اقتصاد توکنی Monero (XMR)

Monero (XMR) is a privacy-focused, Layer-1, Proof-of-Work (PoW) blockchain that aims to provide anonymous, fungible, secure, and untraceable digital currency. Its token economics are designed to incentivize network security through mining and maintain long-term sustainability via a perpetual inflationary mechanism.

Issuance Mechanism

Monero utilizes a Proof-of-Work (PoW) consensus mechanism, where miners secure the network and are rewarded with newly issued XMR.

• Mining Rewards: Miners who successfully produce a block receive a reward composed of network transaction fees and inflationary emissions.
• Tail Emission: In June 2022, Monero activated the "tail emission," which fixed the inflationary emission block rewards at 6 XMR per two-minute block in perpetuity. This mechanism ensures a continuous, low-level inflation rate, which is intended to perpetually incentivize miners to secure the network even after the initial, higher-reward phase ends.
• Block Size Soft Cap: Block rewards can be quadratically reduced if a miner produces a block that exceeds Monero’s block size soft cap, serving as a mechanism to manage block size and prevent network bloat.

Allocation Mechanism

The primary allocation mechanism for XMR is through mining rewards to PoW miners.

• Miners: Receive XMR emissions and transaction fees for providing hash power and securing the network.
• Community Crowdfunding System (CCS): Development and community projects are funded through the CCS, a donation-based crowdfunding system. Anyone can propose projects, and funding is sourced entirely through community donations (XMR and BTC), managed and disbursed by Monero’s core team upon achieving specified milestones. Some Monero mining pools also donate a portion of their fees to the CCS.
• Haveno Bounty Rewards: XMR can be earned as payment for bounties on Haveno's GitHub, which is a planned non-custodial peer-to-peer exchange for XMR, fiat currencies, and other cryptocurrencies.

Monero's design, which prioritizes privacy through technologies like Ring Signatures and Stealth Addresses, means that information regarding the concentration of XMR among wallet addresses is intentionally unavailable and cannot be assessed.

Usage and Incentive Mechanism

XMR serves as the native utility token of the Monero network, primarily functioning as a medium of exchange and a mechanism for paying network fees.

Monero does not have a formal staking or liquidity provision mechanism, as it operates on a PoW consensus model.

Locking Mechanism and Unlocking Time

Monero does not feature a formal token locking mechanism for staking or governance purposes, as it does not have a formal token-weighted voting governance structure.

• Token Locking: There is no evidence of a mandatory locking mechanism for XMR holders to participate in the network or earn rewards.
• Unlocking Time: Since there is no formal locking mechanism, there is no associated unlocking time for token holders.

The Monero protocol is secured by its PoW mechanism, and transactions are subject to the network's security guarantees. The Monero Maintainer Team ultimately controls all changes made to the Monero codebase on GitHub, and there is no evidence that superusers can modify transactions or token balances. The project also continually changes its PoW algorithm to prevent ASICs from dominating and centralizing the mining process, reinforcing its commitment to decentralization.