The Hivefest was really interesting for the many good news about the news that await us in the future on our platform and among these stands out the decentralization project of @threespeak, very complex in its structure and I had to read it many times to learn the mechanism, although I am sure that some details will have escaped me and it will be necessary to wait for the White Paper for a more in-depth reading.
The Speak Network will be managed by the SIP, or Service Infrastucture Pool, a DeFi pool in which the liquidity paid will be blocked and the generation of fees will be used to stabilize the network and pay the miners and nodes. The network is based on the 3 new coins that will take part in the Speak Network:
LARYNIX, SPEAK and BROCA
LARYNIX is a miner token, a bit like LEOM, and will be used to mine the _SPEAK_ tokens that the governance function and it will then be possible to vote on the proposals on the network. Participation will be rewarded with the latest token, _BROCA_, needed to upload content to the network and also limit spam.
While SPEAK and BROCA will be earned based on user participation on the network, the first generation of LARYNIX tokens will be provided free of charge to all users who have liquid Hive or Hive Power in their wallet. At the moment I don't know if HIVE on Exchanges will also be included but it would be a bit complex, we await more information. The airdrop will consist of the monthly claim, total 12 months, of the tokens due, the reason is to want only active users who have demonstrated the commitment of the monthly claim. Each year a new generation of more performing LARYNIX tokens will be created, which can be purchased through SPEAK tokens, which will be sent to the SIP
So far everything clear. The SPEAK tokens sent to SIP 1/3 will remain unchanged, 1/3 will be used to buy PITCHER and 1/3 to buy HIVE. So in the pool we will have 3 coins that will sign exchange pairs whose quantities will gradually increase over time. The goal is to have high liquidity in order to generate ever more substantial fees to have a stable network.
The SPEAK token will be limited and over time, due to the purchase of the new generation LARYNIX tokens, it will be increasingly scarce, increasing the value in proportion to the request. At the moment we have no data on its supply yet.
How to participate in mining?
It is essential to have LARYNIX token miners, a PC or hardware for mining and the availability of space for decentralized storage of Speak network data, as well as a good internet connection of at least 3-5 Mb. The amount of tokens earned will depend on the combination of these items.
The whole process will be launched next year and users will be given at least 3 months' notice to be able to purchase HIVE coin useful at the airdrop. In this period we can certainly expect an upward movement in the price of Hive as everyone will be hungry for the coin to get as much LARYNIX as possible.
The possibility of obtaining greater rewards will also depend on the extraction of a recall block that will not be known to any miners but will be random. To have more possibilities of rewards it will therefore be necessary to download the entire network.
That said, the mechanism is very complex but will be simplified by the Dapps that we will use for the mining provided by the team. But as theycallmedan reported, almost everything will be automated and our work will probably be limited to a few simple settings. Excited about Hive's Decentralization project?
You can read more details in his post https://peakd.com/speak/@theycallmedan/the-speak-network-incentive-layer-hive-fest and I also invite you to read the comments where you can find answers to many questions.
