通货膨胀率与经济诱因

白皮书的目的是使通货膨胀率占总供应量的固定百分比.当前的实现方案只是其中的一个近似值.

这是一个经常引起混乱的主题,因此请注意以下几点很重要:

1. 在安全设计分散式分类帐中,金钱奖励非常重要

2. 分类帐的安全性是所有用户共享的共同利益

3. 通货膨胀仅在可稀释的范围内在经济上很重要.

1和2表示安全设计必须具有整体奖励,并且该奖励一定不能成为供应量的渐近减小部分.因此,固定价值无法长期发挥作用,基于交易费用的激励机制也无法发挥作用.

3意味着只要允许每个人都参与保护分类帐,这不是问题.

种子协议中经济设计的驱动思想是,没有获得分类帐的参与者应向有报酬的参与者付款.

The intent of the white paper is for the inflation rate to be a constant yearly percentage of the total supply. The current implementation is an approximation of that.

This is a subject that often leads to confusion, therefore it's important to note a few things:

1. Pecuniary incentives are pretty central in the security design decentralized ledgers

2. The security of the ledger is a common good shared by all users

3. Inflation only matters economically to the extent that it is dilutive.

1 and 2 imply that a secure design must have a block reward and that this reward must not be an asymptocally decreasing fraction of the supply. Therefore, a fixed value cannot work in the long term, nor will transaction fees based incentives.

3 imply that this is not a problem so long as everyone is allowed to take part in securing the ledger.

The driving idea of the economic design in the seed protocol is that participants who do not secure the ledger should pay those who do.

每年最高总奖励是XTZ的固定数量,因此,由于奖励而导致的有效百分比通货膨胀率将随着时间的推移而减少.

可以通过tezos社区投票赞成的协议更新进行更新.没有办法说明何时会发生这样的变化,但是可以预期在一年内得到解决,以便跟上变化.

在面包师们看到维持通货膨胀率的动机与不参加奖励计划以使其控制得不太高的人们之间的有效平衡.

最终,在设定利率时,有一系列复杂的偏好在起作用,但从根本上来说,烘烤/代理以相对较低的风险提供回报,以交换减少的资本流动性.

对于代理商来说,这也代表了机会成本,他们也可以从活跃的交易所交易中受益,并愿意承担更多的风险.

在平衡状态下,各种业务代表的风险/报酬偏好将保持平衡,以将XTZ通胀水平设置为网络的最佳速率.

编辑20191012:根据协议,通货膨胀率是每块80XTZ.要转换为年度数字,需要对每年烘焙的块数进行假设.

到目前为止,Tezos网络在468天内产生了大约157个循环,这大约是每年122〜123个循环,而不是如果我们每天要烘烤1440个块(每分钟1个),则理论上是每年128个循环.如果我们在这里查看tzscan的最新统计信息

https://tzscan.io/delayperday

我们可以看到,我们平均每天生产接近1400个区块,每年约124个周期.

对于效率度量,我们可以在此处看到每个周期的平均奖励约为320,000,而不是理论最大值327,680(4096x80),因此我们宁愿使用每块78 XTZ作为有效效率,而不是每块80 xtz

https://tzscan.io/charts?Chart_id=rewards&Type=cycle

因此,在整个tezo的历史上,我们平均每年平均生成501,541个区块(每年使用365天),相当于39,120,213 XTZ的奖励价值(假设每个区块平均78 XTZ奖励)

Total maximum reward per year is a fixed number of XTZ therefore the effective amount of percentage inflation due to rewards is due to reduce over time.

It can be updated through a protocol update voted upon by the tezos community. There is no way to tell when such a change will happen but it can be expected to be addressed within a year so as to keep up.

There is effectively a balance between the incentive of bakers to see the percentage inflation be maintained and people not participating in the rewards scheme to see it controlled not too high.

Ultimately there is a complex set of preferences at play to set that rate but at the heart of it baking/delegation offers rewards at a relatively low risk in exchange of reduced liquidity of the capital.

This represents an opportunity cost for agents who can also benefit from active trading on exchange and are willing to take on more risk.

At equilibrium various agents risk/reward preferences will balance to set the XTZ inflation level at an optimal rate for the network.

EDIT 20191012: by protocol the inflation rate is 80XTZ per block. To convert to a yearly number one needs to make an assumption regarding the number of blocks baked per year.

So far the Tezos network has produced roughly 157 cycles in 468 days which is about 122~123 cycles per year instead of the theoretical 128 cycles per year if we were to bake 1440blocks per day (1 per minute). If we look at the more recent stats from tzscan here

https://tzscan.io/delayperday

we can see that we produce closer to 1400 blocks per day on average which is about 124 cycles per year.

For the efficiency measure we can see here the average reward per period is about 320,000 instead of the theoretical max of 327,680 (4096x80) so we should rather use 78 XTZ per block as effective efficiency instead of 80 xtz per block

https://tzscan.io/charts?Chart_id=rewards&Type=cycle

So on average over the whole history of tezos we generate on average about 501,541 blocks per year (using 365 days per year) which amounts to 39,120,213 XTZ worth of rewards (assuming the average 78 XTZ reward per block)