YeeCo Mainnet AMA Content Compilation
On Monday evening, YeeCo hosted the first AMA after MainNet went live in the official Chinese community. YeeCo CTO Guo Bin systematically introduced YeeCo MainNet to community members, answered 17 questions from community fans in detail, and disassembled various technical developments involved in YeeCo. The following is a compilation of all the contents of the AMA:
1.What are the performance indicators and stability of YeeCo mainnet?
YeeCo’s single-shard tps is 500, and the main network currently has 4 shards, and the tps is 1000–2000, depending on the proportion of cross-shard exchanges. YeeCo’s tps does not have an absolute upper limit. Currently, there are 4 shards. If the capacity is expanded to 64 shards, the tps is 16000–32000, and if the capacity is expanded to 128 shards, the tps is 32000–64000. The number of shards to be expanded is determined according to requirements.
After the launch of the mainnet, we have successively released 3 optimized versions. The mainnet has been running smoothly for 24 days, executed 2000+ transactions, served 1000+ addresses, and 10+ miners participated in mining. The total hashrate is about 120g, and the peak hashrate 280g. We are currently testing the limit tps on the test network. After the test network is completed, we will test the limit tps on the main network.
2.What are the advantages of YeeCo mainnet?
1.PoW consensus, no permission is required, and the degree of decentralization is high. The current sources of miners’ IP for independent access include Beijing, Fujian, Xiamen, Hong Kong, Guangzhou, Shenzhen, the United States, the United Kingdom, Vietnam, Canada, Spain, and Singapore.
2.Full sharding, bandwidth, computing, memory, and disk are not restricted by the bottleneck of a single machine.
3.Scalable, can increase shards as needed to obtain linear growth of tps
4.CRFG final determinism, the transaction can be finalized, and the upper-level application can safely process the transaction without worrying about the transaction rollback.
5.Parallel mining, resist 1% attacks.
3.Planning and time node of the second half of the project?
1.Further optimize the p2p network, and improve stability.
2.Improve peripheral systems, such as wallets and browsers
3.Focus on improving the governance system, such as the number of future shards, block time, handling fee rate, and hot runtime upgrades. These must be adjusted and improved according to the main network operation. But who has the right to decide these adjustments, we must implement the decision rights of the miners in the way of consensus on the main network chain.
4.Smart contracts and DeFI
The main plan for the second half of the year is the above points. The timing is expected to be September, October, November, and January 2021.
4.How is YeeCo’s ecosystem and application scenarios planned？
YeeCo community is an open and self-governing community. The ecology will be gradually developed along with the mainnet launch. There are follow-up plans for the mainnet launch. At this stage, the community is encouraged to gradually participate actively after the mainnet launch, including mining and community autonomy. Activities etc.
The PoW mechanism at the bottom of YeeCo determines the communityization and decentralization of the ecology. Currently overseas, including Southeast Asia, such as Vietnam and Singapore are active communities.
In addition, we also have a spontaneous active user community in Taiwan, Taiwan University Blockchain Laboratory, etc., and the community welcomes users from any country and region who like and support the YeeCo ecosystem.
5.What dapp will be in the early meeting? After the mainnet released, which applications will be developed?
The mainnet will enter the application ecological development of Dapp in the second stage after it is launched. With the help of Polkadot ecology, it will interact and link with more projects well. Welcome more developers and enthusiasts to pay attention to the development process, and look forward to more innovative and interesting applications on the mainnet.
6.What is the current deployment of nodes and where are they located?
At present, there are 20+ miner nodes in North China, South China, Hong Kong, Singapore, the United States, the United Kingdom, Vietnam, Canada, and Spain.
7.What is the current progress of exchange currency swaps? When is it expected to start and when will it be completed?
At present, the deposit and withdrawal of the mainnet of Huobi and OKEx exchanges is under development, and the expected opening time is from the third week to the fourth week of September.
8.I would like to know that you will issue nearly 300 million through mining YEE annually in the future, but how you will deal with inflation?
First, the premise of starting mining is to destroy 3 billion at a time, which in itself reduces circulation. Everyone is concerned about the specific destruction process because it involves the exchange of coins on the main network, so after the coin exchange is turned on, you can check the circulation when the main network is released, which is 7,050,275,000 YEE, which means that 3 billion will be destroyed. Only 7 billion of ERC-20 coins can be exchanged for mainnet coins.
Second, the exact number of annual issuance is 269 million, which corresponds to an inflation rate of 3.8%, which is a relatively reasonable level, and the inflation rate is decreasing year by year.
Third, we hope that the governance mechanism introduced in November will cover the miner decision mechanism of mining revenue, allowing the miners group to integrate short-term and long-term benefits, currency prices and cost factors, and optimize the issuance mechanism. There are also precedents for the introduction of half-decay mechanisms in some economic models, such as YFII.
Fourth, there are precedents for miners to reduce circulation by destroying or setting up developer incentive funds, such as BCH.
In short, YeeCo will actively propose measures that benefit the market value, and then the miners will decide.
9.What is the profit ratio of YEE mining? When to support ASIC mining machine mining?
Based on the current 120G hashrate of the entire network, for a 1G hashrate graphics card mining machine, the daily revenue currency is 6144YEE, the current market price is 122.88RMB, the electricity fee is 2.4 RMB, and the mining income is still very large.
YeeCo’s attitude towards ASIC mining machines is neutral. It will neither oppose Asic nor promote Asic. It is up to miners to decide whether to develop, use, and how large-scale the application will be based on the mining revenue.
10.Why does the hashrate on the block explorer fluctuate? What is the current total amount and growth of hashrate?
Hashrate fluctuations are normal and are the result of the free choice by miners. At present, the hashrate is basically around 120g, with a peak value of 280g.
11.How important is the miner to Yee?
Miners are nodes that participate in network transaction verification and block production, of course, it is important. With miners, the network can continue to execute transactions. Miners are like super nodes in PoS, except that their accounting rights are obtained by providing physical hashrate.
In essence, a network has three powers, one is the right to propose agreements, which is controlled by core developers. The second is the decision-making power of the protocol and the authority chain, which is controlled by hashrate. The third is the naming rights of tokens, which are controlled by the exchange. These three check and balance each other. The governance mechanism is mentioned above. The governance operation is initiated by core developers, but it needs to be decided by hashrate. Therefore, miners are very important, and hashrate has great power to decide.
12.Who is YeeCo’s biggest and most direct competitor? In order to catch up with the competitor’s valuation in a long-term, what does YeeCo need to improve most?
There are public chains that focus on cross-chain exchanges and money games. YeeCo focuses on 5G, Internet of Everything in the IoT environment, intelligent, trustworthy, programmable, and value-scale. Let’s check your seats.
The scope and strength of the consensus is the most important thing, and the application is also very important, but the scope and strength of the consensus are the decisive factors. Next, YeeCo will prove its performance, capacity, decentralization, and gain a broad consensus.
There are two levels of application. The first level is to use a certain network to measure value, and the second level is to realize programmable value exchange on a certain network. In fact, if there is no scale development of the first level, the second level It will only be short-lived. So the focus is on technology and promotion.
13.Does Yee’s technology still lag behind its biggest competitors? How far behind? Or is Yee’s technology as good as or better than the biggest competitor? Can give examples.
YeeCo is the first to implement a fully-sharded scalable public chain that does not require permission. It is undoubtedly a leader in theory, architecture and consensus balance. In terms of the maturity of the engineering and development system, the public chain needs time to improve, and YeeCo needs to catch up.
14.Which industries does YeeCo plan to implement on a large scale? Is the plan or vision to be implemented in a few years or more than 10 years?
5G+IoT is one of the target industries in the future, because 5G’s high-bandwidth and low-latency features bring the possibility of interconnection of everything, and how to establish a trust network between massive terminal nodes is a problem we want to solve.
In addition, the decentralized finance that has recently started to work is also a very promising direction, and YeeCo’s technical characteristics can also well support a large-scale and secure decentralized financial DeFi ecosystem.
15.The Defi ecosystem is booming this year. Does YeeCo have plans to deploy and how does it view this boom?
The outbreak of DeFi ecology is the trend. Decentralization and more openness and transparency are the correct direction for the development of blockchain applications. YeeCo insists on decentralization and high-performance design ideas, and will well support ecological applications such as Defi in the future. The upsurge has just begun and the future can be expected.
16.Does YeeCo plan to build an Indonesian community?
We welcome any enthusiastic and energetic users to organize community activities and contribute ecological power to YeeCo. The community will also provide support and help.
17.Does YEE plan to list on the Indonesian or other exchange?
YeeCo is currently listed on two top exchanges: Huobi Global and OKEx. The listing of new exchange will be considered as appropriate. The latest news will be synchronized with the community.
To know more about YeeCo:
Visit Official Website: yeeco.io
YeeCo Mainnet Explorer: https://yeescan.org
YeeCo Mainnet Mining tutorial:
YeeCo Testnet: https://testnet.yeescan.org
Download Banko wallet: http://www.bankowallet.com
YeeCo Blockchain Technical WhitePaper V0.2: