EF Initial Vote
| Synopsis | Proposal to define schema of EverChain |
|---|---|
| Status | FINAL |
| Type | StakingParameterChangeProposal |
| Created | 2021-11-30 |
The community (initially, those with over 1,000 ID tokens in their EverWallet) will vote on option A or B below: pricing for basic services in USD and paid in ID tokens, the subsequent percentage that will be allocated to Validators, and the percentage of the transaction to be burned. Each identity/wallet in the initial vote will be able to vote once, and the amount of ID tokens above 1,000 is irrelevant to the weight of the vote. Validators will vote starting in Q1, 2022.
Background
The EF has a partnership to allow those users and organizations with identities and wallets issued by the EF to access regulated financial services vis a vie Everest Network, such as the following:
- eKYC/AML
- Credential sharing
- Use of the CRDT, the licensed, programmable stablecoin
- Payments
- International remittances
- Buy, sell, trade crypto
- Lend/borrow
- SDK
- Fast API
- Reporting
- Minting & issuing NFTs
- Minting & issuing tokens to run on EverChain
Such a model would look like the below, with the following assumptions: $1/ID; sample users. The PINK in the below would be drawing off of 75 million tokens in the Access Regulated Financial Services pool.
| Fees charged in USD | Purchaser spends ID tokens | Transaction fee Burned | # of IDs rewarded to Validators | ||
|---|---|---|---|---|---|
| ID Verification (human & unique) | 1,000,000 | $0.20 | 400,000 | 200,000 | 40,000 |
| Credential sharing | 10,000 | $0.50 | 10,000 | 5,000 | 1,000 |
| eKYC/AML | 1 | $1.50 | 3.00 | 1.50 | 0.30 |
| Org programming of CRDTs | 10 | $25,000 | 500,000 | 250,000 | 50,000 |
| Org Fast API + reporting | 10 | $50,000 | 1,000,000 | 500,000 | 100,000 |
| Minting & Issuing NFTs or ERC20s | 2 | $250,000 | 1,000,000 | 500,000 | 100,000 |
| SDK with support & maintenance | 1 | $500,000 | 1,000,000 | 500,000 | 100,000 |
| Payments: none, gold, silver, platinum | 50,000 | 1.0% | 5,000,000 | 2,500,000 | 500,000 |
| International: none, gold, silver, platinum | 50,000 | 1.5% | 7,500,000 | 3,750,000 | 750,000 |
| Buy, Sell, Swap (mainnet LPs) crypto: none, gold, silver, platinum | 50,000 | 0.10% | 500,000 | 250,000 | 50,000 |
| Earning | 50,000 | 0.10% | 500,000 | 250,000 | 50,000 |
| Borrowing | 50,000 | 0.10% | 500,000 | 250,000 | 50,000 |
| Buy, sell, trade on EverChain | 50,000 | 0.15% | 750,000 | 375,000 | 75,000 |
| 2-10 users ($4.00/user/year) | 1 | $40 | 80 | 40 | 8 |
| 11-100 users ($3.00/user/year) | 100 | $300 | 60,000 | 30,000 | 6,000 |
| w/ 101-250 ($2.50/user/year) | 250 | $625 | 312,500 | 156,250 | 31,250 |
| w/ 251-500 ($2.25/user/year) | 500 | $1,125 | 1,125,000 | 562,500 | 112,500 |
| 501+ users = custom | 1 | $250,000 | 500,000 | 250,000 | 50,000 |
| Additional TIME (custom; i.e. per year) | 3 | $10,000 | 60,000 | 30,000 | 6,000 |
| Additional STORAGE (custom; i.e. per MB) | 100,000 | $1 | 200,000 | 100,000 | 20,000 |
| Total | 18,660,003 | 9,330,002 | 1,866,000 |
| Allocations | Existing |
|---|---|
| Circulating supply | 116.7 |
| Staking & Rewards | 183.3 |
| Community | 100 |
| Team | 125 |
| Strategic Partners, Advisors, Consultants | 150 |
| Ecosystem Development | 125 |
| Total | 800 |
Specification
The EF will retain 10 percent of the fees for the purpose of paying for the ongoing storage and access to identities. Validators are required to stake 400,000 ID tokens, and will be remunerated on a pro rata basis based on the amount of time the stake is “vaulted” per the below:
| Reward =Percentage | Minimum amount of ID | Days/tiers |
|---|---|---|
| 5% | 400,000 | 90 |
| 12% | 400,000 | 180 |
| 32% | 400,000 | 365 |
Option A:
- Pricing of basic services:
| Foundation: Create + Verify + Chain | Users | |
|---|---|---|
| User Identity + Wallet (creation) | 15,000,000,000 | FREE |
| Sample # of Users | Minimum Fees charged in USD | |
| EverChain TXN | 10,500,000 | $0.0001 |
| ID Verification (human & unique) | 10,000,000 | $0.15 |
| Stakers/Validators | 100 | $200,000 |
- Validators: 10%
- Transaction fee burned: 50%
A scenario with the above pricing and percentages would look like the below with the following assumptions: $1/ID; sample # of users.
| Foundation: Create + Verify + Chain | Users | # of IDs Reqd. | total | |||
|---|---|---|---|---|---|---|
| User Identity + Wallet (creation) | 15,000,000,000 | 0.0010 | 15,000,000 | APY or % of TXNs, whichever is higher | ||
| Sample # of Users | Minimum Fees charged in USD | Spent IDs | # of IDs burned for Transaction | # of IDs rewarded to Validators | # of IDs allocated to EF | |
| EverChain TXN | 10,500,000 | $0.0001 | 2,100 | 1,050 | 210 | 210 |
| ID Verification (human & unique) | 10,000,000 | $0.15 | 3,000,000 | 1,500,000 | 300,000 | 300,000 |
| Stakers/Validators | 100 | $200,000 | 20,000,000 | 2,000,000 | ||
| 23,002,100 | 1,501,050 | 2,300,210 | 300,210 |
Option B:
- Pricing of basic services:
| Foundation: Create + Verify + Chain | Users | |
|---|---|---|
| User Identity + Wallet (creation) | 15,000,000,000 | FREE |
| Sample # | Minimum Fees charged in USD | |
| EverChain TXN | 10,500,000 | $0.0002 |
| ID Verification (human & unique) | 1,000,000 | $0.20 |
| Stakers/Validators | 100 | $200,000 |
- Validators: 5%
- Transaction fee burned: 60%
A scenario with the above pricing and percentages would look like the below with the following assumptions: $1/ID; sample # of users.
| Foundation: Create + Verify + Chain | Users | # of IDs Reqd. | total | |||
|---|---|---|---|---|---|---|
| User Identity + Wallet (creation) | 15,000,000,000 | 0.0010 | 15,000,000 | APY or % of TXNs, whichever is higher | ||
| Sample # of Users | Minimum Fees charged in USD | Spent IDs | # of IDs burned for Transaction | # of IDs rewarded to Validators | # of IDs allocated to EF | |
| EverChain TXN | 10,500,000 | $0.0002 | 4,200 | 2,520 | 210 | 420 |
| ID Verification (human & unique) | 1,000,000 | $0.20 | 400,000 | 240,000 | 20,000 | 40,000 |
| Stakers/Validators | 100 | $200,000 | 20,000,000 | 1,000,000 | ||
| 20,404,200 | 242,520 | 1,020,210 | 40,420 |
Option C:
Pricing of basic services:
Foundation: Create + Verify + Chain Users User Identity + Wallet (creation) 15,000,000,000 FREE Sample # of Users Minimum Fees charged in USD EverChain TXN 10,500,000 $0.00001 ID Verification (human & unique) 10,000,000 $0.01 Stakers/Validators 100 $200,000 Validators: 0%
Transaction fee burned: 0%
A scenario with the above pricing and percentages would look like the below with the following assumptions: $1/ID; sample # of users.
| Foundation: Create + Verify + Chain | Users | # of IDs Reqd. | total | |||
|---|---|---|---|---|---|---|
| User Identity + Wallet (creation) | 15,000,000,000 | 0.0010 | 15,000,000 | APY or % of TXNs, whichever is higher | ||
| Sample # of Users | Minimum Fees charged in USD | Spent IDs | # of IDs burned for Transaction | # of IDs rewarded to Validators | # of IDs allocated to EF | |
| EverChain TXN | 10,500,000 | $0.00001 | 105 | 0 | 0 | 11 |
| ID Verification (human & unique) | 1 | $0.01 | 0.01 | 0.00 | 0.00 | 0.00 |
| Stakers/Validators | 100 | $400,000 | 40,000,000 | 0 | ||
| 40,000,105 | 0 | 0 | 11 |