Token Design
Last updated
Last updated
Purpose & Utility of the APX Token
The APX token is the currency of the APPICS platform, based on the EOS.IO blockchain. With APX, users can earn rewards for their content creation and participation in the reward system by voting on content within the app. These tokens can be spent within the app or in the NFT marketplace, where users can also mint their own NFTs using the APX token. Additionally, users can stake their APX tokens in order to increase their voting weight and earn more rewards.
The APX token serves as the backbone of the APPICS economy, creating a seamless and decentralized way for users to monetize their content and support other creators on the platform. The ever-growing utility of the APX token includes the ability to purchase assets within our metaverse, as well as virtual land.
Tokenomics
Ticker: APX
Total supply: 240,000,000 APX
Circulating supply: 210,000,000 APX
Inflation: 7,5% (decreasing 0,5% annually)
Token Type: Proof of Stake
Distribution of Rewards
Unlike other popular social media companies where 100% of the created value goes to the shareholders, APPICS uses smart contracts to distribute the created revenue among all contributing parties as followed: 65% goes to the content creator, 25% to the voters/curators and the remaining 10% will go towards sustaining the network and scaling of the platform.
Smart Contract Design
Reward Period - 30 days
Inflation - Inflation is generated by the contract admin calling the mint() action. This will mint new APX into circulation and deposit them into the liquid balance belonging to the apx account.
Rewards Calculation - Rewards are processed and distributed one vote at a time by calling the process pay action (however a loops parameter can be provided to do this in batches). This action will select the oldest unpaid post and calculate rewards for the first vote entry. The rewards for a single vote are calculated with the following formula at the moment of processing:
P = C/ U
P: Post Rewards (total APX available to distribute among voters on post)
C: Rewards Pool (apx liquid balance)
U: Number of Unpaid Posts (last_post_id - last_paid_post)
*Note* A post is not considered “paid” until all votes on it have been processed.
W= A / T
W: Weighted Vote
A: Vote Power (powered APX + delegated APX) * vote_percent T: Total Upvotes on post
*Note* vote_percent is the 1-100% amount selected by the voter when upvoting/downvoting
R = P *W
R: Final Rewards for Vote
When a vote is processed, the final rewards amount R will be subtracted from the rewards pool C and added to the voter’s liquid APX balance. The vote entry is then removed from RAM, allowing the next vote to be processed by the next process pay call.
This formula is used to calculate the rewards (in APX tokens) distributed among voters on a post within the APPICS platform. The "Post Rewards" (P) is calculated by dividing the total amount of APX available in the rewards pool (C) by the number of unpaid posts (U). The formula then calculates the "Weighted Vote" (W) by dividing a voter's vote power (A) by the total number of upvotes on a post (T), taking into account the percentage of the vote selected by the voter (vote_percent). Finally, the final rewards for each vote (R) is calculated by multiplying the "Post Rewards" (P) by the "Weighted Vote" (W). When a vote is processed, the final rewards amount R is subtracted from the rewards pool C and added to the voter's liquid APX balance.
The process pay action is called and state is retrieved.
Relevant Config State:
• last_post_id = 7 • last_paid_post = 2 Relevant Account State:
• apx liquid account = 500.0000 APX • voter liquid balance = 10.0000 APX
C = 500.0000 APX U = 5 (7 - 2) A = 25.0000 APX (95 + 5) * .25 T = 3000.0000 APX R = (500.0000 / 5) * (25.0000 / 3000.0000) R = (100) * (0.0083) R = 0.83 APX Voter Liquid Delta: +0.83 APX New Voter Balance: 1 0.83 APX
Apx Liquid Delta: -0.83 APX New APX Balance: 499.17 APX
