/biz/ - Business & Finance

Vether is a strictly-scarce ERC20 with daily emissions the rate of which is controlled by the halving schedule outlined:

|-----|--------|-------|-------|-----------|---------|------------|---------|-------|
| Era | Days | Total | Years | Per Cycle | Total | Cumulative | Annual% | S2F* |
|-----|--------|-------|-------|-----------|---------|------------|---------|-------|
| 1 | 244 | 244 | 0.7 | 2,048 | 499,714 | 499,714 | 154% | 1 |
| 2 | 244 | 488 | 1.3 | 1,024 | 249,856 | 749,568 | 51% | 2 |
| 3 | 244 | 732 | 2.0 | 512 | 144,928 | 874,496 | 22% | 5 |
| 4 | 244 | 976 | 2.6 | 256 | 62,464 | 936,960 | 10% | 10 |
| 5 | 244 | 1420 | 3.3 | 128 | 31,232 | 968,192 | 5.0% | 20 |
| 6 | 244 | 1464 | 3.9 | 64 | 15,616 | 983,808 | 2.4% | 41 |
| 7 | 244 | 1708 | 4.6 | 32 | 7,808 | 991,616 | 1.2% | 83 |
| 8 | 244 | 1952 | 5.2 | 16 | 3,904 | 995,520 | 0.6% | 166 |
| 9 | 244 | 2196 | 5.9 | 8 | 1,952 | 997,472 | 0.3% | 333 |
| 10 | 244 | 2440 | 6.5 | 4 | 976 | 998,448 | 0.2% | 666 |
| 11 | 244 | 2684 | 7.2 | 2 | 488 | 998,936 | 0.07% | 1,333 |
| 14 | 1064 | 3,748 | 10.0 | 1 | 1064 | 1,000,000 | 0.04% | 2,670 |
-------------------------------------------------------------------------------------

Participants send ETH to the contract (https://etherscan.io/address/0x4ba6ddd7b89ed838fed25d208d4f644106e34279)) which routes the ETH to an effectively un-ownable address (https://etherscan.io/address/0x0111011001100001011011000111010101100101).). Daily emission amounts are split proportionally between all participants. If there are 10 participants each contributing 1 ETH during the first Era, 204.8 VETH will be awarded to each participant. Why? I will explore that next.

PoW is currently the only way to source entropy in a deterministic system. A computer can be told to choose a random number, but it cannot prove to other computers that it in fact did choose a random number, and not one in which it chose itself.

Entropy is the deal-breaker for a leaderless distributed system. Blockchains are nothing but a database system
that chooses 1 entity each time to add more data to it. PoW uses the law of large numbers, the unfactoriability of prime numbers, and P = NP (hard to compute, easy to verify) to solve for entropy.