Topic: Idena is the first Proof-of-Person Blockchain - page 119. (Read 44019 times)

There are constant of 51 840 IDENA coins being distributed daily. Current circulating supply is equal to 44 934 700 what gives us 52k x 365 / 45M = 42% inflation annually ... pretty much but let's take a look at that after 10 years.

circulation supply 234 150 700 and still the same 52k coins daily what gives us 8% inflation. It's still not what average crypto enthusiast is looking for BUT ...

1-" Miners get 10% of transaction fees, 90% of the fees are burnt. "
2- ~5-20% of minted coins are being burned due to mining penalty, stake loss due to 2 wrong validations in a row
3- even more coin will be burned due to penalties (f.e shitty flips) and due to IDENA showing its real world value:
"100% of ad payments will be burnt"


So IDENA supply is not limited but if project will succeed I believe that it will reach max supply one day and due to amount of coins being burned the total supply will start to decrease.

You didn't try hard enough then, you just have to validate your node once a week. How hard is that for free coins? 

I really wish I could love the project.
I tried.
I tried hard.
But the constant re-evaluation got on my nerves really fast.

I read in the IDENA FAQ that the total supply of IDENA is not limited. Why do you make IDENA coins is not limited? wouldn't it be better if the total supply was limited.

Monero is just a fork of Bytecoin without the premine

It will not because who wants a copy instead of the orginal? How well are those bitcoin, monero, ethereum forks doing. It would only be very bullish to see forks of Idena in the future.

The problem with this kind of premine are forks and clones.

Don't get me wrong, I love the Idena idea and implementation, and I think devs should be paid. This is a work. And Idena is really original and is working now. It is not a concept.
But soon (when the alt community react to this great coin) I predict someone will fork the project with 0 premine. And this will be a challenge for Idena.

Other solution would be implementing a DAO with the nodes as a masternodes and some percentage of the reward of the blockchain for development. This would be the ideal solution IMO.

10% more nodes in a matter of 5 days (130-144) one day after hard fork (great one BTW). You guys doing great work. 20 next epoch and we will see 1000 nodes if we will continue to grow that fast

Now back to the economy of coin...

According to whitepaper only 6,48M out of 36M (18%) coins are reserved. That is not "most of the coins". Rest of them are just rewards for core team/founders/seed investors (by the way did you found seed investors and paid them with DNA or those 9,72M are also reserved founds for future investors/project development?)


That's a point for you in (community coins) vs (team coin) ratio case. But to be honest, from investor perspective seeing coin with such economy on my exchange i would think what is better:
1- coin with 44M supply 36M preminted in hands of team and 8M mined by community
2- coin with 44M supply 36M preminted 30M sold in ICO, 6M in hands of team locked for 2 years, 8M mined by community.

I'm not sure but second option guarantee that supply is more decentralized, coin is better priced (38M tokens are being traded out of 44M) and its supply won't be multiplied by 5 in one night after one person decide to dump. Second option seems to be safer for me as secondary market investor. That's why i still think that 80% in hands of team now and 50% after 700 days will scare every investor away and i do agree with poptok1

I must say that recent update is quite an improvement.
Client uses 50Mb less RAM and the processor usage dropped about 2-3%.
That's definitely impressive these days. Hope you will follow this path
O and BTW, consider this 50% pre-mint lock once more. Or maybe just promise you wont dump 100%, the day some exchange will list DNA? Pretty please For the sake of long term and HODL philosophy!

Idena Node version 0.14.0 is available

Changes:
1. Block proposing mechanism improvement reducing the network traffic
2. Node synchronization improvements
3. Burning transactions support
4. Identity profile data support
5. Consensus protocol improvements
6. Flips distribution protocol improvement
7. Peering improvements during the validation session
8. Bugs fix

This is a fork. The miner status is deactivated for all nodes: please activate
All balances and identity states are saved

❗️Update is required. The older version is not supported

Please update:
https://idena.io/?view=download

You have any idea when whitepaper will be published although this idea sounds great. The link buttons on the official website is not working properly they need your attention kindly fix this issue and make it working.

Idena is built by an anonymous group of computer scientists with extensive experience in launching large-scale blockchain infrastructure projects.

The project is fully open source. You can review the code on the github: https://github.com/idena-network   

  Depends on the teams credibility and ability.

What credibility does the team have and what is their past experience?

I hope that you will use your premine in your actual developments and not for your team's gain in the future.
People are hesitant because they have seen countless projects that are promising not to touch their holdings.
But later on, when the price is doing good, they will suddenly dump their coins and be gone.
So having a detailed roadmap is not an assurance that you will stop at some point.
But then good luck to your project and hopefully will last longer as compared to your contemporaries.

The project roadmap is quite substantial. Idena has had no coin offering. We are considering various options of Idena development funding, so most of the coins are reserved. We believe that the proportion of the premint and mining is healthy compared to most crypto projects.

Sounds good =)

I'm also supporting this idea presented by Tytanowy Janusz.
AndrewIdena please consider and consult this proposal with your team, as the well-being of this project is not without meaning to all of us. I would say that burning or locking 50% of this really big pre-mine, should suffice as a token of being a serious dev. Good image is sometimes more valuable than money and in the long run... who knows    

I support this project for last month by mining/inviting/answering questions on telegram/bumping this thread/talking about it on BTT on my local board. But there is one thing that is bothering me and my local community about IDENA. It's the amount of tokens that was premint.



36 000 000 coins...

Daily distribution is equal to 51 840 coins. It means that community will have more coins than IDENA team after 700 DAYS !
Currently IDENA team have more than 82% of supply- after 20 epoch (100 days of mining)
Community will have more than 80% of coins (healthy situation) after 7,6 years.

Don't get me wrong. I appreciate your work and i agree that you should be fairly rewarded but in my opinion current situation will scare every possible investor away.

I'm not saying that you should burn part of those coins (in fact that would be the best for community, but as I already said I agree that You should be fairly rewarded). I'm saying that You should reconsider locking 50-80% of those coin for next 2 year. In my opinion it will show your commitment, faith in the future of the project, decrease circulating supply, what will increase listing price and financial motivation for community to become node (faster project grow).

Idena is an open source project: https://github.com/orgs/idena-network/

You can read about Idena coin minting and foundation payouts here: https://idena.io/?view=faq#faq-economy-3


Idena formalizes people on the blockchain so there might be use cases that we can not anticipate yet: democratic voting in online communities or bot-protected marketing, free speech platforms without abuse and other projects that need privacy-preserving authentication.

This is really a great idea. But how do I know it's legit and what will you be responsible for in the long run?
And where will your income come from? Hope to receive your reply soon. thanks