From 67d968d3bc94da6a94fbba27283f3a09c222a6af Mon Sep 17 00:00:00 2001 From: Lorenzo Giovenali Date: Thu, 2 May 2024 09:46:50 +0200 Subject: [PATCH 01/10] Updated economic-overview/disclaimer.md delegators stats --- juno/economic-overview/disclaimer.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/juno/economic-overview/disclaimer.md b/juno/economic-overview/disclaimer.md index a43ae06..067b827 100644 --- a/juno/economic-overview/disclaimer.md +++ b/juno/economic-overview/disclaimer.md @@ -22,4 +22,4 @@ No centralized exchange listing was ever paid for by anyone in the ecosystem nor The asset has never been advertised, publicized nor was anyone ever encouraged to purchase or sell the native asset by the independent ecosystem developers. -As a decentralized network, Juno is controlled by 250000+ unique addresses ie. delegators that decide the direction of the blockchain via on-chain governance, and 150 validators that run nodes to secure the network (As of July 2022). +As a decentralized network, Juno is controlled by 260000+ unique addresses ie. delegators that decide the direction of the blockchain via on-chain governance, and 150 validators that run nodes to secure the network (As of May 2024). From f2a7568d435e4a30a8f6aa4215d346a7358e7412 Mon Sep 17 00:00:00 2001 From: Lorenzo Giovenali Date: Thu, 2 May 2024 09:54:46 +0200 Subject: [PATCH 02/10] Remove dollar ($) reference from $JUNO --- juno/economic-overview/asset.md | 18 ++++++------- juno/economic-overview/incentive-structure.md | 26 +++++++++---------- 2 files changed, 22 insertions(+), 22 deletions(-) diff --git a/juno/economic-overview/asset.md b/juno/economic-overview/asset.md index 9e4d37c..623acf6 100644 --- a/juno/economic-overview/asset.md +++ b/juno/economic-overview/asset.md @@ -11,11 +11,11 @@ coverY: 260 Juno Network is a completely community owned and operated smart contract platform. Therefore, the majority of the genesis supply (Over 95%) was stake-dropped to atom stakers, committed to the community pool, and committed to the development reserve for ongoing development of the Juno Network features. -✅ Initial Circulating Supply: 33.036.534 $JUNO +✅ Initial Circulating Supply: 33.036.534 JUNO -✅ Initial Total Supply: 64.903.242 $JUNO‌ +✅ Initial Total Supply: 64.903.242 JUNO‌ -✅ Maximum Supply (Reached after 12 years (2033): 185.562.268 $JUNO +✅ Maximum Supply (Reached after 12 years (2033): 185.562.268 JUNO ![](<../../.gitbook/assets/image (17) (1).png>) @@ -23,31 +23,31 @@ Juno Network is a completely community owned and operated smart contract platfor -⚪️ **Community Stakedrop**: 30.663.193 $JUNO (Genesis Community Stakedrop - Unvested) +⚪️ **Community Stakedrop**: 30.663.193 JUNO (Genesis Community Stakedrop - Unvested) Free stakedrop to ATOM stakers at inception on October 1st 2021. -⚪️ **Community Pool:** 20.000.000 $JUNO (Genesis Community Pool Allocation / Non circulating at genesis) +⚪️ **Community Pool:** 20.000.000 JUNO (Genesis Community Pool Allocation / Non circulating at genesis) -At inception, 20 Million $JUNO were allocated to the community pool. Non-circulating and owned by the public JUNO commonwealth ie. all network stakers own these funds. +At inception, 20 Million JUNO were allocated to the community pool. Non-circulating and owned by the public JUNO commonwealth ie. all network stakers own these funds. -⚪️ **Hackathons**: 2.373.341 $JUNO (50% distributed post genesis via JunoHack 1) +⚪️ **Hackathons**: 2.373.341 JUNO (50% distributed post genesis via JunoHack 1) Allocated to HackJuno smart contract challenges. These funds are managed by the Core-1 SubDAO and assigned to various Hackathons. -⚪️ **Core** **Software** **Development Reserve** (Community owned. Managed by Core 1 SubDAO)**:** 10.084.396 $JUNO (Vested 12 years / Periodic unlocks until year 12) +⚪️ **Core** **Software** **Development Reserve** (Community owned. Managed by Core 1 SubDAO)**:** 10.084.396 JUNO (Vested 12 years / Periodic unlocks until year 12) Genesis core software and infrastructure reserve. Owned by the public JUNO commonwealth. Managed by the Core-1 subDAO. -⚪️ **Core- 1 Developers** (Genesis allocations)**:** 1.782.312 $JUNO (Vested 12 years / Periodic unlocks until year 12) +⚪️ **Core- 1 Developers** (Genesis allocations)**:** 1.782.312 JUNO (Vested 12 years / Periodic unlocks until year 12) Genesis core developer allocation. diff --git a/juno/economic-overview/incentive-structure.md b/juno/economic-overview/incentive-structure.md index b0568e9..e04af25 100644 --- a/juno/economic-overview/incentive-structure.md +++ b/juno/economic-overview/incentive-structure.md @@ -8,43 +8,43 @@ coverY: 260 ### Reward Schedule {% hint style="info" %} -The Juno rewards model distributes a fixed amount of $juno per block, which is calculated by the network and depends on the inflation rate as well as network block time. Variation in the network block time will cause variation in the calculable annual percentage rate (APR). +The Juno rewards model distributes a fixed amount of JUNO per block, which is calculated by the network and depends on the inflation rate as well as network block time. Variation in the network block time will cause variation in the calculable annual percentage rate (APR). {% endhint %} ⚪️ **Phase 1**: Fixed inflation 40% New Juno in year 1 = (+25.961.297) -Total supply after year 1 = 90.864.540 $JUNO +Total supply after year 1 = 90.864.540 JUNO ⚪️ **Phase 2**: Fixed inflation 20% New Juno in year 2 = (+18.172.908) -Total supply after year 2 = 109.037.449 $JUNO +Total supply after year 2 = 109.037.449 JUNO ⚪️ **Phase 3**: Fixed inflation 10% New Juno in year 3= (+10.903.744) -Total supply after year 3 = 119.941.194 $JUNO +Total supply after year 3 = 119.941.194 JUNO > Once the inflation reaches 10% it gradually reduces on a fixed 1% basis each year. -⚪️ **Phase 4** = Fixed 9% (+10.794.707) Total supply = 130.735.901 $JUNO +⚪️ **Phase 4** = Fixed 9% (+10.794.707) Total supply = 130.735.901 JUNO -⚪️ **Phase 5** = Fixed 8% (+10.458.872) Total supply = 141.194.773 $JUNO +⚪️ **Phase 5** = Fixed 8% (+10.458.872) Total supply = 141.194.773 JUNO -⚪️ **Phase 6** = Fixed 7% (+9.883.634) Total supply = 151.078.407 $JUNO +⚪️ **Phase 6** = Fixed 7% (+9.883.634) Total supply = 151.078.407 JUNO -⚪️ **Phase 7** = Fixed 6% (+9.064.704) Total supply = 160.143.112 $JUNO +⚪️ **Phase 7** = Fixed 6% (+9.064.704) Total supply = 160.143.112 JUNO -⚪️ **Phase 8** = Fixed 5% (+8.007.155) Total supply = 168.150.267 $JUNO +⚪️ **Phase 8** = Fixed 5% (+8.007.155) Total supply = 168.150.267 JUNO -⚪️ **Phase 9** = Fixed 4% (+6.726.010) Total supply = 174.876.278 $JUNO +⚪️ **Phase 9** = Fixed 4% (+6.726.010) Total supply = 174.876.278 JUNO -⚪️ **Phase 10** = Fixed 3% (+5.246.288) Total supply = 180.122.566 $JUNO +⚪️ **Phase 10** = Fixed 3% (+5.246.288) Total supply = 180.122.566 JUNO -⚪️ **Phase 11** = Fixed 2% (+3.602.451) Total supply = 183.725.018 $JUNO +⚪️ **Phase 11** = Fixed 2% (+3.602.451) Total supply = 183.725.018 JUNO -⚪️ **Phase 12** = Fixed 1% (+1.837.250) Max supply = 185.562.268 $JUNO +⚪️ **Phase 12** = Fixed 1% (+1.837.250) Max supply = 185.562.268 JUNO From 8acfec7c728d7e7d2ca41e73177f4f8ac42613dc Mon Sep 17 00:00:00 2001 From: Lorenzo Giovenali Date: Thu, 2 May 2024 10:19:52 +0200 Subject: [PATCH 03/10] Introduced ujuno as native asset base denomination --- juno/economic-overview/asset.md | 17 +++++------------ 1 file changed, 5 insertions(+), 12 deletions(-) diff --git a/juno/economic-overview/asset.md b/juno/economic-overview/asset.md index 623acf6..0e7c4c5 100644 --- a/juno/economic-overview/asset.md +++ b/juno/economic-overview/asset.md @@ -9,7 +9,7 @@ coverY: 260 ### **Summary** -Juno Network is a completely community owned and operated smart contract platform. Therefore, the majority of the genesis supply (Over 95%) was stake-dropped to atom stakers, committed to the community pool, and committed to the development reserve for ongoing development of the Juno Network features. +Juno Network is a completely community owned and operated smart contract platform. Therefore, the majority of the genesis supply (Over 95%) was stake-dropped to ATOM (Cosmos Hub's native asset) stakers, committed to the community pool, and committed to the development reserve for ongoing development of the Juno Network features. ✅ Initial Circulating Supply: 33.036.534 JUNO @@ -21,33 +21,26 @@ Juno Network is a completely community owned and operated smart contract platfor ### **Token Distribution Breakdown** - - ⚪️ **Community Stakedrop**: 30.663.193 JUNO (Genesis Community Stakedrop - Unvested) -Free stakedrop to ATOM stakers at inception on October 1st 2021. - - +Free stakedrop to ATOM stakers at inception on October 1st 2021. ⚪️ **Community Pool:** 20.000.000 JUNO (Genesis Community Pool Allocation / Non circulating at genesis) At inception, 20 Million JUNO were allocated to the community pool. Non-circulating and owned by the public JUNO commonwealth ie. all network stakers own these funds. - - ⚪️ **Hackathons**: 2.373.341 JUNO (50% distributed post genesis via JunoHack 1) Allocated to HackJuno smart contract challenges. These funds are managed by the Core-1 SubDAO and assigned to various Hackathons. - - ⚪️ **Core** **Software** **Development Reserve** (Community owned. Managed by Core 1 SubDAO)**:** 10.084.396 JUNO (Vested 12 years / Periodic unlocks until year 12) Genesis core software and infrastructure reserve. Owned by the public JUNO commonwealth. Managed by the Core-1 subDAO. - - ⚪️ **Core- 1 Developers** (Genesis allocations)**:** 1.782.312 JUNO (Vested 12 years / Periodic unlocks until year 12) Genesis core developer allocation. +## Technicals + +The Juno Network native asset "JUNO" is internally, ie. on the distributed ledger maintained by Validators, represented as "ujuno", which is an integer equal to 10^-6^ JUNO. Every transaction fee and reward on the network will be account for in the `ujuno` base denomination. \ No newline at end of file From de26777964ce09fc7a36ba0d82dc38bc133f68c0 Mon Sep 17 00:00:00 2001 From: Lorenzo Giovenali Date: Thu, 2 May 2024 10:41:07 +0200 Subject: [PATCH 04/10] Add JUNO halving calculation in juno/economic-overview/incentive-structure.md --- juno/economic-overview/incentive-structure.md | 31 +++++++++++++++++-- 1 file changed, 29 insertions(+), 2 deletions(-) diff --git a/juno/economic-overview/incentive-structure.md b/juno/economic-overview/incentive-structure.md index e04af25..7efe8a3 100644 --- a/juno/economic-overview/incentive-structure.md +++ b/juno/economic-overview/incentive-structure.md @@ -7,9 +7,9 @@ coverY: 260 ### Reward Schedule -{% hint style="info" %} The Juno rewards model distributes a fixed amount of JUNO per block, which is calculated by the network and depends on the inflation rate as well as network block time. Variation in the network block time will cause variation in the calculable annual percentage rate (APR). -{% endhint %} + +JUNO inflation rate and target supply were defined at genesis for each _phase_ of the network, as you can read below or check yourself from this [code of the x/mint module](https://github.com/CosmosContracts/juno/blob/main/x/mint/types/minter.go). ⚪️ **Phase 1**: Fixed inflation 40% @@ -48,3 +48,30 @@ Total supply after year 3 = 119.941.194 JUNO ⚪️ **Phase 11** = Fixed 2% (+3.602.451) Total supply = 183.725.018 JUNO ⚪️ **Phase 12** = Fixed 1% (+1.837.250) Max supply = 185.562.268 JUNO + + +### End of phase calculation + +The end of each _phase_ can be estimated with the formula: + +``` +Time left until phase_end in seconds = +blockTime * ((targetSupply - totalSupply) / (annualProvisions / blocksPerYear)) +``` + +where: +- **blockTime** = the time in seconds between two blocks: + - if you have access to Mintscan API you can get it directly from: `https://api.mintscan.io/v1/juno/block/blocktime?blocks=[n_blocks]`, where `n_blocks` is the number of past blocks to take into account for the estimation + - otherwise, infer it by subtracting the timestamps of two blocks queried from the official Juno API endpoints: + - most recent block time = `/cosmos/base/tendermint/v1beta1/blocks/latest`.block.header.time + - most recent block height = `/cosmos/base/tendermint/v1beta1/blocks/latest`.block.header.height + - time of an old block (by height) = `/cosmos/base/tendermint/v1beta1/blocks/15872771`.block.time + - convert the times to timestamps in seconds, subtract the old from the latest and divide by the number of blocks in between (the difference between the heights); +- **targetSupply** = defined for the end of each inflation phase as above, eg: `130735901` for Phase 4, to be multiplied by 10^6 to convert the `ujuno` ("micro juno") integer base denomination +- **totalSupply** = get it from the official _bank_ module endpoint & query for the `ujuno` native coin at `/cosmos/bank/v1beta1/supply/by_denom?denom=ujuno`.amount.amount +- **annualProvisions** = get it from the official _mint_ module endpoint at `/cosmos/mint/v1beta1/annual_provisions`.annual_provisions +- **blocksPerYear** = get it from the official _mint_ module endpoint at `/cosmos/mint/v1beta1/params`.params.blocks_per_year + +{% hint style="info" %} +See all the available [API endpoints](/developer-guides/api-endpoints). +{% endhint %} \ No newline at end of file From 6d77c841a70e1bf92556c6666dbfe31afdd77785 Mon Sep 17 00:00:00 2001 From: Lorenzo Giovenali Date: Thu, 2 May 2024 10:44:09 +0200 Subject: [PATCH 05/10] Referred to the "halving" common term --- juno/economic-overview/incentive-structure.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/juno/economic-overview/incentive-structure.md b/juno/economic-overview/incentive-structure.md index 7efe8a3..c96ac01 100644 --- a/juno/economic-overview/incentive-structure.md +++ b/juno/economic-overview/incentive-structure.md @@ -52,7 +52,7 @@ Total supply after year 3 = 119.941.194 JUNO ### End of phase calculation -The end of each _phase_ can be estimated with the formula: +The end of each _phase_ (commonly refereed to as the "halving") can be estimated with the formula: ``` Time left until phase_end in seconds = From 57fd7a1069ad395291ce341bb8960eb3ffb002d3 Mon Sep 17 00:00:00 2001 From: Lorenzo Giovenali Date: Thu, 2 May 2024 10:48:32 +0200 Subject: [PATCH 06/10] Fixed internal link URL --- juno/economic-overview/incentive-structure.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/juno/economic-overview/incentive-structure.md b/juno/economic-overview/incentive-structure.md index c96ac01..e08b0ca 100644 --- a/juno/economic-overview/incentive-structure.md +++ b/juno/economic-overview/incentive-structure.md @@ -73,5 +73,5 @@ where: - **blocksPerYear** = get it from the official _mint_ module endpoint at `/cosmos/mint/v1beta1/params`.params.blocks_per_year {% hint style="info" %} -See all the available [API endpoints](/developer-guides/api-endpoints). +See all the available [API endpoints](../../developer-guides/api-endpoints/). {% endhint %} \ No newline at end of file From debea580935a46b9416f31eb20094f3c1f741027 Mon Sep 17 00:00:00 2001 From: Lorenzo Giovenali Date: Thu, 2 May 2024 10:53:36 +0200 Subject: [PATCH 07/10] Clarified API endpoints use & linked to the docs section --- juno/economic-overview/incentive-structure.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/juno/economic-overview/incentive-structure.md b/juno/economic-overview/incentive-structure.md index e08b0ca..6f9b5ef 100644 --- a/juno/economic-overview/incentive-structure.md +++ b/juno/economic-overview/incentive-structure.md @@ -73,5 +73,5 @@ where: - **blocksPerYear** = get it from the official _mint_ module endpoint at `/cosmos/mint/v1beta1/params`.params.blocks_per_year {% hint style="info" %} -See all the available [API endpoints](../../developer-guides/api-endpoints/). +You will need access to a public Juno node to use its base URL before the endpoint paths listed above. See the list and all the available API endpoints in [this section](../../developer-guides/api-endpoints/). {% endhint %} \ No newline at end of file From 13131f4e192b5c4ba7c455d1e4ce0215c97afbe1 Mon Sep 17 00:00:00 2001 From: Lorenzo Giovenali Date: Thu, 2 May 2024 11:01:17 +0200 Subject: [PATCH 08/10] Fix typo in juno/economic-overview/asset.md --- juno/economic-overview/asset.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/juno/economic-overview/asset.md b/juno/economic-overview/asset.md index 0e7c4c5..a3d607b 100644 --- a/juno/economic-overview/asset.md +++ b/juno/economic-overview/asset.md @@ -43,4 +43,4 @@ Genesis core developer allocation. ## Technicals -The Juno Network native asset "JUNO" is internally, ie. on the distributed ledger maintained by Validators, represented as "ujuno", which is an integer equal to 10^-6^ JUNO. Every transaction fee and reward on the network will be account for in the `ujuno` base denomination. \ No newline at end of file +The Juno Network native asset "JUNO" is internally, ie. on the distributed ledger maintained by Validators, represented as "ujuno", which is an integer equal to 10^-6^ JUNO. Every transaction fee and reward on the network will be accounted for in the `ujuno` base denomination. From f441ba52b0b004ef935355451eecd5f1b519531c Mon Sep 17 00:00:00 2001 From: Lorenzo Giovenali Date: Fri, 3 May 2024 13:30:54 +0200 Subject: [PATCH 09/10] Fix refereed typo --- juno/economic-overview/incentive-structure.md | 4 ++-- 1 file changed, 2 insertions(+), 2 deletions(-) diff --git a/juno/economic-overview/incentive-structure.md b/juno/economic-overview/incentive-structure.md index 6f9b5ef..41e82a1 100644 --- a/juno/economic-overview/incentive-structure.md +++ b/juno/economic-overview/incentive-structure.md @@ -52,7 +52,7 @@ Total supply after year 3 = 119.941.194 JUNO ### End of phase calculation -The end of each _phase_ (commonly refereed to as the "halving") can be estimated with the formula: +The end of each _phase_ (commonly referred to as the "halving") can be estimated with the formula: ``` Time left until phase_end in seconds = @@ -74,4 +74,4 @@ where: {% hint style="info" %} You will need access to a public Juno node to use its base URL before the endpoint paths listed above. See the list and all the available API endpoints in [this section](../../developer-guides/api-endpoints/). -{% endhint %} \ No newline at end of file +{% endhint %} From 9a6b030590c9573195ea2185581f590449f801b0 Mon Sep 17 00:00:00 2001 From: kopeboy Date: Fri, 3 May 2024 14:09:49 +0200 Subject: [PATCH 10/10] Replaced the last occurrencies of $JUNO with JUNO anywhere in the docs --- README.md | 6 ++---- 1 file changed, 2 insertions(+), 4 deletions(-) diff --git a/README.md b/README.md index 5974196..b324f9f 100644 --- a/README.md +++ b/README.md @@ -8,9 +8,7 @@ coverY: 255 Juno is a global, open source, permission-less network for decentralized interoperable applications. -Anyone can create & use inter-chain applications on Juno. The ecosystem is pioneering CosmWasm development and adoption, allowing developers to deploy secure & robust inter-chain smart contracts in Rust. The Juno proof of stake blockchain is built using the Cosmos SDK and reaches network agreement via Tendermint Consensus. The network is governed by delegators, who vote in changes via on-chain governance. All network processes are fueled by $JUNO the native asset of the network. Juno had its decentralized network launch on the 1st of October 2021. CosmWasm Smart Contracts went live on December 15th 2021. - - +Anyone can create & use inter-chain applications on Juno. The ecosystem is pioneering CosmWasm development and adoption, allowing developers to deploy secure & robust inter-chain smart contracts in Rust. The Juno proof of stake blockchain is built using the Cosmos SDK and reaches network agreement via Tendermint Consensus. The network is governed by delegators, who vote in changes via on-chain governance. All network processes are fueled by JUNO the native asset of the network. Juno had its decentralized network launch on the 1st of October 2021. CosmWasm Smart Contracts went live on December 15th 2021.
@@ -30,7 +28,7 @@ Some of the founding principles centre around: ⚪️ **Governance by ATOM stakers which become JUNO stakers**. Stakedrop where 47% of the genesis supply goes to ATOM stakers on a 1:1 basis. -⚪️ **Eliminating potential legal limitations** (Juno has not/will not conduct any form of seed sale, private sale or public sale. All $JUNO entered circulation via the decentralized network launch on October 1st 2021) +⚪️ **Eliminating potential legal limitations** (Juno has not/will not conduct any form of seed sale, private sale or public sale. All JUNO entered circulation via the decentralized network launch on October 1st 2021) ***