Transaction Types on Transformer Chain
Transaction Types
Definition of transaction
A transaction refers to the exchange of value between two parties using currency and services as a medium. In the blockchain, a transaction is a digital record that broadcasts transaction data in the entire network through the blockchain network, announcing the transfer of ownership of encrypted currency, and confirming and verifying the transaction through the consensus mechanism in the entire network, making the transaction irreversible and preventing tampering. In common currency, the main types of transactions are sending currency units or tokens to others, while in other systems, such as domain name registration, offering, and completing the offer,and contracts establishment are also valid types of transactions.
Transaction conditions
In the transaction, the required conditions are different, such as the sender's Base58 account, the receiver's Base58 account, the transaction amount, the staked amount, the account for unlocking the staked amount, tand the transaction for unlocking the staked amount, etc. Our transaction process is very simple for external users and is suitable for user operations. The specific details are as follows:
Types of transactions
Transaction is the only way to interact withthe blockchain network, including the release of assets, transfer, deploying smart contracts, contract invocation, etc.,are all operations based on transactions.
Ordinary transaction
Like a real-life transaction, using blockchain transactions to transfer funds is not much different. Once a transfer is sent successfully, a transaction is completed. It is worth noting that to enable users to sign for others actively and increase the speed of blockchain transactions, a handling fee will be charged, but the gas fee will be directly destroyed and deposited into an address that can never be retrieved. After the transaction, part of the utxo of the account will be transferred to the recipient's account. Generally, when making a transaction, you need to enter the Base58 of the sender, the Base58 of the recipient, and the transaction amount.
Staking transaction
In the blockchain, we need to stakea certain amount of coins to join the network,in order to avoid user volatility and ensure stability. The staked coins can be unstaked after a certain period of time. The staked amount is 1000 TTOS, and the staked amount will be transferred to a special account. When staking, you simply need to enter the staking amount.
Unstaking transaction
The staked coins can be unstaked after 30 days. To unstake, enter the hash of the staking transaction.
Investment Transaction
As we all know, there is a reward mechanism in the blockchain, which is different from the mining algorithm. Transformers does not use proof of work,but creatively uses the application mechanism algorithm. Users can participate and share out bonus with a minimum investment of 35 TTOS. The more you invest, the more you earn.
Disinvestment Transactions
Investors can withdraw their investment from others, and the rewards applied by others will not be shared to this account. Disinvestment requires input disinvestment account, the investor account, and the UTXO of the investment.
Why Staking and Investment are Necessary
TTOS will stake and invest a certain amount as a signature condition to join the consensus in the transformers network. Only when the node stakes and invests to obtain the corresponding qualifications can it dividends and rewards.
Claiming Mechanism
When the user meets the network entry requirements and is in by other nodes for a total of 10,000 or more, they can sign the transaction of the node. In addition to getting a transaction fee immediately, you can also apply for an additional reward based on the number of signatures on the next day. an additional reward based on the number of signatures on the next day. For the specific claiming formula. The specific application formula is as follows.
Reward rules
Yield rate(ER) ER = IR / SR
Staking rate (SR)
Current Circulating Supply = Total Circulating Amount of the Network - Total Network Claimed Amount on the Day
Current Staked Supply = Total Staked Amount of the Network - Total Network Staked Amount on the Day
Staking Rate (SR) = current total staking / current total circulation
NOTE:
The maximum value of SR is 0.90. If it is greater than 0.90, it is calculated as 0.90
The minimum value of SR is 0.35. If it is less than 0.35, it is calculated as 0.35
The minimum value of IR is 0.02. If it is less than 0.02, it is calculated as 0.02
The initial value of inflation rate (IR) is 0.077, and the staking rate (SR) is multiplied by 0.9865 for every 1% increase in inflation rate (IR),
The minimum inflation rate is 0.02 when the cumulative annual inflation rate is multiplied by 0.88 and so on.
Personal Current Staked Amount (N) = Total Personal Staked Amount - Personal Staked Amount on the Day
Personal Claimable Amount (S)
NOTE:
Note: staking (investment) SR results are rounded to two decimal places (not rounded).
ER results are rounded to eight decimal places (not rounded).
S = N * ER / 365