2/ Implementing Robonomics project in 2015 - 2018, the project team needed to find a connection between the provision of a useful function by Robonomics Network, namely the launch of IoT devices according to the robot-as-a-service model, and ...
3/ ... the reimbursement of the costs to Robonomics providers for gas fees in Ethereum. We needed to think about the lifecycle of each individual smart device's liability to perform a service.
4/ As a result of the early R&D in Robonomics, the team came up with a mechanism for mining new tokens to reward each created robot-as-a-service smart contract. This model remains viable for future of Robonomics on Ethereum, but only with a significant improvements in Ethereum.
5/ Moving from Ethereum to Polkadot, we need to do a “scaling up” in tokenomics. Parachains in the Polkadot ecosystem are not the equivalent of a smart contract, but are a fully programmable blockchain that leases a segment of the overall network.
6/ The parachain should adapt to changes in slot renewal costs, and link usage (launch of IoT devices in our case) to crowdloan campaign costs.
7/ To ensure its existence, the Robonomics parachain issues an annual reward for crowdloan campaign participants.
8/ The calculation of parameters and the launch of the crowdloan campaign will be done automatically annually and is based on the staking reward in the Relay chain in such a way as to offer a reward comparable to the reward for a ideal stake in the Relay Chain.
9/ Throughout the year, the parachain issues a small amount of XRT to incentivize parachain collators. The parameter of the total reward for collators for the year is determined by on-chain voting of token holders, and can be changed by holding a referendum.
10/ The total annual emission of XRT is designed to ensure the regular renewal of the slot in the Relay Chain and the preparation of new blocks with transactions.
11/ XRT can be used to pay fees for performing transactions on the parachain. Thus, any IoT device or any user can use the targeted functions of the parachain (launch, datalog, liability, digitalTwins) by paying only for transactions when necessary.
12/ A commission for a transaction is divided equally (50% and 50%) between the parachain treasury and the collator that creates the block in which this transaction will be recorded.
13/ XRT can be used to purchase an IoT subscription that guarantees priority processing of device or user IoT transactions. All transactions within IoT subscriptions take precedence over transactions where one-time fee is paid.
14/ Thus, for users who plan to regularly use the parachain, and for those for whom it is important to have predictable delay parameters for their IoT devices close to one block period, it is beneficial to choose a subscription model.
15/ During the activation process of the IoT subscription, the payment amount is determined by an ultra-fast auction lasting 10 blocks (~1-2 min). The auction model allows the parachain to autonomously offer the most fair price to the user for activating the subscription.
16/ The IoT subscription activation fee is burned in full at the end of the current IoT subscription auction.
17/ Robonomics have a well-coordinated autonomous system in which:
- Inflation is the result of paying for the parachain lease in case of an insufficient number of users.
- Deflation when the interest in IoT subscriptions exceeds the costs of the parachain lease period.
- Inflation is the result of paying for the parachain lease in case of an insufficient number of users.
- Deflation when the interest in IoT subscriptions exceeds the costs of the parachain lease period.
18/ Tokenomics will be covered in more detail in the third chapter of the Robonomics 2022 whitepaper, which is scheduled for publication this winter.
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