Topic: Idena is the first Proof-of-Person Blockchain - page 17. (Read 44266 times)

It's already like that. Older nodes gets more coins from validation. Also gets coins from making flips (0 epoch node don't do flips for first validation and can do less flips for first few epochs), do not have an option to invite someone and get invitation rewards before epoch 5?. so person who is killing his node each epoch is mining like 2 times less than 5 epoch old account thanks to validation rewards. 5 epoch old account is a 100 day hodler... that super long comparing to average in crypto.

About coins outside of stake - you cant block people from spending their coins its not what its all about ... all you will get is making new nodes enter the network harder = slower network grow = lower fundamentals. You need to build use-cases that will burn coins (like ADS network that should be done in this year) and other activities. You need to make access to idena as easy as possible. Otherwise you will make all this dumpers to join farms, because farms will pay them after each epoch from coins dumped from older nodes while holding "dumper" node coins till "full node maturation day" to dump without penalty.

Its not tokenomics what makes idena to be locked in super low cap coins range. Its lack of marketing and big exchange. Not surprising. Before validation sharding price explosion is dangerous.

I agree about the nodes (more is better), but not all nodes should be miners imo. If all nodes are miners, how can you stop coin dump from let's say 100K nodes (from your example)? Let's assume 50% are selling, 50% are holders, that's a lot of coins reaching the market.

I think a mechanism can be done, to reward more the holders and less the dumpers. This can be achieved through different ways, For example, if an identity kill itself to get the stake out should get less coins (this can be done easy using the identity age) and / or if a node-miner (since on Idena is the same thing) get's out more than 25% of the wallet, should have the reward decreased, maybe introducing a minimum DNA amount to join the mining pool will help the price and will also separate miners from nodes (like some sort of masternodes), if you like.

Regarding the coin age, can be done a tier and nodes can get increasing rewards with age, stimulating nodes to not leave the network, miss validation or kill the identity. BTW, anyone knows what is the point of identity age right now?

So you are saying here that lower number of nodes will be better for IDNA price? Thats the oposit of what logic say. Lower amount of nodes = less secured network (creating centralized 100 node farm and attack network is easy, creating 100 000 centralized node farm is impossible). The whole point of idena is having as much nodes as it is possible to attract advertisers, to be faster and cheaper (with sharding) and many many more. First time I hear that destroying coin fundamentals (forcing nodes to quit to lower nodes amount) will benefit the price.

As I've stated in the first place at p2, I know it contradicts, that's why I've suggested that the miners number needs to get lower, not inflation higher.

Time will tell if I am wrong or not...

Cheers!

Yes you are wrong


Inflation presented in number of coins is useless. You should always devide it by number of coins in circulation.

51,840 coins per day = 18,9 mln coins per year - here you are correct

Circulating Supply 47,718,592.04 IDNA

Inflation for next year - 39% - yea that big but idena is 2 year old. Inflation will go down with every year because number of coins in circulation will go up. In 5 years from now (7 year old coin) inflation will drop to 13%. (in fact much lower because of burns - ~100k each epoch and expected burns in future from ads)

Bitcoin while being 2 year old had inflation around 50%, 7 year old bitcoin has inflation around 10%. Current CAKE inflation is around 200% (150% if you consider that some of newly minted coins are burned).

So inflation is not the case that IDNA is only 5 mln $ coin.


Rewards are low because price is low. Not because miners should get more coins becasue more coins = bigger inflation = even lower price = even lower rewards. So in this point you state that price is low because price is low.

So p1 and p2 contradict each other. You cant lower inflation in the same time make higher reward.

But in the end of the day the only sensible conclusion from point 2 is that ... price is low and 5 mln $ for innovative coin with 8000 nodes is insane.

3 days, 5 days.. you got the point (I know that it was very short since at the time was pissing me off the constant validations )

As for the price, I was talking at what price had started, not at what price went after a while ...


Anyways, I'm o hodler, so I hope I am wrong.

Uh, when I joined, validations were 5 days apart, there were no exchanges so DNA, yes DNA, traded OTC in the discord for 125 sats which was $0,01 at that time. So $0,01 to $0,30 that was 30x.
But I think that this is still early on. I'm interested in ads and how will they drive additional burning of iDNA and how will that reflect on future price.

Well believe it... It will stay this cheap for a long time imo if the things won't change. I don't want to spread fud but, that's the reality.
And the reality is that the price is the same since late 2019 i know because I'm in Idena and mining since the epoch was 3 days back in 2019 and the price was ~$0.1, and its been only gone up 3x as ATH to near $0.3.
Here are the 2 reasons I personally see why the price tanked for so long and nothing will change, unless something will change:
 - 1. Inflation. Near 20 millions (18.9M if my memory serves - like Dash&Monero total supply) inflation per year is a lot... Let's think about it: in 5 years from now, circulating supply will be 3 times more than it is now and from an investor perspective this is a lot.
 - 2. Reward for miners is very low, and many leave (selling their coins), new one come, old ones leave... is a cycle, I can understand but on Idena is very aggresive. There is very little money to be made as miner (6 coins per block / 8000+ miners => ~3.2 coins / day / miner). I know makes no sense, I want more coins for miners and I want the inflation reduced. No. I think reducing the number of miners is the way.

Again this is my pure opinion about Idena. I may be wrong, I may not.

Peace!

No problem. Good luck with validation. If you need more codes for friends/family members feel free to PM me.


I don't think that any of rumors that big players such as vitalik or coinbase CEO are interested in IDENA is real:


Mainly because of how low Marketcap Idena is. If vitalik o Graham Jenson was involved in Idena wouldn't they want to invest a bit? A bit for them are couple millions ... more then whole marketcap.

Thank you for giving me an invitation code I miss mining Idena, this is one of the news that made me want to comeback mining Idena, I just knew this is one of the projects that has potential in the market soon, I still have my IDENA I mine months ago but I want to continue mining and get an update on the continuous development of Idena

i think that people too often sees blockchain technology as a best solution for every problem. Its expensive and slow. It applyies only in situation where you dont want to relay on any centralized organization. Like bitcoin. If you need a hedge against global monetary system you dont want to use for this purpose an asset that is in any way centralized.

While during voting you take part in centralized event. Centralized elections to choose centralized authority that will rule the country in a centralized way. Country that knows all your data ... even more than you think they know.


Vitalik, former coinbase CEO ... who else ?? There are many different rumors but they are all kinda unlikely with coin evaluated at 5 mln $. Freaking 5 mln $. I just cant bealive its so cheap.

BTW If anyone need invitation - PM ME

Vitalik doesn't specifically mention Idena. Though, he does have some awareness about Idena and talk a little bit about it. Take a look at https://disqus.com/home/discussion/vitalik-ca/hard_problems_in_cryptocurrency_five_years_later/#comment-4701734342. I know it from the idena FAQ site that created by @realRioda

I don't think it would be beneficial to use things like this, it would be overkill. Also, they won't do it for a sovereignty reason, and I don't understand why it should be used PoH, they already have all of our identity.

If vitalik is interested in IDena technology with proof of humanity, it seems very interesting if etherium will have a partnership with idena for voting systems on blockchain, and maybe in the future IDena will become a pioneer of proof of humanity, for voting on presidential elections of a country, is that possible?

are you one of the members who developed the blockchain , it is as you mentioned earlier that each blockchain does not require money, only materials such as lattops and others are needed to be able to participate in any blockchain.

lucky for you 15 days ago devs prepared "Idena Chronicles'

https://medium.com/idena/idena-chronicles-ea6577c1c335

You can find there everything that happens in and around IDENA.

There is also Idena Announcements channel on telegram where Devs announce everything together with validation reminders and validation results.

https://t.me/IdenaAnnouncements

If I could remember I have Idena invitation before but I forgot about this project, I would like to know what's the status of the Idena or where I can find the announcement or news about the project. I really do miss the verification part however the time zone is a little bit on my location and some times I do missed this part.

ya.ya.yo!

But you can make validation using Idena Web App on your phone. Or use app developed by community dev:

"Dear Idena community,

There is an Idena mobile app developed by @reddwarf03:

https://apps.apple.com/us/app/my-idena/id1535914607

https://play.google.com/store/apps/details?id=io.reddwarf.my_idena

It's a community-driven development that could be supported with Idena foundation wallet funds.

We have blocked 5000 iDNA (https://scan.idena.io/address/0x7a7c9eb1ff4e7df0889637bc3b19a38b8bedcf19) using the OracleLock (https://github.com/idena-network/idena-desktop/wiki/OracleLock) smart contract. In case of 51% support, the funds will be automatically unlocked in favor of the wallet of @reddwarf03.
"
https://t.me/IdenaAnnouncements/688

Access to validation is not the thing that limit network grow. Its the token price. Currently with 8$ per epoch (12$ per month) from mining and around 10$ from rewards total 22$ minus 8$ for VPS = 14$ its not worth the effort for many. As soon as price will pump network will come back to 20% growth per epoch just like during Aug-Sep 2020.

The number of people who successfully validated increased by 10% from the previous epoch. I think this number will increase greatly if developers support the emergence of an official mobile application from Idena that can be used for validation anywhere.
Not everyone has a greater opportunity to carry a laptop or macbook than a smartphone. Smartphones are more flexible and can even reach many people. With the expansion of users, a larger Idena community network will be formed.

Is there any news regarding the official release of the Idena app for smartphones?

Remember, to be able to mine you must validation first and the number of mining coins available every day is 25,920 IDNA per day for each node that is active and successfully validates.
Next validation will be on August 12, 2021 at 08.30 PM (UTC +7). You can use Google Chrome or other browsers to validation,

For running your own node, 4GB ram, i3 cpu or newer celeron is recommended. In some cases weak router can cause problems. If that happens, slow sync or your internet starts working bad, you can use Web App to do validation. Eventualy you can run node on vps.