Tokenomics

There have always been two tokens on the ScPrime blockchain/project, a contracting coin and an incentives token. As of now, there are 3 tokens and soon to be 4 because we’re in the process of slowly migrating to the Solana blockchain and have created twins on the other chain while ensuring that no new supply is added.

SCP (click for detailed info)

ScPrime uses Proof of Work or mining with expensive hardware to validate the blockchain, same as Bitcoin. Consensus is permissionlessly validated and rewards are an $SCP token with a declining number of rewards over time, again similar to Bitcoin. Supply is infinite with current inflation approximately 1.25% (see chart). A burn mechanism is part of the storage contracting and ensures the protocol is long term deflationary.

On top of the blockchain, Smart contracts using SCP coins match customers with a mesh network of Storage Providers all over the planet to create a Distributed Datacenter. Cryptographic storage proofs are used for contract finality and to truly verify the storage is safe.

D2X (click for detailed info)

SPF Tokens provide an incentive strategy for stakeholders. This token has never been sold publicly and has never been listed on exchanges. In 2024, SPF migration to the Solana network began, producing a new coin called D2X. (Blog post on Migration). During migration, SPF are burned on the ScPrime blockchain to preserve the total supply number of 400,000,000

Earnings Calculator

Community member RPCrypto created a handy calculator for SCP/D2X earnings based on block mining, storage provision and D2X tokens

ScPrime Earnings Calculator

SCP

Permissionless, decentralized coin mined by anyone who purchases specialized mining computers.

Algorithm: Proof of Work (ASIC only) – Blake(2b)
Total Supply: Unlimited with declining inflation + coin burn (Guide on Total Supply) – currently just over 55M with 1.27% annual inflation not counting burn
Block Reward: 300 declining by .001 coin per block with a 10 SCP floor, occurring in 2024
Block Timing: 10 minute average with a difficulty adjustment algorithm that changes no more than .4% per block

Supply Precision is 24 decimal places or 10^24. A precision change was done early on – Supply Change Guide

In 2022, the community began discussion on moving to a larger L1 ecosystem with a novel consensus mechanism. In 2023, this initiative was continued with the choice of Solana for initial token migration in advance of storage contracting and the network of Storage Providers

Current SCP Circulating Supply – 55524875

ScPrime SCP Mining Emission and Total Supply Graphic

The Genesis block was mined on 10/31/2018. In this block was a distribution for orderly operations of the project.

Pre-mine

3,100,000 – distributed on a 1:5 basis to existing holders from the original blockchain (~650,000 addresses)
51,000  – Mining pool maturity cushion: 5 mining pools
200,000  – Project/dev – used for server expenses
300,000 – Nebulous Inc Original blockchain developer

1,750,000 – Storage Host Incentives
628,000 – Exchange listing fees
4,523,377 – Network Development fund
These three amounts have been fully distributed to the Storage Provider network as of 1/1/2024

ScPrime 2018 Pre-Mine Chart

As of 12/2023, all of the last 3 amounts have been distributed to the ScPrime community in the form of Incentives, Rent and Rebates. All SCP held by the development corporation has been purchased directly on public exchanges or from stakeholders.

Project Fee / Hard Fork

20% thru month 6, declining to 10% over 2 years
After block 105,000, the 10% project fee was sent to an unspendable address (burn) to reduce inflation/supply for the duration of the project. In 2022 when the project had returned most of the Network / Incentives coins to the Storage Provider network, a hard fork was proposed and endorsed by the community to recover burned project fees if they would be used for community network development via Incentives, Rebates and Storage Rent. All of the coins recovered in the fork have since been paid out to the Storage Network Providers.

Inflation Chart

D2X

The Transporter is an open source, one-way bridge that is called from the Web Wallet and allows an Initial Tranche of tokens from a variety of stakeholders to crossover to D2X. The following is a breakdown of qualifying groups and amounts along with the initial ceiling of Total and Circulating Supply

Current D2X Circulating Supply – 32492688.9930000007152557373046875

After token minting is validated, a 30 day clock precedes the formal Emission Schedule of SPF to D2X on Solana. This sets the number of SPF the Transporter will allow across over a predetermined number of blocks and allows up to 2.62M SPF to Transport per month limiting the number of Solana-based D2X to a predictable on-chain supply growth. The emission schedule runs until the entire supply has been converted or the base blockchain is migrated to Solana

The Transporter has other limiters; an individual transaction limit of 20,000 units and a floor of 100 units. When a user wishes to convert tokens to the Solana format, they send from the ScPrime wallet. If there is enough room in the queue, tokens are immediately burned and new tokens minted. If there is not enough room, the user is prompted to decide whether to wait in the queue for the first opening or to remove the send and wait for a future opportunity.

Claims, Governance and other Features

Initially, D2X will not participate in SCP yield claims. SCP that would have been earned by Transported D2X are burned. An expected update to the Solana Program will occur shortly after token launch that will allow D2X to begin collecting SCP yield again. When the network is migrated later in 2024, D2X will play a significant though not total role in consensus generation.

The project is discussing the creation of a novel consensus mechanism that includes a staking component (PoS) as well as a storage proofing component (Proof of Storage/Capacity or other mechanism related to Storage Providers). For example, it might be the case that Storage Providers holding SCP (on Solana) provide the Storage Proofing component while holders of the D2X token provide the PoS part of consensus.  ScPrime governance will be created and holders will play a pivotal role in the direction of the permissionless storage network going forward.

SPF – Never publicly sold, never to be listed on exchanges

At chainheight 200800, SPF tokens were minted to provide a mechanism for development and stakeholder revenue from storage use across the entire network. SPF make up the underlying non-tradeable supply of tokens that will all ultimately Transport to Solana as D2X

The ScPrime ethos of Evolution, Then Revolution believes business cloud customers are not inclined to self-service models requiring crypto custody with the abandonment of well-established protocols/APIs. The XNS D2 product suite developed by the team allows customers to operate as they currently do on products like AWS and Google Cloud, with fiat payments, SLAs, TOS and support.

SPF earn 15% of contract use and auditable as open source code. Distribution is automatic to a global pool of addresses, of which the development corporation is the largest holder. When customers are willing to transition to decentralized use, they will purchase/custody SCP for use in data storage.

SPF have never traded publicly and have never been offered for public sale. The entire initial supply was held by the development corporation. Tokens have been granted to accredited angel investors as part of the early pre-seed capital rounds as bonus coins with no market value. Additionally, bonus tokens have been included in various Storage Provider offerings to incentivize network utility and to grow the network.

200M of the entire SPF supply is slated to be timelocked and unavailable. Its primary purpose is to continue revenue generation for the development team after significant storage customers move to fully decentralized processes and no longer pay in fiat. The ability to use the network in this manner is expected to go live in mid 2024, though most customers are likely to expect traditional cloud services while paying with fiat money.

History

10,000 ScPrimeFunds (SPF) were initially created and distributed to holders of record at the open source software block 179,000.

At block 59550, a hard fork created an additional 20,000 SPF

At block 109,000, a hard fork changed total emission to 200,000,000 – this was done to make the token easily split so that it could achieve broad distribution

At block 222,800 a hard fork changed total emission to 400,000,000 – this was done to provide more tokens for the storage provider network and split the emission into 2 separate formats; SPF-A and SPF-B with B needing to be in wallets tied to storage contracts.