[Tech]ReapChain Token Economy

ReapChain provides economic incentives to the participants of the ReapChain network to encourage them to invigorate the ReapChain ecosystem voluntarily. In general, the nodes in which mine blocks get rewarded in the PoW(Proof-of-Work) system. In the PoS(Proof-of-Stake) system, participants get rewarded only by depositing cryptocurrencies over a certain amount. On the other hand, in ReapChain, anyone who holds REAP or just participates in the ReapChain ecosystem can be rewarded.

① REAP serves as a fuel in the ReapChain ecosystem. REAP is paid as rewards to holders of REAP who maintain the ReapChian network through transaction verification or block creation proportional to their shares from the accumulated transaction fee.

② Rewards are paid from gross transaction fee when one of two conditions is met. Rewards are paid at random when 100,000 to 110,000 blocks are created or are paid when the amount of accumulated transaction fee reaches 1 million REAP. If the accumulated amount of transaction fee exceeds 1 million REAP at the time of distribution, rewards are paid including the exceeded amount of transaction fee.

③ ReapChain pays rewards to REAP holders, standing committee nodes, steering committee nodes, and steering committee candidate nodes to invigorate the ecosystem of ReapChain. The allocation ratio of the rewards is 70% for REAP holders, 20% for the steering committee nodes and its candidate nodes, and 10% for the standing committee nodes. Double dipping is allowed.