Minter
Abstract
The minter module provides functionality of controlled token emissions. Tokens are emitted according to configuration.
Contents
Concepts
The purpose of the cfeminter module is to provide a token emission mechanism.
Token emission mechanism
The token emission mechanism mints a calculated number of tokens per block.
The number of tokens is calculated according to the cfeminter module configuration parameters.
The token minting process is divided into separate minters, where each minter has
a different minting configuration. The token emission mechanism rules are defined within the cfeminter
module configuration parameters.
Simply put, the minting process configuration is a list of ordered minters,
where each minter has its own start and end time. The last minter cannot have an end time because it
must be defined to work indefinitely.
Periodic continous vesting account
Minters
An ordered list of minters defines the entire token emission process. The end time of one minter is the start time of the next minter in the minters list. Each minter has its own assigned minting configuration.
Minting configuration
Each minter has its specific minting configuration which defines general rules of token emission.
Currently, the cfeminter module supports the following minting configurations:
no minting
linear minting
exponential step minting
Each minting configuration has its own specific set of parameters that modify token emission.
No minting
No minting is a simple minting configuration that mints nothing. This minting configuration has no parameters.
Linear minting
Linear minting is a block-time-based minting configuration. It mints a predetermined number of tokens within the minter linearly. This minting configuration requires a minter with an end time since a given amount of token needs to be minted in a finite time period. So this minting configuration cannot be set in the last minter.
Linear minting configuration parameters:
amount - number of tokens to mint within the minter period
Exponential step minting
Exponential step minting is a block-time-based minting configuration. It mints a predetermined number of tokens within the minter, where it divides this minter into smaller subminters of equal length. Then within each subminter, the expected amount is minted linearly. The expected number of subminter minted tokens is equal to the tokens minted by the previous subminter multiplied by the configured factor. For example, if the initial minter amount is 40 million, the multiplying factor is set to 0.5, and the step duration is four years, then:
1st subminter (first 4 years) mints 40 million linearly
2nd subminter (second 4 years) mints 20 million linearly
3rd subminter (third 4 years) mints 10 million linearly
4th subminter (fourth 4 years) mints 5 million linearly and so on.
This minter can mint infinitely.
Exponential step minting configuration parameters:
step duration - period of time mint amount is emitted
amount - amount to mint for the first period
amount multiplier - amount multiplying factor
Examples
Four years halving minting that starts with 40 million tokens and step duration set at 4 years
Minter configuration:
minting start: now
Amount of minter Minters: 1
Minter 1:
end time: null
config:
type: exponential step minting
step duration: 4 years
amount: 40 millions
amount multiplier: 0.5
Result:
first 4 years mints 40 millions
second 4 years mints 20 millions
third 4 years mints 10 millions and so on
Linear minting of 100 million tokens during a period of 10 years, followed by no emission
Minter configuration:
minting start: now
Amount of minter Minters: 2
Minter 1:
end time: 10 years from now
config:
type: linear minting
amount: 100 millions
Minter 2:
end time: null
config:
type: no minting
Result:
10 million yearly for 10 years
Parameters
The minter module contains the following configuration parameters:
mint_denom
string
Denom of minting token
start_time
Time
Token emission start time
minters
List of Minters
list of minters
Minter type
sequence_id
uint32
Minter ordering id
end_time
Time
Minter end time
config
MinterConfigI
Minter configuration type that implements MinterConfigI interface. Allowed configuration types: - NoMinting - LinearMinting - ExponentialStepMinting
NoMinting configuration
type
NoMinting
Minter configuration type
LinearMinting configuration
type
LinearMinting
Minter configuration type
amount
math.Int
An amount to mint linearly during the period
ExponentialStepMinting configuration
type
ExponentialStepMinting
Minter configuration type
step_duration
uint32
period of time of token emission
amount
math.Int
amount to mint during "stepDuration"
amount_multiplier
sdk.Dec
amount multiplying factor
Example params
Four years halving minting that starts with 40 million tokens and step duration set at 4 years
{
"params": {
"mint_denom": "uempe",
"start_time": "2022-07-05T00:00:00Z",
"minters": [
{
"sequenceId": 1,
"end_time": null,
"config": {
"@type": "/chain4energy.c4echain.cfeminter.ExponentialStepMinting",
"step_duration": "126144000s",
"amount": 40000000000000,
"amount_multiplier": "0.500000000000000000"
}
}
]
}
}Linear minting of 100 million of token during period of 10 years, next no emission
{
"params": {
"mint_denom": "uempe",
"start_time": "2022-07-05T00:00:00Z",
"minters": [
{
"sequenceId": 1,
"end_time": "2023-07-05T00:00:00Z",
"config": {
"@type": "/chain4energy.c4echain.cfeminter.LinearMinting",
"amount": 100000000000000
}
},
{
"sequenceId": 2,
"end_time": null,
"config": {
"@type": "/chain4energy.c4echain.cfeminter.NoMinting"
}
}
]
}
}State
The minter module state contains information used by current minter. Module state contains following data:
minter_state
MinterState
current minter state
state_history
List of MinterState
previous minters final states
MinterState
sequence_id
uint32
current minter sequenceId
amount_minted
math.Int
amount minted by current minter
remainder_to_mint
sdk.Dec
amount that should have been minted in previous block but was not
last_mint_block_time
sdk.Time
Time of last mint
remainder_from_previous_minter
sdk.Dec
amount that should have been minted in previous minter but was not
Example state
{
"minter_state": {
"sequence_id": 1,
"amount_minted": "13766330043442",
"remainder_to_mint": "0.415017757483510908",
"last_mint_block_time": "2022-11-07T14:49:34.606250Z",
"remainder_from_previous_period": "0.000000000000000000"
},
"state_history": []
}Events
The minter module emits the following events:
BeginBlockers
EventMint
EventMint
bonded_ratio
{tokens_boneded_ratio}
EventMint
inflation
{minting_block_inflation_level}
EventMint
amount
{amount_minted_in_block}
Queries
Params query
Queries the module params.
See example response:
{
"params": {
"mint_denom": "uempe",
"start_time": "2022-07-05T00:00:00Z",
"minters": [
{
"sequenceId": 1,
"end_time": null,
"config": {
"@type": "/chain4energy.c4echain.cfeminter.ExponentialStepMinting",
"step_duration": "126144000s",
"amount": 40000000000000,
"amount_multiplier": "0.500000000000000000"
}
}
]
}
}State query
Queries the module state.
See example response:
{
"minter_state": {
"sequence_id": 1,
"amount_minted": "13766330043442",
"remainder_to_mint": "0.415017757483510908",
"last_mint_block_time": "2022-11-07T14:49:34.606250Z",
"remainder_from_previous_period": "0.000000000000000000"
},
"state_history": []
}Inflation query
Queries current inflation.
See example response:
{
"inflation": "0.102489480201216908"
}License This module is based on Chain4Energy project, licensed under the Apache License 2.0. Appropriate attribution and inclusion of the license notice may be required. For details, please refer to the project`s license files and the Apache License 2.0 text.
Last updated