What exactly are LARYNX Miner Tokens?

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Initial LARYNX Rules on the SPK Caim Chain (EDIT):

The current state of LARYNX Miner tokens is not what it will be in the future. LARYNX currently follows these rules and will progress to the rules mentioned below:

  • These are claim tokens. Claim here, check this blog for instructions.
  • You can: hold them, send them, trade them.
  • If you are running a node, stake them to earn fees to help others trade them.
  • Four-week power down. 25% per week.
  • The fees earned by node operators are a share of the DEX trading fees

Nodes that earn a share of the dex fees have to be in consensus. To be in consensus the node has to stake more larynx than the governance threshold on the SPKCC Monitor page.


What LARYNX is moving to:

If we go to their definition on the SPK Network Light Paper, you will read something very close to this:

LARYNX Miner tokens should be thought as, as physical miner rigs, but in a digital form. The only way SPK Governance tokens can be earned is by staking LARYNX Miner tokens and running SPK Network Peer to Peer infrastructure nodes. When staked, LARYNX Miner Tokens are locked permanently so as to identify legitimate infrastructure miners, willing to stake value into the network. The more LARYNX burned for mining, the more profitable/efficient the mining becomes.

LARYNX Miner Tokens can be obtained by either:

  • Sending HIVE to the SIP (Service Infrastructure Pool) - a percentage of the HIVE is auto sold for SPK, and a percentage is sold for BROCA. These currencies are then respectively staked into the SPK-HIVE BROCA-HIVE and SPK-BROCA Liquidity pool pairs in the SIP permanently. The HIVE is exchanged using Auto Market Makers in the liquidity pools above.

  • A fixed amount of LARYNX Miner Tokens is auctioned off each day by the SIP. The users who send the most HIVE to the SIP that day for Miner Token purchases proportionately receive the most of that day's Miner Token supply.

  • Burning LARYNX tokens for mining results in the tokens being permanently locked into accounts from which they cannot be withdrawn.

  • The other option is to buy LARYNX Miner Tokens off the open market.

New LARYNX MODELS

Each year, the relative mining efficiency of old versions of LARYNX Miner Tokens drops slightly in order to mimic the relative efficiency improvement to the latest physical mining rigs in the real world. This creates a continuous demand for the latest LARYNX tokens and encourages additional permanent staking into the SIP.

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Illustration made by @ryzeonline

About the Claim Drop

Each HIVE blockchain token holder is eligible to claim their LARYNX miner tokens based on the amount of HIVE and HIVE power held in their wallet on January 6th, 2022. Unclaimed tokens will be distributed via proposal fund by community vote.

Claim Drop will start tomorrow, Sunday, March 20th. Stay tuned SEE HERE.

You will be able to claim 1/12th of your miner token balance each month for 12 months based on the amount of Hive you had in your account on January 6th, 2022.

Unclaimed tokens will go into the LARYNX DAO account, which will be distributed based on community proposal and either stake weighted Hive Power or SPK Governance token vote (TBD).

What LARYNX Miner Tokens Should be Seen As

LARYNX Tokens are essentially digital mining rigs. We anticipate a lot of reshuffling in the market over the first 12 months of distribution while users who want to carry out serious mining operations in the SPK Network secure their positions in the token.

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About the SPK Network:

The SPK Network is a decentralized Web 3.0 protocol that rewards value creators and infrastructure providers appropriately and autonomously by distributing reward tokens in such a way that every user, creator, and platform, will be able to earn rewards on a level playing field.

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