A hard fork is planned to change the coin circulation and token supply: a recovery of burned coins originally targeted at project development and creation of new SPF units for Storage Provider incentives. Originally, a percentage was pulled from every block for the dev team but early on this was forked into a burn address. This was optimistic and the project requires coins. The recovery includes an unusable genesis address misrepresented by the Sia project. 100% of the SCP will go to Storage Providers as Incentives, Rebates and Storage Rent.
There are currently 200,000,000 SPF units that pull 10% from storage transactions in SCP. These transactions are paid for by the dev team/corporation. While the S3-based storage product is sold traditionally for $USD and other fiat currencies, SPF transaction percentages are net neutral as the corp pays the fees but gets the profitability for storage sales. Long term, the network will transition to web3 (Evolution, Then Revolution) and SPF will be the vehicle for the dev team to earn from the storage layer when customers purchase SCP for storage directly.
Here’s what’s new
The existing supply of 200M “SPF-A” (formerly just “SPF”) will be mirrored with a new supply of 200M SPF-B tokens. SPF-B must be tied to an active storage provider contract to receive dividends. This increases the role and utility of Storage Providers in network mechanics and turbocharges earnings potential from cross-network revenue. Increasing supply creates dilution. To mitigate, the transaction fee is increased from 10% of smart-contract value to 15%.
Software development for the fork is underway with testing planned through early December. We expect to release updated software during the 2nd week of December. Xa-Miners will update automatically, while DIY builds and any other network users will need to update software to the fork-ready release. The hard fork is planned for a block sometime during last week of December 2022, stay tuned for the announcement of the block height.
How to get SPF-B
SPF have never been offered for sale and may never be. To received units, the community can add storage to the network and provide utility with new nodes. To facilitate, we are pleased to announce the Black Friday and Beyond sale. New Xa-Miners acquired between Nov. 25 and Dec. 31 2022 will receive a special bonus amount of SPF-B tokens instead of rebates with the 16TB model earning 6,500 units and the 64TB model earning 10,000 units. As of January 1st, 2023, these numbers will fall back to 2,500 and 3,500 respectively. The payout calendar for units is the same as previous Rebates with 10/20/30/40% payouts occurring at 3/6/9/12 months to ensure quality uptime. Xa-Miner Full and Upgrade licenses are also eligible for this promotion, earning 2,500 SPF-B payable at 6/12 months in equal amounts.
The only mechanism to acquire SPF-B is through Xa-Miner and Full license purchase bonuses or as an swap for prior Rebates. Details will be announced shortly and the process will be handled inside the software UI. The goals of the SPF token are to create long term stakeholder incentives tied to storage use. They may be added to an exchange in the future or provide additional capabilities, but their primary role will always be toward having a stake in the network and storage product success.