In my recent article, the basic concept of AI as well as the true nature of EpiK Protocol was discussed and introduced respective. In this article, we shall continue with the trustworthiness and reliability of EpiK Protocol with respect to finance and governance respectively. With this in mind, let’s talk about it………
INCENTIVES YOU CAN TRUST TOO…..
The EpiK Protocol’s Token Economy offers a secure incentive paradigm for its ecosystem. Tokenization uses blockchain technology to establish a new means to move value:
(1) tokens may be spent, transferred, and swapped, and
(2) transactions are visible and immutable.
Tokenization is a programmable asset that can be used as a low-cost value transfer, without relying on third-party verification. EpiK’s Token Economy is built on the circulation of EPK, EpiK Protocol’s native token. EpiK Protocol provides a collaborative relationship for the key players of the KG network to collectively develop a knowledge graph while pursuing their particular interests. Domain Experts, Bounty Hunters, Knowledge Nodes, and Knowledge Gateways are the major players in EpiK Protocol ecosystems. Domain Experts (DEs) are primarily responsible for organizing and inspecting data in the KGs.
They also have the authority to add knowledge graph data, but only under rigorous supervision. Contributing high-quality knowledge graph data benefits Domain Experts. Parties interested in becoming DEs must be nominated by current DEs. These parties must win the support of the EpiK Protocol community by obtaining votes, with each vote equating to the lockup of one EPK Token. With a threshold in place, DEs who have more votes than the threshold will keep their jobs, while those who don’t have enough votes will be disqualified as DEs.
When DEs are detected uploading fraudulent or trash data, the community can vote to have them delisted, and those who nominate the delisted DEs will be penalised as well. The work of generating knowledge graph data is time-consuming, and Domain Experts find it difficult to finish it on their own. Here is where Bounty Hunters (BHs) step in. Bounty Hunters earn money by gathering knowledge graph data, annotating it, and executing any additional duties assigned by Domain Experts.
Knowledge Nodes (KNs) offer preservation space and bandwidth for knowledge graph data, and they profit from doing so. The greater the revenue, the more data is saved; the greater the revenue, the more data download traffic is available. Simultaneously, all data nodes must stake a specific amount of EPK to qualify as Knowledge Node, in order to dissuade data nodes from going offline at will, resulting in fewer data backups and system security.
Knowledge Gateways (KGs) provide users with access to the most recent knowledge graph data. In order to have access to knowledge graph data, they must stake EPK. Knowledge Gateways and Knowledge Nodes will stake more EPK tokens as demand for knowledge graph data on EpiK grows. As a result, the demand for EPK tokens rises, and the value of EPK tokens rises as well.
Smart contracts will be used to distribute all incentives. Transactions and rewards from a large number of micro-contributions from diverse roles in the knowledge graph collaboration platform may be done without manual intervention in a low-trust setting with minimal transaction costs.
HOW ABOUT GOVERNANCE YOU CAN RELY ON…..?
EpiK Protocol’s trustworthy governance is based on Decentralized Autonomous Organization Technology (DAO), which uses blockchain technology to run an organization in a decentralized manner, using codes to enforce rules and immutability to prevent data tampering. Any concerns that require governance inside an organization can be resolved with DAO, which allows qualified persons to vote on the outcomes. As a result, inconsistencies will not be resolved instantly if DAO technology is used for governance.
Under typical conditions, however, DAO reduces the cost of determining the result by eliminating the need for manual counting, monitoring, arbitration, and enforcement. When there are competing interests, each side can vote based on their own decisions and diverse interests. As a result, while awarding voting rights, EpiK’s DAO governance approach is designed to maximize the community of interest, ensuring that all stakeholders have a role in governance.
Two principles are upheld in the EpiK Protocol:
- First, only those who are directly impacted can vote on the governance topic;
- Second, the weighting of voting power varies depending on how severely the parties are affected.
EpiK Protocol organizes the primary players into three groups based on this, namely the Global Group, Storage Group, and Knowledge Group.
The Global Group is in charge of governing global parameters, which are in place to protect all EPK token holders’ interests. EpiK Protocol’s degree of reliance on each category of participant varies at different phases of development. In order to adapt to dynamic changes in market demand, EPK distribution to different players must also be dynamically changed. Participants gain the ability to vote in the Global Group by locking up their EPK tokens.
As a result, the degree of binding between the participant and the Global Group’s interest is directly reflected by the amount of EPK locked. The Storage Group is in charge of determining the parameters that control the miners’ interest. The amount of data stored, the size of backups, and download bandwidth needs all change as EpiK’s ecosystem evolves, therefore parameters must be changed accordingly. The greater the miner’s governance privileges, the more data he or she stores.
The Domain Experts are governed by the parameters set by the Knowledge Group. As the number of Domain Experts and Bounty Hunters grows, reward allocations must be adjusted to match market demand for various domains. Due to the fact that Bounty Hunters can vote Domain Experts in, only Domain Experts have governance rights, which are weighted based on the amount of data they have contributed following log transformation. Smart contracts are used to carry out all proposal, voting, and execution processes in the form of a DAO.
AND A TRUSTED FINANCE….? Absolutely!
Decentralized Financial Technology is the source of EpiK Protocol’s trusted financial capabilities (DeFi). The majority of consumers in the cryptocurrency industry now hold mainstream cryptos like BTC/ETH. A decentralized lending service will be made accessible on EpiK Protocol to allow these customers to easily engage in EpiK’s decentralized knowledge graph economy.
To begin, the user converts BTC to eBTC using the EpiK Protocol’s cross-chain gateway. Then, using EpiK’s lending facility, he or she will stake eBTC to borrow EPK tokens. He/she may explore the following options for participating in EpiK’s ecosystem with the EPK tokens received:
(1)Be a Domain Expert: Vote for yourself or others to become a Domain Expert and receive continual EPK awards; or
(2) Mine EPK: Stake EPK to become a node; or
(3) Simply retrieve data: Stake EPK to acquire any essential knowledge graph data.
Unstake any staked EPKs, return them to EpiK’s loan service, and recover any previously staked eBTC and convert it back to BTC via the cross-chain gateway while leaving the EpiK’s ecosystem. When you return, the eBTC will be burned. EpiK Protocol can now not only provide Compound-like lending services, but also easily interface with other DeFi systems such as Uniswap and Hegic, enabling a seamless entry point for any curious crypto holders to experience EpiK’s decentralized knowledge graph ecosystem.
In subsequent articles, more aspects of EpiK Protocol shall be discussed. For more insights, kindly click below:
EpiK Protocol - the leader in building decentralized knowledge graph collaboration platform.
EpiK Protocol is a decentralized trusted knowledge graph collaboration platform of the People, by the People, for the…
EpiK Protocol - Medium
「Crypto Gala」, a well-known AMA community in the industry, invited Epik to the community on the evening of April 8, and…
Join the EpiK Protocol Discord Server!
Official Discord server of Epik-protocol. | 829 members