Insolar has released its economic paper, highlighting the coin model for XNS, the native coin for Insolar MainNet. The paper highlights the main aspects of how the coin will be utilized within the network to support blockchain business applications on Insolar. The premises of the paper are built upon the vision that the Insolar team set forth in its tech paper, which was released in January 2019.
The Insolar MainNet is set for launch on September 30, 2019. Holders of INS tokens will be able to convert their Ethereum-based ERC-20 tokens to Insolar XNS native coins for use within the network.
The native coin on Insolar MainNet — XNS — serves three distinct purposes:
The coin fulfills the role of a medium of exchange: transferring value from one interested party to another, proportional to the mutually agreed valuation of their exchange. Payments may include application fees, resource fees, and subsidies.
Collateralizing the responsibility of actors utilizes the coin as both a medium of exchange and a store of value. The total value locked up in the staking system represents the aggregate commitment to the security of the network, and is also evident of the total revenue that can be accumulated by the nodes participating in consensus.
Plans for Insolar MainNet include the gradual introduction of decentralized governance to the point of an autonomy governance in a mature self-sustaining phase. The mechanisms of this collective regulating body is to be fuelled by the Insolar native coin.
The economy of the network and use of the coin aim to foster an ecosystem in which:
- Infrastructure resources are able to meet demand for brought by the application service layer of the network;
- Infrastructure service providers are able to maximize their business efficiency via the usage of their infrastructure resources;
- There is an active community of developers, which create and maintain software for application services;
- There is an ever-growing marketplace of application templates, apps, and integrated solutions for every business case that can benefit from leveraging distributed ledger technology;
- The decentralized autonomous governance is mature.
Learn more about the mechanisms and economic interactions in further detail in the Insolar Economic Paper.
- Check our Github and leave feedback on the code.
Follow Insolar on social media: