeoFinance Beta

This, i agree wwith this and also ask this question!

EYTHORPHOTO!



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such awesome insight you got mate!

Is there any link that explains how this works?

Sending HIVE to the SIP (Service Infrastructure Pool) - a percentage of the HIVE is auto sold for SPK, and a percentage is sold for BROCA.

Meanwhile, what do you think about having a medium account so that one can subscribe to and get notifications through email whenever there's an update?

I love drops :-)
Awesome and rehived.

Sick. Takes me back to the glory days of ASIC mining bitcoin.

Posted Using LeoFinance Beta

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Thanks for the explanation, I appreciate it.

wow, this is amazing and nice. how does it work

I hope I would be ready when this comes ! I still need some times but pretty soon I should have videos to share ! !PIZZA

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SUPPER EXCITED.

Besides that, thanks for posting this to ListNerds because for some strange reason I was not following you. lol. Heading towards 800 videos up on the 3Speak and I was not following you. Well, corrected that now. lol

An amazing initiative, I love to see decentralized platforms like this project. This is why I keep using my decentralized multi-coin wallet application from https://atomicwallet.io/, for the storage of crypto.

Can we get more info on when LARYNX will be considered unclaimed?
!PIZZA

Thanks for the info. I hadn't heard about this airdrop. I will have to check it out.