Successfully reported this slideshow.
Your SlideShare is downloading. ×

2.15 Coinbase Snip.pptx

Ad
Ad
Ad
Ad
Ad
Ad
Ad
Ad
Ad
Ad
Ad
Loading in …3
×

Check these out next

1 of 11 Ad

2.15 Coinbase Snip.pptx

Download to read offline

Coinbase Snip is exactly similar to Bitcoin's coinbase transaction that holds the block reward and fees. In Blinkchain the coinbase snip includes all fees, and commissions added to the position updated Payback UTXO from which the delegators, validators, and treasury can withdraw their payout.

Coinbase Snip is exactly similar to Bitcoin's coinbase transaction that holds the block reward and fees. In Blinkchain the coinbase snip includes all fees, and commissions added to the position updated Payback UTXO from which the delegators, validators, and treasury can withdraw their payout.

Advertisement
Advertisement

More Related Content

More from Project Blink (20)

Recently uploaded (20)

Advertisement

2.15 Coinbase Snip.pptx

  1. 1. Project Blink Proof of Choice - 2.15 Coinbase Snip
  2. 2. Coinbase ● Similar to Bitcoin’s Coinbase Transaction ● Separate Snip that contain the Payback UTXOs which contains ○ fee outputs in separate tokens, ○ with hash-rewards for the block, ○ Validator and Maintenance DAO commissions
  3. 3. Transaction Fees ● In Blinkchain, the fees for each transaction is determinable - similar to gas fees but different ● In Bitcoin, each block will have a summed up fee output to miner ● Since Blinkchain has non-native fees and different production architecture - delegators, validators, DAO should withdraw the fees
  4. 4. Payback UTXO ● Payback UTXO is the updated position for withdrawal of stakes and fees ● Payback UTXO is responsible for direct commissions (accepted tokens) and indirect commissions trade deal (non-accepted tokens) ● Payback UTXO is the final position, if the coinbase snip is rejected, the fees will not be added and the delegators can withdraw their stake safely using SafePayback method.
  5. 5. List of Fees Collections ● Validators specify their commission during Stake UTXO creation (Eg., 25% of fees) ● Delegators stake their blinkcoins and collect their fees leaving validators commission ● A 15% Treasury Fee is levied in the Validator Commission as a maintenance fee for active development ● During the Stake UTXO creation, the validator adds the fees for accepted tokens and delegators add and create stake utxos with fees for non-accepted tokens
  6. 6. How Coinbase Snip is Categorized 1. Accepted Tokens a. Direct Validator & DAO Commission Fee b. Deposit of Fee UTXO to Collateral UTXO c. Collateral UTXO to Payback UTXO (position update) 2. Non-Accepted Token a. Deposit of Fee UTXO to Collateral UTXO b. Minting Collateral Pseudonymous tokens for Validator (CT) c. Collateral UTXO to Payback UTXO (position update) d. Payback UTXO validator & DAO commission immediate withdrawal
  7. 7. Accepted Tokens ● Since Validators accept the token as direct fees, they can pay to themselves the commissions, like Bitcoin’s coinbase transaction and also add the Treasury (DAO) 15% commission fees ● The rest of fees is deposited to Collateral UTXOs using special privileges of owner during coinbase snip ● The position is updated from Collateral UTXO to Stake UTXO, where delegators can withdraw.
  8. 8. Commission Trade Deal ● For non-accepted the rules are different from accepted tokens ● It has to undergo commission trade deal, to pay out validators ● It works like an mutually agreed inflation model (minting LP Tokens without backing) to the staked blinkcoins with the delegators and validators
  9. 9. Non-Accepted Tokens ● Firstly, the fees collected, shall be added to its collateral utxo by the owner (validator) ● Next, owners shall mint LP tokens for the Stake UTXO without any stake, to inflate the 1:1 backing so the Validator is compensated ● After minting (b) tokens, the Collateral UTXO is updated to Payback UTXO ● Validator withdraw their staked blinkcoins as the first withdrawal transaction of the Payback UTXO, adding the Treasury DAO commission as well ● Coinbase Snip ends the block
  10. 10. Next : 2.16 Kamikaze Snip

×