Buy crypto anonymously on the Incognito pDEX   

Can PRV really run one day decentralized?

#11

Hey @Tempestblack, don’t worry, the team will help you soon, I had the same problem once with coins not showing up, but the team solved it within 1 day. Just be calm and wait until they help :slightly_smiling_face: @Peter @Ducky

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#12

@Tempestblack we sent you a DM, pls check it out.

#13

Hey Sato, the quick answer is Yes, this is the goal and this is why we are working 24/7 to make it happen.

The network must be stable before released to the whole world. If you know a way how the no-name network can become fully decentralized within the first day after launch and guarantee that no one can take control of it, we are more than happy to discuss and possibly implement such an approach.

But I feel that the main question is not the decentralization, but rather why the core team holds fixed slots and how earned tokens will be used.

I know it’s difficult to believe, but money is not the main motivation for building Incognito. If money was the goal, you would already see big investors behind, you would see PRV tradable on the biggest crypto exchanges. Incognito is about privacy.

Of course, when the Incognito becomes a unicorn, all early supporters win. Same as any other technological unicorns (google, facebook, amazon), same as any other blockahin unicorns (ethereum, binance, coinbase)

If you are part of us and your goal is to be a part of a privacy movement, let’s focus the discussion on

  • how to increase usage of the Incognito, how to bring incognito to millions of crypto users?
  • what kind of other privacy integrations should we do so users can benefit from it?
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#14

I wish to thank Nubex, Ducky, Audrey, Jamie, thinhkakashi and all the other members here for your response and support…I became part of this project and community because I truly believe in it and it’s purpose…and more importantly cause of it’s membership…from the newbie to the most helpful and professional of moderators and development persons…I have stated a few times…you guys are the best period…and I do apologize for my rant…but I would also like to earn something in return for my investment, and yes I have so far earned something, but when I see postings with the kind of numbers I see I think to myself something is wrong with this picture for them is not anyway kind of earnings that I have received…regardless the point is that this project is growing and developing and that is awesome…and therefore understandible about issues like earning capacity of nodes…but if it continues like it has been now for 4 weeks for me so far and now going into the 5th week…well it won’t be just me ranting here in near future…but hey all that being said I am not going to leave this project or lose faith in it and it’s teams…cause once again you guys are the best…just hope my faith comes to be justified…nuff said…sighs… :pensive:

4 Likes
#15

No this is simply not true @andrey I do care a lot for this project. For this reason I asked and wanted to know what the team is doing with all the PRV. Because like I said if you decide to setup at one day nodes from all this PRV then you will control the complete network easily. Unfortunately it seems like no one wants to give an answer to this question, which is not a good sign at all.

1 Like
#16

Hey Sato, I did explain it several times on the forum. But let me share it here also:

  1. The fixed slots will be released once the network is stable, and all development will be finished. More about the timeline is here Incognito Core Dev 2020 Live Roadmap

  2. The funds collected from the fixed slots have been and are used for builder rewards, LP1, LP2, subsidizing Provide, community rewards, and will be used for future and long-term initiatives designed to make the pDEX sustainable, incentivize liquidity providers, support builders, etc.

The idea behind it is quite simple. Give the community more ways to earn and own PRV. Not just by running nodes, but also by contributing liquidity, contributing time, building products, giving ideas, and growing the ecosystem.

We hold fixed slots for stability, and work everyday to release the network safely, as soon as possible. We use the earnings for growth. Everything goes back into development - for both the long and short term.

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#17

Sato I know you care for this project, just like I do and many others here…Andrey has been upfront and honest and lets give Andrey a break…it’s going to work out and you know that cause you have a good heart…but yea Incognito going thru its growing can be a real drag at times and frustrating I feel ya…but watch you will be glad in the long run…what else are we going to do…lol…but keep your good ideas coming for everyone’s input is important to the community… :sunglasses:

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#18

Hey @andrey, I was thinking about this the other day, and having some discussions with people on the Jservers discord chat. If the goal is to become decentralized, shouldn’t the rewards always be higher for a node earner? As more nodes come online, the chances of yours being selected goes down. Which, means earnings go down. I’ve seen some ideas thrown out around the community, but has the team decided a plan of action yet? We had over 200 nodes go online last month to cover the provide interest. Which, I understand. But has there been any discussion about how to work out of that growing loop? If it is more profitable to leave your PRV in provide and earning at a constant rate, why would anyone want a node, let alone pay for it? I thought maybe a subsidizing part of the provide earnings to nodes who don’t earn enough in a month? Let’s say your 1750 would earn you 48 PRV in a month if it was sitting in provide. If your node makes more than that in a month, you get nothing. But if it makes less, you are awarded the difference to make sure you are always ahead of the people simply providing for investing. Kinda like a reward for investing in the project by buying the physical hardware?

3 Likes
#19

I think that the team is now focusing on bringing new people into INCOGNITO.
The main goals would be:

  • Involve the privacy community

  • Involve DeFi community

Keeping the rewards as they are is good to involve more people that want to earn some interest on them crypto togheter with bringing privacy to those coins.

Anyway, if with Nodes you can earn other crypto, i propose to raise the fees a bit so nodes would be still profitable.(Then we can still lower them in the future i guess)
And also the more we grow the higher will be the income from nodes because we will have an increase in volume and more fees paid to the stakers.
Another point is that with the price increase the earings in USD terms will be higher as well.

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#20

I would not increase the fees yet. First we should improve the network and usability of the app and try to get as many independent developers who contribute with new use ideas / use cases. We should think long term. Create a great platform etc.

All the people who run nodes will have more than enough income for the next 10 years before the rewards are getting to low (if PRV continues to grow in price etc.) once this has happened we will be in a total different world compared to today. Hopefully millions of transactions will happen daily just on our chain or even more. Houses, cars and so on will be tokenized. Trillions will be stored on the blockchain. Thus we won’t need much fees. Let’s keep the “customer” first and we will succeed.

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#21

totally agree, i’m actually providing liquidity waiting for the node tree :slight_smile:

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#22

@sato I think one of the considerations that @Thriftinkid is making is how markets will optimize to whatever incentives are governing them. And if the Provide incentives start to produce higher rewards than node hosting, you may very well see some people start to push their PRV into Provide, rather than hosting nodes. Not all will do this, but markets do tend to find optimal solutions available. I think the question is how do you balance Provide’s return with Node returns in the interim as the network is growing, or at least what is the plan to do so…

Provide is good, node hosting is good, we need both and growth in both, so how to make a system that doesn’t cannibalize one over the other until the network is up and running full strength, these are the growing pains of any new project like this I would assume.

4 Likes
#23

Well said Doc and I agree with you… :sunglasses:

#24

Balancing fees to bridge this gap could be a solution, in a dynamic way.
Outside of incognito, to send an ERC20 token you spend 8 $.
A smart contract call costs $ 15-30
Sending BTC costs $ 1-5

Inside the incognito network you can spend 0.000001 (0 more 0 less) PRV that is 0.0000015 $. This is extremely low.
Low fees are one of the reasons i am on the INCOGNITO network.
By working on the fees we have room to adjust the various rewards and the fees would still be really low.
And these fees could change to keep those 2 conditions satisfied(LIQUIDITY APY/NODE REWARDS).

#25

I have a question:
on PROVIDE we earn 9% on BTC for example
that 9% is based on the BTC/PRV price?
i mean if 1 BTC is 10000 PRV(1$PRV) i would earn 9%APY of that amount
if 1 BTC will be 5000 PRV (2$PRV) i would earn 9% APY on 5000 PRV
is that correct?
because the other case is that i will earn based on the USD price.
Offcourse that is only for the other crypto when providing with PRV you will get always the same 37% also when PRV prices rise.

#26

Hey @Thriftinkid, got what you mean. The running nodes will be always more profitable than using the Provide function.

Current % rates were set up back in July when the network was powered by 1560 Nodes, currently, it’s around 2046 Nodes, and Provide rates will be rebalanced accordingly.

We do a calculation and will share more info soon, when when it will be finalized.

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#27

Hey @Katoshicoins, you earn interest based on the currency provided, not on the current PRV value of the total amount.

In this case, the APY is on BTC. so you’ll earn 9% APY on your BTC, paid in PRV (calculated at the current price). Recalculation happens every hour, along with compounding.

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#28

This is a very important question. If Incognito wants to grow they will have to become fully decentralized. This is now standard in DeFi, most users stay away from projects that are overly controlled by the team.

1 Like
#29

I wouldn’t mind paying up to $1 dollar in fees for each transaction if that will help Incognito to grow. It’s a fair tradeoff.

#30

On the 2020 roadmap, in big bold letters it said the overall goal was/is 20,000 nodes online. We have around 1700 or 1900 last I checked?

My question-what is the exact number of online nodes we are wanting before the team draws back their nodes/opens up slots? Are we needing 5,000 or?
And when the team draws back their nodes and/or frees up slots, will this be done incrementally over a month or so, so the system won’t be shocked too much (I think that it should be done incrementally, fyi :joy:)? Thanks!

P.S. I see you mentioned, “once the network is stable”, that’s what my question is about, what is the number related to “stable”, if there is one? :slightly_smiling_face:

4 Likes