Supposedly, Quil is now totaling 1 billion, and according to Cassie’s projections, it was supposed to hit 1 billion next November, now it’s a year ahead of schedule. I would like to ask, what will be the daily emissions of quil, for 2.0?
Emissions in 2.0 will diminish, so the total issuance will remain as originally foreseen.
The new rate depends on several factors, but just as a rough idea (based on some answers I saw from Cassie in tg), for an estimate of 4m core count, it should be somewhere in the range of 500-750k quil/day
Tokenomics from Proof of Meaningful-Work blog post:
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Issuance (Controlled, generational inflationary/deflationary cycle):
Network storage size (d) in GB (ceiling) is rolled into the highest level of proofs, and follows a simple curve, but the curve is generationally (n) bounded and decays over prover group set membership (s, zero indexed) – (1/((d/1048576)^(1/2^n)))/2^(s). This means that when generations are breached, the reward re-spikes to incentivize greater storage provision, which would be aligned with the generational leap.
The ultimate final coin issuance is capped at 2^256-1, which is not obtainable by any foreseeable measure, given the pressure of the curve. Assuming network storage size is low, say, 1GB, the reward issuance for proving 1GB is exactly 1024 QUIL per interval (10s), to obtain the cap would essentially be well after the heat death of the universe.
Issuance is further decayed per prover such that the reward for the same core shard being proven divides by two for every eight provers – this is however bounded to the prover set. In other words, the first eight provers who are proving the core shard (and we know they are in this group, because their proofs have the oldest lineage) get the full reward issuance, the next eight receiving only half that (1/(2^1)), the next eight only a quarter (1/(2^2)), etc.
If a prover were to miss their interval in network-wide prover cycles (not described in this article), they are marked as missed, and on the second interval they are missed, removed from the prover cycle, meaning the ninth member of the lineage set now becomes the eighth, and so on.
Consumption (Supply/Demand Pricing):
Network resource consumption is a globally-measurable phenomenon through the use of proofs, we know at any time how much storage has changed, increased, decreased, etc. as well as how much congestion exists from live circuit execution, creating a dynamically-informed marketplace to evaluate locally-stable supply/demand equilibrium. This price will therefore be variable and set by nodes, but will inevitably converge to stability. The token application offers contingent execution, meaning interactions can be settled in token delivery at their conclusion, yet the total raw resource cost is known up front.
In the event that stable coins proliferate on the network, this also creates the opportunity for nodes to alter which token application they choose to use for circuit execution acceptance, although core data settlement itself must necessarily use the primary network token.
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