SPF Timelock
SPF are incentives tokens that until decentralized exchanges were unavailable to the public. This timelock limits supply favorably for the community
Background/Goals
SPF/D2X tokens have been with the project since the beginning. They began life towards helping the project fund, but we started at the bottom of the 2018 bear cycle and regulatory issues clouded the industry. We realized we wouldn’t be able to use them like some of our competitors did with ICOs in 2017.
The SPF use case is an incentivized participant in storage use on the network. Over a maximum coin supply of 400,000,000 coins/tokens, 15% of all contract earnings are split evenly. They have never been publicly sold by the project until 2024 when a Solana version went live and they were able to list on decentralized exchanges where buyers and sellers do not need to know anything about their counterparty. People buying tokens on DEX have no idea if they come from the project and there is no expectation other than the tokens will at some point this year continue to participate in the storage used percentage.
In reality, once it was clear we couldn’t do as those 2017 projects did, there was still a clear value to the tokens for the development team over a much longer timeframe. In the 2024 version, XNS D2 cloud services provide for fiat on-ramps for customers as our target customers are not typically crypto-interested and would never wish to deal with the volatility or custody of crypto-assets to fund storage models. So today, the project takes in dollars and purchases SCP coins on the open markets for contracting.
Future
As time passes and more people become comfortable with smart contracting and crypto, we can push the contractor (called Conductor) to individual Relayers, the world-class node clients use to build Virtual Private Datacenters for storage. In that world, we will monetize support, Relayer nodes and training, but storage revenues will bypass us. To ensure that we continue to receive a share of storage revenues to support continued network development, we expect to hold substantial SPF/D2X in perpetuity and claim the SCP returns.
The project holds just over 250M SPF/D2X. It was previously announced that 200,000,000 would be sent to a timelocked cold wallet where they cannot be moved, transferred or sold. We still need a method to extract the SCP returns, so the timelock is built to operate on 12 month cycles and we’ll publicly highlight each cycle as it comes due, before relocking the tokens and sending them to the deep-freeze for another year. The impact of this is we’ll be able to continue pulling in 7.5% of all storage revenues over time while the circulating supply of D2X is effectively cut in half.
Currently, the majority of outstanding supply is still SPF on the ScPrime blockchain. A one-way bridge called the Transporter has strict limits on the number that can be sent to Solana per month. There are no exchanges or methods for buying/selling SPF, providing clear limits on tradeable supplies of D2X. To make the process transparent, we have included code in the daemon to allow anyone to hash the wallet address and validate the unlock conditions apply. To check, please download the software at https://scpri.me/software
Validation
On 8/10/2024, 160M SPF-B and 40M SPF-A were sent to the following address
https://explorer.scpri.me/address/b98488eee0d14271a5b23b394274610deaa4f1c6f204d8e68bc15161a4576cc94cb462ba28d1
The unlock conditions allow for unlock at block height 350,000. The following public key can be used to arrive at the address used to store the coins
Unlock conditions:
{
"timelock": 350000,
"publickeys": [
{
"algorithm": "ed25519",
"key": "ntutGPNK4oJrAzMFsfJczUsKajkkuEA/1wNPlNidXYA="
}
],
"signaturesrequired": 1
}Anyone may verify this timelock by running the following command
$ ./spc wallet hash
{"timelock":350000,"publickeys":[{"algorithm":"ed25519","key":"ntutGPNK4oJrAzMFsfJczUsKajkkuEA/1wNPlNidXYA="}],"signaturesrequired":1}The resulting output should be the address from the explorer above
