اقتصاد توکنی Internet Computer (ICP)

Issuance Mechanism

The Internet Computer Protocol (ICP) token supply is inflationary, driven by two primary reward mechanisms: Node Provider Rewards and Voting Rewards.

• Initial Supply and Current Status: The initial total token supply of ICP was 00 million. As of May 28, 2024, the total token supply had increased to approximately 518.98 million due to these inflationary rewards.
• Inflation Rate: The estimated annual inflation rate from paying voting rewards was approximately 6.91% as of May 28, 2024. This rate is estimated to decrease to 5.00% eight years after Genesis, based on a quadratic formula.
• Node Provider Rewards: Node Providers receive inflationary ICP rewards as compensation for operating node machines. The amount of ICP paid is determined by the Network Nervous System (NNS) and depends on the node's geographic location and hardware/connectivity specifications. Rewards are minted by the NNS approximately every month (~2,629,700 seconds). The total ICP inflation amount for these rewards is calculated using the 30-day moving average price of ICP in Special Drawing Rights (XDR), an international reserve asset.
• Voting Rewards (Maturity): Tokenholders who stake ICP in neurons receive daily inflationary voting rewards, known as maturity. This maturity is distributed proportionally based on the neuron's voting power multiplied by the percentage of proposals the neuron voted on that day. Maturities can then be burned to receive ICP.

Allocation Mechanism

The initial allocation of ICP tokens included distributions to early supporters and participants:

• Airdrop (Past): In May 2018, DFN tokens (the precursor to ICP) were airdropped to early supporters. Approximately 3.76 million ICP (about 0.80% of the initial token supply) were allocated to airdrop participants. These tokens were distributed monthly over one year, starting from the mainnet launch on May 10, 2021.
• Seed Round: Participants in the Seed Round (February 2017) received all their tokens at Genesis, but they were staked inside 49 neurons. These neurons had varying dissolve delays ranging from 0 to 48 months, effectively creating a 48-month vesting schedule.

Usage and Incentive Mechanism

ICP is a utility token with multiple core functions within the Internet Computer ecosystem:

1. Governance and Staking (Incentive)

• Staking for Governance: ICP holders can stake a minimum of 1.00 ICP to create a "neuron" via the NNS application. Staking grants voting power and the ability to propose governance changes on the NNS, the decentralized autonomous organization (DAO) that governs the network.
• Voting Power Calculation: A neuron's voting power is determined by:
  • The amount of ICP and maturity (unclaimed rewards) staked.
  • The length of the dissolve delay (lock-up period).
  • The age of the neuron (time already staked).
• Voting Rewards: Tokenholders are incentivized to participate in governance by earning daily inflationary voting rewards (maturity).
• NNS Proposals: Submitting an NNS proposal costs 10.00 ICP. If the proposal passes, the fee is returned; if rejected, the fee is burned.

2. Fueling Computation (Usage and Burning)

• Reverse Gas Model: Internet Computer uses a "Reverse Gas Model," where developers, not end-users, pay for computation and storage costs.
• Cycles: ICP tokens can be sent to the Cycles Minting Canister, which burns the ICP and mints "cycles." Cycles are the unit of measurement for resources (processing, memory, storage, network bandwidth) consumed by canister smart contracts.
• Exchange Rate: The exchange rate is fixed: burning one XDR (Special Drawing Rights) will always create one trillion cycles.

3. Medium of Exchange and Fees (Usage and Burning)

• Medium of Exchange: ICP can be used for transfers between accounts or for exchanging for other tokens on decentralized exchanges (e.g., ICPSwap).
• Transaction Fee: Transferring ICP between accounts incurs a 0.0001 ICP transaction fee, which is burned.
• Decentralization Swaps: ICP is used to participate in decentralization swaps to launch the tokens of specific Service Nervous System (SNS) DAOs. Participants send ICP to the SNS swap canister and receive staked SNS tokens (SNS neurons) in return.

4. Ecosystem Incentives

• Node Provider Compensation: Node Providers are compensated with inflationary ICP rewards for running the network infrastructure.
• Developer Programs: The ecosystem offers various incentives, including:
  • Community Grants Program: Grants paid in US Dollars (USD) based on the spot price of ICP.
  • Bug Bounty Program: Rewards ranging from $500.00 to $50,000.00 (paid in USD) for finding vulnerabilities.
  • Hackathons: Prizes ranging from $1,000.00 to $5,000.00 (paid in ICP) and grants between $5,000.00 and $25,000.00.

Locking Mechanism and Unlocking Time

The primary locking mechanism is staking ICP to create a neuron for governance participation.

Locking Mechanism (Dissolve Delay)

• Minimum Stake: A minimum of 1.00 ICP is required to create a neuron.
• Lock Duration (Dissolve Delay): Staked ICP must be locked for a minimum of six months and a maximum of eight years to receive voting power. This lock duration is known as the dissolve delay.
• Voting Power Multipliers: The dissolve delay directly impacts voting power:
  • A six-month lock grants a 1.06x Dissolve Delay Bonus.
  • An eight-year lock grants a maximum 2x Dissolve Delay Bonus.
  • Durations in between scale linearly.
• Age Bonus: Neurons also receive an Age Bonus based on the time they have been staked, up to a maximum of 1.25x for four years or more.

Unlocking and Disbursing

• Initiating Unlock: Tokenholders can initiate the unlocking process by commanding the neuron to "Start Dissolving," which begins a countdown equal to the set dissolve delay.
• Stopping Dissolution: The countdown can be paused by commanding the neuron to "Stop Dissolving."
• Increasing Lock Time: The lock duration can be increased at any time up to the maximum of eight years using the "Increase Dissolve Delay" command.
• Disbursement: Once the dissolve delay countdown reaches zero, the tokenholder can command the neuron to "Disburse," which releases the ICP stake, and the neuron ceases to exist.
• Maturity Claim: The minimum claimable reward (maturity) is 1.00 ICP.

Impact of Adding Stake

Adding ICP to an existing neuron's stake will proportionally change the neuron's maturity percentage and age. For example, if the staked amount doubles, the neuron's maturity percentage and age will be halved.

Liquid Staking

While the native protocol requires locking, liquid staking solutions, such as the one launched by Meta Pool, allow users to stake their ICP and receive a liquid token (e.g., stICP). This enables users to participate in DeFi applications while still earning staking rewards, addressing the challenge of extended lock-up periods.