For the healthy growth of the galaxy protocol, we present the following initial token distribution model. However, the token model will be adjusted and updated by the community over time. GLX will be used as a key currency in the galaxy metaverse, which can require advanced token economics. As the protocol grows, much discussion and research will be needed for the community to apply the new token economy.
TOKEN RELEASE
- Initial supply : 1 billion
- Max supply : 5.1 billion
*From the community pool, 0.17% was paid as an incentive to genesis validators.
INFLATION
GLX will be issued as shown in the table below. This is considered the growth of the galaxy protocol and the balance of the token economy.
BLOCK REWARDS
Tokens issued per block are distributed at the rate shown in the chart below.
AIRDROPS
Over the past few years, we have seen cases that could adversely affect the healthy growth of the community, such as sharing wallets. It also recognized that the token economic polarization across the ecosystem was severe. This issue and airdrop details will be dealt with in a separate article.
FOUNDER VESTING
- Genesis distribution: 20% (2 years locked)
Founder vesting in Genesis distribution will be locked up for two years from the date of creation of Genesis blocks. During this period, no transactions (such as token transfer, staking, etc.) are allowed. When the maximum supply is reached, the ratio decreases to less than 4% of the total supply.
COMMUNITY POOL
- Genesis distribution: 10%
- Tokens issued per block: 10%
The community pool can be used by the galaxy community. The community determines how to use it through governance. Galaxy community can have a direct impact on the galaxy protocol by actively engaging in discussions on the infrastructure, protocol direction, etc.
* 1670200000000uglx(29825000000uglx per validator) in the initial genesis supplies for community is distributed to Genesis validators.
FOUNDATION : STRATEGIC RESERVE
- Genesis distribution: 20%
- Tokens issued per block: 10%
The foundation pool(strategic reserve) is controlled by multiple signatures DAO at the galaxy foundation. In the Genesis phase, initial development team members will participate in multiple signature DAO. This is not for sale on the market. This will be used to integrate and equip the galaxy protocol with various things it needs to grow and also be used to work with appropriate partners.
STAKING REWARDS
- Tokens issued per block: 20%
Validators are entities that operate nodes that participate in the consensus of the chain. At genesis, there will be slots for 100 validators, selected by the highest amount of delegation. They will operate more demanding processes and work together as the galaxy metaverse introduces new features.
Delegators will play an important role as a citizen of the galaxy metaverse. In order to keep our metaverse is decentralized, They will delegate to validators who have a positive impact on the network and contribute to the growth of the Galaxy protocol.
DEVELOPER REWARDS
- Tokens issued per block: 10%
Developer rewards are distributed to core developers. This will be a strong motivation for them to develop the technology need to grow the galaxy protocol. It can be redirect to other pool if someone participate in or no longer participates.
ECOSYSTEM INCENTIVE
-Tokens issued per block: 50%
Galaxy community members will build the galaxy metaverse world-view by themselves. Therefore, this rewards will be distributed to all citizens who actively participate in galaxy ecosystem. In addition, this is distributed to story NFT and content NFT creators or owners who contribute more actively to maintain diversity and robustness. The broader the worldview, the more diverse interests can arise, and this distribution ratio can be continuously coordinated through governance. Then, with rewards, we can create the world-view we want as active citizens of the galaxy metaverse.
TRANSACTION FEE
Transaction fees are paid by any user to post a transaction on the chain, and is dependent on the computation and storage costs used by the transaction. This transaction fee is distributed to GLX stakers on the network.
Metaverse fees may be unique to galaxy protocol. There will be various worlds in the galaxy metaverse. We hope that each community members can choose the world they want from among the various worlds and live the life they want. This various worldview begins from the creation of stories and contents. There will also be a process of selecting leaders who can serve to ensure that metaverse remains stable in the future. Therefore, fees are incurred when citizens belonging to each world engage in activities, and these fees are distributed to contributors directly connected to each world.
These fees are a kind of tax and are essential for metaverse to keep stable and grow. Through governance, citizens of galaxy metaverse can actively participate in fee policies and improve them.
